# EDGAR Filing Document

**Accession Number:** 0000804239
**File Stem:** 0001104659-26-007454
**Filing Date:** 2026-1
**Character Count:** 6246017
**Document Hash:** 94a74279b0c80603e06c78f82dfae780
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-007454.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001104659-26-007454

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 322

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI INSTITUTIONAL MANAGED TRUST
- **CENTRAL INDEX KEY:** 0000804239

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04878
- **FILM NUMBER:** 26573293

**BUSINESS ADDRESS:**
- **STREET 1:** 2 OLIVER ST
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 8003455734

**MAIL ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTFUNDS INSTITUTIONAL MANAGED TRUST
- **DATE OF NAME CHANGE:** 19890509
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI INSTITUTIONAL MANAGED TRUST
- **CENTRAL INDEX KEY:** 0000804239

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-09504
- **FILM NUMBER:** 26573292

**BUSINESS ADDRESS:**
- **STREET 1:** 2 OLIVER ST
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 8003455734

**MAIL ADDRESS:**
- **STREET 1:** SEI INVESTMENTS
- **STREET 2:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTFUNDS INSTITUTIONAL MANAGED TRUST
- **DATE OF NAME CHANGE:** 19890509

## Series and Classes Contracts Data

### SIMT CORE FIXED INCOME FUND (Series ID: S000006667)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018186 | CLASS I      | SCXIX           |
| C000018187 | CLASS F      | TRLVX           |
| C000147384 | Class Y      | SCFYX           |

### SIMT REAL ESTATE FUND (Series ID: S000006669)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018189 | CLASS F      | SETAX           |
| C000036883 | Class I      | SEIRX           |
| C000147385 | Class Y      | SREYX           |

### SIMT SMALL CAP GROWTH FUND (Series ID: S000006670)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018190 | CLASS I      | SPWIX           |
| C000018191 | CLASS F      | SSCGX           |
| C000147386 | Class Y      | SMAYX           |

### SIMT LARGE CAP GROWTH FUND (Series ID: S000006671)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018192 | CLASS I      | SPGIX           |
| C000018193 | CLASS F      | SELCX           |
| C000147387 | Class Y      | SLRYX           |

### SIMT SMALL CAP VALUE FUND (Series ID: S000006672)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018194 | CLASS I      | SMVIX           |
| C000018195 | CLASS F      | SESVX           |
| C000147388 | Class Y      | SPVYX           |

### SIMT HIGH YIELD BOND FUND (Series ID: S000006673)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018196 | CLASS F      | SHYAX           |
| C000036884 | Class I      | SEIYX           |
| C000147389 | Class Y      | SIYYX           |

### SIMT LARGE CAP VALUE FUND (Series ID: S000006674)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018197 | CLASS I      | SEUIX           |
| C000018198 | CLASS F      | TRMVX           |
| C000147390 | Class Y      | SVAYX           |

### SIMT MID CAP FUND (Series ID: S000006675)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018199 | CLASS F      | SEMCX           |
| C000030067 | CLASS I      | SIPIX           |
| C000147391 | Class Y      | SFDYX           |

### SIMT TAX-MANAGED LARGE CAP FUND (Series ID: S000006676)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018201 | CLASS F      | TMLCX           |
| C000147392 | Class Y      | STLYX           |

### SIMT TAX-MANAGED SMALL/MID CAP FUND (Series ID: S000006677)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018202 | CLASS F      | STMSX           |
| C000147393 | Class Y      | STMPX           |

### SIMT US MANAGED VOLATILITY FUND (Series ID: S000006678)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018203 | CLASS F      | SVOAX           |
| C000036885 | Class I      | SEVIX           |
| C000147394 | Class Y      | SUSYX           |

### SIMT GLOBAL MANAGED VOLATILITY FUND (Series ID: S000010830)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030063 | CLASS F      | SVTAX           |
| C000036887 | Class I      | SGMIX           |
| C000147396 | Class Y      | SGLYX           |

### SIMT Real Return Fund (Series ID: S000013604)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000036881 | Class F      | SRAAX           |
| C000036882 | Class I      | SSRIX           |
| C000147397 | Class Y      | SRYRX           |

### SIMT Tax-Managed Managed Volatility Fund (Series ID: S000017259)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047774 | Class F      | TMMAX           |
| C000147398 | Class Y      | STVYX           |

### SIMT S&P 500 Index Fund (Series ID: S000018490)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000051280 | Class F      | SSPIX           |
| C000051282 | Class I      | SPIIX           |

### SIMT Large Cap Fund (Series ID: S000026000)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000078064 | Class F                       | SLGAX           |
| C000078066 | SIMT Large Cap Fund - Class I |  |
| C000147400 | Class Y                       | SLYCX           |

### SIMT Small Cap Fund (Series ID: S000026001)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000078067 | Class F                       | SLLAX           |
| C000078069 | SIMT Small Cap Fund - Class I |  |
| C000147401 | Class Y                       | SMYFX           |

### SIMT Multi-Strategy Alternative Fund (Series ID: S000028026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000085250 | Class F      | SMSAX           |
| C000147402 | Class Y      | SMUYX           |

### SIMT MULTI-ASSET ACCUMULATION FUND (Series ID: S000035779)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109624 | Class F      | SAAAX           |
| C000147403 | Class Y      | SMOYX           |

### SIMT MULTI-ASSET INCOME FUND (Series ID: S000035780)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109625 | Class F      | SIOAX           |
| C000147404 | Class Y      | SLIYX           |

### SIMT MULTI-ASSET INFLATION MANAGED FUND (Series ID: S000035781)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109626 | Class F      | SIFAX           |
| C000147405 | Class Y      | SLFYX           |

### SIMT MULTI-ASSET CAPITAL STABILITY FUND (Series ID: S000035782)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109627 | Class F      | SCLAX           |
| C000147406 | Class Y      | SMLYX           |

### SIMT Dynamic Asset Allocation Fund (Series ID: S000050286)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000158774 | Class F      | SDYAX           |
| C000158775 | Class Y      | SDYYX           |

### SIMT Conservative Income Fund (Series ID: S000053394)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167937 | Class F      | COIAX           |
| C000167938 | Class Y      | COIYX           |

### SIMT Tax-Free Conservative Income Fund (Series ID: S000053395)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167939 | Class F      | TFCAX           |
| C000167940 | Class Y      | TFCYX           |

### SIMT Tax-Managed International Managed Volatility Fund (Series ID: S000054731)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171910 | Class F      | SMINX           |
| C000171911 | Class Y      | SIMYX           |

### SIMT Large Cap Index Fund (Series ID: S000061211)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198269 | Class F      | SLGFX           |

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on January 28, 2026**

**File No. 033-09504** 

**File No. 811-04878**

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

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE**

**SECURITIES ACT OF 1933**

**POST-EFFECTIVE AMENDMENT NO. 137**

**AND**

**REGISTRATION STATEMENT UNDER THE**

**INVESTMENT COMPANY ACT OF 1940**

**AMENDMENT NO. 139**

**SEI INSTITUTIONAL MANAGED TRUST**

**SEI Investments Company**

One Freedom Valley

Drive Oaks, Pennsylvania 19456

(Address of Principal Executive Offices)

(610) 676-1000

(Registrant's Telephone Number)

**David F. McCann, Esq.**

SEI Investments Company

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

**Copies to:**

Timothy W. Levin, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

John J. O'Brien, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

Title of Securities Being Registered. . .Units of Beneficial Interest

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on
 January 31, 2026 pursuant to paragraph (b)

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

☐ on [date] pursuant to paragraph (a)(1)

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

☐ on [date] pursuant to paragraph (a)(2) of rule 485.

If appropriate check the following box:

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

![](j2621702_ac001.jpg)

January 31, 2026

PROSPECTUS

SEI Institutional Managed Trust

Class F Shares

• Large Cap Fund (SLGAX)

• Large Cap Value Fund (TRMVX)

• Large Cap Growth Fund (SELCX)

• Large Cap Index Fund (SLGFX)

• Tax-Managed Large Cap Fund (TMLCX)

• S&P 500 Index Fund (SSPIX)

• Small Cap Fund (SLLAX)

• Small Cap Value Fund (SESVX)

• Small Cap Growth Fund (SSCGX)

• Tax-Managed Small/Mid Cap Fund (STMSX)

• Mid-Cap Fund (SEMCX)

• U.S. Managed Volatility Fund (SVOAX)

• Global Managed Volatility Fund (SVTAX)

• Tax-Managed Managed Volatility Fund (TMMAX)

• Tax-Managed International Managed Volatility Fund (SMINX)

• Real Estate Fund (SETAX)

• Core Fixed Income Fund (TRLVX)

• High Yield Bond Fund (SHYAX)

• Conservative Income Fund (COIAX)

• Tax-Free Conservative Income Fund (TFCAX)

• Real Return Fund (SRAAX)

• Dynamic Asset Allocation Fund (SDYAX)

• Multi-Strategy Alternative Fund (SMSAX)

*The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

------

SEI / PROSPECTUS

SEI INSTITUTIONAL MANAGED TRUST

About This Prospectus

---

| | |
|:---|:---|
| FUND SUMMARY | FUND SUMMARY |
| LARGE CAP FUND | 1 |
| LARGE CAP VALUE FUND | 6 |
| LARGE CAP GROWTH FUND | 11 |
| LARGE CAP INDEX FUND | 17 |
| TAX-MANAGED LARGE CAP FUND | 22 |
| S&P 500 INDEX FUND | 28 |
| SMALL CAP FUND | 33 |
| SMALL CAP VALUE FUND | 38 |
| SMALL CAP GROWTH FUND | 43 |
| TAX-MANAGED SMALL/MID CAP FUND | 48 |
| MID-CAP FUND | 53 |
| U.S. MANAGED VOLATILITY FUND | 57 |
| GLOBAL MANAGED VOLATILITY FUND | 62 |
| TAX-MANAGED MANAGED VOLATILITY FUND | 68 |
| TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND | 73 |
| REAL ESTATE FUND | 78 |
| CORE FIXED INCOME FUND | 82 |
| HIGH YIELD BOND FUND | 89 |
| CONSERVATIVE INCOME FUND | 95 |
| TAX-FREE CONSERVATIVE INCOME FUND | 100 |
| REAL RETURN FUND | 105 |
| DYNAMIC ASSET ALLOCATION FUND | 110 |
| MULTI-STRATEGY ALTERNATIVE FUND | 120 |
| Purchase and Sale of Fund Shares | 129 |
| Tax Information | 129 |
| Payments to Broker-Dealers and Other <br>Financial Intermediaries | 129 |
| MORE INFORMATION ABOUT INVESTMENTS | 129 |
| MORE INFORMATION ABOUT RISKS | 130 |
| Risk Information Common to the Funds | 130 |
| More Information About Principal Risks | 131 |
| GLOBAL ASSET ALLOCATION | 154 |

---

---

| | |
|:---|:---|
| MORE INFORMATION ABOUT THE FUNDS' <br>BENCHMARK INDEXES | 155 |
| INVESTMENT ADVISER | 157 |
| SUB-ADVISERS | 162 |
| Information About Fee Waivers | 164 |
| Sub-Advisers and Portfolio Managers | 166 |
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 186 |
| HOW TO PURCHASE FUND SHARES | 187 |
| Pricing of Fund Shares | 187 |
| Frequent Purchases and Redemptions of<br>Fund Shares | 190 |
| Foreign Investors | 192 |
| Customer Identification and Verification and <br>Anti-Money Laundering Program | 192 |
| HOW TO EXCHANGE YOUR FUND SHARES | 192 |
| HOW TO SELL YOUR FUND SHARES | 193 |
| Receiving Your Money | 193 |
| Methods Used to Meet Redemption Obligations | 193 |
| Low Balance Redemptions | 194 |
| Suspension of Your Right to Sell Your Shares | 194 |
| Large Redemptions | 194 |
| Telephone Transactions | 194 |
| Unclaimed Property | 195 |
| DISTRIBUTION OF FUND SHARES | 195 |
| SERVICE OF FUND SHARES | 195 |
| DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION | 195 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 196 |
| Dividends and Distributions | 196 |
| Taxes | 196 |
| ADDITIONAL INFORMATION | 200 |
| FINANCIAL HIGHLIGHTS | 201 |
| HOW TO OBTAIN MORE INFORMATION ABOUT<br>SEI INSTITUTIONAL MANAGED TRUST | Back Cover |

---

------

SEI / PROSPECTUS

LARGE CAP FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.39% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 0.98% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Fund — Class F Shares | $100 | $312 | $542 | $1201 |

---

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 rate 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, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest

------

SEI / PROSPECTUS

primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities,

------

SEI / PROSPECTUS

including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources

------

SEI / PROSPECTUS

and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_ba002.jpg)  | Best Quarter: 20.21% (06/30/2020)<br>Worst Quarter: -24.00% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/30/2009) |
| Return Before Taxes | 17.59% | 12.07% | 12.17% | 12.13% |
| Return After Taxes on Distributions | 12.61% | 8.72% | 9.61% | 9.77% |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.80% | 9.06% | 9.45% | 9.61% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.29% |
| Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.37% | 13.59% | 14.59% | 14.18% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2015<br>Since 2015<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager and Research Analyst |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2019<br>Since 2019 | Executive Vice President, Portfolio Manager and <br>Head of Alger Capital Appreciation and Spectra <br>Strategies<br>Executive Vice President and Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 2009<br>Since 2009<br>Since 2009<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Mar Vista Investment Partners, LLC | Silas A. Myers, CFA<br>Brian L. Massey, CFA | Since 2018<br>Since 2018 | Portfolio Manager/Analyst<br>Portfolio Manager/Analyst |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

LARGE CAP VALUE FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.35% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 0.94% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Value Fund — Class F Shares | $96 | $300 | $520 | $1155 |

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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 rate 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, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index

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SEI / PROSPECTUS

(between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market.

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SEI / PROSPECTUS

Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_ba003.jpg)  | Best Quarter: 16.67% (12/31/2020)<br>Worst Quarter: -29.98% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Value Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception\*<br>(10/3/1994) |
| Return Before Taxes | 18.92% | 12.07% | 9.92% | 10.69% |
| Return After Taxes on Distributions | 15.20% | 9.78% | 8.20% | 7.57% |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.79% | 9.31% | 7.77% | 7.35% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.05% |
| Russell 1000 Value Index Return (reflects no deduction for fees, <br>expenses or taxes) | 15.91% | 11.33% | 10.53% | 9.89% |

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\* The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2013<br>Since 2013<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager & Research Analyst |
| Cullen Capital Management LLC | James Cullen<br>Jennifer Chang | Since 2018<br>Since 2018 | Chief Executive Officer & Portfolio Manager<br>Executive Director & Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1995<br>Since 1995<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

------

SEI / PROSPECTUS

LARGE CAP GROWTH FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.58% |
| Total Annual Fund Operating Expenses | 0.98% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Growth Fund — Class F Shares | $100 | $312 | $542 | $1201 |

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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 rate 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, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of

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SEI / PROSPECTUS

purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

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SEI / PROSPECTUS

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, shareholders will be subject to two layers of fees and expenses with respect to investments in the Fund.

*Derivatives Risk* — The Fund's use of forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is the risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Long/Short Risk* — The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund's long or short positions will produce positive returns and the Fund could lose money if either or both the Fund's long and short positions produce negative returns.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater

------

SEI / PROSPECTUS

potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Active Management Risk* — The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies.

*Quantitative Investing Risk* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Code for classification as a RIC.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_ba004.jpg)  | Best Quarter: 27.17% (06/30/2020)<br>Worst Quarter: -20.21% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Growth Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/1994) |
| Return Before Taxes | 18.22% | 14.24% | 15.94% | 10.51% |
| Return After Taxes on Distributions | 12.31% | 10.15% | 12.88% | 9.07% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.00% | 10.51% | 12.53% | 8.84% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.14% |
| Russell 1000 Growth Index Return (reflects no deduction for fees, <br>expenses or taxes) | 18.56% | 15.32% | 18.13% | 11.80% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2019<br>Since 2019 | Executive Vice President, Portfolio Manager and <br>Head of Alger Capital Appreciation and Spectra <br>Strategies<br>Executive Vice President and Portfolio Manager |
| Mackenzie Investments Corporation | Arup Datta, CFA<br>Nicholas Tham, CFA | Since 2023<br>Since 2023 | Senior Vice President, Investment Management<br>Vice President, Investment Management |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |
| PineStone Asset Management <br>Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2016<br>Since 2016 | Chief Executive Officer, Chief Investment Officer<br>Head of Research |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

LARGE CAP INDEX FUND

Fund Summary

Investment Goal

Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.05% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 0.64% |

---

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Index Fund — Class F Shares | $65 | $205 | $357 | $798 |

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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 rate 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, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.

Principal Investment Strategies

The Fund is managed using a passive investment approach designed to track, before fees and expenses, the performance of the Russell 1000 Index (the Index). Under normal circumstances, the Fund will invest substantially all of its assets (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in securities (mostly common stocks) of companies that are included in the Index. The Index

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SEI / PROSPECTUS

measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1000 of the largest securities based on their market capitalization. As of December 31, 2025, the market capitalization of the companies included in the Index ranged from $1.0 billion to $4.5 trillion. The market capitalization range and the composition of the Index are subject to change. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.

The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Sub-Adviser's passive investment strategy seeks to track, before fees and expenses, the return of the index, and therefore differs from an "active" investment strategy where an investment manager buys and sells securities based on its own economic, market or financial analyses. The Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index (*i.e.*, among other reasons, the Fund could experience high volumes of cash flows or a particular security could be difficult to obtain). In some cases, it may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those circumstances, the Sub-Adviser may purchase a sampling of stocks in the Index in proportions expected to replicate generally the performance of the Index as a whole and may also use futures contracts to obtain exposure to the equity markets or to a particular security.

The Sub-Adviser may sell securities that are represented in the Index or purchase securities that are not represented in the Index, prior to or after their removal or addition to the Index.

The Fund's investment performance will depend on the Fund's tracking of the Index and the performance of the Index. The Fund's ability to replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. Due to these differences, the Fund's performance generally will not be identical to that of the Index.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that its investment approach, which attempts to replicate the performance of the Russell 1000 Index, may underperform other segments of the equity markets or the equity markets as a whole. The Fund is also subject to the risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Tracking Error Risk* — The risk that the Fund's performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund's investments and the index's components and other factors.

*Derivatives Risk* — The Fund's use of futures contracts is subject to leverage risk, correlation risk, liquidity risk and market risk. Market risk is described above, and leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Non-Diversification Risk* — In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past seven calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception, compare

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SEI / PROSPECTUS

with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_ba005.jpg)  | Best Quarter: 21.66% (06/30/2020)<br>Worst Quarter: -20.21% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

---

| | | | |
|:---|:---|:---|:---|
| Large Cap Index Fund | 1 Year | 5 Years | Since<br>Inception<br>(1/31/2018) |
| Return Before Taxes | 17.04% | 13.29% | 13.12% |
| Return After Taxes on Distributions | 15.50% | 12.53% | 12.46% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.07% | 10.55% | 10.68% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 13.68% |
| Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.37% | 13.59% | 13.43% |

---

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2018 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

---

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SEI / PROSPECTUS

Sub-Adviser and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Managers | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Emiliano Rabinovich, CFA<br>Karl Schneider, CAIA<br>Mark Krivitsky | Since 2022<br>Since 2018<br>Since 2018 | Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas<br>Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas<br>Vice President and Senior Portfolio Manager in the <br>Systematic Equity Team and the Tax-Efficient <br>Market Capture Group |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED LARGE CAP FUND

Fund Summary

Investment Goal

High long-term after-tax returns.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.51% |
| Total Annual Fund Operating Expenses | 0.91% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed Large Cap Fund — Class F Shares | $93 | $290 | $504 | $1120 |

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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 rate 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, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Managed Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The

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SEI / PROSPECTUS

Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

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SEI / PROSPECTUS

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bc006.jpg)  | Best Quarter: 18.45% (06/30/2020)<br>Worst Quarter: -21.71% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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SEI / PROSPECTUS

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Managed Large Cap Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(3/5/1998) |
| Return Before Taxes | 16.94% | 11.87% | 11.96% | 7.39% |
| Return After Taxes on Distributions | 16.50% | 10.50% | 10.86% | 6.88% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.32% | 9.22% | 9.67% | 6.28% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 8.98% |
| Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.37% | 13.59% | 14.59% | 9.06% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment <br>Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2015<br>Since 2015<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager & Research Analyst |
| Cullen Capital Management LLC | James Cullen<br>Jennifer Chang | Since 2017<br>Since 2017 | Chief Executive Officer & Portfolio Manager<br>Executive Director & Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 2001<br>Since 2001<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Mar Vista Investment Partners, <br>LLC | Silas A. Myers, CFA<br>Brian L. Massey, CFA | Since 2018<br>Since 2018 | Portfolio Manager/Analyst<br>Portfolio Manager/Analyst |

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2014<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |
| PineStone Asset Management <br>Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2016<br>Since 2016 | Chief Executive Officer, Chief Investment Officer<br>Head of Research |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

S&P 500 INDEX FUND

Fund Summary

Investment Goal

Investment results that correspond to the aggregate price and dividend performance of the securities in the S&P 500 Index.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.03% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.51% |
| Total Annual Fund Operating Expenses | 0.54% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| S&P 500 Index Fund — Class F Shares | $55 | $173 | $302 | $677 |

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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 rate 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, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests substantially all of its assets (at least 80%) in securities listed in the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index), which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries (mostly common stocks). The Fund's investment results are expected to correspond to the aggregate price and dividend performance of the S&P 500 Index before the

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SEI / PROSPECTUS

fees and expenses of the Fund. The Fund generally gives the same weight to a given stock as the S&P 500 Index does. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

In seeking to replicate the performance of the S&P 500 Index, the Fund may also invest in futures contracts, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small and medium capitalization companies. The Fund's ability to replicate the performance of the S&P 500 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund. The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of the Fund's adviser, SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, market or financial analyses). Instead, the Sub-Adviser purchases a basket of securities that includes most of the companies in the S&P 500 Index. However, the Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that the Fund's investment approach, which attempts to replicate the performance of the S&P 500 Index, may underperform other segments of the equity markets or the equity markets as a whole.

*Tracking Error Risk* — The risk that the Fund's performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund's investments and the benchmark and other factors.

*Derivatives Risk* — The Fund's use of futures contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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SEI / PROSPECTUS

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated

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SEI / PROSPECTUS

in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Non-Diversification Risk* — In seeking to track the S&P 500 Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bc007.jpg)  | Best Quarter: 20.47% (06/30/2020)<br>Worst Quarter: -19.67% (03/31/2020) |

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| S&P 500 Index Fund — Class F\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(2/28/1996) |
| Return Before Taxes | 17.57% | 14.13% | 14.49% | 9.83% |
| Return After Taxes on Distributions | 15.19% | 11.89% | 12.77% | 8.81% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.99% | 10.90% | 11.71% | 8.34% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.22% |

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\* The Fund is the successor to SEI Index Funds' S&P 500 Index Fund (the Predecessor Fund). The Fund commenced operations on September 17, 2007. Accordingly, for periods prior to September 17, 2007, performance information is based on the performance of the Predecessor Fund's Class A Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Emiliano Rabinovich, CFA<br>Mark Krivitsky<br>Karl Schneider, CAIA | Since 2022<br>Since 2012<br>Since 2012 | Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas<br>Vice President and Senior Portfolio Manager in the <br>Systematic Equity Team and the Tax-Efficient <br>Market Capture Group<br>Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.58% |
| Total Annual Fund Operating Expenses | 1.23% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Fund — Class F Shares | $125 | $390 | $676 | $1489 |

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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 rate 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, the Fund's portfolio turnover rate was 80% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market

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SEI / PROSPECTUS

capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and certain of its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk* — Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk* — The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes)

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SEI / PROSPECTUS

is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bc008.jpg)  | Best Quarter: 28.44% (12/31/2020)<br>Worst Quarter: -31.27% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/30/2009) |
| Return Before Taxes | 10.06% | 8.29% | 8.76% | 9.57% |
| Return After Taxes on Distributions | 7.52% | 5.57% | 6.77% | 7.49% |
| Return After Taxes on Distributions and Sale of Fund Shares | 7.79% | 5.94% | 6.57% | 7.32% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.29% |
| Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) | 12.81% | 6.09% | 9.62% | 10.57% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Copeland Capital <br>Management, LLC | Mark W. Giovanniello, CFA<br>Eric C. Brown, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA<br>John Cummings, CFA | Since 2018<br>Since 2018<br>Since 2018<br>Since 2018<br>Since 2025 | Chief Investment Officer, Principal and Portfolio <br>Manager<br>Chief Executive Officer, Principal and Portfolio <br>Manager<br>Portfolio Manager, Principal<br>Portfolio Manager, Principal<br>Portfolio Manager, Principal |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2014<br>Since 2014 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2017<br>Since 2022 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital <br>Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2020<br>Since 2020<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>CEO, President and Senior Portfolio Manager<br>Senior, Portfolio Manager, Group Managing <br>Director |
| Parametric Portfolio <br>Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP VALUE FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.24% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Value Fund — Class F Shares | $126 | $393 | $681 | $1500 |

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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 rate 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, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small

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SEI / PROSPECTUS

company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk* — Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk* — The risk that small capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j2621702_bc009.jpg)  | Best Quarter: 30.47% (12/31/2020)<br>Worst Quarter: -39.12% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Value Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/1994) |
| Return Before Taxes | 13.30% | 10.04% | 7.90% | 9.21% |
| Return After Taxes on Distributions | 10.96% | 7.78% | 6.19% | 7.58% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.44% | 7.68% | 6.06% | 7.41% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.14% |
| Russell 2000 Value Index Return (reflects no deduction for fees, <br>expenses or taxes) | 12.59% | 8.88% | 9.27% | 9.86% |

---

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Easterly Investment Partners <br>LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2016<br>Since 2016 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Leeward Investments LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2024<br>Since 2024 | President, Portfolio Manager<br>Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1997<br>Since 1997<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment <br>Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio <br>Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP GROWTH FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.24% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Growth Fund — Class F Shares | $126 | $393 | $681 | $1500 |

---

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 rate 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, the Fund's portfolio turnover rate was 155% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at

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SEI / PROSPECTUS

the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk —* Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk —* The risk that small capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Portfolio Turnover Risk —* Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare

------

SEI / PROSPECTUS

with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_be010.jpg)  | Best Quarter: 29.99% (06/30/2020)<br>Worst Quarter: -31.51% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Growth Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/20/1992) |
| Return Before Taxes | 4.45% | 3.89% | 8.22% | 8.74% |
| Return After Taxes on Distributions | 2.10% | 1.67% | 6.56% | 7.34% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.32% | 2.58% | 6.28% | 7.05% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.83% |
| Russell 2000 Growth Index Return (reflects no deduction for fees, <br>expenses or taxes) | 13.01% | 3.18% | 9.57% | 8.07% |

---

------

SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Axiom Investors LLC | David Kim, CFA<br>Matthew Franco, CFA | Since 2026<br>Since 2026 | Portfolio Manager<br>Portfolio Manager |
| Geneva Capital Management LLC | W. Scott Priebe<br>Jose Munoz | Since 2025<br>Since 2025 | Managing Principal and Portfolio Manager<br>Managing Principal and Portfolio Manager |
| Parametric Portfolio <br>Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management <br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

------

SEI / PROSPECTUS

TAX-MANAGED SMALL/MID CAP FUND

Fund Summary

Investment Goal

High long-term after-tax returns.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.24% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed Small/Mid Cap Fund — Class F Shares | $126 | $393 | $681 | $1500 |

---

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 rate 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, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Managed Small/Mid Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small and medium capitalization companies. For purposes of this Fund, a small or medium capitalization company is a company with a market capitalization in the range of companies in the Russell 2500 Index (between approximately $1.3 million and $37.0 billion as of December 31, 2025) at the time of purchase. The market capitalization

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SEI / PROSPECTUS

range and the composition of the Russell 2500 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing assets of the Fund not allocated to Sub-Advisers, SIMC may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small and Medium Capitalization Risk —* The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies.

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SEI / PROSPECTUS

Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk —* The risk that small or medium capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Taxation Risk —* The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

------

SEI / PROSPECTUS

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_be011.jpg)  | Best Quarter: 24.52% (12/31/2020)<br>Worst Quarter: -30.74% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Managed Small/Mid Cap Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/31/2000) |
| Return Before Taxes | 8.70% | 7.44% | 8.25% | 7.07% |
| Return After Taxes on Distributions | 7.60% | 5.66% | 7.01% | 6.33% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.93% | 5.73% | 6.56% | 5.93% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 8.43% |
| Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) | 11.91% | 7.26% | 10.40% | 8.89% |

---

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Easterly Investment Partners <br>LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2014<br>Since 2014 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Geneva Capital Management LLC | W. Scott Priebe<br>Jose Munoz | Since 2024<br>Since 2024 | Managing Principal and Portfolio Manager<br>Managing Principal and Portfolio Manager |
| Hillsdale Investment <br>Management Inc. | A. Christopher Guthrie, CFA<br>Tony Batek, CFA<br>Ted Chen | Since 2018<br>Since 2018<br>Since 2021 | President, CEO, CIO, Senior Portfolio Manager, <br>Founding Partner<br>Senior Portfolio Manager, Partner<br>Co-CIO, Senior Portfolio Manager, Partner |
| Martingale Asset <br>Management, L.P. | James M. Eysenbach, CFA | Since 2018 | Co-CEO, Chief Investment Officer |
| Parametric Portfolio <br>Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2014<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

MID-CAP FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 0.99% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Mid-Cap Fund — Class F Shares | $101 | $315 | $547 | $1213 |

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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 rate 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, the Fund's portfolio turnover rate was 62% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Mid-Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Midcap Index are

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SEI / PROSPECTUS

subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small and Medium Capitalization Risk —* The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk —* The risk that securities of medium capitalization companies may underperform other segments of the equity markets or the equity markets as a whole.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to

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SEI / PROSPECTUS

directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_be012.jpg)  | Best Quarter: 24.31% (06/30/2020)<br>Worst Quarter: -30.47% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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SEI / PROSPECTUS

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Mid-Cap Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(2/16/1993) |
| Return Before Taxes | 9.96% | 9.84% | 9.95% | 9.85% |
| Return After Taxes on Distributions | 5.09% | 7.19% | 7.84% | 8.07% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.27% | 7.31% | 7.56% | 7.87% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.84% |
| Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) | 10.60% | 8.67% | 11.01% | 10.91% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2021<br>Since 2021 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital <br>Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2021<br>Since 2021<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>Chief Executive Officer, President and Senior <br>Portfolio Manager<br>Senior Portfolio Manager, Group Managing <br>Director |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

U.S. MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Capital appreciation with less volatility than the broad U.S. equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.55% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.14% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| U.S. Managed Volatility Fund — Class F Shares | $116 | $362 | $628 | $1386 |

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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 rate 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, the Fund's portfolio turnover rate was 68% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization

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SEI / PROSPECTUS

ranges. These securities may include common stocks, preferred stocks, exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value

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SEI / PROSPECTUS

being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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SEI / PROSPECTUS

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_be013.jpg)  | Best Quarter: 13.36% (12/31/2022)<br>Worst Quarter: -23.18% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| U.S. Managed Volatility Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/28/2004) |
| Return Before Taxes | 10.45% | 9.42% | 9.00% | 8.77% |
| Return After Taxes on Distributions | 6.38% | 5.62% | 6.27% | 6.95% |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.72% | 6.78% | 6.71% | 6.98% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.00% |
| MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, <br>expenses or taxes) | 7.31% | 8.01% | 9.92% | 8.98% |
| Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.88% |

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Franesca Young, Ph.D., CFA | Since 2025<br>Since 2025 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2010<br>Since 2010<br>Since 2010<br>Since 2014<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

GLOBAL MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Capital appreciation with less volatility than the broad global equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.24% |

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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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Global Managed Volatility Fund — Class F Shares | $126 | $393 | $681 | $1500 |

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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 rate 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, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.

Principal Investment Strategies

The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund also may use futures contracts and forward contracts.

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SEI / PROSPECTUS

Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Derivatives Risk* — The Fund's use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same

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SEI / PROSPECTUS

type of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j2621702_bg014.jpg)  | Best Quarter: 10.68% (06/30/2020)<br>Worst Quarter: -19.29% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Global Managed Volatility Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/27/2006) |
| Return Before Taxes | 13.44% | 8.48% | 7.48% | 5.97% |
| Return After Taxes on Distributions | 11.24% | 6.17% | 5.53% | 4.45% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.52% | 6.27% | 5.56% | 4.43% |
| MSCI All Country World ex-USA Index (Net) (reflects no deduction <br>for fees or expenses) | 32.39% | 7.91% | 8.41% | 5.29% |
| MSCI World Minimum Volatility Index (Net) (reflects no deduction <br>for fees or expenses) | 10.54% | 6.29% | 7.80% | 7.02% |
| MSCI World Index Return (Net) (reflects no deduction for fees or expenses) | 21.09% | 12.15% | 12.17% | 8.46% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset <br>Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D., CFA | Since 2006<br>Since 2023 | Executive Vice President, Chief Investment <br>Officer<br>Senior Vice President, Director, Equity Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

To maximize after-tax returns, but with a lower level of volatility than the broad U.S. equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.55% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.14% |

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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 or hold 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 and may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed Managed Volatility Fund — Class F Shares | $116 | $362 | $628 | $1386 |

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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 rate 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, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategies

The Tax-Managed Managed Volatility Fund will typically invest in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds

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SEI / PROSPECTUS

(ETFs). The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. Although the Fund will be measured against the Russell 3000 Index, the Fund is expected to have significant sector and market capitalization deviations from the index given its focus on absolute risk as opposed to index relative risk. This could lead to significant performance deviations relative to the index over shorter-term periods.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment approaches to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets in a tax-efficient fashion, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. This will tend to lead SIMC and the Fund's Sub-Advisers to construct portfolios with a low beta relative to the overall U.S. equity market.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product

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SEI / PROSPECTUS

lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment

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SEI / PROSPECTUS

in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bg015.jpg)  | Best Quarter: 11.90% (06/30/2020)<br>Worst Quarter: -20.36% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Managed Managed Volatility Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/2007) |
| Return Before Taxes | 11.02% | 10.98% | 10.22% | 9.35% |
| Return After Taxes on Distributions | 5.65% | 7.61% | 8.05% | 7.75% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.35% | 8.41% | 8.08% | 7.61% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.06% |
| MSCI USA Minimum Volatility Index (Net) (reflects no deduction <br>for fees, expenses or taxes) | 7.31% | 8.01% | 9.92% | 8.87% |
| Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.83% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management <br>LLC | Brendan O. Bradley, Ph.D.<br>Franesca Young, Ph.D., CFA | Since 2025<br>Since 2025 | Executive Vice President, Chief Investment <br>Officer<br>Senior Vice President, Director, Equity Portfolio Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2010<br>Since 2010<br>Since 2010<br>Since 2014<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio <br>Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2014<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Tax-sensitive long-term capital appreciation with less volatility than the broad international equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.73% |
| Total Annual Fund Operating Expenses | 1.38% |

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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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed International Managed Volatility Fund — Class F Shares | $140 | $437 | $755 | $1657 |

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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 rate 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, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Managed International Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in non-U.S. equity securities. These securities may include common stocks and real estate investment trusts (REITs) of all capitalization ranges. Under normal circumstances, the Fund will invest in securities of issuers that are located in at least

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SEI / PROSPECTUS

three countries outside of the U.S., but will typically invest much more broadly. The Fund will invest primarily in companies located in developed countries.

The Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach to investing, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. This approach is intended to manage the risk characteristics of the Fund.

The Fund seeks to achieve an absolute return similar to that of the broad international developed equity markets (International Market) in a tax-sensitive manner, but with lower absolute volatility. Over the long-term, the Fund seeks to achieve a return similar to that of the MSCI EAFE Index (Index), but with a lower level of volatility. Over shorter periods of time, however, due to its focus on absolute risk, the portfolio's country, sector and market capitalization exposures will typically vary from the International Market and it may experience significant performance deviations from the International Market. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that primarily exhibit a more stable historical or predicted price and earnings behavior (*i.e*. absolute risk), but also take into consideration low correlation attributes and expected returns. Generally, the Fund is likely to underperform in a steeply rising International Market, but seeks to mitigate losses in a falling International Market.

The Fund implements the investment recommendations of Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of tax management of the portfolio's securities transactions. SIMC also may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes.

The overlay manager and SIMC each seek to manage the impact of taxes by using certain techniques, which may include selling stocks with the highest tax cost basis first to realize capital losses or defer capital gains, preventing wash sales, avoiding high portfolio turnover, controlling the holding period of a security to convert short-term capital gains to long-term capital gains, and, where appropriate, opportunistically harvesting losses to offset other capital gains.

The Fund considers the security of an issuer to be "non-U.S." if the issuer is domiciled, incorporated, located and/or principally traded in a country other than the U.S. Developed market countries are those countries that are included in a developed markets index by a recognized index provider, or have similar developed characteristics, in each case determined at the time of purchase.

The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market,

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SEI / PROSPECTUS

economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

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SEI / PROSPECTUS

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bg016.jpg)  | Best Quarter: 14.33% (12/31/2022)<br>Worst Quarter: -20.38% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | |
|:---|:---|:---|:---|
| Tax-Managed International Managed Volatility Fund — Class F | 1 Year | 5 Years | Since<br>Inception<br>(10/17/2016) |
| Return Before Taxes | 29.70% | 8.08% | 6.28% |
| Return After Taxes on Distributions | 29.08% | 7.31% | 5.70% |
| Return After Taxes on Distributions and Sale of Fund Shares | 18.45% | 6.29% | 5.02% |
| MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) | 32.39% | 7.91% | 8.75% |
| MSCI EAFE Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) | 25.79% | 6.20% | 6.39% |
| MSCI EAFE Index Return (Net) (reflects no deduction for fees or expenses) | 31.22% | 8.92% | 9.03% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2025 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset <br>Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D., CFA | Since 2016<br>Since 2023 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2016<br>Since 2016<br>Since 2016<br>Since 2016<br>Since 2016<br>Since 2016<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio <br>Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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REAL ESTATE FUND

Fund Summary

Investment Goal

Total return, including current income and capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.59% |
| Total Annual Fund Operating Expenses | 1.24% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Estate Fund — Class F Shares | $126 | $393 | $681 | $1500 |

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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 rate 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, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Real Estate Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (*e.g.*, common stocks, rights, warrants, exchange-traded funds (ETFs), convertible securities and preferred stocks of real estate investment trusts (REITs) and real estate operating companies (REOCs)). Generally, the Fund will invest in real estate companies operating in the United States.

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The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser).

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund's investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Investment Style Risk* — The risk that the securities of issuers in the real estate industry may underperform other segments of the equity markets or the equity markets as a whole.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants and Rights Risk* — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.

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SEI / PROSPECTUS

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization REITs and other companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bg017.jpg)  | Best Quarter: 16.80% (12/31/2023)<br>Worst Quarter: -22.77% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax

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SEI / PROSPECTUS

situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Estate Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(11/13/2003) |
| Return Before Taxes | 1.88% | 6.86% | 5.92% | 7.89% |
| Return After Taxes on Distributions^ | -1.11% | 4.84% | 3.44% | 6.07% |
| Return After Taxes on Distributions and Sale of Fund Shares^ | 2.58% | 4.80% | 3.89% | 5.96% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.89% |
| Wilshire U.S. Real Estate Securities Index Return (reflects no deduction <br>for fees, expenses or taxes) | 3.47% | 7.04% | 5.74% | 8.10% |

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^ After tax figures are based on estimated amounts for the periods ended December 31, 2025.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| CenterSquare Investment<br>Management LLC | Dean Frankel, CFA<br>Eric Rothman, CFA | Since 2011<br>Since 2011 | Co-Chief Investment Officer<br>Portfolio Manager, Real Estate Securities |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

CORE FIXED INCOME FUND

Fund Summary

Investment Goal

Current income consistent with the preservation of capital.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.28% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.46% |
| Total Annual Fund Operating Expenses | 0.74% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Core Fixed Income Fund — Class F Shares | $76 | $237 | $411 | $918 |

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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 rate 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, the Fund's portfolio turnover rate was 394% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in investment and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities (including "to-be-announced" transactions) and securities issued or guaranteed by the U.S. Government and its agencies and

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instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.

The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC).

The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are

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heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Investment Style Risk* — The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in

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SEI / PROSPECTUS

comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Currency Risk* — Due to its active positions in currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar

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SEI / PROSPECTUS

value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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SEI / PROSPECTUS

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bi001.jpg)  | Best Quarter: 7.29% (12/31/2023)<br>Worst Quarter: -6.81% (03/31/2022) |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Core Fixed Income Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(5/1/1987) | Since<br>Inception<br>(5/1/1987) |
| Return Before Taxes | 7.04% | -0.94% | 1.99% | 5.21 | % |
| Return After Taxes on Distributions | 5.50% | -2.14% | 0.58% | 3.26 | % |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.15% | -1.22% | 0.93% | 3.30 | % |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 5.38 | %^ |

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^ The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |
| Nilay Shah | Since 2022 | Assistant Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, <br>LLC | Maulik Bhansali, CFA<br>Jarad Vasquez | Since 2017<br>Since 2017 | Senior Portfolio Manager and Co-Head, Core <br>Fixed Income<br>Senior Portfolio Manager and Co-Head, Core <br>Fixed Income |
| Jennison Associates LLC | James Gaul, CFA<br>Eric G. Staudt, CFA<br>Samuel B. Kaplan, CFA<br>Dimitri Rabin, CFA<br>David Morse, CFA<br>Natalia Glekel, CFA<br>Griffin Sullivan, CFA<br>Adriano Taylor-Escribano | Since 2016<br>Since 2012<br>Since 2016 <br>Since 2019<br>Since 2020<br>Since 2022<br>Since 2024<br>Since 2025 | Head of Fixed Income, Managing Director and <br>Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager |
| MetLife Investment <br>Management, LLC | Stephen Mullin, CFA<br>Joshua Lofgren, CFA<br>Joseph Hondros, CFA | Since 2022<br>Since 2022<br>Since 2022 | Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager |
| Metropolitan West Asset <br>Management, LLC | Bryan Whalen, CFA<br>Jerry Cudzil<br>Ruben Hovhannisyan, CFA | Since 2004<br>Since 2023<br>Since 2023 | Group Managing Director, Chief Investment <br>Officer — Fixed Income, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

HIGH YIELD BOND FUND

Fund Summary

Investment Goal

Total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.49% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.50% |
| Total Annual Fund Operating Expenses | 0.99% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| High Yield Bond Fund — Class F Shares | $101 | $315 | $547 | $1213 |

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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 rate 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, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs).

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SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is

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SEI / PROSPECTUS

speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Investment Style Risk* — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Collateralized Debt Obligations and Collateralized Loan Obligations Risk* — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Derivatives Risk* — The Fund's use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are

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SEI / PROSPECTUS

described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes)

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SEI / PROSPECTUS

is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bi002.jpg)  | Best Quarter: 8.92% (06/30/2020)<br>Worst Quarter: -15.60% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| High Yield Bond Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(1/11/1995) |
| Return Before Taxes | 7.54% | 5.09% | 6.51% | 6.72% |
| Return After Taxes on Distributions | 3.85% | 1.22% | 3.00% | 3.29% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.40% | 2.14% | 3.42% | 3.61% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 4.63% |
| ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction <br>for fees, expenses or taxes) | 8.50% | 4.50% | 6.44% | N/A<sup>†</sup><br>|

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<sup>†</sup> The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| David S. Aniloff | Since 2005 | Senior Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |
| Michael Schafer | Since 2015 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Ares Capital Management II <br>LLC | Seth Brufsky<br>Chris Mathewson<br>Kapil Singh | Since 2007<br>Since 2018<br>Since 2018 | Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit |
| Benefit Street Partners L.L.C. | Thomas Gahan<br>Paul Karpers | Since 2014<br>Since 2016 | Chief Investment Officer and Chairman<br>Managing Director |
| Blackstone Credit Systematic Strategies LLC | Adam Dwinells | Since 2025 | Global Head of Corporate Bond Strategies, <br>Technology, and Operations for Liquid Credit <br>Strategies |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2009<br>Since 2017 | Chief Investment Officer/Managing Partner and <br>Portfolio Manager<br>Co-Chief Investment Officer/Head of High Yield <br>Bond Research/Portfolio Manager of High Yield <br>and Opportunistic Credit |
| J.P. Morgan Investment Management Inc. | Robert Cook<br>Thomas Hauser<br>Jeffrey Lovell | Since 2005<br>Since 2005<br>Since 2024 | Managing Director, Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

CONSERVATIVE INCOME FUND

Fund Summary

Investment Goal

Principal preservation and a high degree of liquidity while providing current income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.10% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 0.59% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Conservative Income Fund — Class F Shares | $60 | $189 | $329 | $738 |

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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 rate 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, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated debt securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund.

Under normal market conditions, the Fund will primarily invest in short-term US dollar denominated debt securities, including: (i) commercial paper, corporate bonds and asset-based securities of U.S. and foreign

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issuers; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, US banks or US branches or non-US branches of foreign banks; (iii) short-term obligations issued by state and local governments; (iv) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; and (v) obligations of foreign governments (including Canadian and Provincial Government and Crown Agency obligations). The Fund may also enter into fully-collateralized repurchase agreements. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less.

Under normal circumstances, the Fund will invest at least 25% of its assets in securities issued by companies in the financial services industry, but may invest less than 25% of its assets in this industry as a temporary defensive measure.

The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser also considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund is not a money market fund and does not seek to maintain a stable net asset value.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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SEI / PROSPECTUS

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Concentration Risk* — A downturn in the financial services industry would impact the Fund more than a portfolio that does not concentrate in securities issued by companies in the financial services industry.

*Financial Services Industry Risk* — The Fund's portfolio is concentrated in investments in securities issued by companies in the financial services industry. The financial services industry is subject to extensive government regulation. Profitability is largely dependent on the availability and cost of capital, and can fluctuate significantly when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Repurchase Agreement Risk —* Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Foreign Investment Risk —* The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

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SEI / PROSPECTUS

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_bi003.jpg)  | Best Quarter: 1.40% (09/30/2024)<br>Worst Quarter: -0.09% (03/31/2022) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Conservative Income Fund — Class F | 1 Year | 5 Years | Since<br>Inception<br>(4/22/2016) |
| Return Before Taxes | 4.23% | 3.19% | 2.24% |
| Return After Taxes on Distributions | 2.48% | 1.88% | 1.32% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.48% | 1.88% | 1.32% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 1.76% |
| ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | 4.18% | 3.17% | 2.24% |

---

Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2016 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |
| Phillip Terrenzio, CFA | Since 2022 | Assistant Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| BlackRock Advisors, LLC | Eric Hiatt, CFA, FRM<br>Edward Ingold, CFA | Since 2016<br>Since 2019 | Managing Director of BlackRock, Inc.<br>Director of BlackRock, Inc. |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

TAX-FREE CONSERVATIVE INCOME FUND

Fund Summary

Investment Goal

Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.10% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 0.59% |

---

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Free Conservative Income Fund — Class F Shares | $60 | $189 | $329 | $738 |

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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 rate 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, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Free Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in US dollar-denominated municipal securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund and that pay interest that (i) is exempt from federal income taxes and (ii) is not taxable under the federal alternative

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SEI / PROSPECTUS

minimum tax applicable to individuals. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

Under normal market conditions, the Fund will primarily invest in short-term US dollar-denominated debt securities including: US municipal bonds, notes, variable rate demand notes, tender option bonds, floating rate notes, industrial development bonds, pre-refunded bonds and commercial paper. The Fund may also, to a limited extent, invest in repurchase agreements and securities subject to the alternative minimum tax or in debt securities subject to federal income tax. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less.

The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund is not a money market fund and does not seek to maintain a stable net asset value.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund

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SEI / PROSPECTUS

that does not have as great a concentration in municipal obligations. Municipal obligations may be underwritten or guaranteed by a relatively small number of financial services firms, so changes in the municipal securities market that affect those firms may decrease the availability of municipal instruments in the market, thereby making it difficult for the Sub-Adviser to identify and obtain appropriate investments for the Fund's portfolio. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Income Risk* — An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Repurchase Agreement Risk —* Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

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SEI / PROSPECTUS

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621702_bi004.jpg)  | Best Quarter: 0.88% (09/30/2024)<br>Worst Quarter: 0.00% (03/31/2021) |

---

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SEI / PROSPECTUS

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | |
|:---|:---|:---|:---|
| Tax-Free Conservative Income Fund — Class F | 1 Year | 5 Years | Since<br>Inception<br>(4/22/2016) |
| Return Before Taxes | 2.61% | 1.95% | 1.38% |
| Return After Taxes on Distributions | 2.60% | 1.94% | 1.37% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.60% | 1.94% | 1.37% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 1.76% |
| ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | 4.18% | 3.17% | 2.24% |

---

Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2016 | Portfolio Manager |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |

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Sub-Adviser and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| BlackRock Advisors, LLC | Alicia De Lorenzo<br>Kristi Manidis | Since 2024<br>Since 2016 | Vice President of BlackRock, Inc.<br>Director of BlackRock, Inc. |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

REAL RETURN FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.22% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 0.70% |

---

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Return Fund — Class F Shares | $72 | $224 | $390 | $871 |

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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 rate 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, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

Principal Investment Strategies

The Real Return Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities (TIPS) Index, which is the Fund's benchmark index.

Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so

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SEI / PROSPECTUS

that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements.

The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Real Return Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Fund's assets currently are managed directly by SIMC.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Investment Style Risk* — The Fund is also subject to the risk that the Fund's securities may underperform other segments of the markets or the markets as a whole.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

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SEI / PROSPECTUS

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments,

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SEI / PROSPECTUS

central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bk022.jpg)  | Best Quarter: 3.35% (03/31/2025)<br>Worst Quarter: -3.25% (09/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Return Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/2/2009) |
| Return Before Taxes | 6.04% | 2.88% | 2.69% | 2.22% |
| Return After Taxes on Distributions | 4.24% | 1.06% | 1.53% | 1.28% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.56% | 1.40% | 1.56% | 1.32% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.81% |
| Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, <br>expenses or taxes) | 6.55% | 3.32% | 3.16% | 2.67% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

<u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Adviser</u> <br> Timothy J. Sauermelch, CFA Since 2014 Portfolio Manager

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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SEI / PROSPECTUS

DYNAMIC ASSET ALLOCATION FUND

Fund Summary

Investment Goal

Long-term total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees (of the Fund and Subsidiary) | Management Fees (of the Fund and Subsidiary) |
| Management of the Fund |  |
| Management of the Subsidiary |  |
| Total Management Fees | 0.60% |
| Distribution (12b-1) Fees |  |
| Other Expenses (of the Fund and Subsidiary) | Other Expenses (of the Fund and Subsidiary) |
| Other Expenses of the Fund |  |
| Other Expenses of the Subsidiary |  |
| Total Other Expenses | 0.58% |
| Total Annual Fund Operating Expenses | 1.18% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Dynamic Asset Allocation Fund — Class F Shares | $120 | $375 | $649 | $1432 |

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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 rate 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, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.

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Principal Investment Strategies

The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SEI Investments Management Corporation's (SIMC or the Adviser) expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC, as discussed below.

The asset classes and market exposures used, and the Fund's allocations among them, are determined based on SIMC's views of fundamental, technical or valuation measures and may be dynamically adjusted (*i.e*. actively adjusted over long or short periods of time). The Fund may at any particular point in time be diversified across many exposures or concentrated in a limited number of exposures, including, possibly, a single asset class or market exposure.

Although the Fund will seek to achieve excess total return through its dynamic investment selection, it will also normally maintain, as a primary component of its strategy, passive exposure to the large capitalization U.S. equity market. To the extent that the Fund is not dynamically invested in other asset classes or market exposures, the Fund's assets will generally be passively invested in a portfolio of securities designed to track, before fees and expenses, the performance of the large capitalization U.S. equity market. This passive exposure to the large capitalization U.S. equity market is implemented by the Sub-Adviser.

The Fund may obtain asset class or market exposures by investing directly (*e.g*., in equity and fixed income securities and other instruments) or indirectly (*e.g*., through the use of other pooled investment vehicles, a wholly-owned subsidiary or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below.

*Equity Securities.* The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants (including equity-linked warrants) and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

*Fixed Income Securities.* The Fund may invest in fixed income securities that are investment or non-investment grade (also known as "junk bonds"), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund's fixed income investments may include mortgage-backed securities, corporate bonds and debentures, commercial paper, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, zero coupon bonds, structured notes, obligations of foreign governments, and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers.

The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.

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The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

*Other Instruments.* The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

*Pooled Investment Vehicles.* In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs), to obtain the Fund's desired exposure to a particular asset class.

*Derivative and Commodity Instruments.* The Fund may also purchase or sell futures contracts, forward contracts, options and swaps (including swaptions, caps, floors or collars) for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. Futures contracts, forward contracts and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's exposure to the risk of particular types of securities or market segments. The Fund may purchase or sell futures contracts (and options on futures contracts) on U.S. Government securities for return enhancement and hedging purposes. The Fund may purchase and sell forward contracts on currencies or securities for return enhancement and hedging purposes. Interest rate swaps are further used to manage the Fund's yield spread sensitivity.

Swaps may be used for return enhancement or hedging purposes. Securities index and single security swaps may be used to manage the inflation-adjusted return of the Fund or to more efficiently gain exposure to a particular security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. The Fund may also, to a lesser extent, purchase or sell put or call options on securities, indexes or currencies for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure.

The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and commodity-linked derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

*Currency Exposure.* The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance its return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (*i.e*., take long or short positions) using futures, options and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

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*Short Sales.* The Fund may engage in short sales on equity securities that are expected to underperform the market or their peers. When the Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

Principal Risks

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up

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and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — Due to the Fund's active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities Risk (Junk Bonds)* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities

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and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Foreign Sovereign Debt Securities Risk* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Repurchase Agreement Risk* — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as

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"covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income (when combined with its other investments that produce non-qualifying income) from such investments that do not generate qualifying income, to a maximum of 10% of its gross income to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

The Fund will gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary.

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*Investment Company and Exchange-Traded Funds Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Investment in the 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. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, 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 intended and could negatively affect the Fund and its shareholders.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

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*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621702_bk023.jpg)  | Best Quarter: 20.97% (06/30/2020)<br>Worst Quarter: -19.16% (03/31/2020) |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Dynamic Asset Allocation Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/30/2015) |
| Return Before Taxes | 18.81% | 14.33% | 13.71% | 12.79% |
| Return After Taxes on Distributions | 13.45% | 10.85% | 11.51% | 10.68% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.12% | 10.67% | 10.84% | 10.07% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 13.93% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Timothy J. Sauermelch, CFA | Since 2022 | Portfolio Manager |
| James Smigiel | Since 2015 | Managing Director and Head of Portfolio Strategies Group |
| James Solloway, CFA | Since 2015 | Managing Director and Portfolio Manager, Portfolio <br>Strategies Group |
| Steven Treftz, CFA | Since 2018 | Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Mark Krivitsky<br>Michael Finocchi<br>Karl Schneider<br>Xianhang Wu | Since 2015<br>Since 2015<br>Since 2024<br>Since 2024 | Vice President and Senior Portfolio Manager in the <br>Systematic Equity Team and the Tax-Efficient <br>Market Capture Group<br>Vice President and Senior Portfolio Manager in the <br>Systematic Equity Team<br>Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas<br>Assistant Vice President and Portfolio Manager in <br>the Systematic Equity Team |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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MULTI-STRATEGY ALTERNATIVE FUND

Fund Summary

Investment Goal

The Fund allocates its assets among a variety of investment strategies to seek to generate an absolute return with reduced correlation to the stock and bond markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | | |
|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares | Class F Shares | Class F Shares |
| Management Fees |  | 1.50 | % |
| Distribution (12b-1) Fees |  |  |  |
| Other Expenses | Other Expenses | Other Expenses | Other Expenses |
| Dividends on Shorts | 0.59% |  |  |
| Remainder of Other Expenses | 0.60% |  |  |
| Total Other Expenses |  | 1.19 | % |
| Acquired Fund Fees and Expenses (AFFE) |  | 0.24 | % |
| Total Annual Fund Operating Expenses |  | 2.93 | %<sup>†</sup> |

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<sup>†</sup> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies.

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Strategy Alternative Fund — Class F Shares | $296 | $907 | $1543 | $3252 |

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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 rate 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

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operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 358% of the average value of its portfolio.

Principal Investment Strategies

The Multi-Strategy Alternative Fund employs a strategy intended to generate an absolute (*i.e.*, positive) return in various market cycles with reduced correlation to the stock and bond markets. The Fund allocates its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange traded funds (Underlying Funds); and/or (ii) one or more investment sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers). In addition, SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets, which may include allocating assets to investments in Underlying Funds selected by SIMC. The Underlying Funds or Sub-Advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; and (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, pairs trading and equity market neutral.

The Fund will allocate its assets among Underlying Funds and/or Sub-Advisers based on SIMC's analysis of their investment strategies and historical performance as well as SIMC's analysis of the potential for each to perform independently of one another. By allocating its assets in this manner, the Fund will seek to reduce risk, lower volatility and achieve positive returns in various market cycles. Allocation of assets to any one Underlying Fund, Sub-Adviser or strategy will vary based on market conditions. By investing in an Underlying Fund, the Fund becomes a shareholder of that Underlying Fund. Underlying Funds and Sub-Advisers may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies, which may include U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments, bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties, commodities, currencies, warrants, depositary receipts, exchange traded notes and derivative instruments, principally, equity options, futures contracts, options on futures contracts, forward contracts, swap agreements and credit default swaps. In addition, the Fund may invest in cash, money market instruments and other short-term obligations to achieve its investment goal. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund currently allocates assets to Sub-Advisers pursuant to SIMC's "manager of managers" model, and the Sub-Advisers manage Fund assets under the general supervision of SIMC.

The Fund is intended to be only one component of an investor's broader investment program and is not designed to be a complete investment program. Investors who seek to add an alternative component to their overall investment program may wish to allocate a portion of their investment to the Fund.

Principal Risks

While the Fund seeks to achieve an absolute return with reduced correlation to stock and bond markets, it may not achieve positive returns over short or long term periods. Investment strategies that have historically been non-correlated or have demonstrated low correlations to one another or to stock and bond markets may become correlated at certain times and, as a result, may cease to function as anticipated over either short or long term periods.

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The success of the Fund's investment strategy depends both on SIMC's selection of the Underlying Funds and Sub-Advisers and allocating assets to such Underlying Funds and Sub-Advisers. SIMC, an Underlying Fund or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Underlying Funds and Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Fund, Underlying Funds and Sub-Advisers may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an Underlying Fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each Underlying Fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Arbitrage Strategies Risk* — Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company.

*Directional or Tactical Strategies Risk* — Directional or tactical strategies usually use long and short positions, which entail predicting the direction that particular securities or sectors or the overall market might move. Directional or tactical strategies may utilize leverage and hedging. There may be a significant risk of loss if the Fund's judgment is incorrect as to the direction, timing or extent of expected movements of particular securities or sectors or the market as a whole.

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*Event-Driven Strategies Risk* — Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event in the life of a company will occur and the impact such an event will have on the value of the company's securities. The transaction in which such a company is involved may be unsuccessful, take considerable time (or longer than anticipated) or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company's security. If an anticipated transaction does not occur, the Fund may be required to sell its securities at a loss.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Derivatives Risk* — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — Due to its active positions in currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Distressed Securities Risk* — Distressed securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying

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income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

*Investment Company and Exchange-Traded Funds (ETFs) Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Exchange-Traded Notes (ETNs) Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| ![](j2621702_bk024.jpg)  | Best Quarter: 7.23% (12/31/2020)<br>Worst Quarter: -6.44% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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|:---|:---|:---|:---|:---|
| Multi-Strategy Alternative Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(3/31/2010) |
| Return Before Taxes | 10.62% | 4.01% | 4.20% | 2.80% |
| Return After Taxes on Distributions | 8.51% | 2.04% | 2.83% | 1.75% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.36% | 2.21% | 2.69% | 1.74% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.60% |
| ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, <br>expenses or taxes) | 4.18% | 3.17% | 2.18% | 1.41% |

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Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

<u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Adviser</u> <br> Radoslav Koitchev Since 2016 Portfolio Manager

Sub-Advisers and Portfolio Managers.

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|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2017<br>Since 2017 | Chief Investment Officer/Managing Partner and <br>Portfolio Manager<br>Co-Chief Investment Officer/Head of High Yield <br>Bond Research/Portfolio Manager of High Yield <br>and Opportunistic Credit |
| Global Credit Advisers, LLC | Steven S. Hornstein | Since 2020 | Managing Member, Portfolio Manager and Chief <br>Investment Officer |
| Kettle Hill Capital Management, LLC | Andrew Y. Kurita | Since 2016 | Chief Investment Officer, Portfolio Manager |
| Mountaineer Partners Management, LLC | Mark Lee | Since 2015 | Managing Member |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 129 of this prospectus.

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Purchase and Sale of Fund Shares

The minimum initial investment for Class F Shares is $100,000 with minimum subsequent investments of $1,000. Such minimums may be waived at the discretion of SIMC. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Tax Information

The distributions made by the Funds, with the exception of the Tax-Free Conservative Income Fund, generally are taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

The Tax-Free Conservative Income Fund expects a portion of its distributions to consist of exempt-interest dividends that are exempt from federal income tax and that may also be exempt from certain state and/or local income taxes, depending on an investor's state of residence. The Tax-Free Conservative Income Fund, however, expects to invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax.

Payments to Broker-Dealers and Other Financial Intermediaries

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

MORE INFORMATION ABOUT INVESTMENTS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are, with the exception of the Real Return Fund, managed under the direction of SIMC and one or more Sub-Advisers, who manage portions of the Funds' assets, including determining whether to buy, sell or hold particular investments, in a way that they believe will help each Fund achieve its goals.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions; however, each Fund may also invest in other securities, use other strategies or engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in more detail in the Funds' Statement of Additional Information (SAI).

The Funds' investment goals and investment strategies are not fundamental and, therefore, may be changed by the Board of Trustees of the Trust (Board) without shareholder approval. Notwithstanding the foregoing,

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the Tax-Free Conservative Income Fund has adopted a fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in investments the income from which is exempt from federal income tax.

For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund, except the S&P 500 Index Fund, may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. In addition, for temporary defensive purposes, the Small Cap, Small Cap Growth, Small Cap Value, Tax-Managed Small/Mid Cap and Mid-Cap Funds may invest all or a portion of their assets in common stocks of larger, more established companies and in investment grade fixed income securities. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains or higher income. During such time, a Fund may not achieve its investment goal. Although not expected to be a component of the Funds' principal investment strategies, each Fund may lend its securities to certain financial institutions in an attempt to earn additional income.

The S&P 500 Index Fund will normally invest at least 90% of its assets in the types of securities described in this prospectus.

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risk and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect securities markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

The Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap and Tax-Managed Managed Volatility Funds (for purposes of this paragraph, each, a Fund and collectively, the Funds) implement the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. The overlay manager also implements the investment recommendations of the Sub-Advisers of the Tax-Managed International Managed Volatility Fund. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. The Funds are subject to the risk that the performance of the Funds may deviate from the performance of a Sub-Adviser's model portfolio or the performance of other proprietary or client accounts over which the Sub-Adviser retains trading authority (Other Accounts). The overlay manager's variation from the Sub-Adviser's model portfolio may contribute to performance deviations, including under performance. In addition, a Sub-Adviser may implement its model portfolio for its Other Accounts prior to submitting its model to the Fund. In these circumstances, trades placed by the overlay manager pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from

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the prices obtained by the Sub-Adviser for its Other Accounts, including less favorable prices. The risk of such price deviations may increase for large orders or where securities are thinly traded.

Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen in response to events that do not otherwise affect the value of the security in the issuer's home country. These various risks will be even greater for investments in emerging market countries, where political turmoil and rapid changes in economic conditions are more likely to occur.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Arbitrage Strategies* — The Multi-Strategy Alternative Fund may engage in arbitrage strategies. Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may use a variety of arbitrage strategies in pursuing its investment strategy. The underlying relationships among securities in which the Fund takes investment positions may change in an adverse manner, in which case the Fund may realize losses. The expected gain on an individual arbitrage investment is normally considerably smaller than the possible loss, should the transaction be unexpectedly terminated. The expected timing of each transaction is also extremely important because the length of time that the Fund's capital must be committed to any given transaction will affect the rate of return realized by the Fund, and delays can substantially reduce such returns. Therefore, unanticipated delays in timing could cause the Fund to lose money or not achieve the desired rate of return. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company and, as a result, may involve increased brokerage commission costs which will be borne directly by the Fund and ultimately by its shareholders.

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence (AI) technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Asset-Backed Securities* — Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest

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in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized debt obligations (CDOs), collateralized loan obligations (CLOs) and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and a Fund, as a securityholder, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

*Bank Loans* — Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Bank loans may be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

The Funds may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Funds purchase assignments from lenders, the Funds will acquire direct rights against the borrower on the loan. The Funds may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Funds' ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Funds may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available during that time to make additional investments or to meet the Funds' redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*Below Investment Grade Fixed Income Securities (Junk Bonds)* — Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve a greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk

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that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds, particularly those issued by foreign governments, is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Collateralized Debt Obligations and Collateralized Loan Obligations* — CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, a Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Commercial Paper* — Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Commodity Investments and Derivatives* — Certain Funds' exposure to commodities markets may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have, in the past, experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in a Fund's holdings. The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices are outside of a Fund's control and may not be anticipated by Fund management. Price movements may be influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and taxation; war, global health events such as pandemics and epidemics, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.

The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity-related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic conditions, higher taxes on commodities or

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increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.

The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day. If the limit price has been reached in a particular contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related securities will not necessarily reflect changes in the price of commodities. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. In fact, commodity-related securities may actually have a higher correlation to movement in equities than the commodity market.

The value of a commodity-linked derivative investment typically is based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. Commodity-linked derivatives provide exposure to the investment returns of commodities that trade in the commodities markets without investing directly in physical commodities. The value of commodity-linked derivative instruments may be affected by, and rise or fall in response to, changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, as discussed above. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop.

Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at maturity, a Fund may receive more or less principal than it originally invested. A Fund might receive interest payments that are more or less than the stated coupon interest payments. In connection with a Fund's direct and indirect investments in commodity-linked derivatives, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which a Fund believes are creditworthy) at any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may increase the Fund's exposure to counterparty credit risk. There can be no assurance that a Fund will be able to limit exposure to any one counterparty at all times.

A Fund's investments in commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility. If payment of interest on a commodity-linked note or the amount of principal to be repaid on maturity is linked to the value of a particular commodity, commodity index or other economic variable, a Fund might not receive all (or a portion) of the interest or principal due on its investment if there is a loss of value of the underlying investment. At any time, the risk of loss associated with a particular note in a Fund's portfolio may be significantly higher than the value of the note.

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A liquid secondary market may not exist for the commodity-linked notes that a Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. Commodity-linked notes are also subject to the counterparty credit risk of the issuer. That is, at maturity of a commodity-linked note, there is a risk that the issuer may be unable to perform its obligations under the terms of the commodity-linked note. Issuers of commodity-linked notes are typically large money center banks, broker-dealers, other financial institutions and large corporations. If the issuer becomes bankrupt or otherwise fails to pay, a Fund could lose money. The value of the commodity-linked notes a Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. This would have the effect of increasing the volatility of the value of these commodity-linked notes as they may increase or decrease in value more quickly than the underlying commodity, commodity index or other economic variable. Therefore, at the maturity of the note, a Fund may receive more or less principal than it originally invested and may receive interest payments on the note that are more or less than the stated coupon interest payments.

*Convertible Securities and Preferred Stocks* — Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or not rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

*Corporate Fixed Income Securities* — Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

*Credit* — Credit risk is the risk that a decline in the credit quality of an investment could indirectly cause the Funds to lose money. The Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed

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income securities rated below investment grade (junk bonds) (described above) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit-Linked Notes* — Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. A Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

*Currency* — Certain Funds take active and/or passive positions in currencies, which involve different techniques and risk analyses than the Funds' purchases of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Funds if they are unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges they have entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Passive investment in currencies may subject the Global Managed Volatility Fund to additional risks and the value of the Fund's investments may fluctuate in response to broader macroeconomic risks than if the Fund invested only in U.S. equity securities.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce

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liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Depositary Receipts* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Certain of the depositary receipts in which the Fund invests may not provide as much information about the underlying issuer and may not carry the same voting privileges as other depositary receipts.

*Derivatives* — Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Funds to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Funds will cause the value of your investment in the Funds to decrease. The Funds' use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above and leverage risk is described below. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly

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with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its obligations. These risks could cause the Funds to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment. Tax risk is the risk that the use of derivatives may cause the Funds to realize higher amounts of short-term capital gains or otherwise affect a Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside of the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

Regulation relating to a Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

*Directional or Tactical Strategies* — The Multi-Strategy Alternative Fund may use directional or tactical strategies. Directional or tactical strategies usually use long and short positions which entail the prediction of the direction which the overall market is going to move. The Fund gains when the prices of instruments in which the Fund takes long positions rises and when the prices of instruments in which the Fund takes short positions declines. Strategies may focus on short positions by utilizing credit default swaps to anticipate the decline in the price of an overvalued security or utilizing treasury futures to hedge interest-rate risk. Strategies may also involve leverage and hedging through the use of ETFs or various derivatives, such as futures, credit default swaps or total return swaps or other financings in order to enhance the total return. Risk of loss may be significant if the Fund's judgment is incorrect as to the direction, timing or extent of expected market moves.

*Distressed Securities* — The High Yield Bond Fund and Multi-Strategy Alternative Fund may invest in distressed securities. Distressed securities are debt securities or other securities or assets of companies or other assets experiencing financial distress, including bankruptcy. Distressed securities frequently do not produce income while they are outstanding and may require the High Yield Bond or Multi-Strategy Alternative Funds to bear certain extraordinary expenses in order to protect and recover their investments. Distressed securities are at high risk for default. If a distressed issuer defaults, the Funds may experience legal difficulties and negotiations with creditors and other claimants. The Funds may recover none or only a small percentage of their investments or have a time lag between when an investment is made and when the value of the investment is realized. Distressed securities may be illiquid.

*Duration* — Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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*Equity Market* — Because certain Funds will significantly invest in equity securities, those Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In the case of foreign stocks, these fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility, which is a principal risk of investing in the Funds.

*Event-Driven Strategies* — The Multi-Strategy Alternative Fund may engage in event-driven strategies. Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event, such as a merger, acquisition, bankruptcy, reorganization, spin-offs or other catastrophic event in the life of a company, will occur and the impact such an event will have on the value of the company's securities. Such strategies are often not correlated with the performance of the market. The transaction in which such a company is involved may either be unsuccessful, take considerable time or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company's security. If an anticipated transaction does not occur, the Fund may be required to sell their securities at a loss. Risk of default as to debt securities and bankruptcy or insolvency with respect to equity securities, can result in the loss of the entire investment in such companies.

*Exchange-Traded Products (ETPs)* — The risks of owning interests of an exchange-traded product (ETP), such as an ETF, exchange-traded note (ETN) or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Inverse ETFs seek to provide investment results that match a negative of the performance of an underlying index. Leveraged inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that a Fund invests in leveraged inverse ETFs, the Fund will indirectly be subject to the risk that

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the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged, inverse and leveraged inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose a Fund to complete loss of its investment.

Generally, ETNs are structured as senior, unsecured notes in which an issuer, such as a bank, agrees to pay a return based on a target index or other reference instrument less any fees. ETNs allow individual investors to have access to derivatives linked to commodities and other assets such as oil, currencies and foreign stock indexes. ETNs combine certain aspects of bonds and ETFs. Similar to ETFs, ETNs are traded on a major exchange (*e.g.*, the NYSE) during normal trading hours. However, investors can also hold an ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to principal amount, subject to the day's index factor. ETN returns are based upon the performance of a market index minus applicable fees. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political or geographic events that affect the referenced commodity. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even if the underlying index remains unchanged. Investments in ETNs are subject to the risks facing income securities in general, including the risk that a counterparty will fail to make payments when due or default.

*Extension* — Investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Funds may exhibit additional volatility.

*Financial Services Industry* — The Conservative Income Fund's portfolio is concentrated in investments in securities issued by companies in the financial services industry. Companies in the financial services industry include companies involved in activities such as banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates. The financial services industry is subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments financial services companies can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations. Losses resulting from financial difficulties of borrowers also can negatively affect the profitability of financial services companies. Regulatory changes within the financial services industry may make it more difficult to analyze investments in this industry.

*Fixed Income Market* — The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise.

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Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by a Fund. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment/Emerging and Frontier Markets* — Certain Funds may invest in foreign issuers, including issuers located in emerging and frontier market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. "Frontier market countries" are a subset of emerging market countries with even smaller national economies. Emerging market countries, and, to an even greater extent, frontier market countries, may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market and frontier market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market and frontier market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Fund's investments in emerging market and frontier market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Frontier countries are a subset of emerging market countries with even smaller national economies. The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments

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to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies, could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Foreign Sovereign Debt Securities* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Forward Contracts* — A forward contract, also called a "forward", involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

*Futures Contracts* — Futures contracts, or "futures", provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Funds may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend,

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in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Advisers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Hedged Strategies* — Certain Funds may employ investment strategies that involve greater risks than the strategies used by typical mutual funds, including short sales and derivative transactions. There is no assurance that hedged strategies will protect against losses or perform better than non-hedged strategies. The investment strategies employed by the Funds that emphasize hedged positions rather than non-hedged positions in securities and derivatives are used in an effort to protect against losses due to general movements in market prices and are tools used to manage the Funds' price volatility. However, no assurance can be given that such hedging will be successful or that consistent absolute returns will be achieved. Hedging against a decline in the value of positions does not eliminate fluctuations in the values of such positions or prevent losses if the values of such positions decline but, rather, establishes other positions designed to gain from those same developments, thus offsetting the decline in the hedged positions' values. In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a financial instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a Fund incurring substantial losses and/or not achieving anticipated gains. Separately, hedging strategies can reduce opportunity for gain by offsetting the positive effect of favorable price movements. Even if the strategy works as intended, a Fund might be in a better position had it not attempted to hedge at all.

*Inflation Protected Securities* — The Real Return Fund may invest in inflation protected securities, including Treasury Inflation Protected Securities (TIPS), the value of which generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the United States Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Interest Rate* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a

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decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company* — The Funds may purchase shares of investment companies, such as open-end funds, ETFs and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Funds' assets invested in the underlying fund. In part because of these additional expenses, the performance of an investment company may differ from the performance a Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. See also, "Exchange-Traded Products (ETPs)," above.

*Investment in the Subsidiary* — The Dynamic Asset Allocation Fund may invest in a wholly-owned Subsidiary. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary, however, is not 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. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. The Fund, however, wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by SIMC, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund. While the Subsidiary has its own board of directors that is responsible for overseeing the operations of the Subsidiary, 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. It is not currently expected that shares of the Subsidiary will be sold or offered to investors other than the Fund.

*Investment Style* — Investment style risk is the risk that a Fund's investment in certain securities in a particular market segment pursuant to its particular investment strategy may underperform other market segments or the market as a whole.

*Large Capitalization* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

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*Leverage* — Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on a Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that a Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on one of two value-at-risk tests. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

*Liquidity* — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Market* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Although a Fund may have an investment portfolio of short-term debt securities that is similar to the investment portfolios of many money market funds, <u>each Fund is not a money market fund</u>, does not seek to maintain a stable NAV per share, and does not provide investors with the same regulatory protections as a money market fund. Under normal conditions, a Fund's investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the Fund's investments. Certain of a Fund's investments may not be permitted investments of a money market fund.

*Money Market Funds* — An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Funds to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (*i.e.*, impose a redemption gate) and thereby prevent the Funds from selling their investments in the money market fund or impose a fee of up to 2% on amounts the Funds redeem from the money market fund (*i.e.*, impose a liquidity fee). These measures may result in an investment loss or prohibit the Funds from redeeming shares when the Sub-Adviser would otherwise redeem shares. In addition to the fees and expenses that the Funds directly bear, the Funds indirectly bear the fees and expenses of any money market funds in which they invest, including affiliated money market funds. By investing in a money market fund, the Funds will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Funds invest in instruments such as derivatives, the Funds may hold investments, which may be significant, in money market fund shares to cover their obligations resulting from the Funds' investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

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*Mortgage-Backed Securities* — Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by a Fund could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as Government National Mortgage Association (Ginnie Mae), which are backed by the "full faith and credit" of the United States, (ii) securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to a Fund of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to a Fund and affect its share price.

The Funds may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by the Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect a Fund's actual yield to maturity, even if the average rate of principal payments is consistent with the Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

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*Mortgage Dollar Rolls* — Mortgage dollar rolls are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, the Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by the Fund to buy a security. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Municipal Securities* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value.

Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by a Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of a Fund's holdings. As a result, a Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by a Fund. Any changes in the financial condition of municipal issuers also may adversely affect the value of a Fund's securities.

*Non-Diversification* — The Large Cap Growth Fund is non-diversified. Additionally, in seeking to track an index, the Large Cap Index Fund and the S&P 500 Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. A non-diversified Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. However, the Funds intend to satisfy the asset diversification requirements for qualifying as a RIC under Subchapter M of the Code.

*Opportunity* — A Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

*Options* — An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract

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at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g.*, the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e.*, the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

*Portfolio Turnover* — Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*Prepayment* — Fund investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Puerto Rico Investment* — To the extent a Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Developments in Puerto Rico may adversely affect the securities held by the Funds. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. A number of events, including economic and political policy changes, tax base erosion, territory constitutional limits on tax increases, budget deficits, high rates of unemployment, Puerto Rico constitutional amendments, legislative measures, voter initiatives and other changes in the law, and other financial difficulties and changes in the credit ratings assigned to Puerto Rico's municipal issuers, are likely to affect each Fund's performance. The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's

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economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

*Quantitative Investing* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

*Real Estate Industry* — The Real Estate Fund's investments in the securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include declines in the value of real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, lack of ability to access the creditor capital markets, overbuilding, extended vacancies of properties, defaults by borrowers or tenants (particularly during an economic downturn), increasing competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from clean-ups of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in market and sub-market values and the appeal of properties to tenants, and changes in interest rates. In addition to these risks, real estate investment trusts (REITs) and real estate operating companies (REOCs) are dependent on specialized management skills and some REITs and REOCs may have investments in relatively few properties, or in a small geographic area or in a single type of property. These factors may increase the volatility of the Fund's investments in REITs or REOCs. Risk associated with investment in REITs is further discussed below.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on Funds that are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing a Fund to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

*Real Estate Investment Trusts* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in REITs indirectly through a Fund, shareholders will not only bear the proportionate share of the expenses of the Fund, but will also, indirectly, bear similar expenses of underlying REITs. The Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants.

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Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, or its failure to maintain exemption from registration under the 1940 Act.

*Repurchase Agreement* — Although repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to a Fund whereby a defaulting counterparty could delay or prevent a Fund's recovery of collateral. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund either complies with the asset coverage requirements of Section 18 or treats such transactions as Derivative Transactions, as defined in Rule 18f-4 under the 1940 Act, subject to the VaR Test under Rule 18f-4.

*Securities Lending* — Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Funds may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. A Fund that lends its securities may pay lending fees to a party arranging the loan.

*Short Sales* — Short sales are transactions in which a Fund sells a security it does not own. To complete a short sale, the Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. This price may be more or less than the price at which the security was sold by the Fund and the Fund will incur a loss if the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security. Because a borrowed security could theoretically increase in price without limitation, the loss associated with short selling is potentially unlimited. To the extent that the Fund reinvests proceeds received from selling securities short, it may effectively create leverage, which is discussed above. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

*Small and Medium Capitalization Issuers* — Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Swap Agreements* — Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically

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involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into 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 the other party to the agreement.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to participation notes (P-Notes).

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive regulatory framework for swaps and security-based swaps. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the OTC market (so-called "bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are now required to be centrally cleared and traded on exchanges or electronic trading

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platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Funds. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

*Tax* — The Dynamic Asset Allocation Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests directly in commodities and in equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. In order for the Fund to qualify as a RIC under Subchapter M of the Code, the Fund must, amongst other requirements, derive at least 90% of its gross income for each taxable year from sources generating "qualifying income" for purposes of the "qualifying income test", which is described in more detail in the section titled "Taxes" in the SAI. The Fund's investment in 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Fund attributable to its investment in the Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund expects its "Subpart F" income attributable to its investment in the Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in the Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Fund's investments in the Subsidiary to ensure that no more than 25% of the Fund's assets are invested in the Subsidiary to comply with the Fund's asset diversification test as described in more detail in the SAI.

To the extent the Dynamic Asset Allocation and Multi-Strategy Alternative Funds invest in commodities and certain commodity-linked derivative instruments directly such Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Funds to qualify as RICs under Subchapter M of the Code. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or may not be able to accurately predict the non-qualifying income from these investments.

The extent to which the Dynamic Asset Allocation Fund or the Multi-Strategy Alternative Fund directly or indirectly invests in commodities or commodity-linked derivatives may be limited by the qualifying income and asset diversification tests, which each Fund must continue to satisfy to maintain its status as a RIC. If a Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders. Under certain circumstances, a Fund may be able

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to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. The tax treatment of certain commodity-related investments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

The Tax-Managed Large Cap, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds (collectively, the "Tax-Managed Funds") are managed to seek to minimize tax consequences to shareholders, but there is no guarantee that a Tax-Managed Fund will be able to operate without incurring taxable income and gains for shareholders. For example, under certain market conditions, a Tax-Managed Fund could exhaust its tax loss carryforwards and be forced to recognize taxable income and gains in connection with the sale of portfolio securities. Because each Tax-Managed Fund intends to annually distribute substantially all of its income and gains to shareholders in order to avoid incurring corporate and excise taxes, it may be required to make distributions to shareholders that subject shareholders to federal, state and local taxes. Failure to distribute such income and gains would have negative tax consequences to the Fund and its shareholders that likely would outweigh the tax consequences associated with the Fund's distribution of income and gains*.*

In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Tax-Free Conservative Income Fund to shareholders to be taxable. Changes or proposed changes in federal tax laws may cause the prices of tax-exempt securities to fall. While the Tax-Free Conservative Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, if the Tax-Free Conservative Income Fund fails to meet this requirement, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. The Tax-Free Conservative Income Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities.

*To-Be-Announced (TBA) Transactions* — The Core Fixed Income Fund may be exposed to TBA transactions risk through the Fund's investments in derivatives. In TBA transactions, the selling counterparty does not specify the particular securities to be delivered. Instead, the purchasing counterparty agrees to accept any security that meets specified terms. TBA purchase commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, which risk is in addition to the risk of decline in the value of the Fund's other assets. In addition, the selling counterparty may not deliver the security as promised. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund's returns. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to the settlement date.

*Tracking Error* — The Large Cap Index Fund and S&P 500 Index Fund attempt to track the performance of a benchmark index. The Large Cap Index Fund and S&P 500 Index Fund are subject to the risk that the performance of the Fund may deviate from the Russell 1000 Index (Russell 1000 Index) and Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index), respectively. Factors such as cash flows, Fund expenses, imperfect correlation between the Funds' investments and those of their benchmarks, rounding of share prices, changes to the benchmark and regulatory policies may affect the Funds' ability to achieve perfect correlation. The magnitude of any tracking error may be affected by a higher portfolio turnover rate. Because

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an index is a composite of the prices of the securities it represents, rather than an actual portfolio of those securities, an index will have no expenses. As a result, the Funds, which will have expenses such as brokerage, custody, management fees and other operational costs, may not achieve their investment objectives of accurately correlating to an index. To the extent that a Fund employs a sampling or optimization technique to construct the Fund's portfolio, the Sub-Adviser may purchase only a representative portion of the securities in the Russell 1000 Index or S&P 500 Index, which may increase the performance of the Funds, and their respective Indexes may not match. Depending on the Sub-Adviser's approach and the size of the Funds, the representative sample of securities in the Russell 1000 Index and S&P 500 Index that are actually held by the Funds may vary from time to time. In addition, the Funds are subject to the risk that their investment approach, which attempts to track the performance of the Russell 1000 Index or S&P 500 Index, before fees and expenses, may perform differently than other mutual funds that focus on particular equity market segments or invest in other asset classes.

*U.S. Government Securities* — U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable maturities. Some of the U.S. Government securities that a Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

*Warrants* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the global asset allocation strategies (Strategies) that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets

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in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus.

The Russell 1000 Index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 93% of the U.S. market. As of December 31, 2025, the market capitalization of the companies included in the Index ranged from $1.0 billion to $4.5 trillion. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. Stocks in the Russell 1000 Index are weighted based on float-adjusted market capitalization, which is calculated by multiplying their closing price by the number of available shares. The market capitalization range and the composition of the Index are subject to change periodically, including during quarterly rebalances of the Russell 1000 Index, annual reconstitutions of the Russell 1000 Index, and in response to corporate actions such as mergers.

The Russell 1000 Value Index measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large cap value segment. The Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 1000 Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large cap growth segment. The Russell 1000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

The S&P 500 Index consists of 500 companies from a diverse range of industries. Contrary to a popular misconception, the S&P 500 Index is not a simple list of the largest 500 companies by market capitalization or by revenues. Rather, it is 500 of the most widely held U.S.-based common stocks, chosen by the S&P 500 Index's index committee for market size, liquidity and sector representation. "Leading companies in leading industries" is the guiding principal for S&P 500 inclusion. A small number of international companies that are widely traded in the U.S. are included, but the S&P 500 Index's index committee has announced that only U.S.-based companies will be added in the future.

The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market

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capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set.

The Russell 2000 Value Index measures the performance of the small cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small cap value segment. The Russell 2000 Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small cap growth segment. The Russell 2000 Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set and that the represented companies continue to reflect growth characteristics.

The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 is a subset of the Russell 3000 Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Russell 2500 Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set.

The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 27% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

The MSCI World Index (Net) captures large and mid cap representation across 23 developed markets countries. With 1,321 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI USA Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to publicly-traded companies domiciled in the U.S. and is weighted to provide the lowest absolute risk within a given set of constraints.

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The MSCI All Country World ex-USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI World Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid cap equity universe across 23 Developed Markets countries.

The MSCI EAFE Index (Net) is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises the MSCI country indexes that represent developed markets outside of North America: Europe, Australasia and the Far East.

MSCI EAFE Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid cap equity universe across Developed Markets countries\* around the world excluding the US and Canada.

The Wilshire U.S. Real Estate Securities Index is a broad measure of the performance of publicly traded U.S. real estate securities, such as REITs and REOCs. The index is capitalization-weighted. The beginning date, January 1, 1978, was selected because it coincides with the Russell/NCREIF Property Index start date. The Wilshire U.S. Real Estate Securities Index is rebalanced monthly, and returns are calculated on a buy and hold basis.

The ICE BofA U.S. 3-Month Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA U.S. High Yield Constrained Index reflects the reinvestment of dividends.

The Bloomberg U.S. Aggregate Bond Index is a widely-recognized, market-weighted (higher market value bonds have more influence than lower market value bonds) index of U.S. Government obligations, corporate debt securities and AAA rated mortgage-backed securities. All securities in the index are rated investment grade (BBB-) or higher, with maturities of at least 1 year.

The Bloomberg 1-5 Year U.S. TIPS Index represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board, is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

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— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market-generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source Fund.

The following portfolio managers are primarily responsible for management and oversight of the Funds, as described above.

Richard A. Bamford serves as Portfolio Manager for the Core Fixed Income, Conservative Income and Tax-Free Conservative Income Funds. Mr. Bamford serves as a Senior Portfolio Manager for the Traditional Strategies Group within SIMC's Investment Management Unit. Mr. Bamford is responsible for high yield, emerging market, municipal and taxable fixed-income portfolios, as well as leading the investment-grade debt and municipal bonds portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 32 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and

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Accounting from the University of Scranton and a Master of Business Administration with a concentration in Finance from St. Joseph's University.

Jason Collins serves as a Portfolio Manager for the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility and Real Estate Funds. Mr. Collins is Head of Sub-Advised Equity and the Head of the UK Investment Management Unit. Mr. Collins oversees resources and investment strategy for all equity portfolios. Prior to his current role, he served in a number of investment leadership roles at SEI and, before joining the firm, had gained significant experience in the fields of manager selection and portfolio management. Mr. Collins earned his Bachelor of Arts in financial services, with honors, from Bournemouth University and is a member of the CFA society.

Daniel Falkowski serves as an Assistant Portfolio Manager for the Tax-Free Conservative Income Fund. His duties include manager due diligence and selection. Mr. Falkowski has over 15 years of investment experience. Prior to joining SEI in 2016, Mr. Falkowski was a Senior Investment Officer at the City of Philadelphia Board of Pensions and Retirement. Mr. Falkowski received both his B.S. and M.S. in Finance from the Villanova University.

Cory Furlong, CFA, serves as a Portfolio Manager/Analyst for the Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap and Real Estate Funds. Within SIMC's Investment Management Unit, Mr. Furlong is responsible for the management of U.S. small cap equity funds and the oversight of related sub-adviser strategies. Previously, Mr. Furlong was a Portfolio Analyst on SEI's Sub-Advised Equity team where he conducted the due diligence of sub-advisers within SEI's equity fund management and separate account business. Prior to joining the Investment Management Unit, he worked within SEI's Investor Manager Services division where he served as an Account Analyst. He earned his Artium Baccalaureus in Economics from Princeton University. Mr. Furlong is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

David L. Hintz, CFA serves as a Portfolio Manager for the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility and Real Estate Funds. In this role, Mr. Hintz is responsible for the management of the portfolios, capital market research, ongoing evaluation and allocation of equity managers and capital for the SEI funds. Prior to joining SEI, Mr. Hintz worked at Russell Investments as a Portfolio Manager and previously as the Head of US Equity Research and a Research Analyst. Mr. Hintz received his Bachelor of Science from Walla Walla University and his M.B.A. from Pacific Lutheran University. Mr. Hintz is a CFA charterholder from the CFA Institute.

Anthony Karaminas, CFA, serves as Portfolio Manager for the Core Fixed Income, High Yield Bond, Conservative Income and Tax-Free Conservative Income Funds. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

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Radoslav Koitchev serves as Portfolio Manager for the Multi-Strategy Alternative Fund. Mr. Koitchev has served as a Portfolio Manager within the Investment Management Team for SIMC since April 2014. Mr. Koitchev joined SEI in June of 2009.

Ryan McKeon, CFA, serves as a Portfolio Manager/Analyst for the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Within SIMC's Investment Management Unit, Mr. McKeon is responsible for leading the US Large Cap Equity manager due diligence and selection process for SEI's fund management and separate account business, as well as for assisting in the management of US Large Cap Equity funds. Previously, Mr. McKeon was an analyst on SEI's Manager Research team, where he was responsible for manager due diligence and selection across both US and non-US equity sub-asset classes. He earned his Bachelor of Science in Finance from Pennsylvania State University. Mr. McKeon is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

Michael Schafer serves as Portfolio Manager to the High Yield Bond Fund. Mr. Schafer serves as a Portfolio Manager for the SEI High Yield fixed income strategies within the Investment Management Unit. Mr. Schafer is responsible for the selection of fund sub-advisers and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Mr. Schafer primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution for the high yield funds. In his preceding role, Mr. Schafer was an Analyst on the Global Fixed Income Team responsible for in-depth due diligence on existing and prospective investment managers for SEI's High Yield fixed income portfolios. Mr. Schafer sourced and recommended managers for various mandates, and conducted peer group analysis to understand drivers of risk and return, and a manager's competitive advantage. Prior to joining the Global Fixed Income Team, Mr. Schafer was a member of the Portfolio Implementations Team and Liquidity Management Unit with primary responsibilities for the money market strategies and fixed income implementations. Previously, Mr. Schafer was a Supervisor in SEI's fund accounting department. Mr. Schafer received a Master of Business Administration with a concentration in Finance from St. Joseph's University and a Bachelor of Arts in Business Administration and Health Administration from Arcadia University.

Nilay Shah serves as a Portfolio Manager for the Core Fixed Income Fund. Mr. Shah is also responsible for manager due diligence and selection across SEI's fixed income fund and separate account platforms, with a primary focus on US investment-grade and high yield strategies. Mr. Shah joined SEI in 2005 and holds a Bachelor of Science in Business Administration with concentrations in Finance and Economics from Drexel University and a Master of Business Administration in Finance from Saint Joseph's University.

Philip Terrenzio, CFA serves as a Portfolio Manager for the Conservative Income Fund. Mr. Terrenzio serves as an assistant portfolio manager for the Fixed Income Team within the Investment Management Unit. He monitors portfolio exposures, portfolio risks, performance attribution, and daily cash flows for money market, liability driven investing, core, high yield and government funds. Prior to joining the Investment Management Unit, Mr. Terrenzio started his career at SEI in 2013 as a mutual fund accountant and supervisor within SEI's Investment Management Services where he worked on the operations and administration of SEI's mutual funds. Mr. Terrenzio earned a Bachelor of Science in Business Administration with a major in Finance from Saint Joseph's University, graduating cum laude, and is a CFA charterholder.

Steven Treftz, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset strategy. Prior to his employment at SEI, Mr. Treftz was employed by Citi

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Private Bank where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA Charterholder and member of the CFA Society of Philadelphia.

In addition, for the following Funds, SIMC and its portfolio managers directly manage all or a portion of the assets of each Fund in a manner that they believe will help each Fund achieve its investment goals:

LARGE CAP, LARGE CAP VALUE, LARGE CAP GROWTH, TAX-MANAGED LARGE CAP, SMALL CAP, SMALL CAP VALUE, SMALL CAP GROWTH, TAX-MANAGED SMALL/MID CAP, U.S. MANAGED VOLATILITY, GLOBAL MANAGED VOLATILITY, TAX-MANAGED MANAGED VOLATILITY AND TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUNDS:

Eugene Barbaneagra, CFA, directly manages a portion of the assets of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Certain of Mr. Barbaneagra's investment strategies are implemented through an overlay manager as disclosed in such Funds' principal investment strategies. Mr. Barbaneagra serves as a Portfolio Manager within the Investment Management Unit. Mr. Barbaneagra is responsible for the portfolio strategy of a number of core Global Equity Funds. Prior to joining SEI in 2002, Mr. Barbaneagra worked with the Vanguard Group. He earned his Bachelor of Science degrees in Business Administration/Finance and Management of Information Systems from Drexel University. Mr. Barbaneagra also earned his Master of Science in Risk Management and Financial Engineering from Imperial College London. Mr. Barbaneagra is a CFA charterholder and a member of UK Society of Investment Professionals.

HIGH YIELD BOND FUND:

David S. Aniloff, Anthony Karaminas, CFA, and Michael Schafer directly manage a portion of the assets of the High Yield Bond Fund. Mr. Aniloff joined SIMC in 2000 and currently serves as a Portfolio Manager and the Head of Specialty Credit for the Investment Management Unit. Mr. Aniloff manages and oversees portfolios of collateralized loan obligations, a strategy that he co-developed in mid-2005. In Mr. Aniloff's preceding role, he was a Performance Analyst on SEI's Portfolio Implementations Team.

DYNAMIC ASSET ALLOCATION FUND:

Timothy J. Sauermelch, CFA, James Smigiel, James Solloway, CFA, and Steven Treftz, CFA, directly manage, in part, the assets of the Dynamic Asset Allocation Fund, as disclosed in the Fund's principal investment strategy. Timothy Sauermelch, CFA, is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license. James Smigiel serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Smigiel has served as Managing Director and Head of Portfolio Strategies Group for SIMC since 2010. Previously, Mr. Smigiel oversaw SIMC's Global Fixed Income team, where his

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responsibilities included strategy development and manager evaluation and selection. Mr. Smigiel is currently responsible for developing the investment strategies for the Dynamic Asset Allocation Fund. James Solloway, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Solloway is a Portfolio Manager and Managing Director of SEI's Portfolio Strategy Team for the Investment Management Unit where he is responsible for strategic and active asset allocation research. Prior to joining SEI in 2009, Mr. Solloway spent ten years as an Executive Director and portfolio manager at Morgan Stanley in New York. Mr. Solloway earned his Bachelor of Arts in economics from Columbia University and his Master of Business Administration from the Stern School of Business at New York University. Mr. Solloway is a CFA charterholder. Steven Treftz, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset and Short Duration strategies. Prior to his employment at SEI, Mr. Treftz was employed by Citi Private Bank where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA Charterholder and member of the CFA Society of Philadelphia.

MULTI-STRATEGY ALTERNATIVE FUND:

Radoslav Koitchev directly manages a portion of the assets of the Multi-Strategy Alternative Fund. Mr. Koitchev has served as a Portfolio Manager within the Investment Management Team for SIMC since April 2014. Mr. Koitchev joined SEI in June of 2009.

REAL RETURN FUND:

Timothy J. Sauermelch, CFA, manages all of the assets of the Real Return Fund. Timothy Sauermelch, CFA, is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

SIMC directly manages the assets of the Real Return Fund. Although the Real Return Fund is able to use a multi-manager approach whereby the Fund's assets would be allocated among multiple Sub-Advisers, the Fund's assets currently are managed directly by SIMC. SIMC may, in the future, determine to act as a manager of managers with respect to some or all of the Fund's assets and allocate Fund assets to one or more Sub-Advisers, upon approval from the Board.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

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For the fiscal year or period ended September 30, 2025, SIMC received investment advisory fees, as a percentage of each Fund's average daily net assets, at the following annual rates:

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers^ |
| Large Cap Fund | 0.39% | 0.36% |
| Large Cap Value Fund | 0.35% | 0.33% |
| Large Cap Growth Fund | 0.40% | 0.33% |
| Large Cap Index Fund | 0.05% | 0.02% |
| Tax-Managed Large Cap Fund | 0.40% | 0.40% |
| S&P 500 Index Fund | 0.03% | 0.02% |
| Small Cap Fund | 0.65% | 0.57% |
| Small Cap Value Fund | 0.65% | 0.57% |
| Small Cap Growth Fund | 0.65% | 0.54% |
| Tax-Managed Small/Mid Cap Fund | 0.65% | 0.56% |
| Mid-Cap Fund | 0.40% | 0.40% |
| U.S. Managed Volatility Fund | 0.55% | 0.30% |
| Global Managed Volatility Fund | 0.65% | 0.51% |
| Tax-Managed Managed Volatility Fund | 0.55% | 0.33% |
| Tax-Managed International Managed Volatility Fund | 0.65% | 0.39% |
| Real Estate Fund | 0.65% | 0.56% |
| Core Fixed Income Fund | 0.275% | 0.200% |
| High Yield Bond Fund | 0.4875% | 0.410% |
| Conservative Income Fund | 0.10% | 0.06% |
| Tax-Free Conservative Income Fund | 0.10% | 0.06% |
| Real Return Fund | 0.22% | 0.13% |
| Dynamic Asset Allocation Fund | 0.60% | 0.19% |
| Multi-Strategy Alternative Fund | 1.50% | 0.75% |

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^ Some or all of these fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis of the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of October 1, 2024 through March 31, 2025, and the Funds' Annual Form N-CSR covers the period of October 1, 2024 through September 30, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to the Dynamic Asset Allocation Fund and with respect to certain products not included in this prospectus. SIMC has claimed, on behalf of the other Funds in this prospectus in accordance with Commodity Futures Trading Commission (CFTC) Regulation 4.5 and other

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relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC, with the exception of the Dynamic Asset Allocation Fund, is therefore not subject to regulation as a pool operator under the CEA with regard to the operation of the Funds.

Information About Fee Waivers

Actual total annual fund operating expenses of the Class F Shares of the Funds for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses tables in the Fund Summary sections because the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of its fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The voluntary waivers of fees by the Funds' adviser, the Funds' administrator and/or the Funds' distributor are limited to the Funds' direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these voluntary waivers and/or reimbursements at any time. With these fee waivers, the actual total annual fund operating expenses of the Class F Shares of the Funds for the most recent fiscal year (ended September 30, 2025) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class F Shares | Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers<br>but excluding<br>waiver to maintain<br>income yield) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual Fund<br>Operating Expenses (after<br>fee waivers, excluding AFFE,<br>interest expense, fees paid<br>indirectly and after<br>extraordinary expenses, if<br>applicable)\* |
| Large Cap Fund | 0.98% | 0.89% | 0.89% | 0.89% |
| Large Cap Value Fund | 0.94% | 0.88% | 0.88% | 0.88% |
| Large Cap Growth Fund | 0.98% | 0.88% | 0.88% | 0.88% |
| Large Cap Index Fund | 0.64% | 0.25% | 0.25% | 0.25% |
| Tax-Managed Large Cap Fund | 0.91% | 0.89% | 0.89% | 0.89% |
| S&P 500 Index Fund | 0.54% | 0.25% | 0.25% | 0.25% |
| Small Cap Fund | 1.23% | 1.11% | 1.11% | 1.11% |
| Small Cap Value Fund | 1.24% | 1.09% | 1.09% | 1.09% |
| Small Cap Growth Fund | 1.24% | 1.09% | 1.09% | 1.09% |
| Tax-Managed Small/Mid Cap Fund | 1.24% | 1.10% | 1.10% | 1.10% |
| Mid-Cap Fund | 0.99% | 0.98% | 0.98% | 0.98% |
| U.S. Managed Volatility Fund | 1.14% | 0.89% | 0.89% | 0.89% |
| Global Managed Volatility Fund | 1.24% | 1.08% | 1.08% | 1.08% |
| Tax-Managed Managed Volatility Fund | 1.14% | 0.91% | 0.91% | 0.91% |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class F Shares | Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers<br>but excluding<br>waiver to maintain<br>income yield) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual Fund<br>Operating Expenses (after<br>fee waivers, excluding AFFE,<br>interest expense, fees paid<br>indirectly and after<br>extraordinary expenses, if<br>applicable)\* |
| Tax-Managed International Managed <br>Volatility Fund | 1.38% | 1.11% | 1.11% | 1.11% |
| Real Estate Fund | 1.24% | 1.14% | 1.14% | 1.14% |
| Core Fixed Income Fund | 0.74% | 0.66% | 0.66% | 0.66% |
| High Yield Bond Fund | 0.99% | 0.89% | 0.89% | 0.89% |
| Conservative Income Fund | 0.59% | 0.30% | 0.30% | 0.30% |
| Tax-Free Conservative Income Fund | 0.59% | 0.30% | 0.30% | 0.30% |
| Real Return Fund | 0.70% | 0.45% | 0.45% | 0.45% |
| Dynamic Asset Allocation Fund | 1.18% | 0.75% | 0.75% | 0.75% |
| Multi-Strategy Alternative Fund | 2.93% | 2.18% | 1.94% | 1.35% |

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\* AFFE reflects the estimated amount of fees and expenses that were incurred indirectly by the Funds through their investments in other investment companies during the most recent fiscal year.

As a result of changes in the Large Cap Value, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, and Tax-Managed International Managed Volatility Funds' fees and expenses, the total annual Fund operating expenses for those Funds for the current fiscal year are expected to differ from those of the prior year. The Large Cap Value, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, and Tax-Managed International Managed Volatility Funds' total annual Fund operating expenses for the current fiscal year (ending September 30, 2026) are expected to be as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class F Shares | Expected<br>Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers<br>but excluding<br>waiver to maintain<br>income yield) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable) | Expected Total Annual Fund<br>Operating Expenses (after<br>fee waivers, excluding AFFE,<br>interest expense, fees paid<br>indirectly and after<br>extraordinary expenses, if<br> applicable) |
| Large Cap Value Fund | 0.94% | 0.85% | 0.85% | 0.85% |
| Small Cap Fund | 1.23% | 1.07% | 1.07% | 1.07% |
| Small Cap Value Fund | 1.24% | 1.07% | 1.07% | 1.07% |
| Small Cap Growth Fund | 1.24% | 1.07% | 1.07% | 1.07% |
| Tax-Managed Small/Mid Cap Fund | 1.24% | 1.07% | 1.07% | 1.07% |
| U.S. Managed Volatility Fund | 1.14% | 0.85% | 0.85% | 0.85% |
| Global Managed Volatility Fund | 1.24% | 1.01% | 1.01% | 1.01% |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class F Shares | Expected<br>Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers<br>but excluding<br>waiver to maintain<br>income yield) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable) | Expected Total Annual Fund<br>Operating Expenses (after<br>fee waivers, excluding AFFE,<br>interest expense, fees paid<br>indirectly and after<br>extraordinary expenses, if<br> applicable) |
| Tax-Managed Managed Volatility Fund | 1.14% | 0.86% | 0.86% | 0.86% |
| Tax-Managed International Managed <br>Volatility Fund | 1.38% | 1.07% | 1.07% | 1.07% |

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Sub-Advisers and Portfolio Managers

LARGE CAP FUND:

As further described in the Principal Investment Strategies of the Large Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Ankur Crawford, Ph.D. has been employed by Alger since 2004. Dr. Crawford has been a portfolio manager since 2010 and an Executive Vice President since 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010, a Senior Analyst from 2010 to 2016, and a Senior Vice President from 2010 to 2019.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from

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2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2027, a Partner since 2022 and Portfolio Manager since 2025.

Mar Vista Investment Partners, LLC: Mar Vista Investment Partners, LLC (Mar Vista), located at 11150 Santa Monica Blvd, Suite 320, Los Angeles, California 90025, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Mar Vista. Silas A. Myers, CFA is a partner and CEO of Mar Vista and has 35 years of investment experience. Mr. Myers serves as a portfolio manager/analyst and is a member of the investment team. Before starting Mar Vista in 2007, Mr. Myers spent seven years as a portfolio manager and analyst at Roxbury Capital Management. Mr. Myers was also an equity analyst and product specialist at Hotchkis and Wiley, where he performed in-depth industry and company analysis. Mr. Myers began his career as a vice president and portfolio manager at Utendahl Capital Management. Mr. Myers has a B.A. in psychology and an M.B.A., both from Harvard University. Mr. Myers is also a Robert A. Toigo Foundation Alumnus. Brian L. Massey, CFA is a partner and President of Mar Vista and has 34 years of investment experience. Mr. Massey serves as a portfolio manager/analyst and is a member of the investment team. Prior to starting Mar Vista in 2007, Mr. Massey spent 10 years as both a portfolio manager and analyst, and was Director of Research at Roxbury Capital Management. Before coming to Roxbury, Mr. Massey was a management consultant in KPMG Peat Marwick's Corporate Finance and Strategic Consulting group. Mr. Massey has a B.S. in economics from Johns Hopkins University and an M.B.A. from The Anderson School of Management at the University of California, Los Angeles.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

LARGE CAP VALUE FUND:

As further described in the Principal Investment Strategies of the Large Cap Value Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals manages the portion of the Large Cap Value Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine

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Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Cullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals manages the portion of the Large Cap Value Fund's assets allocated to Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Value Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Value Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Value Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

LARGE CAP GROWTH FUND:

As further described in the Principal Investment Strategies of the Large Cap Growth Fund's Summary section, certain Sub-Advisers will manage their portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric Portfolio Associates LLC (Parametric) as overlay manager.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals manages the portion of the Large Cap Growth Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Ankur Crawford, Ph.D. has been employed by Alger since 2004. Dr. Crawford has been a portfolio manager since 2010 and an Executive Vice President since 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010, a Senior Analyst from 2010 to 2016, and a Senior Vice President from 2010 to 2019.

Mackenzie Investments Corporation: Mackenzie Investments Corporation (Mackenzie), located at Two International Place, Suite 2320, Boston, MA 02110, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals manages the portion of the Large Cap Growth Fund's assets allocated to Mackenzie. Mr. Arup Datta, CFA, Senior Vice President, Investment Management, joined Mackenzie in 2017

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as the Head of Global Quantitative Equity Team and a Portfolio Manager. Prior to joining Mackenzie, Mr. Datta was the Chief Investment Officer, International Equities, and a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Datta previously worked at Agriya Investors as President and Portfolio Manager and Numeric Investors as Director of Portfolio Management and Portfolio Manager. Mr. Nicholas Tham, CFA, joined Mackenzie in 2017 as Vice President, Investment Management, and Portfolio Manager. Prior to joining Mackenzie, Mr. Tham was a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Tham previously worked as an Analyst at Agriya Investors and Weiss Asset Management. Mr. Datta and Mr. Tham also hold the Chartered Financial Analyst (CFA) designation.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Growth Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone) serves as a Sub-Adviser to a portion of the assets of the Large Cap Growth Fund. PineStone is located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the U.S. Securities & Exchange Commission. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$60.2 billion in assets under management as of September 30, 2025 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has nearly three decades of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University and also obtained the Chartered Financial Analyst designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 25 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so.

LARGE CAP INDEX FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as the Sub-Adviser for the Large Cap Index Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the Large Cap Index Fund allocated to SSGA FM are Emiliano Rabinovich, CFA, Karl Schneider, CAIA and Mark Krivitsky. Emiliano Rabinovich, CFA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the

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Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a Bachelor of Arts in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston, Inc. Karl Schneider, CAIA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a Bachelor of Science in Finance and Investments from Babson College and a Master of Science in Finance from the Carroll School of Management at Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Mark Krivitsky is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team and Tax-Efficient Market Capture Group. He is responsible for managing both U.S. and international index funds and taxable institutional accounts. His previous experience at State Street Investment Management includes affiliation with the firm's U.S. Structured Products Operations Group. Mr. Krivitsky began his tenure at State Street Corporation in the Mutual Funds Division in 1992. He has been working in the investment management field since 1991. Mr. Krivitsky holds a Bachelor of Arts in Humanities/Social Sciences from the University of Massachusetts and a Master of Business Administration with a specialization in Finance from the Sawyer School of Management at Suffolk University.

TAX-MANAGED LARGE CAP FUND:

As further described in the Principal Investment Strategies of the Tax-Managed Large Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Cullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Large Cap Fund's assets allocated to

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Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Tax-Managed Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has serves as a Quanitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Mar Vista Investment Partners, LLC: Mar Vista Investment Partners, LLC (Mar Vista), located at 11150 Santa Monica Blvd, Suite 320, Los Angeles, California 90025, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Mar Vista. Silas A. Myers, CFA is a partner and CEO of Mar Vista and has 35 years of investment experience. Mr. Myers serves as a portfolio manager/analyst and is a member of the investment team. Before starting Mar Vista in 2007, Mr. Myers spent seven years as a portfolio manager and analyst at Roxbury Capital Management. Mr. Myers was also an equity analyst and product specialist at Hotchkis and Wiley, where he performed in-depth industry and company analysis. Mr. Myers began his career as a vice president and portfolio manager at Utendahl Capital Management. Mr. Myers has a B.A. in psychology and an M.B.A., both from Harvard University. Mr. Myers is also a Robert A. Toigo Foundation Alumnus. Brian L. Massey, CFA is a partner and President of Mar Vista and has 34 years of investment experience. Mr. Massey serves as a portfolio manager/analyst and is a member of the investment team. Prior to starting Mar Vista in 2007, Mr. Massey spent 10 years as both a portfolio manager and analyst, and was Director of Research at Roxbury Capital Management. Before coming to Roxbury, Mr. Massey was a management consultant in KPMG Peat Marwick's Corporate Finance and Strategic Consulting group. Mr. Massey has a B.S. in economics from Johns Hopkins University and an M.B.A. from The Anderson School of Management at the University of California, Los Angeles.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone) serves as a Sub-Adviser to a portion of the assets of the Tax-Managed Large Cap Fund. PineStone is located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the U.S. Securities & Exchange Commission. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately

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USD$60.2 billion in assets under management as of September 30, 2025 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has nearly three decades of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University and also obtained the Chartered Financial Analyst designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 25 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so.

S&P 500 INDEX FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as the Sub-Adviser for the S&P 500 Index Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the S&P 500 Index Fund allocated to SSGA FM are Emiliano Rabinovich, CFA, Mark Krivitsky and Karl Schneider, CAIA. Emiliano Rabinovich, CFA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a Bachelor of Arts in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston, Inc. Mark Krivitsky is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team and Tax-Efficient Market Capture Group. He is responsible for managing both U.S. and international index funds and taxable institutional accounts. His previous experience at State Street Investment Management includes affiliation with the firm's U.S. Structured Products Operations Group. Mr. Krivitsky began his tenure at State Street Corporation in the Mutual Funds Division in 1992. He has been working in the investment management field since 1991. Mr. Krivitsky holds a Bachelor of Arts in Humanities/Social Sciences from the University of Massachusetts and a Master of Business Administration with a specialization in Finance from the Sawyer School of Management at Suffolk University. Karl Schneider, CAIA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a Bachelor of Science in Finance and Investments from Babson College and a Master of Science in Finance from the Carroll School

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of Management at Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association.

SMALL CAP FUND:

As further described in the Principal Investment Strategies of the Small Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric) and Los Angeles Capital Management LLC (Los Angeles Capital), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Copeland. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the Chartered Financial Analyst (CFA) designation and is a member of the Philadelphia Security Analyst Society. Mr. Eric Brown is the Chief Executive Officer, Principal and Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. David McGonigle is a Senior Research Analyst, Principal and Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary and Financial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst is a Research Analyst, Principal and Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, he worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector and before that at Copeland Capital as a summer research analyst. Mr. Cummings holds a Bachelor of Arts in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (EIP), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

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Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Small Cap Fund. The portion of the Small Cap Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC. (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

SMALL CAP VALUE FUND:

As further described in the Principal Investment Strategies of the Small Cap Value Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (Easterly), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap Value Fund. A team of investment professionals manages the portion of the Small Cap Value Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Small Cap Value Fund. The portion of the Small Cap Value Fund's assets managed by Leeward is managed by R. Todd Vingers, CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG

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Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Small Cap Value Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Small Cap Value Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Value Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Value Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

SMALL CAP GROWTH FUND:

As further described in the Principal Investment Strategies of the Small Cap Growth Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Axiom Investors LLC: Axiom Investors LLC (Axiom), located at 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals manages the portion of the Small Cap Growth Fund's assets allocated to Axiom. Mr. Matthew Franco, CFA, is the Lead Portfolio Manager for the International Small-Cap Equity Strategy and the Axiom Global and International Small/Micro-Cap Opportunity Funds and Co-Portfolio Manager for the US Small Cap and Global Small Cap Equity Strategies. Mr. Franco was one of the original investment team members at Axiom's inception in 1998. Prior to Axiom, Mr. Franco was an Associate at Columbus Circle Investors, a unit of PIMCO Advisors LP, where he was an Analyst for the International Fund. Mr. Franco was also affiliated with investment boutique R.L. Renck & Company, a small capitalization company specialist firm. Mr. Franco has the designation of CFA and is a member of the New York Society of Security Analysts. Mr. Franco holds a B.S., summa cum laude, in Finance with a concentration in Asian Studies from Saint John's University. Mr. David Kim, CFA, is the Lead Portfolio Manager for the Axiom US Small Cap Equity Strategy and Co-Portfolio Manager for the Axiom Global and International Small/Micro-Cap Opportunity Funds and the Axiom Concentrated Global Growth and the Global Small Cap Equity Strategies. Prior to joining Axiom, Mr. Kim was a Research Analyst for small and micro-capitalization companies at Pinnacle Associates LTD. Mr. Kim is a CFA and a member of the New York Society of Security Analysts. Mr. Kim holds a B.S. degree in Business

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Administration from Georgetown University, with a double major in Finance and International Business. Mr. Kim also attended Georgetown's Corporate Business Program at the Chinese University of Hong Kong.

Geneva Capital Management LLC: Geneva Capital Management LLC (Geneva), located at 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals manages the portion of the Small Cap Growth Fund's assets allocated to Geneva. William S. ("Scott") Priebe is a Managing Principal and Portfolio Manager at Geneva. He joined Geneva in 2004 and was promoted to Portfolio Manager in 2006. Mr. Priebe is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Priebe received a BA from DePauw University and an MBA in Economics & Finance from the University of Chicago. Jose Munoz, CFA, is a Managing Principal and Portfolio Manager at Geneva. He joined Geneva in 2011 and was promoted to Portfolio Manager in 2017. Mr. Munoz is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Munoz received a BA from Marquette University and an MBA from the University of Chicago. He is a CFA Charterholder.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Growth Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

TAX-MANAGED SMALL/MID CAP FUND:

As further described in the Principal Investment Strategies section of the Tax-Managed Small/Mid Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC, will manage its portion of the Tax-Managed Small/Mid Cap Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (Easterly), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Geneva Capital Management LLC: Geneva Capital Management LLC (Geneva), located at 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Geneva. William S. ("Scott") Priebe is a Managing Principal, Portfolio Manager at Geneva. He joined Geneva in 2004 and was promoted to Portfolio Manager in 2006. Mr. Priebe is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Priebe received a BA from DePauw University and an MBA in Economics & Finance from the University of Chicago. Jose Munoz, CFA, is a Managing Principal, Portfolio Manager at Geneva. He joined Geneva in 2011 and was promoted to Portfolio Manager in 2017. Mr. Munoz is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products.

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Mr. Munoz received a BA from Marquette University and an MBA from the University of Chicago. He is a CFA Charterholder.

Hillsdale Investment Management Inc.: Hillsdale Investment Management Inc. (Hillsdale), located at 1 First Canadian Place, 100 King Street West, Suite 5900, Toronto, Ontario M5X 1E4, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Hillsdale. A. Christopher Guthrie is the President, CEO, CIO, Senior Portfolio Manager, and Founding Partner of the firm in 1996. Mr. Tony Batek, Senior Portfolio Manager and Partner, joined Hillsdale in July of 2002. Ted Chen, Co-Chief Investment Officer, Senior Portfolio Manager and Partner joined Hillsdale in March 2021. Prior to joining Hillsdale, Mr. Chen spent 10 years at Canada Pension Plan Investment Board, most recently as a Senior Portfolio Manager.

Martingale Asset Management, L.P.: Martingale Asset Management, L.P. (Martingale), located at 888 Boylston Street, Suite 1400, Boston, MA 02199, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals, led by Mr. James M. Eysenbach, CFA, Co-CEO, Chief Investment Officer, manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Martingale. Mr. Eysenbach joined Martingale in 2004. Mr. Eysenbach began managing Martingale's allocated portion of the Fund's portfolio in December 2018.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

MID-CAP FUND:

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Mid-Cap Fund. The portion of the Mid-Cap Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Mid-Cap Fund. A team of investment professionals manages the portion of the Mid-Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, Chief Executive Officer, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

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U.S. MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. A team of investment professionals manages the portion of the U.S. Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the U.S. Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the U.S. Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

GLOBAL MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Global Managed Volatility Fund. A team of investment professionals manages the portion of the Global Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Global Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia

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University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

TAX-MANAGED MANAGED VOLATILITY FUND:

As further described in the Principal Investment Strategies of the Tax-Managed Managed Volatility Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Tax-Managed Managed Volatility Fund. A team of investment professionals manages the portion of the Tax-Managed Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Tax-Managed Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Tax-Managed Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the Tax-Managed Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed Managed Volatility Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed Managed Volatility Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

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TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND:

As further described in the Principal Investment Strategies of the Tax-Managed International Managed Volatility Fund's Fund Summary section, each Sub-Adviser, except for Parametric Portfolio Associates (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Acadian Asset Management, LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Tax-Managed International Managed Volatility Fund. A team of investment professionals manages the portion of the Tax-Managed International Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Tax-Managed International Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Tax-Managed International Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the Tax-Managed International Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed International Managed Volatility Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed International Managed Volatility Fund's assets allocated to Parametric. Bouchey, Mihara and Obsborne have been with Parametric since 2006, 2005 and 2008 respectively.

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REAL ESTATE FUND:

CenterSquare Investment Management LLC: CenterSquare Investment Management LLC (CenterSquare), located at Eight Tower Bridge, 161 Washington Street, Seventh Floor, Conshohocken, PA 19428, serves as a Sub-Adviser to the Real Estate Fund. Dean Frankel, CFA, and Eric Rothman, CFA, manage the portion of the Real Estate Fund's assets allocated to CenterSquare. Mr. Frankel is Co-Chief Investment Officer at CenterSquare Investment Management. Mr. Frankel is responsible for management of the firm's proprietary research process, as well as analyzing and interpreting the implications of major events and economic trends. Mr. Frankel manages the daily operations of the real estate securities portfolios and has ultimate decision-making authority for the core U.S. and Global REIT strategies. Mr. Frankel joined CenterSquare in 1997 and holds a B.S. in Economics from the University of Pennsylvania's Wharton School of Business. Mr. Rothman serves as Portfolio Manager for CenterSquare's real estate securities group. Mr. Rothman joined the firm in 2006, and is responsible for market research, sector allocations, research, and financial modeling across the real estate securities universe. Mr. Rothman brings 30 years of REIT and real estate investment experience to his position. Prior to joining CenterSquare, Mr. Rothman spent more than six years as a Sell-side REIT Analyst at Wachovia Securities and three years as an Analyst at AEW Capital Management, LP. Mr. Rothman graduated cum laude from Boston University with a B.A. in Economics, International Relations and French.

CORE FIXED INCOME FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Core Fixed Income Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. A team of investment professionals led by, Senior Portfolio Managers and Co-Heads Maulik Bhansali, CFA and Jarad Vasquez, manage the portion of the Core Fixed Income Fund's assets allocated to Allspring Investments. Mr. Bhansali joined Allspring Investments or one of its predecessor firms in 2001 and previously served as the Head of Portfolio Strategies and Risk Analytics before becoming a Portfolio Manager in 2014. Mr. Bhansali also served as an equity research analyst responsible for quantitative modeling and portfolio construction in addition to fundamental analysis for various equity teams. Prior to joining the firm in 2001, Mr. Bhansali worked with Watson Wyatt Worldwide where he served as a retirement actuary. Mr. Vasquez joined the firm in 2007. Prior to that, Mr. Vasquez was a trader at Susquehanna International Group where he traded MBS in a proprietary relative value strategy and equity options as a specialist on the Philadelphia Stock Exchange. Mr. Vasquez has been in the investment industry since 2001.

Jennison Associates LLC: Jennison Associates LLC (Jennison), located at 55 East 52nd Street, New York, New York 10055 (Main Office) and One International Place, Suite #4300, Boston, Massachusetts 02110 (Fixed Income Management), serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to Jennison. The team consists of James Gaul, CFA, Head of Fixed Income, Managing Director, and Fixed Income Credit Portfolio Manager; Eric G. Staudt, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Samuel B. Kaplan, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; Dmitri Rabin, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; David Morse, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Natalia Glekel, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Griffin Sullivan, CFA, Managing Director and Fixed Income Credit Portfolio Manager; and Adriano Taylor-Escribano, Managing Director and Fixed Income Rates and Securitized Portfolio Manager. Mr. Gaul joined Jennison in February 2016 as a Managing Director and Fixed Income Credit Portfolio Manager with expertise in the investment grade credit sector and became the Head of the

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Fixed Income team in 2024. Prior to Jennison, Mr. Gaul was with Standish Mellon Asset Management Company from 2006 to 2016 where he served as the Director of Investment Grade Credit since 2011 and a Credit Portfolio Manager since 2009. Mr. Staudt joined Jennison in 2010 to add to the depth of Jennison's credit team. Mr. Staudt is responsible for developing and implementing strategies in the credit sector. For the previous 11 years, Mr. Staudt worked at UBS Global Asset Management. While there Mr. Staudt was a Senior Credit Analyst for three years prior to becoming a Fixed Income Portfolio Manager in 2001 and Senior Fixed Income Credit Portfolio Manager in 2005. Mr. Kaplan joined Jennison in March 2008 as a Fixed Income Trader and became a Fixed Income Rates and Securitized Portfolio Manager in February 2016. Mr. Kaplan works on the yield curve, Treasury/agency and futures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to Jennison. Mr. Rabin was with Loomis, Sayles & Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Core Fixed Income Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Portfolio Managers Stephen Mullin, CFA, Joshua Lofgren, CFA, and Joseph Hondros, CFA, have been with MIM and its predecessor firm since 2007.

Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Group Managing Director and Generalist Portfolio Manager, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager, and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process along with Messrs. Cudzil and Hovhannisyan as Generalist Portfolio Managers, Mr. Whalen serve as Chief Investment Officers, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

HIGH YIELD BOND FUND:

Ares Capital Management II LLC: Ares Capital Management II LLC (ACM II), a wholly-owned subsidiary of Ares Management LLC (Ares), located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067,

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serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to ACM II. The team consists of Seth Brufsky, Chris Mathewson and Kapil Singh. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Mr. Mathewson joined Ares in 2006 as an Analyst and has served in a portfolio management capacity since 2016. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he led the high yield effort across numerous strategies and portfolios in a variety of investment vehicles. Mr. Singh worked at DoubleLine from 2013 to 2018. Mr. Brufsky, Mr. Mathewson, and Mr. Singh have 36 years, 22 years and 33 years, respectively, of experience with the leveraged finance asset class.

Benefit Street Partners L.L.C.: Benefit Street Partners L.L.C. (Benefit Street), located at 1 Madison Avenue, Suite 1600, New York, New York 10010, serves as Sub-Adviser to the High Yield Bond Fund. The Benefit Street platform was established in 2008 in partnership with Providence Equity Partners L.L.C. On February 1, 2019, Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments (Franklin Templeton), acquired Benefit Street. Thomas Gahan and Paul Karpers manage the portion of the assets of the High Yield Bond Fund allocated to Benefit Street. Mr. Gahan is the founder, Chief Investment Officer and Chairman of Benefit Street. Mr. Karpers has been a Managing Director of Benefit Street since 2016. Previously, Mr. Karpers was a vice president with T. Rowe Price, where he served as a high yield portfolio manager. Prior to T. Rowe Price, Mr. Karpers was an associate with the Vanguard Group.

Blackstone Credit Systematic Strategies LLC: Blackstone Credit Systematic Strategies LLC, also known as Blackstone Corporate Bond Strategies (BCBS), located at 345 Park Avenue, 31st Floor, New York, New York 10154, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to BCBS. Adam Dwinells, Senior Managing Director, Global Head of Corporate Bond Strategies, Technology, and Operations for Liquid Credit Strategies is the lead portfolio manager and has been with the team since 2005.

Brigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the High Yield Bond Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the High Yield Bond Fund's assets allocated to Brigade. Mr. Morgan and Mr. Pardon are responsible for the day-to-day management and investment decisions made with respect to the High Yield Bond Fund. Mr. Morgan, Chief Investment Officer/Managing Partner, formed Brigade in 2006 and has served as the Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon, Co-Chief Investment Officer and Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, joined Brigade in 2007 and became involved with the investment decision made with respect to the Multi-Strategy Alternative Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

J.P. Morgan Investment Management Inc.: J.P. Morgan Investment Management Inc. (JPMIM), a wholly-owned subsidiary of JPMorgan Chase & Co., located at 270 Park Avenue, New York, NY 10017, serves as a Sub-Adviser to the High Yield Bond Fund. Robert Cook, a Managing Director and Lead Portfolio Manager, Thomas Hauser, a Managing Director and Co-Lead Portfolio Manager, and and Jeffrey Lovell, a Managing Director and Co-Lead Portfolio Manager, manage the portion of the High Yield Bond Fund's assets allocated to JPMIM. Mr. Cook is the head of the High Yield Fixed Income team and is responsible for co-managing high yield total return assets. Mr. Hauser is responsible for co-managing high yield total return assets as well as overseeing the high yield trading effort. Messrs. Cook, Hauser and Lovell joined JPMIM in 2004.

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CONSERVATIVE INCOME FUND:

BlackRock Advisors, LLC: BlackRock Advisors, LLC (BAL), 100 Bellevue Parkway, Wilmington, Delaware 19809, an indirect, majority-owned subsidiary of BlackRock, Inc., provides investment services to the Conservative Income Fund pursuant to an investment sub-advisory agreement. BAL was organized in 1994 to perform advisory services for investment companies. As of December 31, 2025, assets under management were approximately $14.04 trillion for BlackRock, Inc. Eric Hiatt, CFA, FRM, manages the portion of the Conservative Income Fund's assets allocated to BAL. Mr. Hiatt has been a Managing Director at BlackRock since 2017. Mr. Hiatt had been a Director of BlackRock, Inc. since 2012. Prior to his appointment as Director, Mr. Hiatt was a Senior Vice President and Portfolio Manager at Dwight Asset Management from 2009 to 2012. Mr. Ingold has been a Director of BlackRock Inc. since 2019. Prior to this appointment, Mr. Ingold was a Vice President and serving as a Cash Portfolio Manager since 2006, primarily responsible for the management of US liquidity portfolios.

TAX-FREE CONSERVATIVE INCOME FUND:

BlackRock Advisors, LLC: BlackRock Advisors, LLC: BlackRock Advisors, LLC (BAL), 100 Bellevue Parkway, Wilmington, Delaware 19809, an indirect, majority-owned subsidiary of BlackRock, Inc., provides investment services to the Tax-Free Conservative Income Fund pursuant to an investment sub-advisory agreement. BAL was organized in 1994 to perform advisory services for investment companies. As of December 31, 2025, assets under management were approximately $14.04 trillion for BlackRock, Inc. Kristi Manidis and Alicia De Lorenzo manage the portion of the Tax-Free Conservative Income Fund's assets allocated to BAL. Prior to her appointment as Director, Ms. Manidis was a Vice President of BlackRock, Inc. from 2011 to 2015, an Associate from 2006 to 2010, and an Analyst from 2004 to 2005. Ms. Manidis is a member of the Global Cash Management Credit Committee. Ms. De Lorenzo has been a Vice President of BlackRock, Inc. since 2020. Prior to her appointment as VP, Ms. De Lorenzo was an Associate of BlackRock, Inc. from 2014 to 2019, and an Analyst from 2007 to 2013. Ms. De Lorenzo's experience has spanned portfolio management, client service, and operations throughout her tenure with BlackRock, Inc.

DYNAMIC ASSET ALLOCATION FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 022114, serves as a Sub-Adviser for a portion of the assets of the Dynamic Asset Allocation Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the Dynamic Asset Allocation Fund allocated to SSGA FM are Karl Schneider, Mark Krivitsky, Michael Finocchi and Xianhang Wu. Karl Schneider, CAIA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a Bachelor of Science in Finance and Investments from Babson College and a Master of Science in Finance from the Carroll School of Management at Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Mark Krivitsky is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team and Tax-Efficient

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Market Capture Group. He is responsible for managing both U.S. and international index funds and taxable institutional accounts. His previous experience at State Street Investment Management includes affiliation with the firm's U.S. Structured Products Operations Group. Mr. Krivitsky began his tenure at State Street Corporation in the Mutual Funds Division in 1992. He has been working in the investment management field since 1991. Mr. Krivitsky holds a Bachelor of Arts in Humanities/Social Sciences from the University of Massachusetts and a Master of Business Administration with a specialization in Finance from the Sawyer School of Management at Suffolk University. Michael Finocchi is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team. He is responsible for managing a wide variety of equity index and tax-efficient strategies for institutional clients and high net worth individuals. Prior to assuming his current role in March 2012, Mr. Finocchi was a senior manager in Portfolio Administration responsible for the operations of funds managed by the Systematic Equity Team. Before joining State Street Investment Management in 2005, he worked for Investors Bank & Trust as a senior tax analyst following his role in custody servicing BGI. Mr. Finocchi holds a Master of Business Administration with a concentration in Finance from Boston University's Questrom School of Business as well as a Bachelor of Arts in History and Business Studies from Providence College. Xianhang Wu is an Assistant Vice President of State Street Investment Management and a Portfolio Manager in the Systematic Equity Team. In this capacity, he manages a diverse group of equity index portfolios, with both domestic and international strategies. Previously within the Team, Mr. Wu worked as a portfolio specialist assisting portfolio management and trading teams research index methodologies and trading strategies, as well as presenting investment results and value-add techniques of equity indexing and ESG strategies to institutional clients. Mr. Wu also supported the Active Quantitative Equity Group where he was responsible for research and presentation of performance and underlying mechanics of strategies to institutional clients inclusive of specific alpha models utilized in country/security selection and portfolio construction techniques. Prior to joining State Street Investment Management in 2016, Mr. Wu worked at Guangfa Fund Management Company as a quantitative research analyst and John Hancock Life Insurance Company as a business analyst. He holds a Bachelor of Science in Business Administration from Northeastern University.

MULTI-STRATEGY ALTERNATIVE FUND:

Brigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the Multi-Strategy Alternative Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the Multi-Strategy Alternative Fund's assets allocated to Brigade. Mr. Morgan and Mr. Pardon are responsible for the day-to-day management and investment decisions made with respect to the Multi-Strategy Alternative Fund. Mr. Morgan, Chief Investment Officer/Managing Partner, formed Brigade in 2006 and has served as the Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon, Co-Chief Investment Officer and Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, joined Brigade in 2007 and became involved with the investment decision made with respect to the Multi-Strategy Alternative Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

Global Credit Advisers, LLC: Global Credit Advisers, LLC (Global Credit Advisers), located at 100 Park Avenue, 35th Floor, New York, New York 10017, serves as a Sub-Adviser to the Multi-Strategy Alternative Fund. A team of investment professionals manages the portion of the Multi-Strategy Alternative Fund's assets allocated to Global Credit Advisers. Steven S. Hornstein, Managing Member, Portfolio Manager and Chief

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Investment Officer, co-founded Global Credit Advisers in 2008 and has served as the Managing Member of Global Credit Advisers since that date. Prior to co-founding Global Credit Advisers, Mr. Hornstein was previously a Partner at Sailfish Capital Partners, LLC from 2006-2008 where he launched and managed the Leverage Finance Strategy. Previously, Mr. Hornstein was a Partner/Head Trader/Portfolio Manager at Pinewood Capital Partners, LLC from 2004-2006, and a Partner and the Head of Credit Trading, High Yield and Distressed Debt at Imperial Capital, LLC from 2001-2004. Mr. Hornstein began his career at Donaldson, Lufkin & Jenrette, which he joined in 1981 and was most recently Principal, Managing Director and Head of High Yield Trading.

Kettle Hill Capital Management, LLC: Kettle Hill Capital Management, LLC (Kettle Hill), located at 747 Third Avenue, 19th Floor, New York, New York 10017, serves as a Sub-Adviser to a portion of the assets of the Multi-Strategy Alternative Fund. A team of investment professionals manages the portion of the Multi-Strategy Alternative Fund allocated to Kettle Hill. Andrew Kurita is the Founder of Kettle Hill and has served as a Portfolio Manager since Kettle Hill's inception in 2003. Prior to this role, Mr. Kurita was a Vice President at Andor Capital Management, LLC where he covered the industrial sector for the Diversified Growth Fund. From 1996 to 2001, Mr. Kurita worked at Cramer Rosenthal McGlynn, LLC, where he was a Vice President and Analyst on hedge fund and small cap value products. Mr. Kurita is a CFA charterholder with approximately 30 years of small cap and hedge fund investing experience. Mr. Kurita graduated cum laude with honors with a B.A. in Economics from Williams College in 1995.

Mountaineer Partners Management, LLC: Mountaineer Partners Management, LLC (Mountaineer), located at 950 Third Avenue, 28th Floor, New York, New York 10022 serves as a Sub-Adviser to the Multi-Strategy Alternative Fund. A team of investment professionals headed by Mark Lee manages the portion of the Multi-Strategy Alternative Fund allocated to Mountaineer. Mr. Lee is the Founder and Managing Member of Mountaineer, an opportunistic value and event hedge fund founded in 2011 that invests long and short in equity and debt. Prior to founding Mountaineer, Mr. Lee worked at Contrarian Capital Management, LLC (Contrarian) from 1999 to 2011. Mr. Lee joined Contrarian as a Distressed Debt Analyst, and then in 2003 founded and was the sole Portfolio Manager for the Contrarian Long Short Fund for eight years until he departed to launch Mountaineer in January 2011. In late 2008, Mr. Lee also assumed management of the Contrarian Distressed Equity Fund, which he managed until his departure in January 2011. Both Contrarian Long Short and Contrarian Distressed Equity utilized a similar analytical framework to Mountaineer. Prior to Contrarian, Mr. Lee worked as an Associate at Blavin & Co., a concentrated, long-biased value fund, and as an Associate at Centre Partners, a Lazard-affiliated private equity firm. Mr. Lee began his career in finance in 1992 as an investment banker at Credit Suisse First Boston. Mr. Lee received an M.B.A. from Harvard Business School and an A.B., Magna Cum Laude, from Harvard College.

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

The following sections tell you how to purchase, exchange and sell (sometimes called "redeem") Class F Shares of the Funds. The Funds offer Class F Shares only to financial institutions and intermediaries for their own or their customers' accounts.

For information on how to open an account and set up procedures for placing transactions, call 1-800-DIAL-SEI.

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HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class F Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institutions or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its NAV per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The

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Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual

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market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures, which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

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The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to any investments in foreign securities, the Funds use a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds shall value the foreign securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Funds own securities is closed for one or more days (scheduled or unscheduled) while a Fund is open, and if such securities in a Fund's portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of a Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector.

The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether a Fund investment is required to be fair valued (*i.e.*, the investment does not have a reliable readily available market quotation). The Committee may consider input from a Fund's service providers, including the Fund's administrator or a Sub-Adviser, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, the Committee shall notify the Fund's administrator.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of the Funds could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur taxable gains, and forcing a Fund to hold excess levels of cash.

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The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. If the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and the subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip. For purposes of this Policy, if a redemption following a purchase is paid out in-kind, it will not be considered a round trip.

ii. If a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason, without notice.

Judgments with respect to the implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control, and any other information available to the Funds.

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds may be sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, the Funds will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

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Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in a Fund subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary may be required to collect documents to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.

Customer identification and verification are part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

An authorized financial institution or intermediary may exchange Class F Shares of any Fund for Class F Shares of any other fund of SEI Institutional Managed Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution

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or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund.

When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request, regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds may also operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions.

Each Fund reserves the right, under certain conditions, including under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), to honor any request for redemption by making payment in whole or in part in securities valued as described in "Pricing of Fund Shares" above except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

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Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

These methods may be used during both normal and stressed market conditions.

Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity

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of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e.*, no owner-initiated contact for a certain period), returned mail (*i.e.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may compensate these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms, and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

SERVICE OF FUND SHARES

The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F Shares that allows such shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such shares at an annual rate of up to 0.25% of average daily net assets of the Class F Shares. The Service Plan provides that shareholder service fees on Class F Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services with respect to Class F Shares.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Except as set forth below, five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio

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Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

Portfolio holdings information for the Multi-Strategy Alternative Fund can be obtained on the Internet at the Portfolio Holdings Website. Sixty calendar days after the end of each quarter, a list of all portfolio holdings in the Fund as of the end of such quarter shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website with respect to the Fund shall remain there until the sixtieth calendar day following the twelfth month after the date to which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

The Funds distribute their investment income periodically as dividends to shareholders. It is the policy of the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Tax-Managed Managed Volatility, Real Estate and Real Return Funds to distribute their investment income quarterly. It is the policy of the Global Managed Volatility, Tax-Managed International Managed Volatility, Multi-Strategy Alternative and Dynamic Asset Allocation Funds to distribute their investment income annually. It is the policy of the Core Fixed Income, U.S. Fixed Income, High Yield Bond, Conservative Income and Tax-Free Conservative Income Funds to declare their net investment income daily and distribute it monthly. The Funds distribute their investment income as a dividend to shareholders. The Funds make distributions of capital gains, if any, at least annually.

You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes. Below the Funds have summarized certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. The Tax-Free Conservative Income Fund and Tax-Managed Funds may not be a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments. You should consult your tax advisor regarding the rules governing your own retirement plan.

Each Fund has elected and intends to qualify each year for treatment as a RIC. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

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Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any. The dividends and distributions you receive from the Funds may be subject to federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions, including net short-term capital gains, are generally taxable at ordinary income tax rates except to the extent they are designated as qualified dividend income.

Dividends that are qualified dividend income are currently eligible for the reduced maximum rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that a Fund receives qualified dividend income and certain holding period requirements and other requirements are satisfied by you and by the Fund. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so designated by such underlying fund or REIT. Qualified dividend income is, in general, dividends from domestic corporations and from certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless of how long you have held your Fund shares. Long-term capital gains are currently taxable at the maximum rate of 20%. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service (IRS).

If a Fund distributes more than its net investment income and net capital gains, the excess generally would be treated as a nontaxable return of capital that would reduce your cost basis in your Fund shares and would increase your capital gain or decrease your capital loss when you sell your shares.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the

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distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund Shares generally will be treated as short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. Any capital loss arising from the sale of Fund shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain dividends that were paid with respect to those shares and disallowed to the extent that exempt interest dividends were paid with respect to such Fund shares. In certain circumstances, losses realized on the redemption or exchange of Fund shares may be disallowed.

To the extent that a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest each Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund-of-funds" under the Code. A Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs. A Fund (or its administrative agent) will notify you if it makes any of the aforementioned elections and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

The Tax-Managed Funds use a tax management technique known as highest in, first out. Using this technique, the portfolio holdings that have experienced the smallest gain or largest loss are sold first in an effort to minimize capital gains and enhance after-tax returns.

Certain of the Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect a Fund's ability qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gain, accelerate the recognition of income to a Fund and/or defer a Fund's ability to recognize losses. These rules could affect the amount, timing or character of the income distributed to shareholders.

Certain of the Funds may invest in U.S. REITs. "Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

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U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

The Tax-Free Conservative Income Fund intends to make distributions of tax exempt-interest dividends that are exempt from federal income tax. In order to pay tax-exempt interest dividends to shareholders, the Tax-Free Conservative Income Fund must invest at least 50% of its net assets in securities that pay interest that is exempt from federal income tax. The Tax-Free Conservative Income Fund may invest a portion of its assets in securities that generate income that is subject to federal, state or local income taxes. Income exempt from federal tax may be subject to state and local taxes as well as the federal alternative minimum tax applicable to certain non-corporate taxpayers. In addition, if you receive social security or certain railroad retirement benefits, you may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving investment income, including exempt-interest dividends and other distributions paid by the Tax-Free Conservative Income Fund. The Tax-Free Conservative Income Fund may not be a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments.

While the Tax-Free Conservative Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary for a Fund to pay out exempt-interest dividends to its shareholders, if the Tax-Free Conservative Income Fund fails to meet this requirement, the income from all of its investments, including its municipal securities, may be subject to federal income tax.

The Dynamic Asset Allocation Fund may gain most of its exposure to the commodities markets through its investment in its Subsidiary, which invests directly in commodities and in commodity-linked derivative instruments. The Dynamic Asset Allocation Fund's investment in its 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Fund attributable to its investment in its Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Dynamic Asset Allocation Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in its Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Dynamic Asset Allocation Fund's investments in its Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its Subsidiary.

In addition, certain of the Dynamic Asset Allocation Fund and the Multi-Strategy Alternative Fund's investments, such as commodities and in commodity-linked derivative instruments, when made directly, may not produce qualifying income to the Funds. To the extent the Dynamic Asset Allocation Fund and the Multi-Strategy Alternative Fund invest in such investments directly, the Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with their other investments that produce non-qualifying income).

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If a Fund were to fail to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Fund to qualify as a RIC.

Each Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of such Fund's shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing the Funds.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

The Funds' SAI contains more information about taxes.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

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FINANCIAL HIGHLIGHTS

The tables that follow present performance information about Class F Shares of each Fund that was in operation during the fiscal year ended September 30, 2025. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information below has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm. Its report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending September 30, 2025 and are available upon request at no charge by calling 1-800-DIAL-SEI.

FOR THE YEARS OR PERIODS ENDED SEPTEMBER 30,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

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| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Large Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $16.79 | $0.11 | $2.29 | $2.40 | $(0.11) | $(2.52) | $(2.63) | $16.56 | 16.18% | $1499780 | 0.90%<sup>(2)</sup> | 0.99% | 0.72% | 42% |
| 2024 | 13.55 | 0.12 | 4.07 | 4.19 | (0.12) | (0.83) | (0.95) | 16.79 | 32.33 | 1588186 | 0.89 | 0.97 | 0.78 | 34 |
| 2023 | 12.66 | 0.12 | 2.09 | 2.21 | (0.09) | (1.23) | (1.32) | 13.55 | 18.19 | 1565195 | 0.89 | 0.97 | 0.89 | 26 |
| 2022 | 17.51 | 0.12 | (2.62) | (2.50) | (0.10) | (2.25) | (2.35) | 12.66 | (17.25) | 1519963 | 0.89 | 0.95 | 0.75 | 39 |
| 2021 | 13.95 | 0.10 | 4.00 | 4.10 | (0.12) | (0.42) | (0.54) | 17.51 | 29.93 | 2050558 | 0.89 | 0.95 | 0.63 | 33 |
| Large Cap Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $27.89 | $0.51 | $2.51 | $3.02 | $(0.53) | $(1.69) | $(2.22) | $28.69 | 11.78% | $1285618 | 0.89% | 0.95% | 1.92% | 28% |
| 2024 | 23.86 | 0.52 | 5.21 | 5.73 | (0.43) | (1.27) | (1.70) | 27.89 | 25.09 | 1268429 | 0.89 | 0.93 | 2.04 | 15 |
| 2023 | 23.02 | 0.52 | 2.70 | 3.22 | (0.61) | (1.77) | (2.38) | 23.86 | 14.03 | 1110985 | 0.89 | 0.93 | 2.11 | 22 |
| 2022 | 27.27 | 0.49 | (3.07) | (2.58) | (0.48) | (1.19) | (1.67) | 23.02 | (10.30) | 1068126 | 0.89 | 0.93 | 1.81 | 24 |
| 2021 | 20.11 | 0.46 | 7.16 | 7.62 | (0.46) |  | (0.46) | 27.27 | 38.21 | 1322518 | 0.89 | 0.93 | 1.80 | 29 |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Large Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $49.54 | $— | $10.39 | $10.39 | $(0.45) | $(9.12) | $(9.57) | $50.36 | 23.47% | $1459232 | 0.90%<sup>(2)</sup> | 1.00% | 0.01% | 63% |
| 2024 | 40.64 | 0.04 | 15.52 | 15.56 |  | (6.66) | (6.66) | 49.54 | 42.71 | 1405182 | 0.89 | 0.98 | 0.09 | 65 |
| 2023 | 34.86 | 0.04 | 8.46 | 8.50 | (0.04) | (2.68) | (2.72) | 40.64 | 25.88 | 1190786 | 0.89 | 0.98 | 0.11 | 67 |
| 2022 | 51.97 | (0.02) | (10.34) | (10.36) | (0.01) | (6.74) | (6.75) | 34.86 | (23.91) | 1110117 | 0.89 | 0.97 | (0.04) | 61 |
| 2021 | 45.29 | (0.13) | 11.07 | 10.94 | (0.03) | (4.23) | (4.26) | 51.97 | 25.80 | 1515191 | 0.89 | 0.97 | (0.26) | 42 |
| Large Cap Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  | CLASS F  |
| 2025 | $20.06 | $0.22 | $3.15 | $3.37 | $(0.22) | $(0.73) | $(0.95) | $22.48 | 17.35% | $1232316 | 0.27%<sup>(3)</sup> | 0.66% | 1.06% | 4% |
| 2024 | 15.02 | 0.22 | 5.04 | 5.26 | (0.22) |  | (0.22) | 20.06 | 35.30 | 1183715 | 0.25 | 0.64 | 1.24 | 4 |
| 2023 | 12.60 | 0.20 | 2.42 | 2.62 | (0.20) |  | (0.20) | 15.02 | 20.90 | 1009373 | 0.25 | 0.63 | 1.38 | 7 |
| 2022 | 15.47 | 0.18 | (2.82) | (2.64) | (0.18) | (0.05) | (0.23) | 12.60 | (17.38) | 901688 | 0.25 | 0.64 | 1.20 | 13 |
| 2021 | 11.98 | 0.17 | 3.48 | 3.65 | (0.16) |  | (0.16) | 15.47 | 30.64 | 1090118 | 0.25 | 0.64 | 1.18 | 9 |
| Tax-Managed Large Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $38.76 | $0.30 | $4.30 | $4.60 | $(0.29) | $(2.83) | $(3.12) | $40.24 | 12.79% | $3716758 | 0.90%<sup>(2)</sup> | 0.92% | 0.80% | 14% |
| 2024 | 31.64 | 0.30 | 8.52 | 8.82 | (0.31) | (1.39) | (1.70) | 38.76 | 28.77 | 3751577 | 0.89 | 0.90 | 0.85 | 15 |
| 2023 | 28.50 | 0.31 | 4.84 | 5.15 | (0.32) | (1.69) | (2.01) | 31.64 | 18.44 | 3266630 | 0.89 | 0.90 | 0.98 | 15 |
| 2022 | 35.12 | 0.31 | (5.11) | (4.80) | (0.29) | (1.53) | (1.82) | 28.50 | (14.72) | 3182189 | 0.89 | 0.89 | 0.91 | 22 |
| 2021 | 27.26 | 0.29 | 8.28 | 8.57 | (0.30) | (0.41) | (0.71) | 35.12 | 31.84 | 4061063 | 0.89 | 0.89 | 0.90 | 14 |
| S&P 500 Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $103.06 | $1.06 | $15.32 | $16.38 | $(1.09) | $(10.86) | $(11.95) | $107.49 | 17.27% | $1080059 | 27.00%<sup>(3)</sup> | 0.56% | 1.08% | 3% |
| 2024 | 79.28 | 1.15 | 26.52 | 27.67 | (1.16) | (2.73) | (3.89) | 103.06 | 35.98 | 1022391 | 0.25 | 0.54 | 1.27 | 3 |
| 2023 | 72.34 | 1.09 | 13.50 | 14.59 | (1.09) | (6.56) | (7.65) | 79.28 | 21.31 | 860788 | 0.25 | 0.54 | 1.41 | 5 |
| 2022 | 92.42 | 1.08 | (13.98) | (12.90) | (1.04) | (6.14) | (7.18) | 72.34 | (15.68) | 740552 | 0.25 | 0.54 | 1.23 | 3 |
| 2021 | 75.64 | 1.04 | 20.61 | 21.65 | (1.04) | (3.83) | (4.87) | 92.42 | 29.73 | 981074 | 0.25 | 0.54 | 1.20 | 5 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Small Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $14.45 | $0.06 | $1.08 | $1.14 | $(0.09) | $(1.68) | $(1.77) | $13.82 | 8.47% | $441054 | 1.13%<sup>(4)</sup> | 1.25% | 0.46% | 80% |
| 2024 | 11.90 | 0.07 | 2.98 | 3.05 | (0.07) | (0.43) | (0.50) | 14.45 | 26.28 | 558859 | 1.14 | 1.23 | 0.55 | 106 |
| 2023 | 10.83 | 0.04 | 1.14 | 1.18 | (0.04) | (0.07) | (0.11) | 11.90 | 10.86 | 495148 | 1.14 | 1.23 | 0.29 | 106 |
| 2022 | 16.29 | 0.04 | (2.34) | (2.30) | (0.01) | (3.15) | (3.16) | 10.83 | (17.98) | 493393 | 1.14 | 1.23 | 0.28 | 111 |
| 2021 | 10.74 | 0.01 | 5.56 | 5.57 | (0.02) |  | (0.02) | 16.29 | 51.86 | 653372 | 1.14 | 1.23 | 0.09 | 139 |
| Small Cap Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $26.73 | $0.27 | $1.65 | $1.92 | $(0.30) | $(4.38) | $(4.68) | $23.97 | 8.12% | $256837 | 1.10%<sup>(5)</sup> | 1.25% | 1.16% | 48% |
| 2024 | 22.34 | 0.29 | 4.84 | 5.13 | (0.29) | (0.45) | (0.74) | 26.73 | 23.36 | 325968 | 1.14 | 1.23 | 1.18 | 57 |
| 2023 | 20.77 | 0.28 | 2.60 | 2.88 | (0.28) | (1.03) | (1.31) | 22.34 | 13.98 | 295920 | 1.14 | 1.23 | 1.24 | 39 |
| 2022 | 27.04 | 0.21 | (4.29) | (4.08) | (0.18) | (2.01) | (2.19) | 20.77 | (16.59) | 289279 | 1.14 | 1.23 | 0.82 | 42 |
| 2021 | 17.07 | 0.14 | 9.98 | 10.12 | (0.15) |  | (0.15) | 27.04 | 59.43 | 364946 | 1.14 | 1.23 | 0.56 | 80 |
| Small Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $37.46 | $(0.16) | $2.54 | $2.38 | $(0.02) | $(2.49) | $(2.51) | $37.33 | 6.35% | $257410 | 1.10%<sup>(5)</sup> | 1.25% | (0.44)% | 155% |
| 2024 | 28.97 | (0.09) | 8.58 | 8.49 |  |  |  | 37.46 | 29.31 | 328673 | 1.11 | 1.23 | (0.27) | 192 |
| 2023 | 27.01 | (0.10) | 2.07 | 1.97 | (0.01) |  | (0.01) | 28.97 | 7.31 | 275327 | 1.11 | 1.23 | (0.34) | 175 |
| 2022 | 45.89 | (0.06) | (9.02) | (9.08) |  | (9.80) | (9.80) | 27.01 | (25.22) | 276600 | 1.11 | 1.23 | (0.18) | 172 |
| 2021 | 32.60 | (0.20) | 13.49 | 13.29 |  |  |  | 45.89 | 40.77 | 382281 | 1.11 | 1.23 | (0.45) | 196 |
| Tax-Managed Small/Mid Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $27.82 | $0.13 | $1.66 | $1.79 | $(0.12) | $(4.93) | $(5.05) | $24.56 | 6.98% | $588508 | 1.11% | 1.25% | 0.55% | 36% |
| 2024 | 22.53 | 0.10 | 5.96 | 6.06 | (0.11) | (0.66) | (0.77) | 27.82 | 27.39 | 768484 | 1.11 | 1.23 | 0.38 | 57 |
| 2023 | 20.64 | 0.10 | 2.00 | 2.10 | (0.12) | (0.09) | (0.21) | 22.53 | 10.21 | 671322 | 1.11 | 1.23 | 0.43 | 62 |
| 2022 | 28.01 | 0.08 | (4.83) | (4.75) | (0.05) | (2.57) | (2.62) | 20.64 | (18.96) | 691835 | 1.11 | 1.23 | 0.33 | 58 |
| 2021 | 19.41 | 0.03 | 8.61 | 8.64 | (0.04) |  | (0.04) | 28.01 | 44.52 | 917919 | 1.11 | 1.23 | 0.10 | 71 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Mid-Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $32.37 | $0.06 | $2.72 | $2.78 | $(0.23) | $(2.40) | $(2.63) | $32.52 | 9.05% | $64959 | 0.99%<sup>(6)</sup> | 1.00% | 0.19% | 62% |
| 2024 | 25.31 | 0.19 | 7.01 | 7.20 | (0.14) |  | (0.14) | 32.37 | 28.55 | 74756 | 0.98 | 0.99 | 0.65 | 61 |
| 2023 | 22.81 | 0.15 | 2.53 | 2.68 | (0.18) |  | (0.18) | 25.31 | 11.77 | 69549 | 0.98 | 0.99 | 0.60 | 67 |
| 2022 | 32.65 | 0.18 | (4.20) | (4.02) | (0.14) | (5.68) | (5.82) | 22.81 | (15.67) | 65124 | 0.98 | 0.98 | 0.64 | 95 |
| 2021 | 23.59 | 0.15 | 9.13 | 9.28 | (0.22) |  | (0.22) | 32.65 | 39.49 | 78488 | 0.98 | 0.98 | 0.49 | 163 |
| U.S. Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $16.31 | $0.21 | $1.01 | $1.22 | $(0.22) | $(2.12) | $(2.34) | $15.19 | 8.57% | $415233 | 0.90%<sup>(2)</sup> | 1.15% | 1.41% | 68% |
| 2024 | 14.88 | 0.27 | 3.10 | 3.37 | (0.29) | (1.65) | (1.94) | 16.31 | 24.92 | 474145 | 0.90 | 1.23 | 1.79 | 54 |
| 2023 | 15.00 | 0.27 | 1.30 | 1.57 | (0.26) | (1.43) | (1.69) | 14.88 | 10.23 | 577827 | 0.90 | 1.23 | 1.75 | 49 |
| 2022 | 17.64 | 0.30 | (1.16) | (0.86) | (0.29) | (1.49) | (1.78) | 15.00 | (5.98) | 642383 | 0.90 | 1.23 | 1.76 | 48 |
| 2021 | 16.14 | 0.25 | 2.91 | 3.16 | (0.26) | (1.40) | (1.66) | 17.64 | 20.39 | 749637 | 0.90 | 1.23 | 1.43 | 50 |
| Global Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $11.20 | $0.14 | $0.89 | $1.03 | $(0.19) | $(0.69) | $(0.88) | $11.35 | 10.01% | $651558 | 1.09%<sup>(7)</sup> | 1.25% | 1.26% | 78% |
| 2024 | 9.69 | 0.18 | 1.89 | 2.07 | (0.17) | (0.39) | (0.56) | 11.20 | 22.27 | 725695 | 1.11 | 1.24 | 1.74 | 85 |
| 2023 | 9.55 | 0.17 | 0.98 | 1.15 | (0.53) | (0.48) | (1.01) | 9.69 | 12.23 | 662758 | 1.11 | 1.24 | 1.70 | 84 |
| 2022 | 11.78 | 0.15 | (1.03) | (0.88) | (0.13) | (1.22) | (1.35) | 9.55 | (9.19) | 710669 | 1.11 | 1.23 | 1.35 | 88 |
| 2021 | 10.40 | 0.12 | 1.37 | 1.49 | (0.09) | (0.02) | (0.11) | 11.78 | 14.40 | 881712 | 1.11 | 1.23 | 1.07 | 80 |
| Tax-Managed Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $21.46 | $0.22 | $0.98 | $1.20 | $(0.21) | $(3.81) | $(4.02) | $18.64 | 7.12% | $589074 | 0.92%<sup>(8)</sup> | 1.15% | 1.18% | 43% |
| 2024 | 19.14 | 0.17 | 4.85 | 5.02 | (0.17) | (2.53) | (2.70) | 21.46 | 29.28 | 732170 | 1.00 | 1.22 | 0.85 | 24 |
| 2023 | 18.39 | 0.18 | 1.83 | 2.01 | (0.18) | (1.08) | (1.26) | 19.14 | 10.98 | 699917 | 1.00 | 1.23 | 0.95 | 22 |
| 2022 | 19.75 | 0.19 | (0.58) | (0.39) | (0.19) | (0.78) | (0.97) | 18.39 | (2.48) | 787892 | 1.00 | 1.23 | 0.96 | 17 |
| 2021 | 16.66 | 0.19 | 3.23 | 3.42 | (0.20) | (0.13) | (0.33) | 19.75 | 20.76 | 920670 | 1.00 | 1.23 | 1.04 | 17 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Tax-Managed International Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $12.02 | $0.31 | $1.50 | $1.81 | $(0.52) | $— | $(0.52) | $13.31 | 16.12% | $167985 | 1.11% | 1.38% | 2.59% | 66% |
| 2024 | 10.21 | 0.31 | 1.85 | 2.16 | (0.35) |  | (0.35) | 12.02 | 21.68 | 247140 | 1.11 | 1.35 | 2.84 | 59 |
| 2023 | 8.69 | 0.27 | 1.53 | 1.80 | (0.28) |  | (0.28) | 10.21 | 20.84 | 250047 | 1.11 | 1.39 | 2.72 | 77 |
| 2022 | 11.30 | 0.31 | (2.57) | (2.26) | (0.35) |  | (0.35) | 8.69 | (20.68) | 251038 | 1.11 | 1.39 | 2.94 | 73 |
| 2021 | 10.15 | 0.27 | 1.06 | 1.33 | (0.18) |  | (0.18) | 11.30 | 13.23 | 338490 | 1.11 | 1.39 | 2.44 | 79 |
| Real Estate Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $17.55 | $0.34 | $(0.54) | $(0.20) | $(0.49) | $(0.42) | $(0.91) | $16.44 | (1.04)% | $54607 | 1.15%<sup>(9)</sup> | 1.25% | 2.09% | 72% |
| 2024 | 13.26 | 0.27 | 4.37 | 4.64 | (0.28) | (0.07) | (0.35) | 17.55 | 35.59 | 63419 | 1.15 | 1.24 | 1.84 | 46 |
| 2023 | 13.56 | 0.22 | 0.16 | 0.38 | (0.17) | (0.51) | (0.68) | 13.26 | 2.69 | 55148 | 1.14 | 1.23 | 1.58 | 53 |
| 2022 | 17.62 | 0.15 | (2.89) | (2.74) | (0.23) | (1.09) | (1.32) | 13.56 | (17.41) | 61247 | 1.14 | 1.23 | 0.87 | 77 |
| 2021 | 13.51 | 0.11 | 4.87 | 4.98 | (0.20) | (0.67) | (0.87) | 17.62 | 38.41 | 84666 | 1.14 | 1.23 | 0.67 | 78 |
| Core Fixed Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $9.80 | $0.38 | $(0.14) | $0.24 | $(0.35) | $— | $(0.35) | $9.69 | 2.53% | $3113249 | 0.68%<sup>(10)</sup> | 0.76% | 3.96% | 394% |
| 2024 | 9.10 | 0.37 | 0.70 | 1.07 | (0.37)<sup>(11)</sup> |  | (0.37) | 9.80 | 12.01 | 3240241 | 0.66 | 0.74 | 3.95 | 333 |
| 2023 | 9.37 | 0.33 | (0.28) | 0.05 | (0.32) |  | (0.32) | 9.10 | 0.44 | 2966849 | 0.66 | 0.74 | 3.49 | 340 |
| 2022 | 11.50 | 0.20 | (2.09) | (1.89) | (0.21) | (0.03) | (0.24) | 9.37 | (16.70) | 3192558 | 0.66 | 0.73 | 1.85 | 362 |
| 2021 | 12.15 | 0.15 | (0.16) | (0.01) | (0.18) | (0.46) | (0.64) | 11.50 | (0.08) | 4101094 | 0.66 | 0.72 | 1.27 | 375 |
| High Yield Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $5.44 | $0.49 | $(0.11) | $0.38 | $(0.42) | $— | $(0.42) | $5.40 | 7.34% | $973246 | 0.90%<sup>(2)</sup> | 1.00% | 9.08% | 66% |
| 2024 | 5.37 | 0.46 | 0.26 | 0.72 | (0.51)<sup>(12)</sup> | (0.14) | (0.65) | 5.44 | 14.23 | 996029 | 0.89 | 0.99 | 8.55 | 63 |
| 2023 | 5.75 | 0.40 | 0.10 | 0.50 | (0.50)<sup>(13)</sup> | (0.38) | (0.88) | 5.37 | 9.27 | 1072999 | 0.89 | 0.99 | 7.30 | 48 |
| 2022 | 7.08 | 0.32 | (1.20) | (0.88) | (0.40) | (0.05) | (0.45) | 5.75 | (12.98) | 1115354 | 0.89 | 0.98 | 4.93 | 49 |
| 2021 | 6.46 | 0.40 | 0.72 | 1.12 | (0.37) | (0.13) | (0.50) | 7.08 | 17.84 | 1430709 | 0.89 | 0.98 | 5.78 | 67 |

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SEI / PROSPECTUS

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Conservative Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.01 | $0.43 | $(0.01) | $0.42 | $(0.43 | $— | $(0.43 | $10.00 | 4.31% | $994977 | 0.31%<sup>(14)</sup> | 0.60% | 4.31% | —% |
| 2024 | 10.00 | 0.52 | 0.01 | 0.53 | (0.52 |  | (0.52 | 10.01 | 5.47 | 711594 | 0.30 | 0.59 | 5.23 |  |
| 2023 | 10.00 | 0.46 | (0.01) | 0.45 | (0.45 |  | (0.45 | 10.00 | 4.61 | 464086 | 0.30 | 0.58 | 4.60 |  |
| 2022 | 10.00 | 0.07 | (0.01) | 0.06 | (0.06 |  | (0.06 | 10.00 | 0.65 | 344975 | 0.25 | 0.58 | 0.67 |  |
| 2021 | 10.00 |  |  |  |  |  |  | 10.00 | 0.01 | 269681 | 0.19 | 0.58 |  |  |
| Tax-Free Conservative Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.01 | $0.26 | $— | $0.26 | $(0.27 | $— | $(0.27 | $10.00 | 2.58% | $193350 | 0.31%<sup>(14)</sup> | 0.60% | 2.64% | —% |
| 2024 | 10.00 | 0.32 | 0.01 | 0.33 | (0.32 |  | (0.32 | 10.01 | 3.35 | 182223 | 0.30 | 0.59 | 3.21 |  |
| 2023 | 9.99 | 0.28 | 0.01 | 0.29 | (0.28 |  | (0.28 | 10.00 | 2.92 | 163924 | 0.30 | 0.58 | 2.77 |  |
| 2022 | 10.00 | 0.04 | (0.01) | 0.03 | (0.04 |  | (0.04 | 9.99 | 0.29 | 176810 | 0.22 | 0.58 | 0.39 |  |
| 2021 | 10.00 |  |  |  |  |  |  | 10.00 | 0.01 | 183626 | 0.13 | 0.58 | 0.01 |  |
| Real Return Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $9.69 | $0.37 | $0.12 | $0.49 | $(0.30 | $— | $(0.30 | $9.88 | 5.19% | $350700 | 0.47%<sup>(15)</sup> | 0.72% | 3.77% | 29% |
| 2024 | 9.33 | 0.38 | 0.31 | 0.69 | (0.33 |  | (0.33 | 9.69 | 7.57 | 359046 | 0.45 | 0.70 | 4.02 | 41 |
| 2023 | 9.57 | 0.22 | 0.01 | 0.23 | (0.43 | (0.04 | (0.47 | 9.33 | 2.44 | 183431 | 0.45 | 0.70 | 2.36 | 31 |
| 2022 | 10.68 | 0.71 | (1.17) | (0.46) | (0.65 |  | (0.65 | 9.57 | (4.52) | 241034 | 0.45 | 0.70 | 6.86 | 50 |
| 2021 | 10.40 | 0.44 | 0.10 | 0.54 | (0.26 |  | (0.26 | 10.68 | 5.26 | 228319 | 0.45 | 0.70 | 4.18 | 31 |
| Dynamic Asset Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $17.80 | $0.18 | $3.20 | $3.38 | $(0.46 | $(1.45 | $(1.91 | $19.27 | 20.42% | $735839 | 0.77%<sup>(16)</sup> | 1.20% | 1.01% | 8% |
| 2024 | 14.86 | 0.19 | 4.20 | 4.39 |  | (1.45 | (1.45 | 17.80 | 31.54 | 738817 | 0.75 | 1.18 | 1.20 | 14 |
| 2023 | 14.41 | 0.18 | 2.19 | 2.37 | (0.40 | (1.52 | (1.92 | 14.86 | 17.64 | 640725 | 0.75 | 1.18 | 1.24 | 22 |
| 2022 | 18.50 | 0.11 | (2.20) | (2.09) | (0.59 | (1.41 | (2.00 | 14.41 | (13.56) | 597961 | 0.75 | 1.18 | 0.62 | 5 |
| 2021 | 14.98 | 0.10 | 4.58 | 4.68 | (0.89 | (0.27 | (1.16 | 18.50 | 32.72 | 816977 | 0.75 | 1.18 | 0.56 | 10 |

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SEI / PROSPECTUS

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Multi-Strategy Alternative Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $9.96 | $0.41 | $0.31 | $0.72 | $(0.52) | $— | $(0.52) | $10.16 | 7.66% | $235262 | 1.94%<sup>(17)</sup> | 2.69% | 4.17% | 358% |
| 2024 | 9.37 | 0.45 | 0.55 | 1.00 | (0.41) |  | (0.41) | 9.96 | 10.91 | 262760 | 2.70<br><sup>(17)</sup> | 3.45 | 4.70 | 277 |
| 2023 | 9.08 | 0.36 | 0.12 | 0.48 | (0.19) |  | (0.19) | 9.37 | 5.40 | 354258 | 1.83<br><sup>(17)</sup> | 2.58 | 3.91 | 434 |
| 2022 | 10.54 | 0.08 | (0.79) | (0.71) | (0.13) | (0.62) | (0.75) | 9.08 | (7.24) | 394876 | 1.93<br><sup>(17)</sup> | 2.68 | 0.83 | 369 |
| 2021 | 9.98 | 0.09 | 0.76 | 0.85 | (0.05) | (0.24) | (0.29) | 10.54 | 8.57 | 449934 | 1.99<br><sup>(17)</sup> | 2.75 | 0.87 | 424 |

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† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

^ Amount represents less than $0.005 per share.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been included the ratio would have been 0.89%.

(3) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.25%.

(4) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.12%.

(5) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.09%.

(6) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.98%.

(7) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.08%.

(8) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.91%.

(9) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.14%.

(10) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.66%.

(11) Includes return of capital of $0.02 per share.

(12) Includes return of capital of $0.09 per share.

(13) Includes return of capital of $0.08 per share.

(14) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.30%.

(15) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.45%.

(16) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.75%.

(17) The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 1.35%.

Amounts designated as "—" are $0 or have been rounded to $0.

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![](j2621702_za025.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated January 31, 2026 includes more detailed information about SEI Institutional Managed Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Institutional Managed Trust, from the EDGAR Database on the SEC's website ("http://www.sec.gov"). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Institutional Managed Trust's Investment Company Act registration number is 811-04878.

SEI-F-101 (1/26)

seic.com

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![](j2621703_ac001.jpg)

January 31, 2026

PROSPECTUS

SEI Institutional Managed Trust

Class I Shares

• Large Cap Fund

• Large Cap Value Fund (SEUIX)

• Large Cap Growth Fund (SPGIX)

• S&P 500 Index Fund (SPIIX)

• Small Cap Fund

• Small Cap Value Fund (SMVIX)

• Small Cap Growth Fund (SPWIX)

• Mid-Cap Fund (SIPIX)

• U.S. Managed Volatility Fund (SEVIX)

• Global Managed Volatility Fund (SGMIX)

• Real Estate Fund (SEIRX)

• Core Fixed Income Fund (SCXIX)

• High Yield Bond Fund (SEIYX)

• Real Return Fund (SSRIX)

*The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

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SEI / PROSPECTUS

SEI INSTITUTIONAL MANAGED TRUST

About This Prospectus

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| | |
|:---|:---|
| FUND SUMMARY | FUND SUMMARY |
| LARGE CAP FUND | 1 |
| LARGE CAP VALUE FUND | 7 |
| LARGE CAP GROWTH FUND | 12 |
| S&P 500 INDEX FUND | 18 |
| SMALL CAP FUND | 23 |
| SMALL CAP VALUE FUND | 28 |
| SMALL CAP GROWTH FUND | 33 |
| MID-CAP FUND | 38 |
| U.S. MANAGED VOLATILITY FUND | 42 |
| GLOBAL MANAGED VOLATILITY FUND | 47 |
| REAL ESTATE FUND | 53 |
| CORE FIXED INCOME FUND | 57 |
| HIGH YIELD BOND FUND | 64 |
| REAL RETURN FUND | 70 |
| Purchase and Sale of Fund Shares | 75 |
| Tax Information | 75 |
| Payments to Broker-Dealers and Other<br>Financial Intermediaries | 75 |
| MORE INFORMATION ABOUT INVESTMENTS | 76 |
| MORE INFORMATION ABOUT RISKS | 76 |
| Risk Information Common to the Funds | 76 |
| More Information About Principal Risks | 77 |
| GLOBAL ASSET ALLOCATION | 95 |
| MORE INFORMATION ABOUT THE FUNDS'<br>BENCHMARK INDEXES | 95 |
| INVESTMENT ADVISER | 97 |
| SUB-ADVISERS | 101 |
| Information About Fee Waivers | 102 |
| Sub-Advisers and Portfolio Managers | 104 |

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| | |
|:---|:---|
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 116 |
| HOW TO PURCHASE FUND SHARES | 116 |
| Pricing of Fund Shares | 117 |
| Frequent Purchases and Redemptions of<br>Fund Shares | 120 |
| Foreign Investors | 121 |
| Customer Identification and Verification and<br>Anti-Money Laundering Program | 121 |
| HOW TO EXCHANGE YOUR FUND SHARES | 122 |
| HOW TO SELL YOUR FUND SHARES | 122 |
| Receiving Your Money | 123 |
| Methods Used to Meet Redemption Obligations | 123 |
| Low Balance Redemptions | 124 |
| Suspension of Your Right to Sell Your Shares | 124 |
| Large Redemptions | 124 |
| Telephone Transactions | 124 |
| Unclaimed Property | 124 |
| DISTRIBUTION OF FUND SHARES | 125 |
| SERVICE OF FUND SHARES | 125 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 125 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 126 |
| Dividends and Distributions | 126 |
| Taxes | 126 |
| ADDITIONAL INFORMATION | 129 |
| FINANCIAL HIGHLIGHTS | 130 |
| HOW TO OBTAIN MORE INFORMATION ABOUT<br>SEI INSTITUTIONAL MANAGED TRUST | Back Cover |

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SEI / PROSPECTUS

LARGE CAP FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.39% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.23% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Fund — Class I Shares | $125 | $390 | $676 | $1489 |

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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 rate 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, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest

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SEI / PROSPECTUS

primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk —* The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk —* Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities,

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SEI / PROSPECTUS

including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk —* The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk —* The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources

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SEI / PROSPECTUS

and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_ba002.jpg)  | Best Quarter: 20.21% (06/30/2020)<br>Worst Quarter: -24.00% (03/31/2020)<br>As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/30/2009) |
| Return Before Taxes | 17.59% | 12.07% | 12.17% | 12.13% |
| Return After Taxes on Distributions | 12.61% | 8.72% | 9.61% | 9.77% |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.80% | 9.06% | 9.45% | 9.61% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.29% |
| Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.37% | 13.59% | 14.59% | 14.18% |

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\* As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2015<br>Since 2015<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager and Research Analyst |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2019<br>Since 2019 | Executive Vice President, Portfolio Manager and <br>Head of Alger Capital Appreciation and Spectra <br>Strategies<br>Executive Vice President and Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 2009<br>Since 2009<br>Since 2009<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Mar Vista Investment Partners, LLC | Silas A. Myers, CFA<br>Brian L. Massey, CFA | Since 2018<br>Since 2018 | Portfolio Manager/ Analyst<br>Portfolio Manager/ Analyst |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

LARGE CAP VALUE FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.35% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.19% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Value Fund — Class I Shares | $121 | $378 | $654 | $1443 |

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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 rate 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, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index

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SEI / PROSPECTUS

(between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk —* The risk that large capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk —* Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market.

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SEI / PROSPECTUS

Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk —* The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk —* The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_ba003.jpg)  | Best Quarter: 16.63% (12/31/2020)<br>Worst Quarter: -30.02% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Value Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/3/1994) |
| Return Before Taxes | 18.64% | 11.82% | 9.68% | 8.75% |
| Return After Taxes on Distributions | 15.01% | 9.61% | 8.02% | 7.34% |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.56% | 9.12% | 7.59% | 7.12% |

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Value Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/3/1994) |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.05% |
| Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% | 9.89% |

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\* The Fund's Class I Shares commenced operations on August 6, 2001. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares. The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2013<br>Since 2013<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager & Research Analyst |
| Cullen Capital Management LLC | James Cullen<br>Jennifer Chang | Since 2018<br>Since 2018 | Chief Executive Officer & Portfolio Manager<br>Executive Director & Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1995<br>Since 1995<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment<br>Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

LARGE CAP GROWTH FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.83% |
| Total Annual Fund Operating Expenses | 1.23% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Growth Fund — Class I Shares | $125 | $390 | $676 | $1489 |

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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 rate 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, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of

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SEI / PROSPECTUS

purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

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SEI / PROSPECTUS

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk —* The risk that large capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk —* Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, shareholders will be subject to two layers of fees and expenses with respect to investments in the Fund.

*Derivatives Risk* — The Fund's use of forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is the risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Long/Short Risk —* The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund's long or short positions will produce positive returns and the Fund could lose money if either or both the Fund's long and short positions produce negative returns.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater

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SEI / PROSPECTUS

potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Foreign Investment Risk —* The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Active Management Risk* — The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies.

*Quantitative Investing Risk* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy.

*Medium Capitalization Risk —* The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Non-Diversified Risk —* The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Code for classification as a RIC.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_ba004.jpg)  | Best Quarter: 27.09% (06/30/2020)<br>Worst Quarter: -20.24% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Growth Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/1994) |
| Return Before Taxes | 17.97% | 13.98% | 15.69% | 10.21% |
| Return After Taxes on Distributions | 11.80% | 9.74% | 12.54% | 8.75% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.06% | 10.29% | 12.29% | 8.56% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.14% |
| Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) | 18.56% | 15.32% | 18.13% | 11.80% |

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\* The Fund's Class I Shares commenced operations on August 6, 2001. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2019<br>Since 2019 | Executive Vice President, Portfolio Manager and <br>Head of Alger Capital Appreciation and Spectra <br>Strategies<br>Executive Vice President and Portfolio Manager |
| Mackenzie Investments Corporation | Arup Datta, CFA<br>Nicholas Tham, CFA | Since 2023<br>Since 2023 | Senior Vice President, Investment Management<br>Vice President, Investment Management |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |
| PineStone Asset Management Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2016<br>Since 2016 | Chief Executive Officer, Chief Investment Officer<br>Head of Research |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

S&P 500 INDEX FUND

Fund Summary

Investment Goal

Investment results that correspond to the aggregate price and dividend performance of the securities in the S&P 500 Index.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.03% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.76% |
| Total Annual Fund Operating Expenses | 0.79% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| S&P 500 Index Fund — Class I Shares | $81 | $252 | $439 | $978 |

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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 rate 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, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests substantially all of its assets (at least 80%) in securities listed in the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index), which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries (mostly common stocks). The Fund's investment results are expected to correspond to the aggregate price and dividend performance of the S&P 500 Index

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SEI / PROSPECTUS

before the fees and expenses of the Fund. The Fund generally gives the same weight to a given stock as the S&P 500 Index does. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

In seeking to replicate the performance of the S&P 500 Index, the Fund may also invest in futures contracts, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small and medium capitalization companies. The Fund's ability to replicate the performance of the S&P 500 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund. The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of the Fund's adviser, SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e*., by using economic, market or financial analyses). Instead, the Sub-Adviser purchases a basket of securities that includes most of the companies in the S&P 500 Index. However, the Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk —* The risk that the Fund's investment approach, which attempts to replicate the performance of the S&P 500 Index, may underperform other segments of the equity markets or the equity markets as a whole.

*Tracking Error Risk —* The risk that the Fund's performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund's investments and the benchmark and other factors.

*Derivatives Risk —* The Fund's use of futures contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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SEI / PROSPECTUS

*Depositary Receipts Risk —* Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk —* The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Small and Medium Capitalization Risk —* The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Foreign Investment Risk —* The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk —* As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated

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SEI / PROSPECTUS

in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Non-Diversification Risk* — In seeking to track the S&P 500 Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_ba005.jpg)  | Best Quarter: 20.37% (06/30/2020)<br>Worst Quarter: -19.75% (03/31/2020) |

---

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax

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SEI / PROSPECTUS

situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | | |
|:---|:---|:---|:---|:---|
| S&P 500 Index Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(2/28/1996) |
| Return Before Taxes | 17.09% | 13.67% | 14.07% | 9.50% |
| Return After Taxes on Distributions | 14.86% | 11.57% | 12.47% | 8.55% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.63% | 10.56% | 11.39% | 8.06% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.22% |

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\* The Fund is the successor to SEI Index Funds' S&P 500 Index Fund (the Predecessor Fund). The Fund commenced operations on September 17, 2007. Accordingly, for periods prior to September 17, 2007, the performance information is based on the performance of the Predecessor Fund's Class A Shares (prior to June 28, 2002) and Class I Shares (between June 28, 2002 and September 16, 2007).

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Emiliano Rabinovich, CFA<br>Mark Krivitsky<br>Karl Schneider, CAIA | Since 2022<br>Since 2012<br>Since 2012 | Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas<br>Vice President and Senior Portfolio Manager in the <br>Systematic Equity Team and the Tax-Efficient <br>Market Capture Group<br>Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.83% |
| Total Annual Fund Operating Expenses | 1.48% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Fund — Class I Shares | $151 | $468 | $808 | $1768 |

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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 rate 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, the Fund's portfolio turnover rate was 80% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as

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SEI / PROSPECTUS

of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and certain of its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk —* Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk —* The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Portfolio Turnover Risk —* Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j2621703_bc006.jpg)  | Best Quarter: 28.44% (12/31/2020)<br>Worst Quarter: -31.27% (03/31/2020)<br>As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/30/2009) |
| Return Before Taxes | 10.06% | 8.29% | 8.76% | 9.57% |
| Return After Taxes on Distributions | 7.52% | 5.57% | 6.77% | 7.49% |
| Return After Taxes on Distributions and Sale of Fund Shares | 7.79% | 5.94% | 6.57% | 7.32% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.29% |
| Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) | 12.81% | 6.09% | 9.62% | 10.57% |

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\* As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Copeland Capital Management, LLC | Mark W. Giovanniello, CFA<br>Eric C. Brown, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA<br>John Cummings, CFA | Since 2018<br>Since 2018<br>Since 2018<br>Since 2018<br>Since 2025 | Chief Investment Officer, Principal and Portfolio <br>Manager<br>Chief Executive Officer, Principal and Portfolio <br>Manager<br>Portfolio Manager, Principal<br>Portfolio Manager, Principal<br>Portfolio Manager, Principal |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2014<br>Since 2014 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2017<br>Since 2022 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2020<br>Since 2020<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>CEO, President and Senior Portfolio Manager<br>Senior, Portfolio Manager, Group Managing <br>Director |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP VALUE FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.49% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Value Fund — Class I Shares | $152 | $471 | $813 | $1779 |

---

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 rate 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, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index

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SEI / PROSPECTUS

(between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk —* Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk —* The risk that small capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j2621703_bc007.jpg)  | Best Quarter: 30.40% (12/31/2020)<br>Worst Quarter: -39.17% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Value Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/1994) |
| Return Before Taxes | 13.04% | 9.79% | 7.66% | 8.91% |
| Return After Taxes on Distributions | 10.75% | 7.57% | 6.00% | 7.33% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.27% | 7.49% | 5.88% | 7.16% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.14% |
| Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) | 12.59% | 8.88% | 9.27% | 9.86% |

---

\* The Fund's Class I Shares commenced operations on February 11, 2002. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2016<br>Since 2016 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Leeward Investments LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2024<br>Since 2024 | President, Portfolio Manager<br>Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1997<br>Since 1997<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

------

SEI / PROSPECTUS

SMALL CAP GROWTH FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.49% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Growth Fund — Class I Shares | $152 | $471 | $813 | $1779 |

---

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 rate 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, the Fund's portfolio turnover rate was 155% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at

------

SEI / PROSPECTUS

the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk —* Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk —* The risk that small capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Portfolio Turnover Risk —* Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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SEI / PROSPECTUS

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621703_bc008.jpg)  | Best Quarter: 29.93% (06/30/2020)<br>Worst Quarter: -31.55% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Growth Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/20/1992) |
| Return Before Taxes | 4.18% | 3.63% | 7.94% | 8.43% |
| Return After Taxes on Distributions | 1.63% | 1.26% | 6.19% | 7.01% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.31% | 2.36% | 6.03% | 6.76% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.83% |
| Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) | 13.01% | 3.18% | 9.57% | 8.07% |

---

\* The Fund's Class I Shares commenced operations on August 6, 2001. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Axiom Investors LLC | David Kim, CFA<br>Matthew Franco, CFA | Since 2026<br>Since 2026 | Portfolio Manager<br>Portfolio Manager |
| Geneva Capital Management LLC | W. Scott Priebe<br>Jose Munoz | Since 2025<br>Since 2025 | Managing Principal and Portfolio Manager<br>Managing Principal and Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

------

SEI / PROSPECTUS

MID-CAP FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.24% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Mid-Cap Fund — Class I Shares | $126 | $393 | $681 | $1500 |

---

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 rate 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, the Fund's portfolio turnover rate was 62% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Mid-Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Midcap Index are

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SEI / PROSPECTUS

subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions.

Principal Risks

*Market Risk —* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small and Medium Capitalization Risk —* The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk —* The risk that securities of medium capitalization companies may underperform other segments of the equity markets or the equity markets as a whole.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk —* The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to

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SEI / PROSPECTUS

directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk —* The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_bc009.jpg)  | Best Quarter: 24.27% (06/30/2020)<br>Worst Quarter: -30.53% (03/31/2020) |

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SEI / PROSPECTUS

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Mid-Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(2/16/1993) |
| Return Before Taxes | 9.78% | 9.62% | 9.71% | 9.57% |
| Return After Taxes on Distributions | 5.01% | 7.03% | 7.68% | 7.80% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.12% | 7.14% | 7.39% | 7.61% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.84% |
| Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) | 10.60% | 8.67% | 11.01% | 10.91% |

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\* The Fund's Class I Shares commenced operations on October 1, 2007. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2021<br>Since 2021 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital <br>Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2021<br>Since 2021<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>Chief Executive Officer, President and Senior <br>Portfolio Manager<br>Senior Portfolio Manager, Group Managing <br>Director |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

U.S. MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Capital appreciation with less volatility than the broad U.S. equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.55% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.39% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| U.S. Managed Volatility Fund — Class I Shares | $142 | $440 | $761 | $1669 |

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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 rate 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, the Fund's portfolio turnover rate was 68% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies.

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SEI / PROSPECTUS

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk —* The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

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SEI / PROSPECTUS

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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SEI / PROSPECTUS

Performance Information

The bar chart and the performance table below 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 for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_be001.jpg)  | Best Quarter: 13.30% (12/31/2022)<br>Worst Quarter: -23.24% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| U.S. Managed Volatility Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/28/2004) |
| Return Before Taxes | 10.45% | 9.42% | 9.00% | 8.77% |
| Return After Taxes on Distributions | 6.38% | 5.62% | 6.27% | 6.95% |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.72% | 6.78% | 6.71% | 6.98% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.00% |

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| U.S. Managed Volatility Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/28/2004) |
| MSCI USA Minimum Volatility Index (Net) (reflects no deduction <br>for fees, expenses or taxes) | 7.31% | 8.01% | 9.92% | 8.98% |
| Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.88% |

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\* The Fund's Class I Shares are not currently in operation and therefore have no current performance history. Accordingly, the Fund's average annual total returns shown are those of the Class F Shares, which have not been adjusted to reflect the higher expenses of the Class I Shares (which would have lowered performance).

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Franesca Young, Ph.D., CFA | Since 2025<br>Since 2025 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2010<br>Since 2010<br>Since 2010<br>Since 2014<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer,<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

GLOBAL MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Capital appreciation with less volatility than the broad global equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.49% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Global Managed Volatility Fund — Class I Shares | $152 | $471 | $813 | $1779 |

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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 rate 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, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.

Principal Investment Strategies

The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund also may use futures contracts and forward contracts.

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SEI / PROSPECTUS

Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Derivatives Risk* — The Fund's use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same

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SEI / PROSPECTUS

type of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j2621703_be002.jpg)  | Best Quarter: 10.60% (06/30/2020)<br>Worst Quarter: -19.29% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Global Managed Volatility Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/27/2006) |
| Return Before Taxes | 11.34% | 7.86% | 7.03% | 5.60% |
| Return After Taxes on Distributions | 9.35% | 5.59% | 5.13% | 4.10% |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.13% | 5.80% | 5.22% | 4.13% |
| MSCI All Country World ex-USA Index (Net) (reflects no deduction <br>for fees or expenses) | 32.39% | 7.91% | 8.41% | 5.29% |
| MSCI World Minimum Volatility Index (Net) (reflects no deduction <br>for fees or expenses) | 10.54% | 6.29% | 7.80% | 7.02% |
| MSCI World Index Return (Net) (reflects no deduction for fees or expenses) | 21.09% | 12.15% | 12.17% | 8.46% |

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\* The Fund's Class I Shares commenced operations on June 29, 2007. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D., CFA | Since 2006<br>Since 2023 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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REAL ESTATE FUND

Fund Summary

Investment Goal

Total return, including current income and capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.84% |
| Total Annual Fund Operating Expenses | 1.49% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Estate Fund — Class I Shares | $152 | $471 | $813 | $1779 |

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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 rate 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, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Real Estate Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (*e.g.*, common stocks, rights, warrants, exchange-traded funds (ETFs), convertible securities and preferred stocks of real estate investment trusts (REITs) and real estate operating companies (REOCs)). Generally, the Fund will invest in real estate companies operating in the United States.

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The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser).

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund's investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Investment Style Risk* — The risk that the securities of issuers in the real estate industry may underperform other segments of the equity markets or the equity markets as a whole.

*Convertible and Preferred Securities Risk —* Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants and Rights Risk* — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.

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*Small and Medium Capitalization Risk* — The risk that small and medium capitalization REITs and other companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_be003.jpg)  | Best Quarter: 16.74% (12/31/2023)<br>Worst Quarter: -22.80% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax

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situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Estate Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(11/13/2003) |
| Return Before Taxes | 1.42% | 6.58% | 5.67% | 7.63% |
| Return After Taxes on Distributions^ | -1.41% | 4.67% | 3.28% | 5.89% |
| Return After Taxes on Distributions and Sale of Fund Shares^ | 2.31% | 4.63% | 3.75% | 5.79% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.89% |
| Wilshire U.S. Real Estate Securities Index Return (reflects no <br>deduction for fees, expenses or taxes) | 3.47% | 7.04% | 5.74% | 8.10% |

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\* The Fund's Class I Shares commenced operations on October 1, 2007. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

^ After tax figures are based on estimated amounts for the periods ended December 31, 2025.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| CenterSquare Investment Management LLC | Dean Frankel, CFA<br>Eric Rothman, CFA | Since 2011<br>Since 2011 | Co-Chief Investment Officer<br>Portfolio Manager, Real Estate Securities |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

CORE FIXED INCOME FUND

Fund Summary

Investment Goal

Current income consistent with the preservation of capital.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.28% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.71% |
| Total Annual Fund Operating Expenses | 0.99% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Core Fixed Income Fund — Class I Shares | $101 | $315 | $547 | $1213 |

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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 rate 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, the Fund's portfolio turnover rate was 394% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in investment and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities (including "to-be-announced" transactions) and securities issued or guaranteed by the U.S. Government and its agencies and

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instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.

The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC).

The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are

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heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Investment Style Risk* — The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in

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SEI / PROSPECTUS

comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Currency Risk* — Due to its active positions in currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities

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SEI / PROSPECTUS

denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_be004.jpg)  | Best Quarter: 7.12% (12/31/2023)<br>Worst Quarter: -6.78% (03/31/2022) |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Core Fixed Income Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(5/1/1987) | Since<br>Inception<br>(5/1/1987) |
| Return Before Taxes | 6.70% | -1.16% | 1.75% | 4.85 | % |
| Return After Taxes on Distributions | 5.26% | -2.28% | 0.44% | 2.97 | % |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.95% | -1.35% | 0.79% | 3.03 | % |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no <br>deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 5.38 | %^ |

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\* The Fund's Class I Shares commenced operations on August 6, 2001. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

^ The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |
| Nilay Shah | Since 2022 | Assistant Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, LLC | Maulik Bhansali, CFA<br>Jarad Vasquez | Since 2017<br>Since 2017 | Senior Portfolio Manager and Co-Head, Core <br>Fixed Income<br>Senior Portfolio Manager and Co-Head, Core <br>Fixed Income |
| Jennison Associates LLC  | James Gaul, CFA<br>Eric G. Staudt, CFA<br>Samuel B. Kaplan, CFA<br>Dimitri Rabin, CFA<br>David Morse, CFA<br>Natalia Glekel, CFA<br>Griffin Sullivan, CFA<br>Adriano Taylor-Escribano | Since 2016<br>Since 2012<br>Since 2016<br>Since 2019<br>Since 2020<br>Since 2022<br>Since 2024<br>Since 2025 | Head of Fixed Income, Managing Director and <br>Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager |
| MetLife Investment Management, LLC | Stephen Mullin, CFA<br>Joshua Lofgren, CFA<br>Joseph Hondros, CFA | Since 2022<br>Since 2022<br>Since 2022 | Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager |
| Metropolitan West Asset Management, LLC | Bryan Whalen, CFA<br>Jerry Cudzil<br>Ruben Hovhannisyan, CFA | Since 2004<br>Since 2023<br>Since 2023 | Group Managing Director, Chief Investment <br>Officer — Fixed Income, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

HIGH YIELD BOND FUND

Fund Summary

Investment Goal

Total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.49% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.81% |
| Total Annual Fund Operating Expenses | 1.30% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| High Yield Bond Fund — Class I Shares | $132 | $412 | $713 | $1568 |

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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 rate 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, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs).

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SEI / PROSPECTUS

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is

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SEI / PROSPECTUS

speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Investment Style Risk* — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Collateralized Debt Obligations and Collateralized Loan Obligations Risk* — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Derivatives Risk* — The Fund's use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are

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SEI / PROSPECTUS

described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes)

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SEI / PROSPECTUS

is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_bg014.jpg)  | Best Quarter: 8.78% (06/30/2020)<br>Worst Quarter: -15.55% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| High Yield Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(1/11/1995) |
| Return Before Taxes | 7.05% | 4.88% | 6.26% | 6.42% |
| Return After Taxes on Distributions | 3.46% | 1.05% | 2.81% | 3.03% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.11% | 2.00% | 3.25% | 3.39% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 4.63% |
| ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, <br>expenses or taxes) | 8.50% | 4.50% | 6.44% | N/A<sup>†</sup><br>|

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\* The Fund's Class I Shares commenced operations on October 1, 2007. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.

† The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| David S. Aniloff | Since 2005 | Senior Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed <br>Income & Multi-Asset |
| Michael Schafer | Since 2015 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Ares Capital Management II LLC | Seth Brufsky<br>Chris Mathewson<br>Kapil Singh | Since 2007<br>Since 2018<br>Since 2018 | Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit |
| Benefit Street Partners L.L.C. | Thomas Gahan<br>Paul Karpers | Since 2014<br>Since 2016 | Chief Investment Officer and Chairman<br>Managing Director |
| Blackstone Credit Systematic Strategies LLC | Adam Dwinells | Since 2025 | Global Head of Corporate Bond Strategies, <br>Technology, and Operations for Liquid Credit <br>Strategies |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2009<br>Since 2017 | Chief Investment Officer/Managing Partner and <br>Portfolio Manager<br>Co-Chief Investment Officer/Head of High Yield <br>Bond Research/Portfolio Manager of High Yield <br>and Opportunistic Credit |
| J.P. Morgan Investment Management Inc. | Robert Cook<br>Thomas Hauser<br>Jeffrey Lovell | Since 2005<br>Since 2005<br>Since 2024 | Managing Director, Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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SEI / PROSPECTUS

REAL RETURN FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class I Shares |
| Management Fees | 0.22% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.73% |
| Total Annual Fund Operating Expenses | 0.95% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Return Fund — Class I Shares | $97 | $303 | $525 | $1166 |

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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 rate 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, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

Principal Investment Strategies

The Real Return Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities (TIPS) Index, which is the Fund's benchmark index.

Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so

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SEI / PROSPECTUS

that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements.

The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Real Return Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Fund's assets currently are managed directly by SIMC.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Investment Style Risk* — The Fund is also subject to the risk that the Fund's securities may underperform other segments of the markets or the markets as a whole.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

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SEI / PROSPECTUS

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments,

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central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621703_bg015.jpg)  | Best Quarter: 3.35% (03/31/2025)<br>Worst Quarter: -3.25% (09/30/2022)<br>As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Return Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/2/2009) |
| Return Before Taxes | 6.04% | 2.88% | 2.69% | 2.22% |
| Return After Taxes on Distributions | 4.24% | 1.06% | 1.53% | 1.28% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.56% | 1.40% | 1.56% | 1.32% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.81% |
| Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, <br>expenses or taxes) | 6.55% | 3.32% | 3.16% | 2.67% |

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\* As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

<u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Adviser</u> <br> Timothy J. Sauermelch, CFA Since 2014 Portfolio Manager

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 75 of this prospectus.

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Purchase and Sale of Fund Shares

The minimum initial investment for Class I Shares is $100,000 with minimum subsequent investments of $1,000. Such minimums may be waived at the discretion of SIMC. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Tax Information

The distributions made by the Funds generally are taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

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

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MORE INFORMATION ABOUT INVESTMENTS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are, with the exception of the Real Return Fund, managed under the direction of SIMC and one or more Sub-Advisers, who manage portions of the Funds' assets, including determining whether to buy, sell or hold particular investments, in a way that they believe will help each Fund achieve its goals.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions; however, each Fund may also invest in other securities, use other strategies or engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in more detail in the Funds' Statement of Additional Information (SAI).

The Funds' investment goals and investment strategies are not fundamental and, therefore, may be changed by the Board of Trustees of the Trust (Board) without shareholder approval.

For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund, except the S&P 500 Index Fund, may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. In addition, for temporary defensive purposes, the Small Cap, Small Cap Growth, Small Cap Value and Mid-Cap Funds may invest all or a portion of their assets in common stocks of larger, more established companies and in investment grade fixed income securities. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains or higher income. During such time, a Fund may not achieve its investment goal. Although not expected to be a component of the Funds' principal investment strategies, each Fund may lend its securities to certain financial institutions in an attempt to earn additional income.

The S&P 500 Index Fund will normally invest at least 90% of its assets in the types of securities described in this prospectus.

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risk and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect securities markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

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The Large Cap, Large Cap Value, Large Cap Growth, Small Cap, Small Cap Value and Small Cap Growth Funds (for purposes of this paragraph, each, a Fund and collectively, the Funds) implement the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. The Funds are subject to the risk that the performance of the Funds may deviate from the performance of a Sub-Adviser's model portfolio or the performance of other proprietary or client accounts over which the Sub-Adviser retains trading authority (Other Accounts). The overlay manager's variation from the Sub-Adviser's model portfolio may contribute to performance deviations, including under performance. In addition, a Sub-Adviser may implement its model portfolio for its Other Accounts prior to submitting its model to the Fund. In these circumstances, trades placed by the overlay manager pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the Sub-Adviser for its Other Accounts, including less favorable prices. The risk of such price deviations may increase for large orders or where securities are thinly traded.

Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen in response to events that do not otherwise affect the value of the security in the issuer's home country. These various risks will be even greater for investments in emerging market countries, where political turmoil and rapid changes in economic conditions are more likely to occur.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence (AI) technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Asset-Backed Securities* — Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail

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prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized debt obligations (CDOs), collateralized loan obligations (CLOs) and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and a Fund, as a securityholder, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

*Bank Loans* — Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Bank loans may be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

The Funds may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Funds purchase assignments from lenders, the Funds will acquire direct rights against the borrower on the loan. The Funds may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Funds' ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Funds may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available during that time to make additional investments or to meet the Funds' redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*Below Investment Grade Fixed Income Securities (Junk Bonds)* — Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve a greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds, particularly those issued by foreign governments, is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be

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in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Collateralized Debt Obligations and Collateralized Loan Obligations* — CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, a Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Commercial Paper* — Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Convertible Securities and Preferred Stocks* — Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or not rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

*Corporate Fixed Income Securities* — Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

*Credit* — Credit risk is the risk that a decline in the credit quality of an investment could indirectly cause the Funds to lose money. The Funds could lose money if the issuer or guarantor of a portfolio security or a

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counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit-Linked Notes* — Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. A Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

*Currency* — Certain Funds take active and/or passive positions in currencies, which involve different techniques and risk analyses than the Funds' purchases of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Funds if they are unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges they have entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Passive investment in currencies may subject the Global Managed Volatility Fund to additional risks and the value of the Fund's investments may fluctuate in response to broader macroeconomic risks than if the Fund invested only in U.S. equity securities.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again

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reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Depositary Receipts* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Certain of the depositary receipts in which the Fund invests may not provide as much information about the underlying issuer and may not carry the same voting privileges as other depositary receipts.

*Derivatives* — Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Funds to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Funds will cause the value of your investment in the Funds to decrease. The Funds' use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above and leverage risk is described below. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued

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incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its obligations. These risks could cause the Funds to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment. Tax risk is the risk that the use of derivatives may cause the Funds to realize higher amounts of short-term capital gains or otherwise affect a Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside of the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

Regulation relating to a Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

*Distressed Securities* — The High Yield Bond Fund may invest in distressed securities. Distressed securities are debt securities or other securities or assets of companies or other assets experiencing financial distress, including bankruptcy. Distressed securities frequently do not produce income while they are outstanding and may require the High Yield Bond Fund to bear certain extraordinary expenses in order to protect and recover its investments. Distressed securities are at high risk for default. If a distressed issuer defaults, the Fund may experience legal difficulties and negotiations with creditors and other claimants. The Fund may recover none or only a small percentage of its investments or have a time lag between when an investment is made and when the value of the investment is realized. Distressed securities may be illiquid.

*Duration* — Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market* — Because certain Funds will significantly invest in equity securities, those Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In the case of foreign stocks, these fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility, which is a principal risk of investing in the Funds.

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*Exchange-Traded Products (ETPs)* — The risks of owning interests of an exchange-traded product (ETP), such as an ETF, exchange-traded note (ETN) or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e*., the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Inverse ETFs seek to provide investment results that match a negative of the performance of an underlying index. Leveraged inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that a Fund invests in leveraged inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged, inverse and leveraged inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose a Fund to complete loss of its investment.

Generally, ETNs are structured as senior, unsecured notes in which an issuer, such as a bank, agrees to pay a return based on a target index or other reference instrument less any fees. ETNs allow individual investors to have access to derivatives linked to commodities and other assets such as oil, currencies and foreign stock indexes. ETNs combine certain aspects of bonds and ETFs. Similar to ETFs, ETNs are traded on a major exchange (*e.g.*, the NYSE) during normal trading hours. However, investors can also hold an ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to principal amount, subject to the day's index factor. ETN returns are based upon the performance of a market index minus applicable fees. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political or geographic events that affect the referenced commodity. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even if the

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underlying index remains unchanged. Investments in ETNs are subject to the risks facing income securities in general, including the risk that a counterparty will fail to make payments when due or default.

*Extension* — Investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Funds may exhibit additional volatility.

*Fixed Income Market* — The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by a Fund. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment/Emerging and Frontier Markets* — Certain Funds may invest in foreign issuers, including issuers located in emerging and frontier market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. "Frontier market countries" are a subset of emerging market countries with even smaller national economies. Emerging market countries, and, to an even greater extent, frontier market countries, may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market and frontier market countries often have less uniformity in accounting

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and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market and frontier market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Fund's investments in emerging market and frontier market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Frontier countries are a subset of emerging market countries with even smaller national economies. The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies, could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Foreign Sovereign Debt Securities* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Forward Contracts* — A forward contract, also called a "forward", involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

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*Futures Contracts* — Futures contracts, or "futures", provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Funds may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Advisers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Hedged Strategies* — Certain Funds may employ investment strategies that involve greater risks than the strategies used by typical mutual funds, including short sales and derivative transactions. There is no assurance that hedged strategies will protect against losses or perform better than non-hedged strategies. The investment strategies employed by the Funds that emphasize hedged positions rather than non-hedged positions in securities and derivatives are used in an effort to protect against losses due to general movements in market prices and are tools used to manage the Funds' price volatility. However, no assurance can be given that such hedging will be successful or that consistent absolute returns will be achieved. Hedging against a decline in the value of positions does not eliminate fluctuations in the values of such positions or prevent losses if the values of such positions decline but, rather, establishes other positions designed to gain from those same developments, thus offsetting the decline in the hedged positions' values. In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a financial instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a Fund incurring substantial losses and/or not achieving anticipated gains. Separately, hedging strategies can reduce opportunity for gain by offsetting the positive effect of favorable price movements. Even if the strategy works as intended, a Fund might be in a better position had it not attempted to hedge at all.

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*Inflation Protected Securities* — The Real Return Fund may invest in inflation protected securities, including Treasury Inflation Protected Securities (TIPS), the value of which generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the United States Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Interest Rate* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company* — The Funds may purchase shares of investment companies, such as open-end funds, ETFs and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Funds' assets invested in the underlying fund. In part because of these additional expenses, the performance of an investment company may differ from the performance a Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. See also, "Exchange-Traded Products (ETPs)," above.

*Investment Style* — Investment style risk is the risk that a Fund's investment in certain securities in a particular market segment pursuant to its particular investment strategy may underperform other market segments or the market as a whole.

*Large Capitalization* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Leverage* — Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on a Fund's share price and

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make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that a Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on one of two value-at-risk tests. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

*Liquidity* — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Market* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Although a Fund may have an investment portfolio of short-term debt securities that is similar to the investment portfolios of many money market funds, <u>each Fund is not a money market fund</u>, does not seek to maintain a stable NAV per share, and does not provide investors with the same regulatory protections as a money market fund. Under normal conditions, a Fund's investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the Fund's investments. Certain of a Fund's investments may not be permitted investments of a money market fund.

*Mortgage-Backed Securities* — Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by a Fund could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as Government National Mortgage Association (Ginnie Mae), which are backed by the "full faith and credit" of the United States, (ii) securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to a Fund of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to a Fund and affect its share price.

The Funds may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and

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principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by the Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect a Fund's actual yield to maturity, even if the average rate of principal payments is consistent with the Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Mortgage Dollar Rolls* — Mortgage dollar rolls are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, the Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by the Fund to buy a security. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Non-Diversification* — The Large Cap Growth Fund is non-diversified. Additionally, in seeking to track an index, the S&P 500 Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. A non-diversified Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).

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*Opportunity* — A Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

*Options* — An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g*., the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e.,* the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

*Portfolio Turnover* — Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*Prepayment* — Fund investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Quantitative Investing* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer

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programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

*Real Estate Industry* — The Real Estate Fund's investments in the securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include declines in the value of real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, lack of ability to access the creditor capital markets, overbuilding, extended vacancies of properties, defaults by borrowers or tenants (particularly during an economic downturn), increasing competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from clean-ups of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in market and sub-market values and the appeal of properties to tenants, and changes in interest rates. In addition to these risks, real estate investment trusts (REITs) and real estate operating companies (REOCs) are dependent on specialized management skills and some REITs and REOCs may have investments in relatively few properties, or in a small geographic area or in a single type of property. These factors may increase the volatility of the Fund's investments in REITs or REOCs. Risk associated with investment in REITs is further discussed below.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on Funds that are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing a Fund to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

*Real Estate Investment Trusts* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in REITs indirectly through a Fund, shareholders will not only bear the proportionate share of the expenses of the Fund, but will also, indirectly, bear similar expenses of underlying REITs. The Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, or its failure to maintain exemption from registration under the 1940 Act.

*Repurchase Agreement* — Although repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to a Fund whereby a defaulting

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counterparty could delay or prevent a Fund's recovery of collateral. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund either complies with the asset coverage requirements of Section 18 or treats such transactions as Derivative Transactions, as defined in Rule 18f-4 under the 1940 Act, subject to the VaR Test under Rule 18f-4.

*Securities Lending* — Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Funds may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. A Fund that lends its securities may pay lending fees to a party arranging the loan.

*Short Sales* — Short sales are transactions in which a Fund sells a security it does not own. To complete a short sale, the Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. This price may be more or less than the price at which the security was sold by the Fund and the Fund will incur a loss if the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security. Because a borrowed security could theoretically increase in price without limitation, the loss associated with short selling is potentially unlimited. To the extent that the Fund reinvests proceeds received from selling securities short, it may effectively create leverage, which is discussed above. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

*Small and Medium Capitalization Issuers* — Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Swap Agreements* — Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into 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 the other party to the agreement.

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Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to participation notes (P-Notes).

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive regulatory framework for swaps and security-based swaps. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the OTC market (so-called "bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post

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collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Funds. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

*Tracking Error* — The S&P 500 Index Fund attempts to track the performance of a benchmark index. The S&P 500 Index Fund is subject to the risk that the performance of the Fund may deviate from the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index). Factors such as cash flows, Fund expenses, imperfect correlation between the Fund's investments and those of its benchmark, rounding of share prices, changes to the benchmark and regulatory policies may affect the Fund's ability to achieve perfect correlation. The magnitude of any tracking error may be affected by a higher portfolio turnover rate. Because an index is a composite of the prices of the securities it represents, rather than an actual portfolio of those securities, an index will have no expenses. As a result, the Fund, which will have expenses such as brokerage, custody, management fees and other operational costs, may not achieve its investment objectives of accurately correlating to an index. To the extent that the Fund employs a sampling or optimization technique to construct the Fund's portfolio, the Sub-Adviser may purchase only a representative portion of the securities in the S&P 500 Index, which may increase the performance of the Fund, and its Index may not match. Depending on the Sub-Adviser's approach and the size of the Fund, the representative sample of securities in the S&P 500 Index that are actually held by the Fund may vary from time to time. In addition, the Fund is subject to the risk that its investment approach, which attempts to track the performance of the S&P 500 Index, before fees and expenses, may perform differently than other mutual funds that focus on particular equity market segments or invest in other asset classes.

*U.S. Government Securities* — U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable maturities. Some of the U.S. Government securities that a Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

*Warrants* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

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GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the global asset allocation strategies (Strategies) that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus.

The Russell 1000 Index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 93% of the U.S. market. As of December 31, 2025, the market capitalization of the companies included in the Index ranged from $1.0 billion to $4.5 trillion. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. Stocks in the Russell 1000 Index are weighted based on float-adjusted market capitalization, which is calculated by multiplying their closing price by the number of available shares. The market capitalization range and the composition of the Index are subject to change periodically, including during quarterly rebalances of the Russell 1000 Index, annual reconstitutions of the Russell 1000 Index, and in response to corporate actions such as mergers.

The Russell 1000 Value Index measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large cap value segment. The Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 1000 Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large cap growth segment. The Russell 1000 Growth Index is completely

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reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

The S&P 500 Index consists of 500 companies from a diverse range of industries. Contrary to a popular misconception, the S&P 500 Index is not a simple list of the largest 500 companies by market capitalization or by revenues. Rather, it is 500 of the most widely held U.S.-based common stocks, chosen by the S&P 500 Index's index committee for market size, liquidity and sector representation. "Leading companies in leading industries" is the guiding principal for S&P 500 inclusion. A small number of international companies that are widely traded in the U.S. are included, but the S&P 500 Index's index committee has announced that only U.S.-based companies will be added in the future.

The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set.

The Russell 2000 Value Index measures the performance of the small cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small cap value segment. The Russell 2000 Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small cap growth segment. The Russell 2000 Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set and that the represented companies continue to reflect growth characteristics.

The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 27% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

The MSCI World Index (Net) captures large and mid cap representation across 23 developed markets countries. With 1,321 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

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The MSCI USA Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to publicly-traded companies domiciled in the U.S. and is weighted to provide the lowest absolute risk within a given set of constraints.

The MSCI All Country World ex-USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI World Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid cap equity universe across 23 Developed Markets countries.

The Wilshire U.S. Real Estate Securities Index is a broad measure of the performance of publicly traded U.S. real estate securities, such as REITs and REOCs. The index is capitalization-weighted. The beginning date, January 1, 1978, was selected because it coincides with the Russell/NCREIF Property Index start date. The Wilshire U.S. Real Estate Securities Index is rebalanced monthly, and returns are calculated on a buy and hold basis.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA U.S. High Yield Constrained Index reflects the reinvestment of dividends.

The Bloomberg U.S. Aggregate Bond Index is a widely-recognized, market-weighted (higher market value bonds have more influence than lower market value bonds) index of U.S. Government obligations, corporate debt securities and AAA rated mortgage-backed securities. All securities in the index are rated investment grade (BBB-) or higher, with maturities of at least 1 year.

The Bloomberg 1-5 Year U.S. TIPS Index represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board, is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

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SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market-generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source Fund.

The following portfolio managers are primarily responsible for management and oversight of the Funds, as described above.

Richard A. Bamford serves as Portfolio Manager for the Core Fixed Income Fund. Mr. Bamford serves as a Senior Portfolio Manager for the Traditional Strategies Group within SIMC's Investment Management Unit. Mr. Bamford is responsible for high yield, emerging market, municipal and taxable fixed-income portfolios, as well as leading the investment-grade debt and municipal bonds portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 32 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and a Master of Business Administration with a concentration in Finance from St. Joseph's University.

Jason Collins serves as a Portfolio Manager for the Large Cap, Large Cap Value, Large Cap Growth, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility and Real Estate Funds. Mr. Collins is Head of Sub-Advised Equity and the Head of the UK Investment Management Unit. Mr. Collins oversees resources and investment strategy for all equity portfolios. Prior to

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his current role, he served in a number of investment leadership roles at SEI and, before joining the firm, had gained significant experience in the fields of manager selection and portfolio management. Mr. Collins earned his Bachelor of Arts in financial services, with honors, from Bournemouth University and is a member of the CFA society.

Cory Furlong, CFA, serves as a Portfolio Manager/Analyst for the Small Cap, Small Cap Value, Small Cap Growth, Mid-Cap and Real Estate Funds. Within SIMC's Investment Management Unit, Mr. Furlong is responsible for the management of U.S. small cap equity funds and the oversight of related sub-adviser strategies. Previously, Mr. Furlong was a Portfolio Analyst on SEI's Sub-Advised Equity team where he conducted the due diligence of sub-advisers within SEI's equity fund management and separate account business. Prior to joining the Investment Management Unit, he worked within SEI's Investor Manager Services division where he served as an Account Analyst. He earned his Artium Baccalaureus in Economics from Princeton University. Mr. Furlong is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

David L. Hintz, CFA serves as a Portfolio Manager for the Large Cap, Large Cap Value, Large Cap Growth, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility and Real Estate Funds. In this role, Mr. Hintz is responsible for the management of the portfolios, capital market research, ongoing evaluation and allocation of equity managers and capital for the SEI funds. Prior to joining SEI, Mr. Hintz worked at Russell Investments as a Portfolio Manager and previously as the Head of US Equity Research and a Research Analyst. Mr. Hintz received his Bachelor of Science from Walla Walla University and his M.B.A. from Pacific Lutheran University. Mr. Hintz is a CFA charterholder from the CFA Institute.

Anthony Karaminas, CFA, serves as Portfolio Manager for the Core Fixed Income and High Yield Bond Funds. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

Ryan McKeon, CFA, serves as a Portfolio Manager/Analyst for the Large Cap, Large Cap Value, Large Cap Growth, S&P 500 Index, U.S. Managed Volatility and Global Managed Volatility Funds. Within SIMC's Investment Management Unit, Mr. McKeon is responsible for leading the US Large Cap Equity manager due diligence and selection process for SEI's fund management and separate account business, as well as for assisting in the management of US Large Cap Equity funds. Previously, Mr. McKeon was an analyst on SEI's Manager Research team, where he was responsible for manager due diligence and selection across both US and non-US equity sub-asset classes. He earned his Bachelor of Science in Finance from Pennsylvania State University. Mr. McKeon is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

Michael Schafer serves as Portfolio Manager to the High Yield Bond Fund. Mr. Schafer serves as a Portfolio Manager for the SEI High Yield fixed income strategies within the Investment Management Unit. Mr. Schafer is responsible for the selection of fund sub-advisers and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Mr. Schafer primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution for the high yield

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funds. In his preceding role, Mr. Schafer was an Analyst on the Global Fixed Income Team responsible for in-depth due diligence on existing and prospective investment managers for SEI's High Yield fixed income portfolios. Mr. Schafer sourced and recommended managers for various mandates, and conducted peer group analysis to understand drivers of risk and return, and a manager's competitive advantage. Prior to joining the Global Fixed Income Team, Mr. Schafer was a member of the Portfolio Implementations Team and Liquidity Management Unit with primary responsibilities for the money market strategies and fixed income implementations. Previously, Mr. Schafer was a Supervisor in SEI's fund accounting department. Mr. Schafer received a Master of Business Administration with a concentration in Finance from St. Joseph's University and a Bachelor of Arts in Business Administration and Health Administration from Arcadia University.

Nilay Shah serves as a Portfolio Manager for the Core Fixed Income Fund. Mr. Shah is also responsible for manager due diligence and selection across SEI's fixed income fund and separate account platforms, with a primary focus on US investment-grade and high yield strategies. Mr. Shah joined SEI in 2005 and holds a Bachelor of Science in Business Administration with concentrations in Finance and Economics from Drexel University and a Master of Business Administration in Finance from Saint Joseph's University.

In addition, for the following Funds, SIMC and its portfolio managers directly manage all or a portion of the assets of each Fund in a manner that they believe will help each Fund achieve its investment goals:

LARGE CAP, LARGE CAP VALUE, LARGE CAP GROWTH, SMALL CAP, SMALL CAP VALUE, SMALL CAP GROWTH, U.S. MANAGED VOLATILITY AND GLOBAL MANAGED VOLATILITY FUNDS:

Eugene Barbaneagra, CFA, directly manages a portion of the assets of the Large Cap, Large Cap Value, Large Cap Growth, Small Cap, Small Cap Value, Small Cap Growth, U.S. Managed Volatility and Global Managed Volatility Funds. Certain of Mr. Barbaneagra's investment strategies are implemented through an overlay manager as disclosed in such Funds' principal investment strategies. Mr. Barbaneagra serves as a Portfolio Manager within the Investment Management Unit. Mr. Barbaneagra is responsible for the portfolio strategy of a number of core Global Equity Funds. Prior to joining SEI in 2002, Mr. Barbaneagra worked with the Vanguard Group. He earned his Bachelor of Science degrees in Business Administration/Finance and Management of Information Systems from Drexel University. Mr. Barbaneagra also earned his Master of Science in Risk Management and Financial Engineering from Imperial College London. Mr. Barbaneagra is a CFA charterholder and a member of UK Society of Investment Professionals.

HIGH YIELD BOND FUND:

David S. Aniloff, Anthony Karaminas, CFA, and Michael Schafer directly manage a portion of the assets of the High Yield Bond Fund. Mr. Aniloff joined SIMC in 2000 and currently serves as a Portfolio Manager and the Head of Specialty Credit for the Investment Management Unit. Mr. Aniloff manages and oversees portfolios of collateralized loan obligations, a strategy that he co-developed in mid-2005. In Mr. Aniloff's preceding role, he was a Performance Analyst on SEI's Portfolio Implementations Team.

REAL RETURN FUND:

Timothy J. Sauermelch, CFA, directly manages all of the assets of the Real Return Fund. Mr. Sauermelch is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. Mr. Sauermelch earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a

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Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

SIMC directly manages the assets of the Real Return Fund. Although the Real Return Fund is able to use a multi-manager approach whereby the Fund's assets would be allocated among multiple Sub-Advisers, the Fund's assets currently are managed directly by SIMC. SIMC may, in the future, determine to act as a manager of managers with respect to some or all of the Fund's assets and allocate Fund assets to one or more Sub-Advisers, upon approval from the Board.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

For the fiscal year or period ended September 30, 2025, SIMC received investment advisory fees, as a percentage of each Fund's average daily net assets, at the following annual rates:

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers^ |
| Large Cap Fund | 0.39% | 0.36% |
| Large Cap Value Fund | 0.35% | 0.33% |
| Large Cap Growth Fund | 0.40% | 0.33% |
| S&P 500 Index Fund | 0.03% | 0.02% |
| Small Cap Fund | 0.65% | 0.57% |
| Small Cap Value Fund | 0.65% | 0.57% |
| Small Cap Growth Fund | 0.65% | 0.54% |
| Mid-Cap Fund | 0.40% | 0.40% |
| U.S. Managed Volatility Fund | 0.55% | 0.30% |
| Global Managed Volatility Fund | 0.65% | 0.51% |
| Real Estate Fund | 0.65% | 0.56% |
| Core Fixed Income Fund | 0.275% | 0.200% |
| High Yield Bond Fund | 0.4875% | 0.410% |
| Real Return Fund | 0.22% | 0.13% |

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^ Some or all of these fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis of the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of October 1, 2024 through March 31, 2025, and the Funds' Annual Form N-CSR covers the period of October 1, 2024 through September 30, 2025.

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SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to certain products not included in this prospectus. SIMC has claimed, on behalf of the Funds in this prospectus in accordance with Commodity Futures Trading Commission (CFTC) Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC is therefore not subject to regulation as a pool operator under the CEA with regard to the operation of the Funds.

Information About Fee Waivers

Actual total annual fund operating expenses of the Class I Shares of the Funds for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses tables in the Fund Summary sections because the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of its fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The voluntary waivers of fees by the Funds' adviser, the Funds' administrator and/or the Funds' distributor are limited to the Funds' direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these voluntary waivers and/or reimbursements at any time. With these fee waivers, the actual total annual fund operating expenses of the Class I Shares of the Funds for the most recent fiscal year (ended September 30, 2025) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class I Shares | Total Annual<br>Fund Operating<br>Expenses (before<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding AFFE,<br>interest expense,<br>fees paid<br>indirectly<br>and after<br>extraordinary<br>expenses,<br>if applicable)\* |
| Large Cap Fund\*\* | 1.23% | 1.14% | 1.14% | 1.14% |
| Large Cap Value Fund | 1.19% | 1.10% | 1.10% | 1.10% |
| Large Cap Growth Fund | 1.23% | 1.11% | 1.11% | 1.11% |
| S&P 500 Index Fund | 0.79% | 0.65% | 0.65% | 0.65% |
| Small Cap Fund\*\* | 1.48% | 1.36% | 1.36% | 1.36% |
| Small Cap Value Fund | 1.49% | 1.31% | 1.31% | 1.31% |
| Small Cap Growth Fund | 1.49% | 1.38% | 1.38% | 1.38% |
| Mid-Cap Fund | 1.24% | 1.21% | 1.21% | 1.21% |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class I Shares | Total Annual<br>Fund Operating<br>Expenses (before<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding AFFE,<br>interest expense,<br>fees paid<br>indirectly<br>and after<br>extraordinary<br>expenses,<br>if applicable)\* |
| U.S. Managed Volatility Fund | 1.39% | 1.14% | 1.14% | 1.14% |
| Global Managed Volatility Fund | 1.49% | 1.33% | 1.33% | 1.33% |
| Real Estate Fund | 1.49% | 1.37% | 1.37% | 1.37% |
| Core Fixed Income Fund | 0.99% | 0.88% | 0.88% | 0.88% |
| High Yield Bond Fund | 1.30% | 1.17% | 1.17% | 1.17% |
| Real Return Fund \*\* | 0.95% | 0.70% | 0.70% | 0.70% |

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\* AFFE reflects the estimated amount of fees and expenses that were incurred indirectly by the Funds through their investments in other investment companies during the most recent fiscal year.

\*\* As of September 30, 2025, the Large Cap, Small Cap, and Real Return Funds did not offer Class I Shares.

As a result of changes in the Large Cap Value, Small Cap, Small Cap Value, Small Cap Growth, U.S. Managed Volatility, and Global Managed Volatility Funds' fees and expenses, the total annual Fund operating expenses for those Funds for the current fiscal year are expected to differ from those of the prior year. The Large Cap Value, Small Cap, Small Cap Value, Small Cap Growth, U.S. Managed Volatility, and Global Managed Volatility Funds' total annual Fund operating expenses for the current fiscal year (ending September 30, 2026) are expected to be as follows:

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|:---|:---|:---|:---|:---|
| Fund Name — Class I Shares | Expected<br>Total Annual<br>Fund Operating<br>Expenses (before<br>fee waivers) | Expected<br>Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers) | Expected<br>Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding AFFE,<br>if applicable) | Expected<br>Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding AFFE,<br>interest expense,<br>fees paid<br>indirectly<br>and after<br>extraordinary<br>expenses,<br>if applicable) |
| Large Cap Value Fund | 1.19% | 1.07% | 1.07% | 1.07% |
| Small Cap Fund | 1.48% | 1.32% | 1.32% | 1.32% |
| Small Cap Value Fund | 1.49% | 1.29% | 1.29% | 1.29% |
| Small Cap Growth Fund | 1.49% | 1.32% | 1.32% | 1.32% |
| U.S. Managed Volatility Fund | 1.39% | 1.10% | 1.10% | 1.10% |
| Global Managed Volatility Fund | 1.49% | 1.26% | 1.26% | 1.26% |

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Sub-Advisers and Portfolio Managers

LARGE CAP FUND:

As further described in the Principal Investment Strategies of the Large Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Ankur Crawford, Ph.D. has been employed by Alger since 2004. Dr. Crawford has been a portfolio manager since 2010 and an Executive Vice President since 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010, a Senior Analyst from 2010 to 2016, and a Senior Vice President from 2010 to 2019.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2027, a Partner since 2022 and Portfolio Manager since 2025.

Mar Vista Investment Partners, LLC: Mar Vista Investment Partners, LLC (Mar Vista), located at 11150 Santa Monica Blvd, Suite 320, Los Angeles, California 90025, serves as a Sub-Adviser to the Large Cap Fund.

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A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Mar Vista. Silas A. Myers, CFA is a partner and CEO of Mar Vista and has 35 years of investment experience. Mr. Myers serves as a portfolio manager/analyst and is a member of the investment team. Before starting Mar Vista in 2007, Mr. Myers spent seven years as a portfolio manager and analyst at Roxbury Capital Management. Mr. Myers was also an equity analyst and product specialist at Hotchkis and Wiley, where he performed in-depth industry and company analysis. Mr. Myers began his career as a vice president and portfolio manager at Utendahl Capital Management. Mr. Myers has a B.A. in psychology and an M.B.A., both from Harvard University. Mr. Myers is also a Robert A. Toigo Foundation Alumnus. Brian L. Massey, CFA is a partner and President of Mar Vista and has 34 years of investment experience. Mr. Massey serves as a portfolio manager/analyst and is a member of the investment team. Prior to starting Mar Vista in 2007, Mr. Massey spent 10 years as both a portfolio manager and analyst, and was Director of Research at Roxbury Capital Management. Before coming to Roxbury, Mr. Massey was a management consultant in KPMG Peat Marwick's Corporate Finance and Strategic Consulting group. Mr. Massey has a B.S. in economics from Johns Hopkins University and an M.B.A. from The Anderson School of Management at the University of California, Los Angeles.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

LARGE CAP VALUE FUND:

As further described in the Principal Investment Strategies of the Large Cap Value Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals manages the portion of the Large Cap Value Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Cullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals manages the portion of the Large Cap Value Fund's assets allocated to Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has

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worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Value Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Value Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Value Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

LARGE CAP GROWTH FUND:

As further described in the Principal Investment Strategies of the Large Cap Growth Fund's Summary section, certain Sub-Advisers will manage their portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric Portfolio Associates LLC (Parametric) as overlay manager.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals manages the portion of the Large Cap Growth Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Ankur Crawford, Ph.D. has been employed by Alger since 2004. Dr. Crawford has been a portfolio manager since 2010 and an Executive Vice President since 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010, a Senior Analyst from 2010 to 2016, and a Senior Vice President from 2010 to 2019.

Mackenzie Investments Corporation: Mackenzie Investments Corporation (Mackenzie), located at Two International Place, Suite 2320, Boston, MA 02110, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals manages the portion of the Large Cap Growth Fund's assets allocated to Mackenzie. Mr. Arup Datta, CFA, Senior Vice President, Investment Management, joined Mackenzie in 2017 as the Head of Global Quantitative Equity Team and a Portfolio Manager. Prior to joining Mackenzie, Mr. Datta was the Chief Investment Officer, International Equities, and a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Datta previously worked at Agriya Investors as President and Portfolio Manager and Numeric Investors as Director of Portfolio Management and Portfolio Manager. Mr. Nicholas Tham, CFA, joined Mackenzie in 2017 as Vice President, Investment Management, and Portfolio Manager. Prior to joining

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Mackenzie, Mr. Tham was a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Tham previously worked as an Analyst at Agriya Investors and Weiss Asset Management. Mr. Datta and Mr. Tham also hold the Chartered Financial Analyst (CFA) designation.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Growth Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone) serves as a Sub-Adviser to a portion of the assets of the Large Cap Growth Fund. PineStone is located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the U.S. Securities & Exchange Commission. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$60.2 billion in assets under management as of September 30, 2025 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has nearly three decades of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University and also obtained the Chartered Financial Analyst designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 25 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so.

S&P 500 INDEX FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as the Sub-Adviser for the S&P 500 Index Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the S&P 500 Index Fund allocated to SSGA FM are Emiliano Rabinovich, CFA, Mark Krivitsky and Karl Schneider, CAIA. Emiliano Rabinovich, CFA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a Bachelor of Arts in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the Chartered Financial Analyst (CFA) designation and is a member of CFA Society Boston, Inc. Mark Krivitsky is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team and Tax-Efficient

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Market Capture Group. He is responsible for managing both U.S. and international index funds and taxable institutional accounts. His previous experience at State Street Investment Management includes affiliation with the firm's U.S. Structured Products Operations Group. Mr. Krivitsky began his tenure at State Street Corporation in the Mutual Funds Division in 1992. He has been working in the investment management field since 1991. Mr. Krivitsky holds a Bachelor of Arts in Humanities/Social Sciences from the University of Massachusetts and a Master of Business Administration with a specialization in Finance from the Sawyer School of Management at Suffolk University. Karl Schneider, CAIA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a Bachelor of Science in Finance and Investments from Babson College and a Master of Science in Finance from the Carroll School of Management at Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association.

SMALL CAP FUND:

As further described in the Principal Investment Strategies of the Small Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric) and Los Angeles Capital Management LLC (Los Angeles Capital), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Copeland. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the Chartered Financial Analyst (CFA) designation and is a member of the Philadelphia Security Analyst Society. Mr. Eric Brown is the Chief Executive Officer, Principal and Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. David McGonigle is a Senior Research Analyst, Principal and Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary and Financial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst is a Research Analyst, Principal and Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the

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Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, he worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector and before that at Copeland Capital as a summer research analyst. Mr. Cummings holds a Bachelor of Arts in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (EIP), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Small Cap Fund. The portion of the Small Cap Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC. (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

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SMALL CAP VALUE FUND:

As further described in the Principal Investment Strategies of the Small Cap Value Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (Easterly), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap Value Fund. A team of investment professionals manages the portion of the Small Cap Value Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Small Cap Value Fund. The portion of the Small Cap Value Fund's assets managed by Leeward is managed by R. Todd Vingers, CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Small Cap Value Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Small Cap Value Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Value Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Value Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

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SMALL CAP GROWTH FUND:

As further described in the Principal Investment Strategies of the Small Cap Growth Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Axiom Investors LLC: Axiom Investors LLC (Axiom), located at 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals manages the portion of the Small Cap Growth Fund's assets allocated to Axiom. Mr. Matthew Franco, CFA, is the Lead Portfolio Manager for the International Small-Cap Equity Strategy and the Axiom Global and International Small/Micro-Cap Opportunity Funds and Co-Portfolio Manager for the US Small Cap and Global Small Cap Equity Strategies. Mr. Franco was one of the original investment team members at Axiom's inception in 1998. Prior to Axiom, Mr. Franco was an Associate at Columbus Circle Investors, a unit of PIMCO Advisors LP, where he was an Analyst for the International Fund. Mr. Franco was also affiliated with investment boutique R.L. Renck & Company, a small capitalization company specialist firm. Mr. Franco has the designation of CFA and is a member of the New York Society of Security Analysts. Mr. Franco holds a B.S., summa cum laude, in Finance with a concentration in Asian Studies from Saint John's University. Mr. David Kim, CFA, is the Lead Portfolio Manager for the Axiom US Small Cap Equity Strategy and Co-Portfolio Manager for the Axiom Global and International Small/Micro-Cap Opportunity Funds and the Axiom Concentrated Global Growth and the Global Small Cap Equity Strategies. Prior to joining Axiom, Mr. Kim was a Research Analyst for small and micro-capitalization companies at Pinnacle Associates LTD. Mr. Kim is a CFA and a member of the New York Society of Security Analysts. Mr. Kim holds a B.S. degree in Business Administration from Georgetown University, with a double major in Finance and International Business. Mr. Kim also attended Georgetown's Corporate Business Program at the Chinese University of Hong Kong.

Geneva Capital Management LLC: Geneva Capital Management LLC (Geneva), located at 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals manages the portion of the Small Cap Growth Fund's assets allocated to Geneva. William S. ("Scott") Priebe is a Managing Principal and Portfolio Manager at Geneva. He joined Geneva in 2004 and was promoted to Portfolio Manager in 2006. Mr. Priebe is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Priebe received a BA from DePauw University and an MBA in Economics & Finance from the University of Chicago. Jose Munoz, CFA, is a Managing Principal and Portfolio Manager at Geneva. He joined Geneva in 2011 and was promoted to Portfolio Manager in 2017. Mr. Munoz is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Munoz received a BA from Marquette University and an MBA from the University of Chicago. He is a CFA Charterholder.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Growth Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

MID-CAP FUND:

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Mid-Cap Fund. The portion of the Mid-Cap Fund's assets

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managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Mid-Cap Fund. A team of investment professionals manages the portion of the Mid-Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, Chief Executive Officer, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

U.S. MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. A team of investment professionals manages the portion of the U.S. Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the U.S. Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the U.S. Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has

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served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

GLOBAL MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Global Managed Volatility Fund. A team of investment professionals manages the portion of the Global Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Global Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

REAL ESTATE FUND:

CenterSquare Investment Management LLC: CenterSquare Investment Management LLC (CenterSquare), located at Eight Tower Bridge, 161 Washington Street, Seventh Floor, Conshohocken, PA 19428, serves as a Sub-Adviser to the Real Estate Fund. Dean Frankel, CFA, and Eric Rothman, CFA, manage the portion of the Real Estate Fund's assets allocated to CenterSquare. Mr. Frankel is Co-Chief Investment Officer at CenterSquare Investment Management. Mr. Frankel is responsible for management of the firm's proprietary research process, as well as analyzing and interpreting the implications of major events and economic trends. Mr. Frankel manages the daily operations of the real estate securities portfolios and has ultimate decision-making authority for the core U.S. and Global REIT strategies. Mr. Frankel joined CenterSquare in 1997 and holds a B.S. in Economics from the University of Pennsylvania's Wharton School of Business. Mr. Rothman serves as Portfolio Manager for CenterSquare's real estate securities group. Mr. Rothman joined the firm in 2006, and is responsible for market research, sector allocations, research, and financial modeling across the real estate securities universe. Mr. Rothman brings 30 years of REIT and real estate investment experience to his position. Prior to joining CenterSquare, Mr. Rothman spent more than six years as a Sell-side REIT Analyst at Wachovia Securities and three years as an Analyst at AEW Capital Management, LP. Mr. Rothman graduated cum laude from Boston University with a B.A. in Economics, International Relations and French.

CORE FIXED INCOME FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Core Fixed Income Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. A team of investment professionals led by, Senior Portfolio Managers and Co-Heads Maulik Bhansali, CFA and Jarad Vasquez, manage the portion of the Core Fixed Income Fund's assets allocated to Allspring Investments. Mr. Bhansali joined Allspring Investments or one of its predecessor firms in 2001 and

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previously served as the Head of Portfolio Strategies and Risk Analytics before becoming a Portfolio Manager in 2014. Mr. Bhansali also served as an equity research analyst responsible for quantitative modeling and portfolio construction in addition to fundamental analysis for various equity teams. Prior to joining the firm in 2001, Mr. Bhansali worked with Watson Wyatt Worldwide where he served as a retirement actuary. Mr. Vasquez joined the firm in 2007. Prior to that, Mr. Vasquez was a trader at Susquehanna International Group where he traded MBS in a proprietary relative value strategy and equity options as a specialist on the Philadelphia Stock Exchange. Mr. Vasquez has been in the investment industry since 2001.

Jennison Associates LLC: Jennison Associates LLC (Jennison), located at 55 East 52nd Street, New York, New York 10055 (Main Office) and One International Place, Suite #4300, Boston, Massachusetts 02110 (Fixed Income Management), serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to Jennison. The team consists of James Gaul, CFA, Head of Fixed Income, Managing Director, and Fixed Income Credit Portfolio Manager; Eric G. Staudt, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Samuel B. Kaplan, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; Dmitri Rabin, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; David Morse, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Natalia Glekel, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Griffin Sullivan, CFA, Managing Director and Fixed Income Credit Portfolio Manager; and Adriano Taylor-Escribano, Managing Director and Fixed Income Rates and Securitized Portfolio Manager. Mr. Gaul joined Jennison in February 2016 as a Managing Director and Fixed Income Credit Portfolio Manager with expertise in the investment grade credit sector and became the Head of the Fixed Income team in 2024. Prior to Jennison, Mr. Gaul was with Standish Mellon Asset Management Company from 2006 to 2016 where he served as the Director of Investment Grade Credit since 2011 and a Credit Portfolio Manager since 2009. Mr. Staudt joined Jennison in 2010 to add to the depth of Jennison's credit team. Mr. Staudt is responsible for developing and implementing strategies in the credit sector. For the previous 11 years, Mr. Staudt worked at UBS Global Asset Management. While there Mr. Staudt was a Senior Credit Analyst for three years prior to becoming a Fixed Income Portfolio Manager in 2001 and Senior Fixed Income Credit Portfolio Manager in 2005. Mr. Kaplan joined Jennison in March 2008 as a Fixed Income Trader and became a Fixed Income Rates and Securitized Portfolio Manager in February 2016. Mr. Kaplan works on the yield curve, Treasury/agency and futures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to Jennison. Mr. Rabin was with Loomis, Sayles & Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.

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MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Core Fixed Income Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Portfolio Managers Stephen Mullin, CFA, Joshua Lofgren, CFA, and Joseph Hondros, CFA, have been with MIM and its predecessor firm since 2007.

Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Group Managing Director and Generalist Portfolio Manager, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager, and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process along with Messrs. Cudzil and Hovhannisyan as Generalist Portfolio Managers, Mr. Whalen serve as Chief Investment Officers, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

HIGH YIELD BOND FUND:

Ares Capital Management II LLC: Ares Capital Management II LLC (ACM II), a wholly-owned subsidiary of Ares Management LLC (Ares), located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to ACM II. The team consists of Seth Brufsky, Chris Mathewson and Kapil Singh. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Mr. Mathewson joined Ares in 2006 as an Analyst and has served in a portfolio management capacity since 2016. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he led the high yield effort across numerous strategies and portfolios in a variety of investment vehicles. Mr. Singh worked at DoubleLine from 2013 to 2018. Mr. Brufsky, Mr. Mathewson, and Mr. Singh have 36 years, 22 years and 33 years, respectively, of experience with the leveraged finance asset class.

Benefit Street Partners L.L.C.: Benefit Street Partners L.L.C. (Benefit Street), located at 1 Madison Avenue, Suite 1600, New York, New York 10010, serves as Sub-Adviser to the High Yield Bond Fund. The Benefit Street platform was established in 2008 in partnership with Providence Equity Partners L.L.C. On February 1, 2019, Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments (Franklin Templeton), acquired Benefit Street. Thomas Gahan and Paul Karpers manage the portion of the assets of the High Yield Bond Fund allocated to Benefit Street. Mr. Gahan is the founder, Chief Investment Officer and Chairman of Benefit Street. Mr. Karpers has been a Managing Director of Benefit Street since 2016. Previously, Mr. Karpers was a vice president with T. Rowe Price, where he served as a high yield portfolio manager. Prior to T. Rowe Price, Mr. Karpers was an associate with the Vanguard Group.

Blackstone Credit Systematic Strategies LLC: Blackstone Credit Systematic Strategies LLC, also known as Blackstone Corporate Bond Strategies (BCBS), located at 345 Park Avenue, 31st Floor, New York, New York 10154, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to BCBS. Adam Dwinells, Senior Managing Director, Global Head of Corporate Bond Strategies, Technology, and Operations for Liquid Credit Strategies is the lead portfolio manager and has been with the team since 2005.

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Brigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the High Yield Bond Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the High Yield Bond Fund's assets allocated to Brigade. Mr. Morgan and Mr. Pardon are responsible for the day-to-day management and investment decisions made with respect to the High Yield Bond Fund. Mr. Morgan, Chief Investment Officer/Managing Partner, formed Brigade in 2006 and has served as the Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon, Co-Chief Investment Officer and Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, joined Brigade in 2007 and became involved with the investment decision made with respect to the Multi-Strategy Alternative Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

J.P. Morgan Investment Management Inc.: J.P. Morgan Investment Management Inc. (JPMIM), a wholly-owned subsidiary of JPMorgan Chase & Co., located at 270 Park Avenue, New York, NY 10017, serves as a Sub-Adviser to the High Yield Bond Fund. Robert Cook, a Managing Director and Lead Portfolio Manager, Thomas Hauser, a Managing Director and Co-Lead Portfolio Manager, and and Jeffrey Lovell, a Managing Director and Co-Lead Portfolio Manager, manage the portion of the High Yield Bond Fund's assets allocated to JPMIM. Mr. Cook is the head of the High Yield Fixed Income team and is responsible for co-managing high yield total return assets. Mr. Hauser is responsible for co-managing high yield total return assets as well as overseeing the high yield trading effort. Messrs. Cook, Hauser and Lovell joined JPMIM in 2004.

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

The following sections tell you how to purchase, exchange and sell (sometimes called "redeem") Class I Shares of the Funds. The Funds offer Class I Shares only to financial institutions and intermediaries for their own or their customers' accounts.

For information on how to open an account and set up procedures for placing transactions, call 1-800-DIAL-SEI.

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class I Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

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You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institutions or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its NAV per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities

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traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio

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securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures, which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to any investments in foreign securities, the Funds use a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds shall value the foreign securities in their portfolios that exceed the applicable "confidence interval"

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based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Funds own securities is closed for one or more days (scheduled or unscheduled) while a Fund is open, and if such securities in a Fund's portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of a Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector.

The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether a Fund investment is required to be fair valued (*i.e*., the investment does not have a reliable readily available market quotation). The Committee may consider input from a Fund's service providers, including the Fund's administrator or a Sub-Adviser, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, the Committee shall notify the Fund's administrator.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of the Funds could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur taxable gains, and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. If the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and the subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip. For purposes of this Policy, if a redemption following a purchase is paid out in-kind, it will not be considered a round trip.

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ii. If a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason, without notice.

Judgments with respect to the implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control, and any other information available to the Funds.

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds may be sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, the Funds will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in a Fund subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying

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information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary may be required to collect documents to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.

Customer identification and verification are part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

An authorized financial institution or intermediary may exchange Class I Shares of any Fund for Class I Shares of any other fund of SEI Institutional Managed Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those

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systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request, regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds may also operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions.

Each Fund reserves the right, under certain conditions, including under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), to honor any request for redemption by making payment in whole or in part in securities valued as described in "Pricing of Fund Shares" above except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and,

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in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

These methods may be used during both normal and stressed market conditions.

Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e*., no owner-initiated contact for a certain period), returned mail (*i.e*., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

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DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may compensate these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms, and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

SERVICE OF FUND SHARES

The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class I Shares that allows such shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such shares at an annual rate of up to 0.25% of average daily net assets of the Class I Shares. The Funds have adopted an administrative services plan and agreement (the Administrative Service Plan) with respect to Class I Shares that allows such Shares to pay service providers a fee in connection with ongoing administrative services for shareholder accounts owning such Shares at an annual rate of up to 0.25% of average daily net assets of the Class I Shares. The Service Plan and Administrative Service Plan provide that shareholder service fees and administrative service fees, respectively, on Class I Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to Class I Shares.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

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DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

The Funds distribute their investment income periodically as dividends to shareholders. It is the policy of the Large Cap, Large Cap Value, Large Cap Growth, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Mid-Cap, U.S. Managed Volatility, Real Estate and Real Return Funds to distribute their investment income quarterly. It is the policy of the Global Managed Volatility Fund to distribute its investment income annually. It is the policy of the Core Fixed Income, U.S. Fixed Income and High Yield Bond Funds to declare their net investment income daily and distribute it monthly. The Funds distribute their investment income as a dividend to shareholders. The Funds make distributions of capital gains, if any, at least annually.

You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes. Below the Funds have summarized certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. You should consult your tax advisor regarding the rules governing your own retirement plan.

Each Fund has elected and intends to qualify each year for treatment as a RIC under Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any. The dividends and distributions you receive from the Funds may be subject to federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions, including net short-term capital gains, are generally taxable at ordinary income tax rates except to the extent they are designated as qualified dividend income.

Dividends that are qualified dividend income are currently eligible for the reduced maximum rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that a Fund receives qualified dividend income and certain holding period requirements and other requirements are satisfied by you and by the Fund. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so designated by such underlying fund or REIT. Qualified dividend income is, in general, dividends from domestic corporations and from certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless

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of how long you have held your Fund shares. Long-term capital gains are currently taxable at the maximum rate of 20%. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service (IRS).

If a Fund distributes more than its net investment income and net capital gains, the excess generally would be treated as a nontaxable return of capital that would reduce your cost basis in your Fund shares and would increase your capital gain or decrease your capital loss when you sell your shares.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund Shares generally will be treated as short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. Any capital loss arising from the sale of Fund shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain dividends that were paid with respect to those shares and disallowed to the extent that exempt interest dividends were paid with respect to such Fund shares. In certain circumstances, losses realized on the redemption or exchange of Fund shares may be disallowed.

To the extent that a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest each Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consist of foreign securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC

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(including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund-of-funds" under the Code. A Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs. A Fund (or its administrative agent) will notify you if it makes any of the aforementioned elections and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Certain of the Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect a Fund's ability qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gain, accelerate the recognition of income to a Fund and/or defer a Fund's ability to recognize losses. These rules could affect the amount, timing or character of the income distributed to shareholders.

If a Fund fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Fund to qualify as a RIC.

Certain of the Funds may invest in U.S. REITs. "Qualified REIT dividends" (*i.e*., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

Each Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of such Fund's shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Shareholders should consult with their tax

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advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing the Funds.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

The Funds' SAI contains more information about taxes.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

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FINANCIAL HIGHLIGHTS

The tables that follow present performance information about Class I Shares of the Large Cap Value, Large Cap Growth, S&P 500 Index, Small Cap Value, Small Cap Growth, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Real Estate, Core Fixed Income and High Yield Bond Funds. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information below has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm. Its report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending September 30, 2025 and are available upon request , at no charge by calling 1-800-DIAL-SEI.

Class I Shares of the Large Cap, Small Cap and Real Return Funds did not have performance information as of September 30, 2025.

FOR THE YEARS OR PERIOD ENDED SEPTEMBER 30,

FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS

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| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Large Cap Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $27.94 | $0.45 | $2.52 | $2.97 | $(0.47) | $(1.69) | $(2.16) | $28.75 | 11.55% | $1555 | 1.11% | 1.20% | 1.69% | 28% |
| 2024 | 23.90 | 0.47 | 5.21 | 5.68 | (0.37) | (1.27) | (1.64) | 27.94 | 24.81 | 1393 | 1.11 | 1.18 | 1.83 | 15 |
| 2023 | 23.05 | 0.46 | 2.72 | 3.18 | (0.56) | (1.77) | (2.33) | 23.90 | 13.79 | 1323 | 1.11 | 1.18 | 1.87 | 22 |
| 2022 | 27.30 | 0.43 | (3.07) | (2.64) | (0.42) | (1.19) | (1.61) | 23.05 | (10.52) | 2111 | 1.11 | 1.18 | 1.57 | 24 |
| 2021 | 20.13 | 0.40 | 7.18 | 7.58 | (0.41) |  | (0.41) | 27.30 | 37.93 | 3060 | 1.11 | 1.18 | 1.58 | 29 |
| Large Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $46.89 | $(0.09) | $9.75 | $9.66 | $(0.38) | $(9.12) | $(9.50) | $47.05 | 23.19% | $2558 | 1.13%<sup>(2)</sup> | 1.25% | (0.21)% | 63% |
| 2024 | 38.86 | (0.06) | 14.75 | 14.69 |  | (6.66) | (6.66) | 46.89 | 42.39 | 2259 | 1.11 | 1.23 | (0.14) | 65 |
| 2023 | 33.49 | (0.04) | 8.10 | 8.06 | (0.01) | (2.68) | (2.69) | 38.86 | 25.61 | 1913 | 1.11 | 1.23 | (0.10) | 67 |
| 2022 | 50.26 | (0.13) | (9.90) | (10.03) |  | (6.74) | (6.74) | 33.49 | (24.08) | 2094 | 1.11 | 1.22 | (0.30) | 61 |
| 2021 | 43.99 | (0.23) | 10.73 | 10.50 |  | (4.23) | (4.23) | 50.26 | 25.53 | 4178 | 1.11 | 1.22 | (0.49) | 42 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| S&P 500 Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $103.90 | $0.67 | $15.46 | $16.13 | $(0.70) | $(10.86) | $(11.56) | $108.47 | 16.79% | $8009 | 0.67%<sup>(3)</sup> | 0.81% | 0.68% | 3% |
| 2024 | 79.90 | 0.79 | 26.75 | 27.54 | (0.81) | (2.73) | (3.54) | 103.90 | 35.44 | 6904 | 0.65 | 0.79 | 0.86 | 3 |
| 2023 | 72.85 | 0.79 | 13.61 | 14.40 | (0.79) | (6.56) | (7.35) | 79.90 | 20.83 | 5217 | 0.65 | 0.79 | 1.01 | 5 |
| 2022 | 93.01 | 0.73 | (14.09) | (13.36) | (0.66) | (6.14) | (6.80) | 72.85 | (16.02) | 4815 | 0.65 | 0.79 | 0.83 | 3 |
| 2021 | 76.11 | 0.69 | 20.75 | 21.44 | (0.71) | (3.83) | (4.54) | 93.01 | 29.21 | 6913 | 0.65 | 0.79 | 0.80 | 5 |
| Small Cap Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $26.42 | $0.21 | $1.63 | $1.84 | $(0.25) | $(4.38) | $(4.63) | $23.63 | 7.87% | $527 | 1.32%<sup>(4)</sup> | 1.50% | 0.94% | 48% |
| 2024 | 22.09 | 0.24 | 4.78 | 5.02 | (0.24) | (0.45) | (0.69) | 26.42 | 23.08 | 512 | 1.36 | 1.48 | 0.98 | 57 |
| 2023 | 20.55 | 0.23 | 2.56 | 2.79 | (0.22) | (1.03) | (1.25) | 22.09 | 13.70 | 481 | 1.36 | 1.48 | 1.01 | 39 |
| 2022 | 26.76 | 0.13 | (4.21) | (4.08) | (0.12) | (2.01) | (2.13) | 20.55 | (16.77) | 819 | 1.36 | 1.48 | 0.53 | 42 |
| 2021 | 16.90 | 0.09 | 9.87 | 9.96 | (0.10) |  | (0.10) | 26.76 | 59.05 | 1900 | 1.36 | 1.48 | 0.35 | 80 |
| Small Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $34.54 | $(0.22) | $2.33 | $2.11 | $— | $(2.49) | $(2.49) | $34.16 | 6.09% | $258 | 1.36%<sup>(5)</sup> | 1.47% | (0.68)% | 155% |
| 2024 | 26.78 | (0.16) | 7.92 | 7.76 |  |  |  | 34.54 | 28.98 | 363 | 1.36 | 1.48 | (0.53) | 192 |
| 2023 | 25.02 | (0.15) | 1.91 | 1.76 |  |  |  | 26.78 | 7.03 | 347 | 1.36 | 1.48 | (0.56) | 175 |
| 2022 | 43.32 | (0.15) | (8.35) | (8.50) |  | (9.80) | (9.80) | 25.02 | (25.41) | 850 | 1.36 | 1.48 | (0.45) | 172 |
| 2021 | 30.85 | (0.29) | 12.76 | 12.47 |  |  |  | 43.32 | 40.42 | 1717 | 1.36 | 1.48 | (0.70) | 196 |
| Mid-Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $32.28 | $(0.01) | $2.71 | $2.70 | $(0.16) | $(2.40) | $(2.56) | $32.42 | 8.97% | $309 | 1.22%<sup>(6)</sup> | 1.25% | (0.03)% | 62% |
| 2024 | 25.23 | 0.12 | 7.01 | 7.13 | (0.08) |  | (0.08) | 32.28 | 28.31 | 283 | 1.20 | 1.24 | 0.40 | 61 |
| 2023 | 22.75 | 0.09 | 2.52 | 2.61 | (0.13) |  | (0.13) | 25.23 | 11.50 | 309 | 1.20 | 1.23 | 0.37 | 67 |
| 2022 | 32.59 | 0.10 | (4.18) | (4.08) | (0.08) | (5.68) | (5.76) | 22.75 | (15.88) | 311 | 1.20 | 1.23 | 0.37 | 95 |
| 2021 | 23.55 | 0.09 | 9.11 | 9.20 | (0.16) |  | (0.16) | 32.59 | 39.19 | 669 | 1.20 | 1.23 | 0.28 | 163 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| U.S. Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $16.30 | $0.17 | $1.01 | $1.18 | $(0.18) | $(2.12) | $(2.30) | $15.18 | 8.31% | $735 | 1.15%<sup>(7)</sup> | 1.40% | 1.15% | 68% |
| 2024 | 14.87 | 0.23 | 3.11 | 3.34 | (0.26) | (1.65) | (1.91) | 16.30 | 24.64 | 678 | 1.15 | 1.48 | 1.52 | 54 |
| 2023 | 15.00 | 0.23 | 1.29 | 1.52 | (0.22) | (1.43) | (1.65) | 14.87 | 9.89 | 546 | 1.15 | 1.48 | 1.50 | 49 |
| 2022 | 17.64 | 0.28 | (1.19) | (0.91) | (0.24) | (1.49) | (1.73) | 15.00 | (6.26) | 497 | 1.15 | 1.48 | 1.61 | 48 |
| 2021 | 16.13 | 0.21 | 2.92 | 3.13 | (0.22) | (1.40) | (1.62) | 17.64 | 20.17 | 1324 | 1.15 | 1.48 | 1.17 | 50 |
| Global Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $10.83 | $0.11 | $0.85 | $0.96 | $(0.16) | $(0.69) | $(0.85) | $10.94 | 9.75% | $625 | 1.34%<sup>(8)</sup> | 1.50% | 1.03% | 78% |
| 2024 | 9.40 | 0.14 | 1.83 | 1.97 | (0.15) | (0.39) | (0.54) | 10.83 | 21.86 | 571 | 1.37 | 1.49 | 1.46 | 85 |
| 2023 | 9.28 | 0.14 | 0.96 | 1.10 | (0.50) | (0.48) | (0.98) | 9.40 | 12.07 | 467 | 1.36 | 1.49 | 1.45 | 84 |
| 2022 | 11.48 | 0.10 | (0.98) | (0.88) | (0.10) | (1.22) | (1.32) | 9.28 | (9.37) | 416 | 1.36 | 1.48 | 0.88 | 88 |
| 2021 | 10.15 | 0.09 | 1.33 | 1.42 | (0.07) | (0.02) | (0.09) | 11.48 | 14.01 | 1041 | 1.36 | 1.48 | 0.83 | 80 |
| Real Estate Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $17.50 | $0.30 | $(0.54) | $(0.24) | $(0.45) | $(0.42) | $(0.87) | $16.39 | (1.25)% | $228 | 1.38%<sup>(9)</sup> | 1.50% | 1.87% | 72% |
| 2024 | 13.22 | 0.24 | 4.35 | 4.59 | (0.24) | (0.07) | (0.31) | 17.50 | 35.25 | 229 | 1.37 | 1.49 | 1.62 | 46 |
| 2023 | 13.54 | 0.19 | 0.16 | 0.35 | (0.16) | (0.51) | (0.67) | 13.22 | 2.44 | 169 | 1.36 | 1.48 | 1.36 | 53 |
| 2022 | 17.58 | 0.07 | (2.84) | (2.77) | (0.18) | (1.09) | (1.27) | 13.54 | (17.54) | 164 | 1.36 | 1.48 | 0.38 | 77 |
| 2021 | 13.48 | 0.07 | 4.86 | 4.93 | (0.16) | (0.67) | (0.83) | 17.58 | 38.14 | 424 | 1.36 | 1.48 | 0.47 | 78 |
| Core Fixed Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $9.79 | $0.36 | $(0.16) | $0.20 | $(0.32) | $— | $(0.32) | $9.67 | 2.20% | $2671 | 0.90%<sup>(10)</sup> | 1.01% | 3.74% | 394% |
| 2024 | 9.09 | 0.35 | 0.70 | 1.05 | (0.35)<sup>(11)</sup> |  | (0.35) | 9.79 | 11.77 | 2951 | 0.88 | 0.99 | 3.72 | 333 |
| 2023 | 9.35 | 0.31 | (0.27) | 0.04 | (0.30) |  | (0.30) | 9.09 | 0.32 | 2715 | 0.88 | 0.99 | 3.26 | 340 |
| 2022 | 11.49 | 0.17 | (2.10) | (1.93) | (0.18) | (0.03) | (0.21) | 9.35 | (16.99) | 3423 | 0.88 | 0.98 | 1.60 | 362 |
| 2021 | 12.14 | 0.12 | (0.15) | (0.03) | (0.16) | (0.46) | (0.62) | 11.49 | (0.30) | 5102 | 0.88 | 0.97 | 1.05 | 375 |

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------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| High Yield Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I | CLASS I |
| 2025 | $5.21 | $0.45 | $(0.10) | $0.35 | $(0.39) | $— | $(0.39) | $5.17 | 7.01% | $3 | 1.18%<sup>(12)</sup> | 1.31% | 8.81% | 66% |
| 2024 | 5.15 | 0.43 | 0.25 | 0.68 | (0.48)<sup>(13)</sup> | (0.14) | (0.62) | 5.21 | 13.95 | 3 | 1.12 | 1.24 | 8.38 | 63 |
| 2023 | 5.53 | 0.38 | 0.10 | 0.48 | (0.48)<sup>(14)</sup> | (0.38) | (0.86) | 5.15 | 9.10 | 4 | 1.06 | 1.16 | 7.17 | 48 |
| 2022 | 6.82 | 0.27 | (1.13) | (0.86) | (0.38) | (0.05) | (0.43) | 5.53 | (13.14) | 3 | 1.11 | 1.23 | 4.09 | 49 |
| 2021 | 6.22 | 0.37 | 0.70 | 1.07 | (0.34) | (0.13) | (0.47) | 6.82 | 17.72 | 581 | 1.11 | 1.23 | 5.55 | 67 |

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† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.11%.

(3) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.65%.

(4) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.31%.

(5) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.34%.

(6) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.20%.

(7) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.14%.

(8) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.33%.

(9) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.36%.

(10) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.88%.

(11) Includes return of capital of $0.02 per share.

(12) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.12%.

(13) Includes return of capital of $0.08 per share.

(14) Includes return of capital of $0.07 per share.

Amounts designated as "—" are $0 or have been rounded to $0.

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![](j2621703_za016.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated January 31, 2026 includes more detailed information about SEI Institutional Managed Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Institutional Managed Trust, from the EDGAR Database on the SEC's website ("http://www.sec.gov"). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Institutional Managed Trust's Investment Company Act registration number is 811-04878.

SEI-F-105 (1/26)

seic.com

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![](j2621704_ac001.jpg)

January 31, 2026

PROSPECTUS

SEI Institutional Managed Trust

Class Y Shares

• Large Cap Fund (SLYCX)

• Large Cap Value Fund (SVAYX)

• Large Cap Growth Fund (SLRYX)

• Tax-Managed Large Cap Fund (STLYX)

• Small Cap Fund (SMYFX)

• Small Cap Value Fund (SPVYX)

• Small Cap Growth Fund (SMAYX)

• Tax-Managed Small/Mid Cap Fund (STMPX)

• Mid-Cap Fund (SFDYX)

• U.S. Managed Volatility Fund (SUSYX)

• Global Managed Volatility Fund (SGLYX)

• Tax-Managed Managed Volatility Fund (STVYX)

• Tax-Managed International Managed Volatility Fund (SIMYX)

• Real Estate Fund (SREYX)

• Core Fixed Income Fund (SCFYX)

• High Yield Bond Fund (SIYYX)

• Conservative Income Fund (COIYX)

• Tax-Free Conservative Income Fund (TFCYX)

• Real Return Fund (SRYRX)

• Dynamic Asset Allocation Fund (SDYYX)

• Multi-Strategy Alternative Fund (SMUYX)

*The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

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SEI / PROSPECTUS

SEI INSTITUTIONAL MANAGED TRUST

About This Prospectus

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| | |
|:---|:---|
| FUND SUMMARY | FUND SUMMARY |
| LARGE CAP FUND | 1 |
| LARGE CAP VALUE FUND | 7 |
| LARGE CAP GROWTH FUND | 13 |
| TAX-MANAGED LARGE CAP FUND | 19 |
| SMALL CAP FUND | 25 |
| SMALL CAP VALUE FUND | 30 |
| SMALL CAP GROWTH FUND | 35 |
| TAX-MANAGED SMALL/MID CAP FUND | 40 |
| MID-CAP FUND | 45 |
| U.S. MANAGED VOLATILITY FUND | 49 |
| GLOBAL MANAGED VOLATILITY FUND | 54 |
| TAX-MANAGED MANAGED VOLATILITY FUND | 60 |
| TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND | 66 |
| REAL ESTATE FUND | 71 |
| CORE FIXED INCOME FUND | 75 |
| HIGH YIELD BOND FUND | 82 |
| CONSERVATIVE INCOME FUND | 88 |
| TAX-FREE CONSERVATIVE INCOME FUND | 93 |
| REAL RETURN FUND | 98 |
| DYNAMIC ASSET ALLOCATION FUND | 103 |
| MULTI-STRATEGY ALTERNATIVE FUND | 113 |
| Purchase and Sale of Fund Shares | 122 |
| Tax Information | 122 |
| Payments to Broker-Dealers and Other<br>Financial Intermediaries | 122 |
| MORE INFORMATION ABOUT INVESTMENTS | 123 |
| MORE INFORMATION ABOUT RISKS | 123 |
| Risk Information Common to the Funds | 123 |
| More Information About Principal Risks | 124 |
| GLOBAL ASSET ALLOCATION | 147 |
| MORE INFORMATION ABOUT THE FUNDS' <br>BENCHMARK INDEXES | 147 |

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| | |
|:---|:---|
| INVESTMENT ADVISER | 150 |
| SUB-ADVISERS | 155 |
| Information About Fee Waivers | 156 |
| Sub-Advisers and Portfolio Managers | 158 |
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 177 |
| HOW TO PURCHASE FUND SHARES | 178 |
| Pricing of Fund Shares | 179 |
| Frequent Purchases and Redemptions of<br>Fund Shares | 182 |
| Foreign Investors | 183 |
| Customer Identification and Verification and<br>Anti-Money Laundering Program | 183 |
| HOW TO EXCHANGE YOUR FUND SHARES | 184 |
| HOW TO SELL YOUR FUND SHARES | 184 |
| Receiving Your Money | 185 |
| Methods Used to Meet Redemption Obligations | 185 |
| Low Balance Redemptions | 186 |
| Suspension of Your Right to Sell Your Shares | 186 |
| Large Redemptions | 186 |
| Telephone Transactions | 186 |
| Unclaimed Property | 186 |
| DISTRIBUTION OF FUND SHARES | 186 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 187 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 187 |
| Dividends and Distributions | 187 |
| Taxes | 188 |
| ADDITIONAL INFORMATION | 192 |
| FINANCIAL HIGHLIGHTS | 193 |
| HOW TO OBTAIN MORE INFORMATION ABOUT<br>SEI INSTITUTIONAL MANAGED TRUST | Back Cover |

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SEI / PROSPECTUS

LARGE CAP FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.39% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.73% |

---

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Fund — Class Y Shares | $75 | $233 | $406 | $906 |

---

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 rate 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, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest

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SEI / PROSPECTUS

primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities,

------

SEI / PROSPECTUS

including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and

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SEI / PROSPECTUS

may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621704_ba002.jpg)  | Best Quarter: 20.29% (06/30/2020)<br>Worst Quarter: -23.93% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/30/2009) |
| Return Before Taxes | 17.85% | 12.34% | 12.44% | 12.32% |
| Return After Taxes on Distributions | 12.80% | 8.92% | 9.82% | 9.81% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.00% | 9.26% | 9.66% | 9.65% |
| S&P 500 Index Return (reflects no deduction for fees,<br>expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.29% |
| Russell 1000 Index Return (reflects no deduction for fees, <br>expenses or taxes) | 17.37% | 13.59% | 14.59% | 14.18% |

---

\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment <br>Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2015<br>Since 2015<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager and Research Analyst |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2019<br>Since 2019 | Executive Vice President, Portfolio Manager and <br>Head of Alger Capital Appreciation and Spectra <br>Strategies<br>Executive Vice President and Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 2009<br>Since 2009<br>Since 2009<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

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SEI / PROSPECTUS

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Mar Vista Investment Partners, <br>LLC | Silas A. Myers, CFA<br>Brian L. Massey, CFA | Since 2018<br>Since 2018 | Portfolio Manager/Analyst<br>Portfolio Manager/Analyst |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

------

SEI / PROSPECTUS

LARGE CAP VALUE FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.35% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.69% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Value Fund — Class Y Shares | $70 | $221 | $384 | $859 |

---

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 rate 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, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index

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SEI / PROSPECTUS

(between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market.

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SEI / PROSPECTUS

Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621704_ba003.jpg)  | Best Quarter: 16.76% (12/31/2020)<br>Worst Quarter: -29.95% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Value Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/3/1994) |
| Return Before Taxes | 19.22% | 12.35% | 10.20% | 9.12% |
| Return After Taxes on Distributions | 15.42% | 9.99% | 8.40% | 7.49% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.01% | 9.52% | 7.98% | 7.27% |
| S&P 500 Index Return (reflects no deduction for fees,<br>expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.05% |
| Russell 1000 Value Index Return (reflects no deduction for fees, <br>expenses or taxes) | 15.91% | 11.33% | 10.53% | 9.89% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment <br>Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2013<br>Since 2013<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager & Research Analyst |
| Cullen Capital Management LLC | James Cullen<br>Jennifer Chang | Since 2018<br>Since 2018 | Chief Executive Officer & Portfolio Manager<br>Executive Director & Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1995<br>Since 1995<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment<br>Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

---

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

------

SEI / PROSPECTUS

LARGE CAP GROWTH FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.33% |
| Total Annual Fund Operating Expenses | 0.73% |

---

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Growth Fund — Class Y Shares | $75 | $233 | $406 | $906 |

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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 rate 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, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of

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SEI / PROSPECTUS

purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

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SEI / PROSPECTUS

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, shareholders will be subject to two layers of fees and expenses with respect to investments in the Fund.

*Derivatives Risk* — The Fund's use of forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is the risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Long/Short Risk* — The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund's long or short positions will produce positive returns and the Fund could lose money if either or both the Fund's long and short positions produce negative returns.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater

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SEI / PROSPECTUS

potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Active Management Risk* — The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies.

*Quantitative Investing Risk* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Code for classification as a RIC.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_ba004.jpg)  | Best Quarter: 27.19% (06/30/2020)<br>Worst Quarter: -20.16% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Growth Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/1994) |
| Return Before Taxes | 18.54% | 14.52% | 16.23% | 10.60% |
| Return After Taxes on Distributions | 12.59% | 10.41% | 13.13% | 9.11% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.16% | 10.73% | 12.75% | 8.88% |
| S&P 500 Index Return (reflects no deduction for fees,<br>expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.14% |
| Russell 1000 Growth Index Return (reflects no deduction for fees, <br>expenses or taxes) | 18.56% | 15.32% | 18.13% | 11.80% |

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\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2019<br>Since 2019 | Executive Vice President, Portfolio Manager <br>and Head of Alger Capital Appreciation and <br>Spectra Strategies<br>Executive Vice President and Portfolio Manager |
| Mackenzie Investments <br>Corporation | Arup Datta, CFA<br>Nicholas Tham, CFA | Since 2023<br>Since 2023 | Senior Vice President, Investment Management<br>Vice President, Investment Management |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2015<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |
| PineStone Asset Management <br>Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2016<br>Since 2016 | Chief Executive Officer, Chief Investment Officer<br>Head of Research |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED LARGE CAP FUND

Fund Summary

Investment Goal

High long-term after-tax returns.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.26% |
| Total Annual Fund Operating Expenses | 0.66% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed Large Cap Fund — Class Y Shares | $67 | $211 | $368 | $822 |

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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 rate 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, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Managed Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The

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SEI / PROSPECTUS

Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Investment Style Risk* — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Medium Capitalization Risk* — The risk that medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In

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SEI / PROSPECTUS

particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_ba005.jpg)  | Best Quarter: 18.53% (06/30/2020)<br>Worst Quarter: -21.68% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

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| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Managed Large Cap Fund\* | 1 Year | 5 Years | 10 Years | Since <br>Inception<br>(3/5/1998) |
| Return Before Taxes | 17.23% | 12.14% | 12.23% | 7.49% |
| Return After Taxes on Distributions | 16.72% | 10.70% | 11.07% | 6.87% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.53% | 9.42% | 9.89% | 6.28% |
| S&P 500 Index Return (reflects no deduction for fees,<br>expenses or taxes) | 17.88% | 14.42% | 14.82% | 8.98% |
| Russell 1000 Index Return (reflects no deduction for fees, <br>expenses or taxes) | 17.37% | 13.59% | 14.59% | 9.06% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |
| Ryan McKeon, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brandywine Global Investment <br>Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2015<br>Since 2015<br>Since 2020 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager & Research Analyst |
| Cullen Capital Management LLC | James Cullen<br>Jennifer Chang | Since 2017<br>Since 2017 | Chief Executive Officer & Portfolio Manager<br>Executive Director & Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 2001<br>Since 2001<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment<br>Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Mar Vista Investment Partners, <br>LLC | Silas A. Myers, CFA<br>Brian L. Massey, CFA | Since 2018<br>Since 2018 | Portfolio Manager/ Analyst<br>Portfolio Manager/ Analyst |

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2014<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |
| PineStone Asset Management <br>Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2016<br>Since 2016 | Chief Executive Officer, Chief Investment Officer<br>Head of Research |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

------

SEI / PROSPECTUS

SMALL CAP FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.33% |
| Total Annual Fund Operating Expenses | 0.98% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Fund — Class Y Shares | $100 | $312 | $542 | $1201 |

---

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 rate 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, the Fund's portfolio turnover rate was 80% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as

------

SEI / PROSPECTUS

of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and certain of its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk* — Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk* — The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j2621704_bc006.jpg)  | Best Quarter: 28.39% (12/31/2020)<br>Worst Quarter: -31.17% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(9/30/2009) |
| Return Before Taxes | 10.33% | 8.56% | 9.02% | 9.75% |
| Return After Taxes on Distributions | 7.76% | 5.79% | 7.00% | 7.61% |
| Return After Taxes on Distributions and Sale of Fund Shares | 7.97% | 6.14% | 6.78% | 7.42% |
| S&P 500 Index Return (reflects no deduction for fees, <br>expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.29% |
| Russell 2000 Index Return (reflects no deduction for fees, <br>expenses or taxes) | 12.81% | 6.09% | 9.62% | 10.57% |

---

\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Copeland Capital Management, <br>LLC | Mark W. Giovanniello, CFA<br>Eric C. Brown, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA<br>John Cummings, CFA | Since 2018<br>Since 2018<br>Since 2018<br>Since 2018<br>Since 2025 | Chief Investment Officer, Principal and Portfolio <br>Manager<br>Chief Executive Officer, Principal and Portfolio <br>Manager<br>Portfolio Manager, Principal<br>Portfolio Manager, Principal<br>Portfolio Manager, Principal |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2014<br>Since 2014 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2017<br>Since 2022 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital <br>Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2020<br>Since 2020<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>CEO, President and Senior Portfolio Manager<br>Senior, Portfolio Manager, Group Managing <br>Director |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

------

SEI / PROSPECTUS

SMALL CAP VALUE FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.99% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Value Fund — Class Y Shares | $101 | $315 | $547 | $1213 |

---

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 rate 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, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index

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SEI / PROSPECTUS

(between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk* — Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that small capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

------

SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j2621704_bc007.jpg)  | Best Quarter: 30.55% (12/31/2020)<br>Worst Quarter: -39.10% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Value Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/1994) |
| Return Before Taxes | 13.57% | 10.32% | 8.17% | 9.30% |
| Return After Taxes on Distributions | 11.16% | 7.98% | 6.39% | 7.59% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.64% | 7.88% | 6.26% | 7.41% |
| S&P 500 Index Return (reflects no deduction for fees, <br>expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.14% |
| Russell 2000 Value Index Return (reflects no deduction for fees, <br>expenses or taxes) | 12.59% | 8.88% | 9.27% | 9.86% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2016<br>Since 2016 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Leeward Investments LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2024<br>Since 2024 | President, Portfolio Manager<br>Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1997<br>Since 1997<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio Associates <br>LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP GROWTH FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.99% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Growth Fund — Class Y Shares | $101 | $315 | $547 | $1213 |

---

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 rate 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, the Fund's portfolio turnover rate was 155% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at

------

SEI / PROSPECTUS

the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small Capitalization Risk* — Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk* — The risk that small capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's

------

SEI / PROSPECTUS

inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621704_bc008.jpg)  | Best Quarter: 30.08% (06/30/2020)<br>Worst Quarter: -31.47% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Growth Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/20/1992) |
| Return Before Taxes | 4.73% | 4.15% | 8.48% | 8.82% |
| Return After Taxes on Distributions | 2.38% | 1.92% | 6.83% | 7.42% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.49% | 2.78% | 6.50% | 7.11% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.83% |
| Russell 2000 Growth Index Return (reflects no deduction for fees, <br>expenses or taxes) | 13.01% | 3.18% | 9.57% | 8.07% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2016 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Axiom Investors LLC | David Kim, CFA<br>Matthew Franco, CFA | Since 2026<br>Since 2026 | Portfolio Manager<br>Portfolio Manager |
| Geneva Capital Management LLC | W. Scott Priebe<br>Jose Munoz | Since 2025<br>Since 2025 | Managing Principal and Portfolio Manager<br>Managing Principal and Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED SMALL/MID CAP FUND

Fund Summary

Investment Goal

High long-term after-tax returns.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.99% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed Small/Mid Cap Fund — Class Y Shares | $101 | $315 | $547 | $1213 |

---

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 rate 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, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Managed Small/Mid Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small and medium capitalization companies. For purposes of this Fund, a small or medium capitalization company is a company with a market capitalization in the range of companies in the Russell 2500 Index (between approximately $1.3 million and $37.0 billion as of December 31, 2025) at the time of purchase. The market capitalization

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SEI / PROSPECTUS

range and the composition of the Russell 2500 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing assets of the Fund not allocated to Sub-Advisers, SIMC may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

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SEI / PROSPECTUS

*Investment Style Risk* — The risk that small or medium capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's

------

SEI / PROSPECTUS

inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621704_bc009.jpg)  | Best Quarter: 24.54% (12/31/2020)<br>Worst Quarter: -30.71% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Managed Small/Mid Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/31/2000) |
| Return Before Taxes | 8.92% | 7.68% | 8.49% | 7.18% |
| Return After Taxes on Distributions | 7.76% | 5.84% | 7.20% | 6.36% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.10% | 5.91% | 6.74% | 5.97% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 8.43% |
| Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) | 11.91% | 7.26% | 10.40% | 8.89% |

---

\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2014<br>Since 2014 | Senior Portfolio Manager, Principal<br>Portfolio Manager, Senior Analyst |
| Geneva Capital Management LLC | W. Scott Priebe<br>Jose Munoz | Since 2024<br>Since 2024 | Managing Principal and Portfolio Manager<br>Managing Principal and Portfolio Manager |
| Hillsdale Investment Management Inc. | A. Christopher Guthrie, CFA<br>Tony Batek, CFA<br>Ted Chen | Since 2018<br>Since 2018<br>Since 2021 | President, CEO, CIO, Senior Portfolio Manager, Founding Partner<br>Senior Portfolio Manager, Partner<br>Co-CIO, Senior Portfolio Manager, Partner |
| Martingale Asset Management, L.P. | James M. Eysenbach, CFA | Since 2018 | Co-CEO, Chief Investment Officer |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2014<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

MID-CAP FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.74% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Mid-Cap Fund — Class Y Shares | $76 | $237 | $411 | $918 |

---

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 rate 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, the Fund's portfolio turnover rate was 62% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Mid-Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Midcap Index are

------

SEI / PROSPECTUS

subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies.

The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities of medium capitalization companies may underperform other segments of the equity markets or the equity markets as a whole.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value

------

SEI / PROSPECTUS

being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621704_bc010.jpg)  | Best Quarter: 24.39% (06/30/2020)<br>Worst Quarter: -30.42% (03/31/2020) |

---

------

SEI / PROSPECTUS

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mid-Cap Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(2/16/1993) |
| Return Before Taxes | 10.23% | 10.12% | 10.22% | 9.93% |
| Return After Taxes on Distributions | 5.27% | 7.38% | 8.03% | 8.07% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.46% | 7.51% | 7.76% | 7.88% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.84% |
| Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) | 10.60% | 8.67% | 11.01% | 10.91% |

---

\* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2017 | Portfolio Manager |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen, CFA | Since 2021<br>Since 2021 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2021<br>Since 2021<br>Since 2020 | Vice Chairman and Senior Portfolio <br>Manager<br>Chief Executive Officer, President and Senior <br>Portfolio Manager<br>Senior Portfolio Manager, Group Managing <br>Director |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

U.S. MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Capital appreciation with less volatility than the broad U.S. equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.55% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.89% |

---

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| U.S. Managed Volatility Fund — Class Y Shares | $91 | $284 | $493 | $1096 |

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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 rate 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, the Fund's portfolio turnover rate was 68% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies.

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SEI / PROSPECTUS

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

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SEI / PROSPECTUS

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance

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SEI / PROSPECTUS

(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

---

| | |
|:---|:---|
| ![](j2621704_be011.jpg)  | Best Quarter: 13.43% (12/31/2022)<br>Worst Quarter: -23.09% (03/31/2020) |

---

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

This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| U.S. Managed Volatility Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/28/2004) |
| Return Before Taxes | 10.73% | 9.69% | 9.27% | 8.91% |
| Return After Taxes on Distributions | 6.57% | 5.80% | 6.46% | 6.90% |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.92% | 6.96% | 6.90% | 6.93% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.00% |
| MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, <br>expenses or taxes) | 7.31% | 8.01% | 9.92% | 8.98% |
| Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.88% |

---

\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Franesca Young, Ph.D., CFA | Since 2025<br>Since 2025 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2010<br>Since 2010<br>Since 2010<br>Since 2014<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment<br>Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

GLOBAL MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Capital appreciation with less volatility than the broad global equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.99% |

---

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 or hold 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 on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Global Managed Volatility Fund — Class Y Shares | $101 | $315 | $547 | $1213 |

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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 rate 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, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.

Principal Investment Strategies

The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund also may use futures contracts and forward contracts.

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SEI / PROSPECTUS

Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

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SEI / PROSPECTUS

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Derivatives Risk* — The Fund's use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same

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SEI / PROSPECTUS

type of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j2621704_be012.jpg)  | Best Quarter: 10.66% (06/30/2020)<br>Worst Quarter: -19.18% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Global Managed Volatility Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/27/2006) |
| Return Before Taxes | 13.68% | 8.75% | 7.75% | 6.12% |
| Return After Taxes on Distributions | 11.42% | 6.37% | 5.72% | 4.48% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.71% | 6.47% | 5.75% | 4.46% |
| MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) | 32.39% | 7.91% | 8.41% | 5.29% |
| MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) | 10.54% | 6.29% | 7.80% | 7.02% |
| MSCI World Index Return (Net) (reflects no deduction for fees or expenses) | 21.09% | 12.15% | 12.17% | 8.46% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D., CFA | Since 2006<br>Since 2023 | Executive Vice President, Chief Investment <br>Officer<br>Senior Vice President, Director, Equity <br>Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

To maximize after-tax returns, but with a lower level of volatility than the broad U.S. equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.55% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.89% |

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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 or hold 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 and may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed Managed Volatility Fund — Class Y Shares | $91 | $284 | $493 | $1096 |

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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 rate 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, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategies

The Tax-Managed Managed Volatility Fund will typically invest in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. Although the Fund will be

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SEI / PROSPECTUS

measured against the Russell 3000 Index, the Fund is expected to have significant sector and market capitalization deviations from the index given its focus on absolute risk as opposed to index relative risk. This could lead to significant performance deviations relative to the index over shorter-term periods.

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment approaches to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets in a tax-efficient fashion, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. This will tend to lead SIMC and the Fund's Sub-Advisers to construct portfolios with a low beta relative to the overall U.S. equity market.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product

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SEI / PROSPECTUS

lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S.

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SEI / PROSPECTUS

dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_be013.jpg)  | Best Quarter: 11.91% (06/30/2020)<br>Worst Quarter: -20.26% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

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SEI / PROSPECTUS

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Tax-Managed Managed Volatility Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/20/2007) |
| Return Before Taxes | 11.29% | 11.24% | 10.49% | 9.51% |
| Return After Taxes on Distributions | 5.84% | 7.80% | 8.25% | 7.73% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.56% | 8.61% | 8.28% | 7.59% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.06% |
| MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, <br>expenses or taxes) | 7.31% | 8.01% | 9.92% | 8.87% |
| Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.83% |

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\* The Fund's Class Y Shares commenced operations on April 30, 2015. For periods prior to April 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2024 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Franesca Young, Ph.D., CFA | Since 2025<br>Since 2025 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2010<br>Since 2010<br>Since 2010<br>Since 2014<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2014<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

Tax-sensitive long-term capital appreciation with less volatility than the broad international equity markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.48% |
| Total Annual Fund Operating Expenses | 1.13% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Managed International Managed Volatility Fund — Class Y Shares | $115 | $359 | $622 | $1375 |

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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 rate 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, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Managed International Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in non-U.S. equity securities. These securities may include common stocks and real estate investment trusts (REITs) of all capitalization ranges. Under normal circumstances, the Fund will invest in securities of issuers that are located in at least

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SEI / PROSPECTUS

three countries outside of the U.S., but will typically invest much more broadly. The Fund will invest primarily in companies located in developed countries.

The Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach to investing, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. This approach is intended to manage the risk characteristics of the Fund.

The Fund seeks to achieve an absolute return similar to that of the broad international developed equity markets (International Market) in a tax-sensitive manner, but with lower absolute volatility. Over the long-term, the Fund seeks to achieve a return similar to that of the MSCI EAFE Index (Index), but with a lower level of volatility. Over shorter periods of time, however, due to its focus on absolute risk, the portfolio's country, sector and market capitalization exposures will typically vary from the International Market and it may experience significant performance deviations from the International Market. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that primarily exhibit a more stable historical or predicted price and earnings behavior (*i.e.* absolute risk), but also take into consideration low correlation attributes and expected returns. Generally, the Fund is likely to underperform in a steeply rising International Market, but seeks to mitigate losses in a falling International Market.

The Fund implements the investment recommendations of Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of tax management of the portfolio's securities transactions. SIMC also may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes.

The overlay manager and SIMC each seek to manage the impact of taxes by using certain techniques, which may include selling stocks with the highest tax cost basis first to realize capital losses or defer capital gains, preventing wash sales, avoiding high portfolio turnover, controlling the holding period of a security to convert short-term capital gains to long-term capital gains, and, where appropriate, opportunistically harvesting losses to offset other capital gains.

The Fund considers the security of an issuer to be "non-U.S." if the issuer is domiciled, incorporated, located and/or principally traded in a country other than the U.S. Developed market countries are those countries that are included in a developed markets index by a recognized index provider, or have similar developed characteristics, in each case determined at the time of purchase.

The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market,

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SEI / PROSPECTUS

economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Style Risk* — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole.

*Taxation Risk* — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

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SEI / PROSPECTUS

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_be014.jpg)  | Best Quarter: 14.39% (12/31/2022)<br>Worst Quarter: -20.29% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Tax-Managed International Managed Volatility Fund — Class Y | 1 Year | 5 Years | Since<br>Inception<br>(10/17/2016) |
| Return Before Taxes | 30.07% | 8.35% | 6.54% |
| Return After Taxes on Distributions | 29.38% | 7.50% | 5.89% |
| Return After Taxes on Distributions and Sale of Fund Shares | 18.72% | 6.49% | 5.22% |
| MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) | 32.39% | 7.91% | 8.75% |
| MSCI EAFE Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) | 25.79% | 6.20% | 6.39% |
| MSCI EAFE Index Return (Net) (reflects no deduction for fees or expenses) | 31.22% | 8.92% | 9.03% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Eugene Barbaneagra, CFA | Since 2025 | Portfolio Manager |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |
| Ryan McKeon | Since 2025 | Portfolio Manager, Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D., CFA | Since 2016<br>Since 2023 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2016<br>Since 2016<br>Since 2016<br>Since 2016<br>Since 2016<br>Since 2016<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Parametric Portfolio Associates LLC | Paul Bouchey<br>Jennifer Mihara<br>Robert Osborne | Since 2016<br>Since 2024<br>Since 2025 | Managing Director, Applied Research<br>Managing Director, Head of Equity Fund <br>Management<br>Executive Director, Portfolio Management |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

REAL ESTATE FUND

Fund Summary

Investment Goal

Total return, including current income and capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.99% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Estate Fund — Class Y Shares | $101 | $315 | $547 | $1213 |

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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 rate 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, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Real Estate Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (*e.g.*, common stocks, rights, warrants, exchange-traded funds (ETFs), convertible securities and preferred stocks of real estate investment trusts (REITs) and real estate operating companies (REOCs)). Generally, the Fund will invest in real estate companies operating in the United States.

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SEI / PROSPECTUS

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser).

Principal Risks

*Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund's investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Investment Style Risk* — The risk that the securities of issuers in the real estate industry may underperform other segments of the equity markets or the equity markets as a whole.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Warrants and Rights Risk* — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.

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*Small and Medium Capitalization Risk* — The risk that small and medium capitalization REITs and other companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bg001.jpg)  | Best Quarter: 16.93% (12/31/2023)<br>Worst Quarter: -22.71% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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SEI / PROSPECTUS

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Estate Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(11/13/2003) |
| Return Before Taxes | 2.06% | 7.12% | 6.18% | 8.02% |
| Return After Taxes on Distributions^ | -1.03% | 4.99% | 3.58% | 6.14% |
| Return After Taxes on Distributions and Sale of Fund Shares^ | 2.69% | 4.96% | 4.04% | 6.04% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.89% |
| Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, <br>expenses or taxes) | 3.47% | 7.04% | 5.74% | 8.10% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

^ After tax figures are based on estimated amounts for the periods ended December 31, 2025.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Cory Furlong, CFA | Since 2024 | Portfolio Manager/Analyst |
| David L. Hintz, CFA | Since 2024 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| CenterSquare Investment<br>Management LLC | Dean Frankel, CFA<br>Eric Rothman, CFA | Since 2011<br>Since 2011 | Co-Chief Investment Officer<br>Portfolio Manager, Real Estate Securities |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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CORE FIXED INCOME FUND

Fund Summary

Investment Goal

Current income consistent with the preservation of capital.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.28% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.21% |
| Total Annual Fund Operating Expenses | 0.49% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Core Fixed Income Fund — Class Y Shares | $50 | $157 | $274 | $616 |

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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 rate 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, the Fund's portfolio turnover rate was 394% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in investment and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities (including "to-be-announced" transactions) and securities issued or guaranteed by the U.S. Government and its agencies and

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instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.

The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC).

The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are

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heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Investment Style Risk* — The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in

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SEI / PROSPECTUS

comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Currency Risk* — Due to its active positions in currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities

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denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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SEI / PROSPECTUS

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bg002.jpg)  | Best Quarter: 7.35% (12/31/2023)<br>Worst Quarter: -6.74% (03/31/2022) |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Core Fixed Income Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(5/1/1987) | Since<br>Inception<br>(5/1/1987) |
| Return Before Taxes | 7.30% | -0.69% | 2.24% | 5.28 | % |
| Return After Taxes on Distributions | 5.65% | -1.99% | 0.73% | 3.31 | % |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.30% | -1.08% | 1.07% | 3.35 | % |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no <br>deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 5.38 | %^ |

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\* The Fund's Class Y Shares commenced operations on June 30, 2015. For periods prior to June 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

^ The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time.

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |
| Nilay Shah | Since 2022 | Assistant Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, LLC | Maulik Bhansali, CFA<br>Jarad Vasquez | Since 2017<br>Since 2017 | Senior Portfolio Manager and Co-Head, Core Fixed<br>Income<br>Senior Portfolio Manager and Co-Head, Core Fixed<br>Income |
| Jennison Associates LLC | James Gaul, CFA<br>Eric G. Staudt, CFA<br>Samuel B. Kaplan, CFA<br>Dimitri Rabin, CFA<br>David Morse, CFA<br>Natalia Glekel, CFA<br>Griffin Sullivan, CFA<br>Adriano Taylor-Escribano | Since 2016<br>Since 2012<br>Since 2016<br>Since 2019<br>Since 2020<br>Since 2022<br>Since 2024<br>Since 2025 | Head of Fixed Income, Managing Director and <br>Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager<br>Managing Director and Rates and Securitized <br>Portfolio Manager |
| MetLife Investment Management, LLC | Stephen Mullin, CFA<br>Joshua Lofgren, CFA<br>Joseph Hondros, CFA | Since 2022<br>Since 2022<br>Since 2022 | Portfolio Manager<br>Portfolio Manager<br>Portfolio Manager |
| Metropolitan West Asset Management, LLC | Bryan Whalen, CFA<br>Jerry Cudzil<br>Ruben Hovhannisyan, CFA | Since 2004<br>Since 2023<br>Since 2023 | Group Managing Director, Chief Investment <br>Officer — Fixed Income, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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SEI / PROSPECTUS

HIGH YIELD BOND FUND

Fund Summary

Investment Goal

Total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.49% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.25% |
| Total Annual Fund Operating Expenses | 0.74% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| High Yield Bond Fund — Class Y Shares | $76 | $237 | $411 | $918 |

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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 rate 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, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs).

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SEI / PROSPECTUS

SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is

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speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Investment Style Risk* — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Collateralized Debt Obligations and Collateralized Loan Obligations Risk* — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Derivatives Risk* — The Fund's use of futures contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are

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described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance

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(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bg003.jpg)  | Best Quarter: 8.99% (06/30/2020)<br>Worst Quarter: -15.55% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| High Yield Bond Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(1/11/1995) |
| Return Before Taxes | 7.81% | 5.35% | 6.76% | 6.81% |
| Return After Taxes on Distributions | 4.00% | 1.37% | 3.13% | 3.34% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.55% | 2.29% | 3.56% | 3.65% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no <br>deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 4.63% |
| ICE BofA U.S. High Yield Constrained Index Return (reflects no <br>deduction for fees, expenses or taxes) | 8.50% | 4.50% | 6.44% | N/A<sup>†</sup><br>|

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

<sup>†</sup> The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996.

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| David S. Aniloff | Since 2005 | Senior Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |
| Michael Schafer | Since 2015 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Ares Capital Management II LLC | Seth Brufsky<br>Chris Mathewson<br>Kapil Singh | Since 2007<br>Since 2018<br>Since 2018 | Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit |
| Benefit Street Partners L.L.C. | Thomas Gahan<br>Paul Karpers | Since 2014<br>Since 2016 | Chief Investment Officer and Chairman<br>Managing Director |
| Blackstone Credit Systematic Strategies LLC | Adam Dwinells | Since 2025 | Global Head of Corporate Bond Strategies, Technology, and Operations for Liquid Credit Strategies |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2009<br>Since 2017 | Chief Investment Officer/Managing Partner and <br>Portfolio Manager<br>Co-Chief Investment Officer/Head of High Yield <br>Bond Research/Portfolio Manager of High Yield <br>and Opportunistic Credit |
| J.P. Morgan Investment <br>Management Inc. | Robert Cook<br>Thomas Hauser<br>Jeffrey Lovell | Since 2005<br>Since 2005<br>Since 2024 | Managing Director, Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager<br>Managing Director, Co-Lead Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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CONSERVATIVE INCOME FUND

Fund Summary

Investment Goal

Principal preservation and a high degree of liquidity while providing current income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.10% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.24% |
| Total Annual Fund Operating Expenses | 0.34% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Conservative Income Fund — Class Y Shares | $35 | $109 | $191 | $431 |

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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 rate 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, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated debt securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund.

Under normal market conditions, the Fund will primarily invest in short-term US dollar denominated debt securities, including: (i) commercial paper, corporate bonds and asset-based securities of U.S. and foreign

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issuers; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, US banks or US branches or non-US branches of foreign banks; (iii) short-term obligations issued by state and local governments; (iv) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; and (v) obligations of foreign governments (including Canadian and Provincial Government and Crown Agency obligations). The Fund may also enter into fully-collateralized repurchase agreements. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less.

Under normal circumstances, the Fund will invest at least 25% of its assets in securities issued by companies in the financial services industry, but may invest less than 25% of its assets in this industry as a temporary defensive measure.

The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser also considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund is not a money market fund and does not seek to maintain a stable net asset value.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Concentration Risk* — A downturn in the financial services industry would impact the Fund more than a portfolio that does not concentrate in securities issued by companies in the financial services industry.

*Financial Services Industry Risk* — The Fund's portfolio is concentrated in investments in securities issued by companies in the financial services industry. The financial services industry is subject to extensive government regulation. Profitability is largely dependent on the availability and cost of capital, and can fluctuate significantly when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Repurchase Agreement Risk* — Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

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SEI / PROSPECTUS

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bg004.jpg)  | Best Quarter: 1.42% (09/30/2024)<br>Worst Quarter: 0.00% (06/30/2021) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Conservative Income Fund — Class Y | 1 Year | 5 Years | Since<br>Inception<br>(4/22/2016) |
| Return Before Taxes | 4.33% | 3.30% | 2.35% |
| Return After Taxes on Distributions | 2.54% | 1.95% | 1.38% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.54% | 1.94% | 1.38% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 1.76% |
| ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, <br>expenses or taxes) | 4.18% | 3.17% | 2.24% |

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Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2016 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |
| Phillip Terrenzio, CFA | Since 2022 | Assistant Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| BlackRock Advisors, LLC | Eric Hiatt, CFA, FRM<br>Edward Ingold, CFA | Since 2016<br>Since 2019 | Managing Director of BlackRock, Inc.<br>Director of BlackRock, Inc. |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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TAX-FREE CONSERVATIVE INCOME FUND

Fund Summary

Investment Goal

Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.10% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.24% |
| Total Annual Fund Operating Expenses | 0.34% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Tax-Free Conservative Income Fund — Class Y Shares | $35 | $109 | $191 | $431 |

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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 rate 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, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Tax-Free Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in US dollar-denominated municipal securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund and that pay interest that (i) is exempt from federal income taxes and (ii) is not taxable under the federal alternative

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SEI / PROSPECTUS

minimum tax applicable to individuals. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

Under normal market conditions, the Fund will primarily invest in short-term US dollar-denominated debt securities including: US municipal bonds, notes, variable rate demand notes, tender option bonds, floating rate notes, industrial development bonds, pre-refunded bonds and commercial paper. The Fund may also, to a limited extent, invest in repurchase agreements and securities subject to the alternative minimum tax or in debt securities subject to federal income tax. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less.

The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund is not a money market fund and does not seek to maintain a stable net asset value.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund

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that does not have as great a concentration in municipal obligations. Municipal obligations may be underwritten or guaranteed by a relatively small number of financial services firms, so changes in the municipal securities market that affect those firms may decrease the availability of municipal instruments in the market, thereby making it difficult for the Sub-Adviser to identify and obtain appropriate investments for the Fund's portfolio. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

*Taxation Risk* — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Income Risk* — An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Repurchase Agreement Risk* — Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Credit Risk* — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

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*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Call Risk* — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 years and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bi019.jpg)  | Best Quarter: 0.97% (12/31/2023)<br>Worst Quarter: 0.00% (06/30/2021) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | |
|:---|:---|:---|:---|
| Tax-Free Conservative Income Fund — Class Y | 1 Year | 5 Years | Since<br>Inception<br>(4/22/2016) |
| Return Before Taxes | 2.71% | 2.07% | 1.48% |
| Return After Taxes on Distributions | 2.70% | 2.06% | 1.48% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.70% | 2.05% | 1.47% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 1.76% |
| ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, <br>expenses or taxes) | 4.18% | 3.17% | 2.24% |

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Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2016 | Portfolio Manager |
| Daniel Falkowski | Since 2022 | Assistant Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| BlackRock Advisors, LLC | Alicia De Lorenzo<br>Kristi Manidis | Since 2024<br>Since 2016 | Vice President of BlackRock, Inc.<br>Director of BlackRock, Inc. |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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REAL RETURN FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.22% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.23% |
| Total Annual Fund Operating Expenses | 0.45% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Return Fund — Class Y Shares | $46 | $144 | $252 | $567 |

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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 rate 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, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

Principal Investment Strategies

The Real Return Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities (TIPS) Index, which is the Fund's benchmark index.

Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so

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that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements.

The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Real Return Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Fund's assets currently are managed directly by SIMC.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Investment Style Risk* — The Fund is also subject to the risk that the Fund's securities may underperform other segments of the markets or the markets as a whole.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

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*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments,

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central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bi020.jpg)  | Best Quarter: 3.44% (03/31/2025)<br>Worst Quarter: -3.21% (09/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Return Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/2/2009) |
| Return Before Taxes | 6.12% | 2.97% | 2.79% | 2.29% |
| Return After Taxes on Distributions | 4.28% | 1.11% | 1.59% | 1.33% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.61% | 1.46% | 1.62% | 1.37% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.81% |
| Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, <br>expenses or taxes) | 6.55% | 3.32% | 3.16% | 2.67% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

<u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Adviser</u> <br> Timothy J. Sauermelch, CFA Since 2014 Portfolio Manager

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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DYNAMIC ASSET ALLOCATION FUND

Fund Summary

Investment Goal

Long-term total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees (of the Fund and Subsidiary) |  |
| Management of the Fund |  |
| Management of the Subsidiary |  |
| Total Management Fees | 0.60% |
| Distribution (12b-1) Fees |  |
| Other Expenses (of the Fund and Subsidiary) |  |
| Other Expenses of the Fund |  |
| Other Expenses of the Subsidiary |  |
| Total Other Expenses | 0.33% |
| Total Annual Fund Operating Expenses | 0.93% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Dynamic Asset Allocation Fund — Class Y Shares | $95 | $296 | $515 | $1143 |

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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 rate 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, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.

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Principal Investment Strategies

The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SEI Investments Management Corporation's (SIMC or the Adviser) expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC, as discussed below.

The asset classes and market exposures used, and the Fund's allocations among them, are determined based on SIMC's views of fundamental, technical or valuation measures and may be dynamically adjusted (*i.e.* actively adjusted over long or short periods of time). The Fund may at any particular point in time be diversified across many exposures or concentrated in a limited number of exposures, including, possibly, a single asset class or market exposure.

Although the Fund will seek to achieve excess total return through its dynamic investment selection, it will also normally maintain, as a primary component of its strategy, passive exposure to the large capitalization U.S. equity market. To the extent that the Fund is not dynamically invested in other asset classes or market exposures, the Fund's assets will generally be passively invested in a portfolio of securities designed to track, before fees and expenses, the performance of the large capitalization U.S. equity market. This passive exposure to the large capitalization U.S. equity market is implemented by the Sub-Adviser.

The Fund may obtain asset class or market exposures by investing directly (*e.g.*, in equity and fixed income securities and other instruments) or indirectly (*e.g.*, through the use of other pooled investment vehicles, a wholly-owned subsidiary or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below.

*Equity Securities* — The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants (including equity-linked warrants) and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

*Fixed Income Securities* — The Fund may invest in fixed income securities that are investment or non-investment grade (also known as "junk bonds"), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund's fixed income investments may include mortgage-backed securities, corporate bonds and debentures, commercial paper, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, zero coupon bonds, structured notes, obligations of foreign governments, and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers.

The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.

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The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

*Other Instruments* — The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

*Pooled Investment Vehicles* — In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs), to obtain the Fund's desired exposure to a particular asset class.

*Derivative and Commodity Instruments* — The Fund may also purchase or sell futures contracts, forward contracts, options and swaps (including swaptions, caps, floors or collars) for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. Futures contracts, forward contracts and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's exposure to the risk of particular types of securities or market segments. The Fund may purchase or sell futures contracts (and options on futures contracts) on U.S. Government securities for return enhancement and hedging purposes. The Fund may purchase and sell forward contracts on currencies or securities for return enhancement and hedging purposes. Interest rate swaps are further used to manage the Fund's yield spread sensitivity.

Swaps may be used for return enhancement or hedging purposes. Securities index and single security swaps may be used to manage the inflation-adjusted return of the Fund or to more efficiently gain exposure to a particular security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. The Fund may also, to a lesser extent, purchase or sell put or call options on securities, indexes or currencies for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure.

The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and commodity-linked derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

*Currency Exposure* — The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance its return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (*i.e.*, take long or short positions) using futures, options and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

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*Short Sales* — The Fund may engage in short sales on equity securities that are expected to underperform the market or their peers. When the Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

Principal Risks

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up

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and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — Due to the Fund's active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities Risk (Junk Bonds)* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities

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and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Foreign Sovereign Debt Securities Risk* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Repurchase Agreement Risk* — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as

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"covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income (when combined with its other investments that produce non-qualifying income) from such investments that do not generate qualifying income, to a maximum of 10% of its gross income to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

The Fund will gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary.

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*Investment Company and Exchange-Traded Funds Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Investment in the 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. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, 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 intended and could negatively affect the Fund and its shareholders.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

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*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bi021.jpg)  | Best Quarter: 21.04% (06/30/2020)<br>Worst Quarter: -19.09% (03/31/2020) |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Dynamic Asset Allocation Fund — Class Y | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/30/2015) |
| Return Before Taxes | 19.12% | 14.61% | 13.98% | 13.06% |
| Return After Taxes on Distributions | 13.68% | 11.06% | 11.69% | 10.87% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.31% | 10.87% | 11.02% | 10.26% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 13.93% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Timothy J. Sauermelch, CFA | Since 2022 | Portfolio Manager |
| James Smigiel | Since 2015 | Managing Director and Head of Portfolio Strategies Group |
| James Solloway, CFA | Since 2015 | Managing Director and Portfolio Manager, Portfolio <br>Strategies Group |
| Steven Treftz, CFA | Since 2018 | Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Mark Krivitsky<br>Michael Finocchi<br>Karl Schneider<br>Xianhang Wu | Since 2015<br>Since 2015<br>Since 2024<br>Since 2024 | Vice President and Senior Portfolio Manager in <br>the Systematic Equity Team and the Tax-Efficient <br>Market Capture Group<br>Vice President and Senior Portfolio Manager in <br>the Systematic Equity Team<br>Managing Director and Co-Head of the Systematic <br>Equity Team in the Americas<br>Assistant Vice President and Portfolio Manager in <br>the Systematic Equity Team |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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MULTI-STRATEGY ALTERNATIVE FUND

Fund Summary

Investment Goal

The Fund allocates its assets among a variety of investment strategies to seek to generate an absolute return with reduced correlation to the stock and bond markets.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | | |
|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares | Class Y Shares | Class Y Shares |
| Management Fees |  | 1.50 | % |
| Distribution (12b-1) Fees |  |  |  |
| Other Expenses |  |  |  |
| Dividends on Shorts | 0.59% |  |  |
| Remainder of Other Expenses | 0.35% |  |  |
| Total Other Expenses |  | 0.94 | % |
| Acquired Fund Fees and Expenses (AFFE) |  | 0.24 | % |
| Total Annual Fund Operating Expenses |  | 2.68 | %<sup>†</sup> |

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<sup>†</sup> Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies.

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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Strategy Alternative Fund — Class Y Shares | $271 | $832 | $1420 | $3012 |

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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 rate may indicate higher transaction costs and may result in higher

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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, the Fund's portfolio turnover rate was 358% of the average value of its portfolio.

Principal Investment Strategies

The Multi-Strategy Alternative Fund employs a strategy intended to generate an absolute (*i.e.*, positive) return in various market cycles with reduced correlation to the stock and bond markets. The Fund allocates its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange traded funds (Underlying Funds); and/or (ii) one or more investment sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers). In addition, SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets, which may include allocating assets to investments in Underlying Funds selected by SIMC. The Underlying Funds or Sub-Advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; and (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, pairs trading and equity market neutral.

The Fund will allocate its assets among Underlying Funds and/or Sub-Advisers based on SIMC's analysis of their investment strategies and historical performance as well as SIMC's analysis of the potential for each to perform independently of one another. By allocating its assets in this manner, the Fund will seek to reduce risk, lower volatility and achieve positive returns in various market cycles. Allocation of assets to any one Underlying Fund, Sub-Adviser or strategy will vary based on market conditions. By investing in an Underlying Fund, the Fund becomes a shareholder of that Underlying Fund. Underlying Funds and Sub-Advisers may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies, which may include U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments, bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties, commodities, currencies, warrants, depositary receipts, exchange traded notes and derivative instruments, principally, equity options, futures contracts, options on futures contracts, forward contracts, swap agreements and credit default swaps. In addition, the Fund may invest in cash, money market instruments and other short-term obligations to achieve its investment goal. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund currently allocates assets to Sub-Advisers pursuant to SIMC's "manager of managers" model, and the Sub-Advisers manage Fund assets under the general supervision of SIMC.

The Fund is intended to be only one component of an investor's broader investment program and is not designed to be a complete investment program. Investors who seek to add an alternative component to their overall investment program may wish to allocate a portion of their investment to the Fund.

Principal Risks

While the Fund seeks to achieve an absolute return with reduced correlation to stock and bond markets, it may not achieve positive returns over short or long term periods. Investment strategies that have historically been non-correlated or have demonstrated low correlations to one another or to stock and bond markets may

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become correlated at certain times and, as a result, may cease to function as anticipated over either short or long term periods.

The success of the Fund's investment strategy depends both on SIMC's selection of the Underlying Funds and Sub-Advisers and allocating assets to such Underlying Funds and Sub-Advisers. SIMC, an Underlying Fund or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Underlying Funds and Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Fund, Underlying Funds and Sub-Advisers may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an Underlying Fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each Underlying Fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Arbitrage Strategies Risk* — Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company.

*Directional or Tactical Strategies Risk* — Directional or tactical strategies usually use long and short positions, which entail predicting the direction that particular securities or sectors or the overall market might move. Directional or tactical strategies may utilize leverage and hedging. There may be a significant risk of loss if the Fund's judgment is incorrect as to the direction, timing or extent of expected movements of particular securities or sectors or the market as a whole.

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*Event-Driven Strategies Risk* — Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event in the life of a company will occur and the impact such an event will have on the value of the company's securities. The transaction in which such a company is involved may be unsuccessful, take considerable time (or longer than anticipated) or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company's security. If an anticipated transaction does not occur, the Fund may be required to sell its securities at a loss.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Derivatives Risk* — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — Due to its active positions in currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Distressed Securities Risk* — Distressed securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying

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income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

*Investment Company and Exchange-Traded Funds (ETFs) Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Exchange-Traded Notes (ETNs) Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Depositary Receipts Risk* — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621704_bi022.jpg)  | Best Quarter: 7.29% (12/31/2020)<br>Worst Quarter: -6.34% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Strategy Alternative Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(3/31/2010) |
| Return Before Taxes | 10.81% | 4.29% | 4.46% | 2.97% |
| Return After Taxes on Distributions | 8.58% | 2.20% | 2.98% | 1.82% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.47% | 2.37% | 2.85% | 1.82% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.60% |
| ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, <br>expenses or taxes) | 4.18% | 3.17% | 2.18% | 1.41% |

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\* The Fund's Class Y Shares commenced operations on April 30, 2015. For periods prior to April 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

<u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Adviser</u> <br> Radoslav Koitchev Since 2016 Portfolio Manager

Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2017<br>Since 2017 | Chief Investment Officer/Managing Partner and <br>Portfolio Manager<br>Co-Chief Investment Officer/Head of High Yield <br>Bond Research/Portfolio Manager of High Yield <br>and Opportunistic Credit |
| Global Credit Advisers, LLC | Steven S. Hornstein | Since 2020 | Managing Member, Portfolio Manager and Chief <br>Investment Officer |
| Kettle Hill Capital Management, <br>LLC | Andrew Y. Kurita | Since 2016 | Chief Investment Officer, Portfolio Manager |
| Mountaineer Partners <br>Management, LLC | Mark Lee | Since 2015 | Managing Member |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 122 of this prospectus.

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Purchase and Sale of Fund Shares

The minimum initial investment for Class Y Shares is $100,000 with minimum subsequent investments of $1,000. Such minimums may be waived at the discretion of SIMC. Notwithstanding the foregoing, a higher minimum investment amount may be required for certain types of investors to be eligible to invest in Class Y Shares, as set forth in "Purchasing, Exchanging and Selling Fund Shares" on page 177. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Tax Information

The distributions made by the Funds, with the exception of the Tax-Free Conservative Income Fund, generally are taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

The Tax-Free Conservative Income Fund expects a portion of its distributions to consist of exempt-interest dividends that are exempt from federal income tax and that may also be exempt from certain state and/or local income taxes, depending on an investor's state of residence. The Tax-Free Conservative Income Fund, however, expects to invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax.

Payments to Broker-Dealers and Other Financial Intermediaries

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

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MORE INFORMATION ABOUT INVESTMENTS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are, with the exception of the Real Return Fund, managed under the direction of SIMC and one or more Sub-Advisers, who manage portions of the Funds' assets, including determining whether to buy, sell or hold particular investments, in a way that they believe will help each Fund achieve its goals.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions; however, each Fund may also invest in other securities, use other strategies or engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in more detail in the Funds' Statement of Additional Information (SAI).

The Funds' investment goals and investment strategies are not fundamental and, therefore, may be changed by the Board of Trustees of the Trust (Board) without shareholder approval. Notwithstanding the foregoing, the Tax-Free Conservative Income Fund has adopted a fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in investments the income from which is exempt from federal income tax.

For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. In addition, for temporary defensive purposes, the Small Cap, Small Cap Growth, Small Cap Value, Tax-Managed Small/Mid Cap and Mid-Cap Funds may invest all or a portion of their assets in common stocks of larger, more established companies and in investment grade fixed income securities. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains or higher income. During such time, a Fund may not achieve its investment goal. Although not expected to be a component of the Funds' principal investment strategies, each Fund may lend its securities to certain financial institutions in an attempt to earn additional income.

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risk and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect securities markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

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The Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap and Tax-Managed Managed Volatility Funds (for purposes of this paragraph, each, a Fund and collectively, the Funds) implement the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. The overlay manager also implements the investment recommendations of the Sub-Advisers of the Tax-Managed International Managed Volatility Fund. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. The Funds are subject to the risk that the performance of the Funds may deviate from the performance of a Sub-Adviser's model portfolio or the performance of other proprietary or client accounts over which the Sub-Adviser retains trading authority (Other Accounts). The overlay manager's variation from the Sub-Adviser's model portfolio may contribute to performance deviations, including under performance. In addition, a Sub-Adviser may implement its model portfolio for its Other Accounts prior to submitting its model to the Fund. In these circumstances, trades placed by the overlay manager pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the Sub-Adviser for its Other Accounts, including less favorable prices. The risk of such price deviations may increase for large orders or where securities are thinly traded.

Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen in response to events that do not otherwise affect the value of the security in the issuer's home country. These various risks will be even greater for investments in emerging market countries, where political turmoil and rapid changes in economic conditions are more likely to occur.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Arbitrage Strategies* — The Multi-Strategy Alternative Fund may engage in arbitrage strategies. Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may use a variety of arbitrage strategies in pursuing its investment strategy. The underlying relationships among securities in which the Fund takes investment positions may change in an adverse manner, in which case the Fund may realize losses. The expected gain on an individual arbitrage investment is normally considerably smaller than the possible loss, should the transaction be unexpectedly terminated. The expected timing of each transaction is also extremely important because the length of time that the Fund's capital must be committed to any given transaction will affect the rate of return realized by the Fund, and delays can substantially reduce such returns. Therefore, unanticipated delays in timing could cause the Fund to lose money or not achieve the desired rate of return. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company and, as a result, may involve increased brokerage commission costs which will be borne directly by the Fund and ultimately by its shareholders.

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence (AI) technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI

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technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Asset-Backed Securities* — Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized debt obligations (CDOs), collateralized loan obligations (CLOs) and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and a Fund, as a securityholder, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

*Bank Loans* — Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Bank loans may be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

The Funds may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Funds purchase assignments from lenders, the Funds will acquire direct rights against the borrower on the loan. The Funds may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Funds' ability to dispose of the bank loan in response to a specific economic event,

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such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Funds may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available during that time to make additional investments or to meet the Funds' redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*Below Investment Grade Fixed Income Securities (Junk Bonds)* — Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve a greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds, particularly those issued by foreign governments, is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Collateralized Debt Obligations and Collateralized Loan Obligations* — CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, a Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Commercial Paper* — Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Commodity Investments and Derivatives* — Certain Funds' exposure to commodities markets may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have, in the past, experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in a Fund's holdings. The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices are outside of a Fund's control and may not be anticipated by Fund management. Price movements may be influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and

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foreign governmental regulation and taxation; war, global health events such as pandemics and epidemics, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.

The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity-related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.

The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day. If the limit price has been reached in a particular contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related securities will not necessarily reflect changes in the price of commodities. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. In fact, commodity-related securities may actually have a higher correlation to movement in equities than the commodity market.

The value of a commodity-linked derivative investment typically is based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. Commodity-linked derivatives provide exposure to the investment returns of commodities that trade in the commodities markets without investing directly in physical commodities. The value of commodity-linked derivative instruments may be affected by, and rise or fall in response to, changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, as discussed above. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop.

Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at maturity, a Fund may receive more or less principal than it originally invested. A Fund might receive interest payments that are more or less than the stated coupon interest payments. In connection with a Fund's direct and indirect investments in commodity-linked derivatives, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which a Fund believes are creditworthy) at any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest in commodity-linked notes issued by a limited number of issuers

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that will act as counterparties, which may increase the Fund's exposure to counterparty credit risk. There can be no assurance that a Fund will be able to limit exposure to any one counterparty at all times.

A Fund's investments in commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility. If payment of interest on a commodity-linked note or the amount of principal to be repaid on maturity is linked to the value of a particular commodity, commodity index or other economic variable, a Fund might not receive all (or a portion) of the interest or principal due on its investment if there is a loss of value of the underlying investment. At any time, the risk of loss associated with a particular note in a Fund's portfolio may be significantly higher than the value of the note.

A liquid secondary market may not exist for the commodity-linked notes that a Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. Commodity-linked notes are also subject to the counterparty credit risk of the issuer. That is, at maturity of a commodity-linked note, there is a risk that the issuer may be unable to perform its obligations under the terms of the commodity-linked note. Issuers of commodity-linked notes are typically large money center banks, broker-dealers, other financial institutions and large corporations. If the issuer becomes bankrupt or otherwise fails to pay, a Fund could lose money. The value of the commodity-linked notes a Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. This would have the effect of increasing the volatility of the value of these commodity-linked notes as they may increase or decrease in value more quickly than the underlying commodity, commodity index or other economic variable. Therefore, at the maturity of the note, a Fund may receive more or less principal than it originally invested and may receive interest payments on the note that are more or less than the stated coupon interest payments.

*Convertible Securities and Preferred Stocks* — Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or not rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

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*Corporate Fixed Income Securities* — Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

*Credit* — Credit risk is the risk that a decline in the credit quality of an investment could indirectly cause the Funds to lose money. The Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit-Linked Notes* — Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. A Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

*Currency* — Certain Funds take active and/or passive positions in currencies, which involve different techniques and risk analyses than the Funds' purchases of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Funds if they are unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges they have entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Passive investment in currencies may subject the Global Managed Volatility Fund to additional risks and the

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value of the Fund's investments may fluctuate in response to broader macroeconomic risks than if the Fund invested only in U.S. equity securities.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Depositary Receipts* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Certain of the depositary receipts in which the Fund invests may not provide as much information about the underlying issuer and may not carry the same voting privileges as other depositary receipts.

*Derivatives* — Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not

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be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Funds to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Funds will cause the value of your investment in the Funds to decrease. The Funds' use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above and leverage risk is described below. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its obligations. These risks could cause the Funds to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment. Tax risk is the risk that the use of derivatives may cause the Funds to realize higher amounts of short-term capital gains or otherwise affect a Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside of the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

Regulation relating to a Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

*Directional or Tactical Strategies* — The Multi-Strategy Alternative Fund may use directional or tactical strategies. Directional or tactical strategies usually use long and short positions which entail the prediction of the direction which the overall market is going to move. The Fund gains when the prices of instruments in which the Fund takes long positions rises and when the prices of instruments in which the Fund takes short positions declines. Strategies may focus on short positions by utilizing credit default swaps to anticipate the decline in the price of an overvalued security or utilizing treasury futures to hedge interest-rate risk. Strategies may also involve leverage and hedging through the use of ETFs or various derivatives, such as futures, credit default swaps or total return swaps or other financings in order to enhance the total return. Risk of loss may be significant if the Fund's judgment is incorrect as to the direction, timing or extent of expected market moves.

*Distressed Securities* — The High Yield Bond Fund and Multi-Strategy Alternative Fund may invest in distressed securities. Distressed securities are debt securities or other securities or assets of companies or other assets experiencing financial distress, including bankruptcy. Distressed securities frequently do not produce income while they are outstanding and may require the High Yield Bond or Multi-Strategy Alternative Funds to bear certain extraordinary expenses in order to protect and recover their investments. Distressed securities are at

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high risk for default. If a distressed issuer defaults, the Funds may experience legal difficulties and negotiations with creditors and other claimants. The Funds may recover none or only a small percentage of their investments or have a time lag between when an investment is made and when the value of the investment is realized. Distressed securities may be illiquid.

*Duration* — Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market* — Because certain Funds will significantly invest in equity securities, those Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In the case of foreign stocks, these fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility, which is a principal risk of investing in the Funds.

*Event-Driven Strategies* — The Multi-Strategy Alternative Fund may engage in event-driven strategies. Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event, such as a merger, acquisition, bankruptcy, reorganization, spin-offs or other catastrophic event in the life of a company, will occur and the impact such an event will have on the value of the company's securities. Such strategies are often not correlated with the performance of the market. The transaction in which such a company is involved may either be unsuccessful, take considerable time or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company's security. If an anticipated transaction does not occur, the Fund may be required to sell their securities at a loss. Risk of default as to debt securities and bankruptcy or insolvency with respect to equity securities, can result in the loss of the entire investment in such companies.

*Exchange-Traded Products (ETPs)* — The risks of owning interests of an exchange-traded product (ETP), such as an ETF, exchange-traded note (ETN) or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e*., the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

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ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Inverse ETFs seek to provide investment results that match a negative of the performance of an underlying index. Leveraged inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that a Fund invests in leveraged inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged, inverse and leveraged inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose a Fund to complete loss of its investment.

Generally, ETNs are structured as senior, unsecured notes in which an issuer, such as a bank, agrees to pay a return based on a target index or other reference instrument less any fees. ETNs allow individual investors to have access to derivatives linked to commodities and other assets such as oil, currencies and foreign stock indexes. ETNs combine certain aspects of bonds and ETFs. Similar to ETFs, ETNs are traded on a major exchange (*e.g.*, the NYSE) during normal trading hours. However, investors can also hold an ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to principal amount, subject to the day's index factor. ETN returns are based upon the performance of a market index minus applicable fees. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political or geographic events that affect the referenced commodity. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even if the underlying index remains unchanged. Investments in ETNs are subject to the risks facing income securities in general, including the risk that a counterparty will fail to make payments when due or default.

*Extension* — Investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Funds may exhibit additional volatility.

*Financial Services Industry* — The Conservative Income Fund's portfolio is concentrated in investments in securities issued by companies in the financial services industry. Companies in the financial services industry include companies involved in activities such as banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates. The financial services industry is subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments financial services companies can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly

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when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations. Losses resulting from financial difficulties of borrowers also can negatively affect the profitability of financial services companies. Regulatory changes within the financial services industry may make it more difficult to analyze investments in this industry.

*Fixed Income Market* — The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by a Fund. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment/Emerging and Frontier Markets* — Certain Funds may invest in foreign issuers, including issuers located in emerging and frontier market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. "Frontier market countries" are a subset of emerging market countries with even smaller national economies. Emerging market countries, and, to an even greater extent, frontier market countries, may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market and frontier market countries often have less uniformity in accounting

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and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market and frontier market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Fund's investments in emerging market and frontier market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Frontier countries are a subset of emerging market countries with even smaller national economies. The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies, could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Foreign Sovereign Debt Securities* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Forward Contracts* — A forward contract, also called a "forward", involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

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*Futures Contracts* — Futures contracts, or "futures", provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Funds may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Advisers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Hedged Strategies* — Certain Funds may employ investment strategies that involve greater risks than the strategies used by typical mutual funds, including short sales and derivative transactions. There is no assurance that hedged strategies will protect against losses or perform better than non-hedged strategies. The investment strategies employed by the Funds that emphasize hedged positions rather than non-hedged positions in securities and derivatives are used in an effort to protect against losses due to general movements in market prices and are tools used to manage the Funds' price volatility. However, no assurance can be given that such hedging will be successful or that consistent absolute returns will be achieved. Hedging against a decline in the value of positions does not eliminate fluctuations in the values of such positions or prevent losses if the values of such positions decline but, rather, establishes other positions designed to gain from those same developments, thus offsetting the decline in the hedged positions' values. In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a financial instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a Fund incurring substantial losses and/or not achieving anticipated gains. Separately, hedging strategies can reduce opportunity for gain by offsetting the positive effect of favorable price movements. Even if the strategy works as intended, a Fund might be in a better position had it not attempted to hedge at all.

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*Inflation Protected Securities* — The Real Return Fund may invest in inflation protected securities, including Treasury Inflation Protected Securities (TIPS), the value of which generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the United States Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Interest Rate* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company* — The Funds may purchase shares of investment companies, such as open-end funds, ETFs and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Funds' assets invested in the underlying fund. In part because of these additional expenses, the performance of an investment company may differ from the performance a Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. See also, "Exchange-Traded Products (ETPs)," above.

*Investment in the Subsidiary* — The Dynamic Asset Allocation Fund may invest in a wholly-owned Subsidiary. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary, however, is not 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. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. The Fund, however, wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by SIMC, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund. While the Subsidiary has its own board of directors that is responsible for overseeing the operations of the Subsidiary, the Fund's Board has oversight responsibility for the investment activities of

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the Fund, including its investment in the Subsidiary, and the Fund's role as the sole shareholder of the Subsidiary. It is not currently expected that shares of the Subsidiary will be sold or offered to investors other than the Fund.

*Investment Style* — Investment style risk is the risk that a Fund's investment in certain securities in a particular market segment pursuant to its particular investment strategy may underperform other market segments or the market as a whole.

*Large Capitalization* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Leverage* — Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on a Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that a Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on one of two value-at-risk tests. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

*Liquidity* — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price.

Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Market* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Although a Fund may have an investment portfolio of short-term debt securities that is similar to the investment portfolios of many money market funds, <u>each Fund is not a money market fund</u>, does not seek to maintain a stable NAV per share, and does not provide investors with the same regulatory protections as a money market fund. Under normal conditions, a Fund's investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the Fund's investments. Certain of a Fund's investments may not be permitted investments of a money market fund.

*Money Market Funds* — An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Funds to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (*i.e*., impose a redemption gate) and thereby prevent the Funds

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from selling their investments in the money market fund or impose a fee of up to 2% on amounts the Funds redeem from the money market fund (*i.e*., impose a liquidity fee). These measures may result in an investment loss or prohibit the Funds from redeeming shares when the Sub-Adviser would otherwise redeem shares. In addition to the fees and expenses that the Funds directly bear, the Funds indirectly bear the fees and expenses of any money market funds in which they invest, including affiliated money market funds. By investing in a money market fund, the Funds will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Funds invest in instruments such as derivatives, the Funds may hold investments, which may be significant, in money market fund shares to cover their obligations resulting from the Funds' investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

*Mortgage-Backed Securities* — Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by a Fund could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as Government National Mortgage Association (Ginnie Mae), which are backed by the "full faith and credit" of the United States, (ii) securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to a Fund of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to a Fund and affect its share price.

The Funds may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the

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related mortgage loans allocable to the tranches held by the Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect a Fund's actual yield to maturity, even if the average rate of principal payments is consistent with the Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Mortgage Dollar Rolls* — Mortgage dollar rolls are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, the Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by the Fund to buy a security. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Municipal Securities* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value.

Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by a Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of a Fund's holdings. As a result, a Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by a Fund. Any changes in the financial condition of municipal issuers also may adversely affect the value of a Fund's securities.

*Opportunity* — A Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

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*Options* — An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g*., the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e*., the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

*Portfolio Turnover* — Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*Prepayment* — Fund investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Puerto Rico Investment* — To the extent a Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Developments in Puerto Rico may adversely affect the securities held by the Funds. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. A number of events, including economic and political policy changes, tax base erosion, territory constitutional limits on tax increases, budget deficits, high rates of unemployment,

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Puerto Rico constitutional amendments, legislative measures, voter initiatives and other changes in the law, and other financial difficulties and changes in the credit ratings assigned to Puerto Rico's municipal issuers, are likely to affect each Fund's performance. The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

*Quantitative Investing* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

*Real Estate Industry* — The Real Estate Fund's investments in the securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include declines in the value of real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, lack of ability to access the creditor capital markets, overbuilding, extended vacancies of properties, defaults by borrowers or tenants (particularly during an economic downturn), increasing competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from clean-ups of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in market and sub-market values and the appeal of properties to tenants, and changes in interest rates. In addition to these risks, real estate investment trusts (REITs) and real estate operating companies (REOCs) are dependent on specialized management skills and some REITs and REOCs may have investments in relatively few properties, or in a small geographic area or in a single type of property. These factors may increase the volatility of the Fund's investments in REITs or REOCs. Risk associated with investment in REITs is further discussed below.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on Funds that are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing a Fund to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

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*Real Estate Investment Trusts* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in REITs indirectly through a Fund, shareholders will not only bear the proportionate share of the expenses of the Fund, but will also, indirectly, bear similar expenses of underlying REITs. The Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, or its failure to maintain exemption from registration under the 1940 Act.

*Repurchase Agreement* — Although repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to a Fund whereby a defaulting counterparty could delay or prevent a Fund's recovery of collateral. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund either complies with the asset coverage requirements of Section 18 or treats such transactions as Derivative Transactions, as defined in Rule 18f-4 under the 1940 Act, subject to the VaR Test under Rule 18f-4.

*Securities Lending* — Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Funds may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. A Fund that lends its securities may pay lending fees to a party arranging the loan.

*Short Sales* — Short sales are transactions in which a Fund sells a security it does not own. To complete a short sale, the Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. This price may be more or less than the price at which the security was sold by the Fund and the Fund will incur a loss if the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security. Because a borrowed security could theoretically increase in price without limitation, the loss associated with short selling is potentially unlimited. To the extent that the Fund reinvests proceeds received from selling securities short, it may effectively create leverage, which is discussed above. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

*Small and Medium Capitalization Issuers* — Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to

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more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Swap Agreements* — Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into 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 the other party to the agreement.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to participation notes (P-Notes).

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

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The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive regulatory framework for swaps and security-based swaps. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the OTC market (so-called "bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Funds. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

*Tax* — The Dynamic Asset Allocation Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests directly in commodities and in equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. In order for the Fund to qualify as a RIC under Subchapter M of the Code, the Fund must, amongst other requirements, derive at least 90% of its gross income for each taxable year from sources generating "qualifying income" for purposes of the "qualifying income test", which is described in more detail in the section titled "Taxes" in the SAI. The Fund's investment in 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Fund attributable to its investment in the Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund expects its "Subpart F" income attributable to its investment in the Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in the Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Fund's investments in the Subsidiary to ensure that no more than 25% of the Fund's assets are invested in the Subsidiary to comply with the Fund's asset diversification test as described in more detail in the SAI.

To the extent the Dynamic Asset Allocation and Multi-Strategy Alternative Funds invest in commodities and certain commodity-linked derivative instruments directly such Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Funds to qualify as RICs under Subchapter M of the Code. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or may not be able to accurately predict the non-qualifying income from these investments.

The extent to which the Dynamic Asset Allocation Fund or the Multi-Strategy Alternative Fund directly or indirectly invests in commodities or commodity-linked derivatives may be limited by the qualifying income

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and asset diversification tests, which each Fund must continue to satisfy to maintain its status as a RIC. If a Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders. Under certain circumstances, a Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. The tax treatment of certain commodity-related investments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

The Tax-Managed Large Cap, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds (collectively, the "Tax-Managed Funds") are managed to seek to minimize tax consequences to shareholders, but there is no guarantee that a Tax-Managed Fund will be able to operate without incurring taxable income and gains for shareholders. For example, under certain market conditions, a Tax-Managed Fund could exhaust its tax loss carryforwards and be forced to recognize taxable income and gains in connection with the sale of portfolio securities. Because each Tax-Managed Fund intends to annually distribute substantially all of its income and gains to shareholders in order to avoid incurring corporate and excise taxes, it may be required to make distributions to shareholders that subject shareholders to federal, state and local taxes. Failure to distribute such income and gains would have negative tax consequences to the Fund and its shareholders that likely would outweigh the tax consequences associated with the Fund's distribution of income and gains*.*

In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Tax-Free Conservative Income Fund to shareholders to be taxable. Changes or proposed changes in federal tax laws may cause the prices of tax-exempt securities to fall. While the Tax-Free Conservative Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, if the Tax-Free Conservative Income Fund fails to meet this requirement, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. The Tax-Free Conservative Income Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities.

*To-Be-Announced (TBA) Transactions* — The Core Fixed Income Fund may be exposed to TBA transactions risk through the Fund's investments in derivatives. In TBA transactions, the selling counterparty does not specify the particular securities to be delivered. Instead, the purchasing counterparty agrees to accept any security that meets specified terms. TBA purchase commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, which risk is in addition to the risk of decline in the value of the Fund's other assets. In addition, the selling counterparty may not deliver the security as promised. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund's returns. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to the settlement date.

*U.S. Government Securities* — U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by

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non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable maturities. Some of the U.S. Government securities that a Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

*Warrants* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the global asset allocation strategies (Strategies) that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus.

The Russell 1000 Index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents

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approximately 93% of the U.S. market. As of December 31, 2025, the market capitalization of the companies included in the Index ranged from $1.0 billion to $4.5 trillion. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. Stocks in the Russell 1000 Index are weighted based on float-adjusted market capitalization, which is calculated by multiplying their closing price by the number of available shares. The market capitalization range and the composition of the Index are subject to change periodically, including during quarterly rebalances of the Russell 1000 Index, annual reconstitutions of the Russell 1000 Index, and in response to corporate actions such as mergers.

The Russell 1000 Value Index measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large cap value segment. The Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 1000 Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large cap growth segment. The Russell 1000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

The S&P 500 Index consists of 500 companies from a diverse range of industries. Contrary to a popular misconception, the S&P 500 Index is not a simple list of the largest 500 companies by market capitalization or by revenues. Rather, it is 500 of the most widely held U.S.-based common stocks, chosen by the S&P 500 Index's index committee for market size, liquidity and sector representation. "Leading companies in leading industries" is the guiding principal for S&P 500 inclusion. A small number of international companies that are widely traded in the U.S. are included, but the S&P 500 Index's index committee has announced that only U.S.-based companies will be added in the future.

The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set.

The Russell 2000 Value Index measures the performance of the small cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small cap value segment. The Russell 2000 Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small cap growth segment. The Russell 2000 Growth Index is completely

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reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set and that the represented companies continue to reflect growth characteristics.

The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 is a subset of the Russell 3000 Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Russell 2500 Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set.

The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 27% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

The MSCI World Index (Net) captures large and mid cap representation across 23 developed markets countries. With 1,321 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI USA Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to publicly-traded companies domiciled in the U.S. and is weighted to provide the lowest absolute risk within a given set of constraints.

The MSCI All Country World ex-USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI World Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid cap equity universe across 23 Developed Markets countries.

The MSCI EAFE Index (Net) is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises the MSCI country indexes that represent developed markets outside of North America: Europe, Australasia and the Far East.

MSCI EAFE Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid cap equity universe across Developed Markets countries\* around the world excluding the US and Canada.

The Wilshire U.S. Real Estate Securities Index is a broad measure of the performance of publicly traded U.S. real estate securities, such as REITs and REOCs. The index is capitalization-weighted. The beginning date, January 1, 1978, was selected because it coincides with the Russell/NCREIF Property Index start date. The

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Wilshire U.S. Real Estate Securities Index is rebalanced monthly, and returns are calculated on a buy and hold basis.

The ICE BofA U.S. 3-Month Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA U.S. High Yield Constrained Index reflects the reinvestment of dividends.

The Bloomberg U.S. Aggregate Bond Index is a widely-recognized, market-weighted (higher market value bonds have more influence than lower market value bonds) index of U.S. Government obligations, corporate debt securities and AAA rated mortgage-backed securities. All securities in the index are rated investment grade (BBB-) or higher, with maturities of at least 1 year.

The Bloomberg 1-5 Year U.S. TIPS Index represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board, is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are

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able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market-generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source Fund.

The following portfolio managers are primarily responsible for management and oversight of the Funds, as described above.

Richard A. Bamford serves as Portfolio Manager for the Core Fixed Income, Conservative Income and Tax-Free Conservative Income Funds. Mr. Bamford serves as a Senior Portfolio Manager for the Traditional Strategies Group within SIMC's Investment Management Unit. Mr. Bamford is responsible for high yield, emerging market, municipal and taxable fixed-income portfolios, as well as leading the investment-grade debt and municipal bonds portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 32 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and a Master of Business Administration with a concentration in Finance from St. Joseph's University.

Jason Collins serves as a Portfolio Manager for the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility and Real Estate Funds. Mr. Collins is Head of Sub-Advised Equity and the Head of the UK Investment Management Unit. Mr. Collins oversees resources and investment strategy for all equity portfolios. Prior to his current role, he served in a number of investment leadership roles at SEI and, before joining the firm, had gained significant experience in the fields of manager selection and portfolio management. Mr. Collins earned his Bachelor of Arts in financial services, with honors, from Bournemouth University and is a member of the CFA society.

Daniel Falkowski serves as an Assistant Portfolio Manager for the Tax-Free Conservative Income Fund. His duties include manager due diligence and selection. Mr. Falkowski has over 15 years of investment experience. Prior to joining SEI in 2016, Mr. Falkowski was a Senior Investment Officer at the City of Philadelphia Board of Pensions and Retirement. Mr. Falkowski received both his B.S. and M.S. in Finance from the Villanova University.

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Cory Furlong, CFA, serves as a Portfolio Manager/Analyst for the Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap and Real Estate Funds. Within SIMC's Investment Management Unit, Mr. Furlong is responsible for the management of U.S. small cap equity funds and the oversight of related sub-adviser strategies. Previously, Mr. Furlong was a Portfolio Analyst on SEI's Sub-Advised Equity team where he conducted the due diligence of sub-advisers within SEI's equity fund management and separate account business. Prior to joining the Investment Management Unit, he worked within SEI's Investor Manager Services division where he served as an Account Analyst. He earned his Artium Baccalaureus in Economics from Princeton University. Mr. Furlong is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

David L. Hintz, CFA serves as a Portfolio Manager for the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility and Real Estate Funds. In this role, Mr. Hintz is responsible for the management of the portfolios, capital market research, ongoing evaluation and allocation of equity managers and capital for the SEI funds. Prior to joining SEI, Mr. Hintz worked at Russell Investments as a Portfolio Manager and previously as the Head of US Equity Research and a Research Analyst. Mr. Hintz received his Bachelor of Science from Walla Walla University and his Master of Business Administration from Pacific Lutheran University. Mr. Hintz is a CFA charterholder from the CFA Institute.

Anthony Karaminas, CFA, serves as Portfolio Manager for the Core Fixed Income, High Yield Bond, Conservative Income and Tax-Free Conservative Income Funds. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

Radoslav Koitchev serves as Portfolio Manager for the Multi-Strategy Alternative Fund. Mr. Koitchev has served as a Portfolio Manager within the Investment Management Team for SIMC since April 2014. Mr. Koitchev joined SEI in June of 2009.

Ryan McKeon, CFA, serves as a Portfolio Manager/Analyst for the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Within SIMC's Investment Management Unit, Mr. McKeon is responsible for leading the US Large Cap Equity manager due diligence and selection process for SEI's fund management and separate account business, as well as for assisting in the management of US Large Cap Equity funds. Previously, Mr. McKeon was an analyst on SEI's Manager Research team, where he was responsible for manager due diligence and selection across both US and non-US equity sub-asset classes. He earned his Bachelor of Science in Finance from Pennsylvania State University. Mr. McKeon is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

Michael Schafer serves as Portfolio Manager to the High Yield Bond Fund. Mr. Schafer serves as a Portfolio Manager for the SEI High Yield fixed income strategies within the Investment Management Unit. Mr. Schafer is responsible for the selection of fund sub-advisers and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Mr. Schafer primarily

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oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution for the high yield funds. In his preceding role, Mr. Schafer was an Analyst on the Global Fixed Income Team responsible for in-depth due diligence on existing and prospective investment managers for SEI's High Yield fixed income portfolios. Mr. Schafer sourced and recommended managers for various mandates, and conducted peer group analysis to understand drivers of risk and return, and a manager's competitive advantage. Prior to joining the Global Fixed Income Team, Mr. Schafer was a member of the Portfolio Implementations Team and Liquidity Management Unit with primary responsibilities for the money market strategies and fixed income implementations. Previously, Mr. Schafer was a Supervisor in SEI's fund accounting department. Mr. Schafer received a Master of Business Administration with a concentration in Finance from St. Joseph's University and a Bachelor of Arts in Business Administration and Health Administration from Arcadia University.

Nilay Shah serves as a Portfolio Manager for the Core Fixed Income Fund. Mr. Shah is also responsible for manager due diligence and selection across SEI's fixed income fund and separate account platforms, with a primary focus on US investment-grade and high yield strategies. Mr. Shah joined SEI in 2005 and holds a Bachelor of Science in Business Administration with concentrations in Finance and Economics from Drexel University and a Master of Business Administration in Finance from Saint Joseph's University.

Philip Terrenzio, CFA serves as a Portfolio Manager for the Conservative Income Fund. Mr. Terrenzio serves as an assistant portfolio manager for the Fixed Income Team within the Investment Management Unit. He monitors portfolio exposures, portfolio risks, performance attribution, and daily cash flows for money market, liability driven investing, core, high yield and government funds. Prior to joining the Investment Management Unit, Mr. Terrenzio started his career at SEI in 2013 as a mutual fund accountant and supervisor within SEI's Investment Management Services where he worked on the operations and administration of SEI's mutual funds. Mr. Terrenzio earned a Bachelor of Science in Business Administration with a major in Finance from Saint Joseph's University, graduating cum laude, and is a CFA charterholder.

Steven Treftz, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset strategy. Prior to his employment at SEI, Mr. Treftz was employed by Citi Private Bank where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA Charterholder and member of the CFA Society of Philadelphia.

In addition, for the following Funds, SIMC and its portfolio managers directly manage all or a portion of the assets of each Fund in a manner that they believe will help each Fund achieve its investment goals:

LARGE CAP, LARGE CAP VALUE, LARGE CAP GROWTH, TAX-MANAGED LARGE CAP, SMALL CAP, SMALL CAP VALUE, SMALL CAP GROWTH, TAX-MANAGED SMALL/MID CAP, U.S. MANAGED VOLATILITY, GLOBAL MANAGED VOLATILITY, TAX-MANAGED MANAGED VOLATILITY AND TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUNDS:

Eugene Barbaneagra, CFA, directly manages a portion of the assets of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Certain of Mr. Barbaneagra's investment strategies are implemented

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through an overlay manager as disclosed in such Funds' principal investment strategies. Mr. Barbaneagra serves as a Portfolio Manager within the Investment Management Unit. Mr. Barbaneagra is responsible for the portfolio strategy of a number of core Global Equity Funds. Prior to joining SEI in 2002, Mr. Barbaneagra worked with the Vanguard Group. He earned his Bachelor of Science degrees in Business Administration/Finance and Management of Information Systems from Drexel University. Mr. Barbaneagra also earned his Master of Science in Risk Management and Financial Engineering from Imperial College London. Mr. Barbaneagra is a CFA charterholder and a member of UK Society of Investment Professionals.

HIGH YIELD BOND FUND:

David S. Aniloff, Anthony Karaminas, CFA, and Michael Schafer directly manage a portion of the assets of the High Yield Bond Fund. Mr. Aniloff joined SIMC in 2000 and currently serves as a Portfolio Manager and the Head of Specialty Credit for the Investment Management Unit. Mr. Aniloff manages and oversees portfolios of collateralized loan obligations, a strategy that he co-developed in mid-2005. In Mr. Aniloff's preceding role, he was a Performance Analyst on SEI's Portfolio Implementations Team.

DYNAMIC ASSET ALLOCATION FUND:

Timothy J. Sauermelch, CFA, James Smigiel, James Solloway, CFA, and Steven Treftz, CFA, directly manage, in part, the assets of the Dynamic Asset Allocation Fund, as disclosed in the Fund's principal investment strategy. Timothy Sauermelch, CFA, is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license. James Smigiel serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Smigiel has served as Managing Director and Head of Portfolio Strategies Group for SIMC since 2010. Previously, Mr. Smigiel oversaw SIMC's Global Fixed Income team, where his responsibilities included strategy development and manager evaluation and selection. Mr. Smigiel is currently responsible for developing the investment strategies for the Dynamic Asset Allocation Fund. James Solloway, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Solloway is a Portfolio Manager and Managing Director of SEI's Portfolio Strategy Team for the Investment Management Unit where he is responsible for strategic and active asset allocation research. Prior to joining SEI in 2009, Mr. Solloway spent ten years as an Executive Director and portfolio manager at Morgan Stanley in New York. Mr. Solloway earned his Bachelor of Arts in economics from Columbia University and his Master of Business Administration from the Stern School of Business at New York University. Mr. Solloway is a CFA charterholder. Steven Treftz, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation Fund. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset and Short Duration strategies. Prior to his employment at SEI, Mr. Treftz was employed by Citi Private Bank where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA Charterholder and member of the CFA Society of Philadelphia.

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MULTI-STRATEGY ALTERNATIVE FUND:

Radoslav Koitchev directly manages a portion of the assets of the Multi-Strategy Alternative Fund. Mr. Koitchev has served as a Portfolio Manager within the Investment Management Team for SIMC since April 2014. Mr. Koitchev joined SEI in June of 2009.

REAL RETURN FUND:

Timothy J. Sauermelch, CFA, manages all of the assets of the Real Return Fund. Timothy Sauermelch, CFA, is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

SIMC directly manages the assets of the Real Return Fund. Although the Real Return Fund is able to use a multi-manager approach whereby the Fund's assets would be allocated among multiple Sub-Advisers, the Fund's assets currently are managed directly by SIMC. SIMC may, in the future, determine to act as a manager of managers with respect to some or all of the Fund's assets and allocate Fund assets to one or more Sub-Advisers, upon approval from the Board.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

For the fiscal year or period ended September 30, 2025, SIMC received investment advisory fees, as a percentage of each Fund's average daily net assets, at the following annual rates:

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers^ |
| Large Cap Fund | 0.39% | 0.36% |
| Large Cap Value Fund | 0.35% | 0.33% |
| Large Cap Growth Fund | 0.40% | 0.33% |
| Tax-Managed Large Cap Fund | 0.40% | 0.40% |
| Small Cap Fund | 0.65% | 0.57% |
| Small Cap Value Fund | 0.65% | 0.57% |
| Small Cap Growth Fund | 0.65% | 0.54% |
| Tax-Managed Small/Mid Cap Fund | 0.65% | 0.56% |
| Mid-Cap Fund | 0.40% | 0.40% |

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers^ |
| U.S. Managed Volatility Fund | 0.55% | 0.30% |
| Global Managed Volatility Fund | 0.65% | 0.51% |
| Tax-Managed Managed Volatility Fund | 0.55% | 0.33% |
| Tax-Managed International Managed Volatility Fund | 0.65% | 0.39% |
| Real Estate Fund | 0.65% | 0.56% |
| Core Fixed Income Fund | 0.275% | 0.200% |
| High Yield Bond Fund | 0.4875% | 0.410% |
| Conservative Income Fund | 0.10% | 0.06% |
| Tax-Free Conservative Income Fund | 0.10% | 0.06% |
| Real Return Fund | 0.22% | 0.13% |
| Dynamic Asset Allocation Fund | 0.60% | 0.19% |
| Multi-Strategy Alternative Fund | 1.50% | 0.75% |

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^ Some or all of these fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis of the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of October 1, 2024 through March 31, 2025, and the Funds' Annual Form N-CSR covers the period of October 1, 2024 through September 30, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to the Dynamic Asset Allocation Fund and with respect to certain products not included in this prospectus. SIMC has claimed, on behalf of the other Funds in this prospectus in accordance with Commodity Futures Trading Commission (CFTC) Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC, with the exception of the Dynamic Asset Allocation Fund, is therefore not subject to regulation as a pool operator under the CEA with regard to the operation of the Funds.

Information About Fee Waivers

Actual total annual fund operating expenses of the Class Y Shares of the Funds for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses tables in the Fund Summary sections because the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of its fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The voluntary waivers of fees by the Funds' adviser, the Funds' administrator and/or the Funds' distributor are limited to the Funds' direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these voluntary waivers and/or reimbursements at any time.

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With these fee waivers, the actual total annual fund operating expenses of the Class Y Shares of the Funds for the most recent fiscal year (ended September 30, 2025) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class Y Shares | Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers <br>but excluding <br>waiver to maintain <br>income yield) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual Fund <br>Operating Expenses (after <br>fee waivers, excluding AFFE, <br>interest expense, fees paid <br>indirectly and after <br>extraordinary expenses, <br>if applicable)\* |
| Large Cap Fund | 0.73% | 0.64% | 0.64% | 0.64% |
| Large Cap Value Fund | 0.69% | 0.63% | 0.63% | 0.63% |
| Large Cap Growth Fund | 0.73% | 0.64% | 0.64% | 0.64% |
| Tax-Managed Large Cap Fund | 0.66% | 0.64% | 0.64% | 0.64% |
| Small Cap Fund | 0.98% | 0.86% | 0.86% | 0.86% |
| Small Cap Value Fund | 0.99% | 0.84% | 0.84% | 0.84% |
| Small Cap Growth Fund | 0.99% | 0.84% | 0.84% | 0.84% |
| Tax-Managed Small/Mid Cap Fund | 0.99% | 0.88% | 0.88% | 0.88% |
| Mid-Cap Fund | 0.74% | 0.74% | 0.74% | 0.74% |
| U.S. Managed Volatility Fund | 0.89% | 0.64% | 0.64% | 0.64% |
| Global Managed Volatility Fund | 0.99% | 0.83% | 0.83% | 0.83% |
| Tax-Managed Managed Volatility Fund | 0.89% | 0.66% | 0.66% | 0.66% |
| Tax-Managed International Managed <br>Volatility Fund | 1.13% | 0.86% | 0.86% | 0.86% |
| Real Estate Fund | 0.99% | 0.90% | 0.90% | 0.90% |
| Core Fixed Income Fund | 0.49% | 0.41% | 0.41% | 0.41% |
| High Yield Bond Fund | 0.74% | 0.65% | 0.65% | 0.65% |
| Conservative Income Fund | 0.34% | 0.20% | 0.20% | 0.20% |
| Tax-Free Conservative Income Fund | 0.34% | 0.21% | 0.21% | 0.21% |
| Real Return Fund | 0.45% | 0.35% | 0.35% | 0.35% |
| Dynamic Asset Allocation Fund | 0.93% | 0.50% | 0.50% | 0.50% |
| Multi-Strategy Alternative Fund | 2.68% | 1.93% | 1.69% | 1.10% |

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\* AFFE reflects the estimated amount of fees and expenses that were incurred indirectly by the Funds through their investments in other investment companies during the most recent fiscal year.

As a result of changes in the Large Cap Value, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, and Tax-Managed International Managed Volatility Funds' fees and expenses, the total annual Fund operating expenses for those Funds for the current fiscal year are expected to differ from those of the prior year. The Large Cap Value, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, and Tax-Managed International

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Managed Volatility Funds' total annual Fund operating expenses for the current fiscal year (ending September 30, 2026) are expected to be as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class Y Shares | Expected <br>Total Annual Fund<br>Operating Expenses<br>(before fee waivers) | Expected <br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers <br>but excluding <br>waiver to maintain <br>income yield) | Expected <br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable) | Expected Total Annual Fund<br>Operating Expenses (after<br>fee waivers, excluding AFFE,<br>interest expense, fees paid <br>indirectly and after <br>extraordinary expenses, <br>if applicable) |
| Large Cap Value Fund | 0.69% | 0.60% | 0.60% | 0.60% |
| Small Cap Fund | 0.98% | 0.82% | 0.82% | 0.82% |
| Small Cap Value Fund | 0.99% | 0.82% | 0.82% | 0.82% |
| Small Cap Growth Fund | 0.99% | 0.82% | 0.82% | 0.82% |
| Tax-Managed Small/Mid Cap Fund | 0.99% | 0.85% | 0.85% | 0.85% |
| U.S. Managed Volatility Fund | 0.89% | 0.60% | 0.60% | 0.60% |
| Tax-Managed Managed Volatility Fund | 0.89% | 0.61% | 0.61% | 0.61% |
| Tax-Managed International Managed <br>Volatility Fund | 1.13% | 0.82% | 0.82% | 0.82% |

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Sub-Advisers and Portfolio Managers

LARGE CAP FUND:

As further described in the Principal Investment Strategies of the Large Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by

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Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Ankur Crawford, Ph.D. has been employed by Alger since 2004. Dr. Crawford has been a portfolio manager since 2010 and an Executive Vice President since 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010, a Senior Analyst from 2010 to 2016, and a Senior Vice President from 2010 to 2019.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2027, a Partner since 2022 and Portfolio Manager since 2025.

Mar Vista Investment Partners, LLC: Mar Vista Investment Partners, LLC (Mar Vista), located at 11150 Santa Monica Blvd, Suite 320, Los Angeles, California 90025, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Mar Vista. Silas A. Myers, CFA is a partner and CEO of Mar Vista and has 35 years of investment experience. Mr. Myers serves as a portfolio manager/analyst and is a member of the investment team. Before starting Mar Vista in 2007, Mr. Myers spent seven years as a portfolio manager and analyst at Roxbury Capital Management. Mr. Myers was also an equity analyst and product specialist at Hotchkis and Wiley, where he performed in-depth industry and company analysis. Mr. Myers began his career as a vice president and portfolio manager at Utendahl Capital Management. Mr. Myers has a B.A. in psychology and an M.B.A., both from Harvard University. Mr. Myers is also a Robert A. Toigo Foundation Alumnus. Brian L. Massey, CFA is a partner and President of Mar Vista and has 34 years of investment experience. Mr. Massey serves as a portfolio manager/analyst and is a member of the investment team. Prior to starting Mar Vista in 2007, Mr. Massey spent 10 years as both a portfolio manager and analyst, and was Director of Research at Roxbury Capital Management. Before coming to Roxbury, Mr. Massey was a management consultant in KPMG Peat Marwick's Corporate Finance and Strategic Consulting group. Mr. Massey has a B.S. in economics from Johns Hopkins University and an M.B.A. from The Anderson School of Management at the University of California, Los Angeles.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

LARGE CAP VALUE FUND:

As further described in the Principal Investment Strategies of the Large Cap Value Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the

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Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals manages the portion of the Large Cap Value Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Cullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals manages the portion of the Large Cap Value Fund's assets allocated to Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Value Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Value Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Value Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Value Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

LARGE CAP GROWTH FUND:

As further described in the Principal Investment Strategies of the Large Cap Growth Fund's Summary section, certain Sub-Advisers will manage their portion of the Fund's portfolio by making recommendations as to the

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purchase, sale and retention of assets, with those recommendations executed by Parametric Portfolio Associates LLC (Parametric) as overlay manager.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals manages the portion of the Large Cap Growth Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Ankur Crawford, Ph.D. has been employed by Alger since 2004. Dr. Crawford has been a portfolio manager since 2010 and an Executive Vice President since 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010, a Senior Analyst from 2010 to 2016, and a Senior Vice President from 2010 to 2019.

Mackenzie Investments Corporation: Mackenzie Investments Corporation (Mackenzie), located at Two International Place, Suite 2320, Boston, MA 02110, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals manages the portion of the Large Cap Growth Fund's assets allocated to Mackenzie. Mr. Arup Datta, CFA, Senior Vice President, Investment Management, joined Mackenzie in 2017 as the Head of Global Quantitative Equity Team and a Portfolio Manager. Prior to joining Mackenzie, Mr. Datta was the Chief Investment Officer, International Equities, and a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Datta previously worked at Agriya Investors as President and Portfolio Manager and Numeric Investors as Director of Portfolio Management and Portfolio Manager. Mr. Nicholas Tham, CFA, joined Mackenzie in 2017 as Vice President, Investment Management, and Portfolio Manager. Prior to joining Mackenzie, Mr. Tham was a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Tham previously worked as an Analyst at Agriya Investors and Weiss Asset Management. Mr. Datta and Mr. Tham also hold the Chartered Financial Analyst (CFA) designation.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Large Cap Growth Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Large Cap Growth Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone) serves as a Sub-Adviser to a portion of the assets of the Large Cap Growth Fund. PineStone is located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the U.S. Securities & Exchange Commission. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$60.2 billion in assets under management as of September 30, 2025 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has nearly three decades of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University and also obtained the Chartered Financial Analyst designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 25 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms,

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most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so.

TAX-MANAGED LARGE CAP FUND:

As further described in the Principal Investment Strategies of the Tax-Managed Large Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Cullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Tax-Managed Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has serves as a Quanitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Mar Vista Investment Partners, LLC: Mar Vista Investment Partners, LLC (Mar Vista), located at 11150 Santa Monica Blvd, Suite 320, Los Angeles, California 90025, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Mar Vista. Silas A. Myers, CFA is a partner and CEO of Mar Vista and has 35 years of investment

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experience. Mr. Myers serves as a portfolio manager/analyst and is a member of the investment team. Before starting Mar Vista in 2007, Mr. Myers spent seven years as a portfolio manager and analyst at Roxbury Capital Management. Mr. Myers was also an equity analyst and product specialist at Hotchkis and Wiley, where he performed in-depth industry and company analysis. Mr. Myers began his career as a vice president and portfolio manager at Utendahl Capital Management. Mr. Myers has a B.A. in psychology and an M.B.A., both from Harvard University. Mr. Myers is also a Robert A. Toigo Foundation Alumnus. Brian L. Massey, CFA is a partner and President of Mar Vista and has 34 years of investment experience. Mr. Massey serves as a portfolio manager/analyst and is a member of the investment team. Prior to starting Mar Vista in 2007, Mr. Massey spent 10 years as both a portfolio manager and analyst, and was Director of Research at Roxbury Capital Management. Before coming to Roxbury, Mr. Massey was a management consultant in KPMG Peat Marwick's Corporate Finance and Strategic Consulting group. Mr. Massey has a B.S. in economics from Johns Hopkins University and an M.B.A. from The Anderson School of Management at the University of California, Los Angeles.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed Large Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed Large Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone) serves as a Sub-Adviser to a portion of the assets of the Tax-Managed Large Cap Fund. PineStone is located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the U.S. Securities & Exchange Commission. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$60.2 billion in assets under management as of September 30, 2025 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has nearly three decades of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University and also obtained the Chartered Financial Analyst designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 25 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so.

SMALL CAP FUND:

As further described in the Principal Investment Strategies of the Small Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric) and Los Angeles Capital Management LLC (Los Angeles Capital), will manage its portion of the Fund's portfolio by making

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recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Copeland. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the Chartered Financial Analyst (CFA) designation and is a member of the Philadelphia Security Analyst Society. Mr. Eric Brown is the Chief Executive Officer, Principal and Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. David McGonigle is a Senior Research Analyst, Principal and Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary and Financial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst is a Research Analyst, Principal and Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, he worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector and before that at Copeland Capital as a summer research analyst. Mr. Cummings holds a Bachelor of Arts in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (EIP), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Small Cap Fund. The portion of the Small Cap Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director.

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Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC. (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

SMALL CAP VALUE FUND:

As further described in the Principal Investment Strategies of the Small Cap Value Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (Easterly), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap Value Fund. A team of investment professionals manages the portion of the Small Cap Value Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Small Cap Value Fund. The portion of the Small Cap Value Fund's assets managed by Leeward is managed by R. Todd Vingers, CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

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LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Small Cap Value Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Small Cap Value Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Value Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Value Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

SMALL CAP GROWTH FUND:

As further described in the Principal Investment Strategies of the Small Cap Growth Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Axiom Investors LLC: Axiom Investors LLC (Axiom), located at 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals manages the portion of the Small Cap Growth Fund's assets allocated to Axiom. Mr. Matthew Franco, CFA, is the Lead Portfolio Manager for the International Small-Cap Equity Strategy and the Axiom Global and International Small/Micro-Cap Opportunity Funds and Co-Portfolio Manager for the US Small Cap and Global Small Cap Equity Strategies. Mr. Franco was one of the original investment team members at Axiom's inception in 1998. Prior to Axiom, Mr. Franco was an Associate at Columbus Circle Investors, a unit of PIMCO Advisors LP, where he was an Analyst for the International Fund. Mr. Franco was also affiliated with investment boutique R.L. Renck & Company, a small capitalization company specialist firm. Mr. Franco has the designation of CFA and is a member of the New York Society of Security Analysts. Mr. Franco holds a B.S., summa cum laude, in Finance with a concentration in Asian Studies from Saint John's University. Mr. David Kim, CFA, is the Lead Portfolio Manager for the Axiom US Small Cap Equity Strategy and Co-Portfolio Manager for the Axiom Global and International Small/Micro-Cap Opportunity Funds and the Axiom Concentrated Global Growth and the Global Small Cap Equity Strategies. Prior to joining Axiom, Mr. Kim was a Research Analyst for small and micro-capitalization companies at Pinnacle Associates LTD. Mr. Kim is a CFA and a member of the New York Society of Security Analysts. Mr. Kim holds a B.S. degree in Business Administration from Georgetown University, with a double major in Finance and International Business. Mr. Kim also attended Georgetown's Corporate Business Program at the Chinese University of Hong Kong.

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Geneva Capital Management LLC: Geneva Capital Management LLC (Geneva), located at 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals manages the portion of the Small Cap Growth Fund's assets allocated to Geneva. William S. ("Scott") Priebe is a Managing Principal and Portfolio Manager at Geneva. He joined Geneva in 2004 and was promoted to Portfolio Manager in 2006. Mr. Priebe is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Priebe received a BA from DePauw University and an MBA in Economics & Finance from the University of Chicago. Jose Munoz, CFA, is a Managing Principal and Portfolio Manager at Geneva. He joined Geneva in 2011 and was promoted to Portfolio Manager in 2017. Mr. Munoz is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Munoz received a BA from Marquette University and an MBA from the University of Chicago. He is a CFA Charterholder.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Small Cap Growth Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Small Cap Growth Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

TAX-MANAGED SMALL/MID CAP FUND:

As further described in the Principal Investment Strategies section of the Tax-Managed Small/Mid Cap Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC, will manage its portion of the Tax-Managed Small/Mid Cap Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (Easterly), located at 138 Conant Street, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to EIP. Joshua Schachter, CFA is Chief Investment Officer and Senior Portfolio Manager at Easterly Snow. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include research, selection and portfolio management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Geneva Capital Management LLC: Geneva Capital Management LLC (Geneva), located at 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Geneva. William S. ("Scott") Priebe is a Managing Principal, Portfolio Manager at Geneva. He joined Geneva in 2004 and was promoted to Portfolio Manager in 2006. Mr. Priebe is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Priebe received a BA from DePauw University and an MBA in Economics & Finance from the University of Chicago. Jose Munoz, CFA, is a Managing Principal, Portfolio Manager at Geneva. He joined Geneva in 2011 and was promoted to Portfolio Manager in 2017. Mr. Munoz is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Munoz received a BA from Marquette University and an MBA from the University of Chicago. He is a CFA Charterholder.

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Hillsdale Investment Management Inc.: Hillsdale Investment Management Inc. (Hillsdale), located at 1 First Canadian Place, 100 King Street West, Suite 5900, Toronto, Ontario M5X 1E4, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Hillsdale. A. Christopher Guthrie is the President, CEO, CIO, Senior Portfolio Manager, and Founding Partner of the firm in 1996. Mr. Tony Batek, Senior Portfolio Manager and Partner, joined Hillsdale in July of 2002. Ted Chen, Co-Chief Investment Officer, Senior Portfolio Manager and Partner joined Hillsdale in March 2021. Prior to joining Hillsdale, Mr. Chen spent 10 years at Canada Pension Plan Investment Board, most recently as a Senior Portfolio Manager.

Martingale Asset Management, L.P.: Martingale Asset Management, L.P. (Martingale), located at 888 Boylston Street, Suite 1400, Boston, MA 02199, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals, led by Mr. James M. Eysenbach, CFA, Co-CEO, Chief Investment Officer, manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Martingale. Mr. Eysenbach joined Martingale in 2004. Mr. Eysenbach began managing Martingale's allocated portion of the Fund's portfolio in December 2018.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed Small/Mid Cap Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed Small/Mid Cap Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

MID-CAP FUND:

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston, MA 02110, serves as a Sub-Adviser to the Mid-Cap Fund. The portion of the Mid-Cap Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 30 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 25 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Mid-Cap Fund. A team of investment professionals manages the portion of the Mid-Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, Chief Executive Officer, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

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U.S. MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. A team of investment professionals manages the portion of the U.S. Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the U.S. Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the U.S. Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

GLOBAL MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Global Managed Volatility Fund. A team of investment professionals manages the portion of the Global Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Global Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia

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University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

TAX-MANAGED MANAGED VOLATILITY FUND:

As further described in the Principal Investment Strategies of the Tax-Managed Managed Volatility Fund's Summary section, each Sub-Adviser, except for Parametric Portfolio Associates LLC (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Tax-Managed Managed Volatility Fund. A team of investment professionals manages the portion of the Tax-Managed Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Tax-Managed Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Tax-Managed Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the Tax-Managed Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed Managed Volatility Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed Managed Volatility Fund's assets allocated to Parametric. Bouchey, Mihara and Osborne have been with Parametric since 2006, 2005 and 2008 respectively.

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TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND:

As further described in the Principal Investment Strategies of the Tax-Managed International Managed Volatility Fund's Fund Summary section, each Sub-Adviser, except for Parametric Portfolio Associates (Parametric), will manage its portion of the Fund's portfolio by making recommendations as to the purchase, sale and retention of assets, with those recommendations executed by Parametric as overlay manager.

Acadian Asset Management, LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Tax-Managed International Managed Volatility Fund. A team of investment professionals manages the portion of the Tax-Managed International Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Tax-Managed International Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Tax-Managed International Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Gal Skarishevsky and Jason Karceski, Ph.D. manage the portion of the Tax-Managed International Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio manager since 2025. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014.

Parametric Portfolio Associates LLC: Parametric Portfolio Associates LLC (Parametric), located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a Sub-Adviser to the Tax-Managed International Managed Volatility Fund. A team of investment professionals at Parametric, led by Paul Bouchey, Managing Director, Applied Research, Jennifer Mihara, Managing Director, Head of Equity Fund Management and Robert Osborne, Executive Director, Portfolio Management manages the portion of the Tax-Managed International Managed Volatility Fund's assets allocated to Parametric. Bouchey, Mihara and Obsborne have been with Parametric since 2006, 2005 and 2008 respectively.

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REAL ESTATE FUND:

CenterSquare Investment Management LLC: CenterSquare Investment Management LLC (CenterSquare), located at Eight Tower Bridge, 161 Washington Street, Seventh Floor, Conshohocken, PA 19428, serves as a Sub-Adviser to the Real Estate Fund. Dean Frankel, CFA, and Eric Rothman, CFA, manage the portion of the Real Estate Fund's assets allocated to CenterSquare. Mr. Frankel is Co-Chief Investment Officer at CenterSquare Investment Management. Mr. Frankel is responsible for management of the firm's proprietary research process, as well as analyzing and interpreting the implications of major events and economic trends. Mr. Frankel manages the daily operations of the real estate securities portfolios and has ultimate decision-making authority for the core U.S. and Global REIT strategies. Mr. Frankel joined CenterSquare in 1997 and holds a B.S. in Economics from the University of Pennsylvania's Wharton School of Business. Mr. Rothman serves as Portfolio Manager for CenterSquare's real estate securities group. Mr. Rothman joined the firm in 2006, and is responsible for market research, sector allocations, research, and financial modeling across the real estate securities universe. Mr. Rothman brings 30 years of REIT and real estate investment experience to his position. Prior to joining CenterSquare, Mr. Rothman spent more than six years as a Sell-side REIT Analyst at Wachovia Securities and three years as an Analyst at AEW Capital Management, LP. Mr. Rothman graduated cum laude from Boston University with a B.A. in Economics, International Relations and French.

CORE FIXED INCOME FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Core Fixed Income Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. A team of investment professionals led by, Senior Portfolio Managers and Co-Heads Maulik Bhansali, CFA and Jarad Vasquez, manage the portion of the Core Fixed Income Fund's assets allocated to Allspring Investments. Mr. Bhansali joined Allspring Investments or one of its predecessor firms in 2001 and previously served as the Head of Portfolio Strategies and Risk Analytics before becoming a Portfolio Manager in 2014. Mr. Bhansali also served as an equity research analyst responsible for quantitative modeling and portfolio construction in addition to fundamental analysis for various equity teams. Prior to joining the firm in 2001, Mr. Bhansali worked with Watson Wyatt Worldwide where he served as a retirement actuary. Mr. Vasquez joined the firm in 2007. Prior to that, Mr. Vasquez was a trader at Susquehanna International Group where he traded MBS in a proprietary relative value strategy and equity options as a specialist on the Philadelphia Stock Exchange. Mr. Vasquez has been in the investment industry since 2001.

Jennison Associates LLC: Jennison Associates LLC (Jennison), located at 55 East 52nd Street, New York, New York 10055 (Main Office) and One International Place, Suite #4300, Boston, Massachusetts 02110 (Fixed Income Management), serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to Jennison. The team consists of James Gaul, CFA, Head of Fixed Income, Managing Director, and Fixed Income Credit Portfolio Manager; Eric G. Staudt, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Samuel B. Kaplan, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; Dmitri Rabin, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; David Morse, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Natalia Glekel, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Griffin Sullivan, CFA, Managing Director and Fixed Income Credit Portfolio Manager; and Adriano Taylor-Escribano, Managing Director and Fixed Income Rates and Securitized Portfolio Manager. Mr. Gaul joined Jennison in February 2016 as a Managing Director and Fixed Income Credit Portfolio Manager with expertise in the investment grade credit sector and became the Head of the

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Fixed Income team in 2024. Prior to Jennison, Mr. Gaul was with Standish Mellon Asset Management Company from 2006 to 2016 where he served as the Director of Investment Grade Credit since 2011 and a Credit Portfolio Manager since 2009. Mr. Staudt joined Jennison in 2010 to add to the depth of Jennison's credit team. Mr. Staudt is responsible for developing and implementing strategies in the credit sector. For the previous 11 years, Mr. Staudt worked at UBS Global Asset Management. While there Mr. Staudt was a Senior Credit Analyst for three years prior to becoming a Fixed Income Portfolio Manager in 2001 and Senior Fixed Income Credit Portfolio Manager in 2005. Mr. Kaplan joined Jennison in March 2008 as a Fixed Income Trader and became a Fixed Income Rates and Securitized Portfolio Manager in February 2016. Mr. Kaplan works on the yield curve, Treasury/agency and futures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to Jennison. Mr. Rabin was with Loomis, Sayles & Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Core Fixed Income Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Portfolio Managers Stephen Mullin, CFA, Joshua Lofgren, CFA, and Joseph Hondros, CFA, have been with MIM and its predecessor firm since 2007.

Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Group Managing Director and Generalist Portfolio Manager, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager, and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process along with Messrs. Cudzil and Hovhannisyan as Generalist Portfolio Managers, Mr. Whalen serve as Chief Investment Officers, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

HIGH YIELD BOND FUND:

Ares Capital Management II LLC: Ares Capital Management II LLC (ACM II), a wholly-owned subsidiary of Ares Management LLC (Ares), located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067,

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serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to ACM II. The team consists of Seth Brufsky, Chris Mathewson and Kapil Singh. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Mr. Mathewson joined Ares in 2006 as an Analyst and has served in a portfolio management capacity since 2016. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he led the high yield effort across numerous strategies and portfolios in a variety of investment vehicles. Mr. Singh worked at DoubleLine from 2013 to 2018. Mr. Brufsky, Mr. Mathewson, and Mr. Singh have 36 years, 22 years and 33 years, respectively, of experience with the leveraged finance asset class.

Benefit Street Partners L.L.C.: Benefit Street Partners L.L.C. (Benefit Street), located at 1 Madison Avenue, Suite 1600, New York, New York 10010, serves as Sub-Adviser to the High Yield Bond Fund. The Benefit Street platform was established in 2008 in partnership with Providence Equity Partners L.L.C. On February 1, 2019, Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments (Franklin Templeton), acquired Benefit Street. Thomas Gahan and Paul Karpers manage the portion of the assets of the High Yield Bond Fund allocated to Benefit Street. Mr. Gahan is the founder, Chief Investment Officer and Chairman of Benefit Street. Mr. Karpers has been a Managing Director of Benefit Street since 2016. Previously, Mr. Karpers was a vice president with T. Rowe Price, where he served as a high yield portfolio manager. Prior to T. Rowe Price, Mr. Karpers was an associate with the Vanguard Group.

Blackstone Credit Systematic Strategies LLC: Blackstone Credit Systematic Strategies LLC, also known as Blackstone Corporate Bond Strategies (BCBS), located at 345 Park Avenue, 31st Floor, New York, New York 10154, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to BCBS. Adam Dwinells, Senior Managing Director, Global Head of Corporate Bond Strategies, Technology, and Operations for Liquid Credit Strategies is the lead portfolio manager and has been with the team since 2005.

Brigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the High Yield Bond Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the High Yield Bond Fund's assets allocated to Brigade. Mr. Morgan and Mr. Pardon are responsible for the day-to-day management and investment decisions made with respect to the High Yield Bond Fund. Mr. Morgan, Chief Investment Officer/Managing Partner, formed Brigade in 2006 and has served as the Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon, Co-Chief Investment Officer and Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, joined Brigade in 2007 and became involved with the investment decision made with respect to the Multi-Strategy Alternative Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

J.P. Morgan Investment Management Inc.: J.P. Morgan Investment Management Inc. (JPMIM), a wholly-owned subsidiary of JPMorgan Chase & Co., located at 270 Park Avenue, New York, NY 10017, serves as a Sub-Adviser to the High Yield Bond Fund. Robert Cook, a Managing Director and Lead Portfolio Manager, Thomas Hauser, a Managing Director and Co-Lead Portfolio Manager, and and Jeffrey Lovell, a Managing Director and Co-Lead Portfolio Manager, manage the portion of the High Yield Bond Fund's assets allocated to JPMIM. Mr. Cook is the head of the High Yield Fixed Income team and is responsible for co-managing high yield total return assets. Mr. Hauser is responsible for co-managing high yield total return assets as well as overseeing the high yield trading effort. Messrs. Cook, Hauser and Lovell joined JPMIM in 2004.

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CONSERVATIVE INCOME FUND:

BlackRock Advisors, LLC: BlackRock Advisors, LLC (BAL), 100 Bellevue Parkway, Wilmington, Delaware 19809, an indirect, majority-owned subsidiary of BlackRock, Inc., provides investment services to the Conservative Income Fund pursuant to an investment sub-advisory agreement. BAL was organized in 1994 to perform advisory services for investment companies. As of December 31, 2025, assets under management were approximately $14.04 trillion for BlackRock, Inc. Eric Hiatt, CFA, FRM, manages the portion of the Conservative Income Fund's assets allocated to BAL. Mr. Hiatt has been a Managing Director at BlackRock since 2017. Mr. Hiatt had been a Director of BlackRock, Inc. since 2012. Prior to his appointment as Director, Mr. Hiatt was a Senior Vice President and Portfolio Manager at Dwight Asset Management from 2009 to 2012. Mr. Ingold has been a Director of BlackRock Inc. since 2019. Prior to this appointment, Mr. Ingold was a Vice President and serving as a Cash Portfolio Manager since 2006, primarily responsible for the management of US liquidity portfolios.

TAX-FREE CONSERVATIVE INCOME FUND:

BlackRock Advisors, LLC: BlackRock Advisors, LLC: BlackRock Advisors, LLC (BAL), 100 Bellevue Parkway, Wilmington, Delaware 19809, an indirect, majority-owned subsidiary of BlackRock, Inc., provides investment services to the Tax-Free Conservative Income Fund pursuant to an investment sub-advisory agreement. BAL was organized in 1994 to perform advisory services for investment companies. As of December 31, 2025, assets under management were approximately $14.04 trillion for BlackRock, Inc. Kristi Manidis and Alicia De Lorenzo manage the portion of the Tax-Free Conservative Income Fund's assets allocated to BAL. Prior to her appointment as Director, Ms. Manidis was a Vice President of BlackRock, Inc. from 2011 to 2015, an Associate from 2006 to 2010, and an Analyst from 2004 to 2005. Ms. Manidis is a member of the Global Cash Management Credit Committee. Ms. De Lorenzo has been a Vice President of BlackRock, Inc. since 2020. Prior to her appointment as VP, Ms. De Lorenzo was an Associate of BlackRock, Inc. from 2014 to 2019, and an Analyst from 2007 to 2013. Ms. De Lorenzo's experience has spanned portfolio management, client service, and operations throughout her tenure with BlackRock, Inc.

DYNAMIC ASSET ALLOCATION FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 022114, serves as a Sub-Adviser for a portion of the assets of the Dynamic Asset Allocation Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the Dynamic Asset Allocation Fund allocated to SSGA FM are Karl Schneider, Mark Krivitsky, Michael Finocchi and Xianhang Wu. Karl Schneider, CAIA, is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a Bachelor of Science in Finance and Investments from Babson College and a Master of Science in Finance from the Carroll School of Management at Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Mark Krivitsky is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team and Tax-Efficient

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Market Capture Group. He is responsible for managing both U.S. and international index funds and taxable institutional accounts. His previous experience at State Street Investment Management includes affiliation with the firm's U.S. Structured Products Operations Group. Mr. Krivitsky began his tenure at State Street Corporation in the Mutual Funds Division in 1992. He has been working in the investment management field since 1991. Mr. Krivitsky holds a Bachelor of Arts in Humanities/Social Sciences from the University of Massachusetts and a Master of Business Administration with a specialization in Finance from the Sawyer School of Management at Suffolk University. Michael Finocchi is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team. He is responsible for managing a wide variety of equity index and tax-efficient strategies for institutional clients and high net worth individuals. Prior to assuming his current role in March 2012, Mr. Finocchi was a senior manager in Portfolio Administration responsible for the operations of funds managed by the Systematic Equity Team. Before joining State Street Investment Management in 2005, he worked for Investors Bank & Trust as a senior tax analyst following his role in custody servicing BGI. Mr. Finocchi holds a Master of Business Administration with a concentration in Finance from Boston University's Questrom School of Business as well as a Bachelor of Arts in History and Business Studies from Providence College. Xianhang Wu is an Assistant Vice President of State Street Investment Management and a Portfolio Manager in the Systematic Equity Team. In this capacity, he manages a diverse group of equity index portfolios, with both domestic and international strategies. Previously within the Team, Mr. Wu worked as a portfolio specialist assisting portfolio management and trading teams research index methodologies and trading strategies, as well as presenting investment results and value-add techniques of equity indexing and ESG strategies to institutional clients. Mr. Wu also supported the Active Quantitative Equity Group where he was responsible for research and presentation of performance and underlying mechanics of strategies to institutional clients inclusive of specific alpha models utilized in country/security selection and portfolio construction techniques. Prior to joining State Street Investment Management in 2016, Mr. Wu worked at Guangfa Fund Management Company as a quantitative research analyst and John Hancock Life Insurance Company as a business analyst. He holds a Bachelor of Science in Business Administration from Northeastern University.

MULTI-STRATEGY ALTERNATIVE FUND:

Brigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the Multi-Strategy Alternative Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the Multi-Strategy Alternative Fund's assets allocated to Brigade. Mr. Morgan and Mr. Pardon are responsible for the day-to-day management and investment decisions made with respect to the Multi-Strategy Alternative Fund. Mr. Morgan, Chief Investment Officer/Managing Partner, formed Brigade in 2006 and has served as the Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon, Co-Chief Investment Officer and Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, joined Brigade in 2007 and became involved with the investment decision made with respect to the Multi-Strategy Alternative Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

Global Credit Advisers, LLC: Global Credit Advisers, LLC (Global Credit Advisers), located at 100 Park Avenue, 35th Floor, New York, New York 10017, serves as a Sub-Adviser to the Multi-Strategy Alternative Fund. A team of investment professionals manages the portion of the Multi-Strategy Alternative Fund's assets allocated to Global Credit Advisers. Steven S. Hornstein, Managing Member, Portfolio Manager and Chief

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Investment Officer, co-founded Global Credit Advisers in 2008 and has served as the Managing Member of Global Credit Advisers since that date. Prior to co-founding Global Credit Advisers, Mr. Hornstein was previously a Partner at Sailfish Capital Partners, LLC from 2006-2008 where he launched and managed the Leverage Finance Strategy. Previously, Mr. Hornstein was a Partner/Head Trader/Portfolio Manager at Pinewood Capital Partners, LLC from 2004-2006, and a Partner and the Head of Credit Trading, High Yield and Distressed Debt at Imperial Capital, LLC from 2001-2004. Mr. Hornstein began his career at Donaldson, Lufkin & Jenrette, which he joined in 1981 and was most recently Principal, Managing Director and Head of High Yield Trading.

Kettle Hill Capital Management, LLC: Kettle Hill Capital Management, LLC (Kettle Hill), located at 747 Third Avenue, 19th Floor, New York, New York 10017, serves as a Sub-Adviser to a portion of the assets of the Multi-Strategy Alternative Fund. A team of investment professionals manages the portion of the Multi-Strategy Alternative Fund allocated to Kettle Hill. Andrew Kurita is the Founder of Kettle Hill and has served as a Portfolio Manager since Kettle Hill's inception in 2003. Prior to this role, Mr. Kurita was a Vice President at Andor Capital Management, LLC where he covered the industrial sector for the Diversified Growth Fund. From 1996 to 2001, Mr. Kurita worked at Cramer Rosenthal McGlynn, LLC, where he was a Vice President and Analyst on hedge fund and small cap value products. Mr. Kurita is a CFA charterholder with approximately 30 years of small cap and hedge fund investing experience. Mr. Kurita graduated cum laude with honors with a B.A. in Economics from Williams College in 1995.

Mountaineer Partners Management, LLC: Mountaineer Partners Management, LLC (Mountaineer), located at 950 Third Avenue, 28th Floor, New York, New York 10022 serves as a Sub-Adviser to the Multi-Strategy Alternative Fund. A team of investment professionals headed by Mark Lee manages the portion of the Multi-Strategy Alternative Fund allocated to Mountaineer. Mr. Lee is the Founder and Managing Member of Mountaineer, an opportunistic value and event hedge fund founded in 2011 that invests long and short in equity and debt. Prior to founding Mountaineer, Mr. Lee worked at Contrarian Capital Management, LLC (Contrarian) from 1999 to 2011. Mr. Lee joined Contrarian as a Distressed Debt Analyst, and then in 2003 founded and was the sole Portfolio Manager for the Contrarian Long Short Fund for eight years until he departed to launch Mountaineer in January 2011. In late 2008, Mr. Lee also assumed management of the Contrarian Distressed Equity Fund, which he managed until his departure in January 2011. Both Contrarian Long Short and Contrarian Distressed Equity utilized a similar analytical framework to Mountaineer. Prior to Contrarian, Mr. Lee worked as an Associate at Blavin & Co., a concentrated, long-biased value fund, and as an Associate at Centre Partners, a Lazard-affiliated private equity firm. Mr. Lee began his career in finance in 1992 as an investment banker at Credit Suisse First Boston. Mr. Lee received an M.B.A. from Harvard Business School and an A.B., Magna Cum Laude, from Harvard College.

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

The following sections tell you how to purchase, exchange and sell (sometimes called "redeem") Class Y Shares of the Funds. Class Y Shares may only be purchased by:

• independent investment advisers investing for the benefit of their clients through accounts held at SEI Private Trust Company, that, after requesting access to Class Y Shares, are determined to be eligible to purchase Class Y Shares based on the criteria maintained by the SEI Funds (or their delegate) and made available to independent investment advisers through the SEI Wealth Platform<sup>SM</sup> communication site.

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For these purposes, the SEI Funds (or their delegate) consider an independent investment adviser to be an individual or a group of related individuals that, in the sole determination of the SEI Funds (or their delegate), operate as a distinct customer of SEI. In the event that an independent investment adviser that was authorized to purchase Class Y Shares for its clients subsequently fails to meet eligibility requirements for whatever reason, which may include a situation where a group of related individuals that previously operated as a distinct customer of SEI cease to do so, the SEI Funds (or their delegate) may in their discretion waive the eligibility requirements;

• bank trust departments or other financial firms, for the benefit of their clients, that have entered into an agreement with the Funds' Distributor, or its affiliates, permitting the purchase of Class Y Shares;

• institutions, such as defined benefit plans, defined contribution plans, healthcare plans and board designated funds, insurance operating funds, foundations, endowments, public plans and Taft-Hartley plans, subject to a minimum initial investment of least $25,000,000 in Class Y Shares of the SEI Funds;

• clients that have entered into a direct bilateral investment advisory agreement with SIMC with respect to their assets invested in the Funds; and

• other SEI mutual funds and pooled investment products managed by SIMC.

In the event a Class Y shareholder no longer meets the eligibility requirements to purchase Class Y Shares (as noted in this section), the SEI Funds (or their delegate) may, in their discretion, elect to convert such shareholder's Class Y Shares into a Class of Shares of the same Fund(s) for which such shareholder does meet the eligibility requirements. Without limiting the foregoing, this may include situations, as applicable, where the shareholder's independent investment adviser, bank trust department or financial firm no longer meets the eligibility criteria noted above or the shareholder no longer meets the eligibility criteria (for example, by terminating their relationship with an eligible adviser or firm). In all cases, if a client meets the eligibility requirements for more than one other Class of Shares, then such client's Class Y Shares shall be convertible into shares of the Class having the lowest total annual operating expenses (disregarding fee waivers) for which such client meets the eligibility requirements.

For information on how to open an account and set up procedures for placing transactions, call 1-800-DIAL-SEI.

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class Y Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances the Funds, at their discretion, may allow purchases to settle (*i.e*., receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

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You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institutions or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its NAV per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities

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traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily

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available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures, which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to any investments in foreign securities, the Funds use a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds shall value the foreign securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Funds own securities is closed for one or more days (scheduled or unscheduled) while a Fund is open, and if such

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securities in a Fund's portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of a Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector.

The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether a Fund investment is required to be fair valued (*i.e*., the investment does not have a reliable readily available market quotation). The Committee may consider input from a Fund's service providers, including the Fund's administrator or a Sub-Adviser, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, the Committee shall notify the Fund's administrator.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of the Funds could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur taxable gains, and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. If the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and the subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip. For purposes of this Policy, if a redemption following a purchase is paid out in-kind, it will not be considered a round trip.

ii. If a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

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The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason, without notice.

Judgments with respect to the implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control, and any other information available to the Funds.

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds may be sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, the Funds will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in a Fund subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

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Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary may be required to collect documents to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.

Customer identification and verification are part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

An authorized financial institution or intermediary may exchange Class Y Shares of any Fund for Class Y Shares of any other fund of SEI Institutional Managed Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund.

When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. For information about how to sell Fund shares through your authorized financial institution

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or intermediary, you should contact your authorized financial institution or intermediary directly. Your financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request, regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds may also operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions.

Each Fund reserves the right, under certain conditions, including under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), to honor any request for redemption by making payment in whole or in part in securities valued as described in "Pricing of Fund Shares" above except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

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These methods may be used during both normal and stressed market conditions.

Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e*., no owner-initiated contact for a certain period), returned mail (*i.e*., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and

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services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may compensate these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms, and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Except as set forth below, five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

Portfolio holdings information for the Multi-Strategy Alternative Fund can be obtained on the Internet at the Portfolio Holdings Website. Sixty calendar days after the end of each quarter, a list of all portfolio holdings in the Fund as of the end of such quarter shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website with respect to the Fund shall remain there until the sixtieth calendar day following the twelfth month after the date to which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

The Funds distribute their investment income periodically as dividends to shareholders. It is the policy of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Tax-Managed Managed Volatility, Real Estate and Real Return Funds to distribute their investment income quarterly. It is the policy of the Global Managed Volatility, Tax-Managed International Managed Volatility, Multi-Strategy Alternative and Dynamic Asset Allocation Funds to distribute their investment income annually. It is the policy of the Core Fixed Income, U.S. Fixed Income, High Yield Bond, Conservative Income and Tax-Free Conservative Income Funds to declare their net investment income daily and distribute it monthly. The Funds distribute their investment income as a dividend to shareholders. The Funds make distributions of capital gains, if any, at least annually.

You will receive dividends and distributions in cash unless otherwise stated.

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Taxes

Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes. Below the Funds have summarized certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. The Tax-Free Conservative Income Fund and Tax-Managed Funds may not be a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments. You should consult your tax advisor regarding the rules governing your own retirement plan.

Each Fund has elected and intends to qualify each year for treatment as a RIC. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any. The dividends and distributions you receive from the Funds may be subject to federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions, including net short-term capital gains, are generally taxable at ordinary income tax rates except to the extent they are designated as qualified dividend income.

Dividends that are qualified dividend income are currently eligible for the reduced maximum rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that a Fund receives qualified dividend income and certain holding period requirements and other requirements are satisfied by you and by the Fund. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so designated by such underlying fund or REIT. Qualified dividend income is, in general, dividends from domestic corporations and from certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless of how long you have held your Fund shares. Long-term capital gains are currently taxable at the maximum rate of 20%. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business

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interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service (IRS).

If a Fund distributes more than its net investment income and net capital gains, the excess generally would be treated as a nontaxable return of capital that would reduce your cost basis in your Fund shares and would increase your capital gain or decrease your capital loss when you sell your shares.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund Shares generally will be treated as short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. Any capital loss arising from the sale of Fund shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain dividends that were paid with respect to those shares and disallowed to the extent that exempt interest dividends were paid with respect to such Fund shares. In certain circumstances, losses realized on the redemption or exchange of Fund shares may be disallowed.

To the extent that a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest each Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund-of-funds" under the Code. A Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs. A Fund (or its administrative agent) will notify you if it makes any of the aforementioned elections and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

The Tax-Managed Funds use a tax management technique known as highest in, first out. Using this technique, the portfolio holdings that have experienced the smallest gain or largest loss are sold first in an effort to minimize capital gains and enhance after-tax returns.

Certain of the Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect a Fund's ability qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gain,

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accelerate the recognition of income to a Fund and/or defer a Fund's ability to recognize losses. These rules could affect the amount, timing or character of the income distributed to shareholders.

Certain of the Funds may invest in U.S. REITs. "Qualified REIT dividends" (*i.e*., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

The Tax-Free Conservative Income Fund intends to make distributions of tax exempt-interest dividends that are exempt from federal income tax. In order to pay tax-exempt interest dividends to shareholders, the Tax-Free Conservative Income Fund must invest at least 50% of its net assets in securities that pay interest that is exempt from federal income tax. The Tax-Free Conservative Income Fund may invest a portion of its assets in securities that generate income that is subject to federal, state or local income taxes. Income exempt from federal tax may be subject to state and local taxes as well as the federal alternative minimum tax applicable to certain non-corporate taxpayers. In addition, if you receive social security or certain railroad retirement benefits, you may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving investment income, including exempt-interest dividends and other distributions paid by the Tax-Free Conservative Income Fund. The Tax-Free Conservative Income Fund may not be a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments.

While the Tax-Free Conservative Income Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary for a Fund to pay out exempt-interest dividends to its shareholders, if the Tax-Free Conservative Income Fund fails to meet this requirement, the income from all of its investments, including its municipal securities, may be subject to federal income tax.

The Dynamic Asset Allocation Fund may gain most of its exposure to the commodities markets through its investment in its Subsidiary, which invests directly in commodities and in commodity-linked derivative instruments. The Dynamic Asset Allocation Fund's investment in its Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of

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Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Fund attributable to its investment in its Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Dynamic Asset Allocation Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in its Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Dynamic Asset Allocation Fund's investments in its Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its Subsidiary.

In addition, certain of the Dynamic Asset Allocation Fund and the Multi-Strategy Alternative Fund's investments, such as commodities and in commodity-linked derivative instruments, when made directly, may not produce qualifying income to the Funds. To the extent the Dynamic Asset Allocation Fund and the Multi-Strategy Alternative Fund invest in such investments directly, the Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with their other investments that produce non-qualifying income).

If a Fund were to fail to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Fund to qualify as a RIC.

Each Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of such Fund's shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing the Funds.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

The Funds' SAI contains more information about taxes.

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ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

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FINANCIAL HIGHLIGHTS

The tables that follow present performance information about Class Y Shares of each Fund that was in operation during the fiscal year ended September 30, 2025. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information below has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm. Its report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending September 30, 2025 and are available upon request, at no charge by calling 1-800-DIAL-SEI.

FOR THE YEARS OR PERIODS ENDED SEPTEMBER 30,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value, <br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding <br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Large Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $16.81 | $0.15 | $2.29 | $2.44 | $(0.15) | $(2.52) | $(2.67) | $16.58 | 16.45% | $69505 | 0.65%<sup>(2)</sup> | 0.74% | 0.96% | 42% |
| 2024 | 13.57 | 0.15 | 4.08 | 4.23 | (0.16) | (0.83) | (0.99) | 16.81 | 32.61 | 63939 | 0.65 | 0.72 | 1.02 | 34 |
| 2023 | 12.66 | 0.15 | 2.11 | 2.26 | (0.12) | (1.23) | (1.35) | 13.57 | 18.59 | 52696 | 0.64 | 0.72 | 1.14 | 26 |
| 2022 | 17.52 | 0.15 | (2.62) | (2.47) | (0.14) | (2.25) | (2.39) | 12.66 | (17.08) | 49941 | 0.64 | 0.70 | 0.95 | 39 |
| 2021 | 13.95 | 0.15 | 4.00 | 4.15 | (0.16) | (0.42) | (0.58) | 17.52 | 30.33 | 109909 | 0.64 | 0.70 | 0.88 | 33 |
| Large Cap Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $27.88 | $0.58 | $2.51 | $3.09 | $(0.59) | $(1.69) | $(2.28) | $28.69 | 12.10% | $102916 | 0.64% | 0.70% | 2.17% | 28% |
| 2024 | 23.86 | 0.58 | 5.20 | 5.78 | (0.49) | (1.27) | (1.76) | 27.88 | 25.36 | 95700 | 0.64 | 0.68 | 2.30 | 15 |
| 2023 | 23.02 | 0.58 | 2.70 | 3.28 | (0.67) | (1.77) | (2.44) | 23.86 | 14.32 | 124219 | 0.64 | 0.68 | 2.35 | 22 |
| 2022 | 27.27 | 0.56 | (3.07) | (2.51) | (0.55) | (1.19) | (1.74) | 23.02 | (10.06) | 174123 | 0.64 | 0.68 | 2.06 | 24 |
| 2021 | 20.11 | 0.52 | 7.16 | 7.68 | (0.52) |  | (0.52) | 27.27 | 38.55 | 203964 | 0.64 | 0.68 | 2.05 | 29 |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value, <br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding <br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Large Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $50.05 | $0.12 | $10.50 | $10.62 | $(0.55) | $(9.12) | $(9.67) | $51.00 | 23.78% | $154141 | 0.66%<sup>(2)</sup> | 0.75% | 0.26% | 63% |
| 2024 | 40.91 | 0.15 | 15.65 | 15.80 |  | (6.66) | (6.66) | 50.05 | 43.06 | 134417 | 0.64 | 0.73 | 0.34 | 65 |
| 2023 | 35.03 | 0.14 | 8.50 | 8.64 | (0.08) | (2.68) | (2.76) | 40.91 | 26.22 | 143901 | 0.64 | 0.73 | 0.37 | 67 |
| 2022 | 52.11 | 0.10 | (10.41) | (10.31) | (0.03) | (6.74) | (6.77) | 35.03 | (23.73) | 187533 | 0.64 | 0.72 | 0.22 | 61 |
| 2021 | 45.35 | (0.01) | 11.08 | 11.07 | (0.08) | (4.23) | (4.31) | 52.11 | 26.10 | 223901 | 0.64 | 0.72 | (0.02) | 42 |
| Tax-Managed Large Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $38.78 | $0.39 | $4.30 | $4.69 | $(0.38) | $(2.83) | $(3.21) | $40.26 | 13.06% | $615598 | 0.65%<sup>(2)</sup> | 0.67% | 1.05% | 14% |
| 2024 | 31.65 | 0.38 | 8.53 | 8.91 | (0.39) | (1.39) | (1.78) | 38.78 | 29.12 | 599630 | 0.64 | 0.65 | 1.10 | 15 |
| 2023 | 28.52 | 0.39 | 4.83 | 5.22 | (0.40) | (1.69) | (2.09) | 31.65 | 18.69 | 521526 | 0.64 | 0.65 | 1.23 | 15 |
| 2022 | 35.14 | 0.40 | (5.11) | (4.71) | (0.38) | (1.53) | (1.91) | 28.52 | (14.49) | 428109 | 0.64 | 0.64 | 1.16 | 22 |
| 2021 | 27.27 | 0.37 | 8.28 | 8.65 | (0.37) | (0.41) | (0.78) | 35.14 | 32.18 | 516304 | 0.64 | 0.64 | 1.14 | 14 |
| Small Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $14.64 | $0.10 | $1.10 | $1.20 | $(0.13) | $(1.68) | $(1.81) | $14.03 | 8.78% | $28482 | 0.88%<sup>(3)</sup> | 1.00% | 0.71% | 80% |
| 2024 | 12.06 | 0.11 | 3.00 | 3.11 | (0.10) | (0.43) | (0.53) | 14.64 | 26.49 | 42836 | 0.89 | 0.98 | 0.81 | 106 |
| 2023 | 10.97 | 0.07 | 1.16 | 1.23 | (0.07) | (0.07) | (0.14) | 12.06 | 11.18 | 24180 | 0.89 | 0.98 | 0.54 | 106 |
| 2022 | 16.46 | 0.07 | (2.36) | (2.29) | (0.05) | (3.15) | (3.20) | 10.97 | (17.78) | 21121 | 0.89 | 0.98 | 0.52 | 111 |
| 2021 | 10.85 | 0.05 | 5.60 | 5.65 | (0.04) |  | (0.04) | 16.46 | 52.15 | 28977 | 0.89 | 0.98 | 0.34 | 139 |
| Small Cap Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $26.74 | $0.33 | $1.65 | $1.98 | $(0.36) | $(4.38) | $(4.74) | $23.98 | 8.40% | $42050 | 0.85%<sup>(4)</sup> | 1.00% | 1.42% | 48% |
| 2024 | 22.36 | 0.35 | 4.83 | 5.18 | (0.35) | (0.45) | (0.80) | 26.74 | 23.60 | 41214 | 0.89 | 0.98 | 1.42 | 57 |
| 2023 | 20.78 | 0.33 | 2.61 | 2.94 | (0.33) | (1.03) | (1.36) | 22.36 | 14.32 | 46649 | 0.89 | 0.98 | 1.46 | 39 |
| 2022 | 27.06 | 0.27 | (4.29) | (4.02) | (0.25) | (2.01) | (2.26) | 20.78 | (16.40) | 57741 | 0.89 | 0.98 | 1.07 | 42 |
| 2021 | 17.08 | 0.20 | 9.99 | 10.19 | (0.21) |  | (0.21) | 27.06 | 59.84 | 67188 | 0.89 | 0.98 | 0.82 | 80 |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value, <br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding <br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Small Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $38.44 | $(0.07) | $2.60 | $2.53 | $(0.12) | $(2.49) | $(2.61) | $38.36 | 6.61% | $37334 | 0.85%<sup>(4)</sup> | 1.00% | (0.18)% | 155% |
| 2024 | 29.66 | (0.01) | 8.79 | 8.78 |  |  |  | 38.44 | 29.60 | 35324 | 0.86 | 0.98 | (0.02) | 192 |
| 2023 | 27.66 | (0.03) | 2.12 | 2.09 | (0.09) |  | (0.09) | 29.66 | 7.58 | 32368 | 0.86 | 0.98 | (0.10) | 175 |
| 2022 | 46.65 | 0.02 | (9.21) | (9.19) |  | (9.80) | (9.80) | 27.66 | (25.01) | 32503 | 0.86 | 0.98 | 0.07 | 172 |
| 2021 | 33.06 | (0.09) | 13.68 | 13.59 |  |  |  | 46.65 | 41.11 | 44407 | 0.86 | 0.98 | (0.20) | 196 |
| Tax-Managed Small/Mid Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $27.88 | $0.19 | $1.66 | $1.85 | $(0.18) | $(4.93) | $(5.11) | $24.62 | 7.20% | $108422 | 0.89% | 1.00% | 0.79% | 36% |
| 2024 | 22.58 | 0.15 | 5.97 | 6.12 | (0.16) | (0.66) | (0.82) | 27.88 | 27.65 | 119049 | 0.89 | 0.98 | 0.60 | 57 |
| 2023 | 20.68 | 0.15 | 2.01 | 2.16 | (0.17) | (0.09) | (0.26) | 22.58 | 10.49 | 101798 | 0.89 | 0.98 | 0.65 | 62 |
| 2022 | 28.07 | 0.14 | (4.85) | (4.71) | (0.11) | (2.57) | (2.68) | 20.68 | (18.81) | 88914 | 0.89 | 0.98 | 0.55 | 58 |
| 2021 | 19.45 | 0.08 | 8.63 | 8.71 | (0.09) |  | (0.09) | 28.07 | 44.81 | 112357 | 0.89 | 0.98 | 0.32 | 71 |
| Mid-Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $32.39 | $0.13 | $2.73 | $2.86 | $(0.31) | $(2.40) | $(2.71) | $32.54 | 9.32% | $7745 | 0.75%<sup>(5)</sup> | 0.75% | 0.42% | 62% |
| 2024 | 25.32 | 0.26 | 7.02 | 7.28 | (0.21) |  | (0.21) | 32.39 | 28.90 | 9039 | 0.73 | 0.74 | 0.88 | 61 |
| 2023 | 22.82 | 0.21 | 2.53 | 2.74 | (0.24) |  | (0.24) | 25.32 | 12.04 | 4385 | 0.73 | 0.74 | 0.84 | 67 |
| 2022 | 32.67 | 0.25 | (4.21) | (3.96) | (0.21) | (5.68) | (5.89) | 22.82 | (15.48) | 3559 | 0.73 | 0.73 | 0.92 | 95 |
| 2021 | 23.61 | 0.22 | 9.13 | 9.35 | (0.29) |  | (0.29) | 32.67 | 39.80 | 3667 | 0.73 | 0.73 | 0.71 | 163 |
| U.S. Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $16.31 | $0.25 | $1.01 | $1.26 | $(0.26) | $(2.12) | $(2.38) | $15.19 | 8.84% | $136889 | 0.65%<sup>(2)</sup> | 0.90% | 1.65% | 68% |
| 2024 | 14.88 | 0.30 | 3.11 | 3.41 | (0.33) | (1.65) | (1.98) | 16.31 | 25.25 | 173318 | 0.65 | 0.98 | 2.02 | 54 |
| 2023 | 15.01 | 0.31 | 1.29 | 1.60 | (0.30) | (1.43) | (1.73) | 14.88 | 10.44 | 166352 | 0.65 | 0.98 | 1.99 | 49 |
| 2022 | 17.65 | 0.34 | (1.15) | (0.81) | (0.34) | (1.49) | (1.83) | 15.01 | (5.73) | 154562 | 0.65 | 0.98 | 2.01 | 48 |
| 2021 | 16.15 | 0.29 | 2.92 | 3.21 | (0.31) | (1.40) | (1.71) | 17.65 | 20.68 | 200659 | 0.65 | 0.98 | 1.69 | 50 |

---

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SEI / PROSPECTUS

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value, <br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding <br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Global Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $11.24 | $0.17 | $0.88 | $1.05 | $(0.21) | $(0.69) | $(0.9) | $11.39 | 10.26% | $100505 | 0.84%<sup>(6)</sup> | 1.00% | 1.52% | 78% |
| 2024 | 9.73 | 0.20 | 1.90 | 2.10 | (0.20) | (0.39) | (0.59) | 11.24 | 22.51 | 118820 | 0.86 | 0.99 | 1.95 | 85 |
| 2023 | 9.58 | 0.19 | 1.00 | 1.19 | (0.56) | (0.48) | (1.04) | 9.73 | 12.62 | 118429 | 0.86 | 0.99 | 1.95 | 84 |
| 2022 | 11.81 | 0.18 | (1.04) | (0.86) | (0.15) | (1.22) | (1.37) | 9.58 | (8.95) | 105301 | 0.86 | 0.98 | 1.60 | 88 |
| 2021 | 10.43 | 0.15 | 1.37 | 1.52 | (0.12) | (0.02) | (0.14) | 11.81 | 14.65 | 127801 | 0.86 | 0.98 | 1.31 | 80 |
| Tax-Managed Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $21.46 | $0.26 | $0.99 | $1.25 | $(0.26) | $(3.81) | $(4.07) | $18.64 | 7.39% | $98407 | 0.67%<sup>(7)</sup> | 0.90% | 1.42% | 43% |
| 2024 | 19.14 | 0.21 | 4.86 | 5.07 | (0.22) | (2.53) | (2.75) | 21.46 | 29.61 | 113869 | 0.75 | 0.97 | 1.10 | 24 |
| 2023 | 18.39 | 0.23 | 1.83 | 2.06 | (0.23) | (1.08) | (1.31) | 19.14 | 11.26 | 105350 | 0.75 | 0.98 | 1.20 | 22 |
| 2022 | 19.76 | 0.24 | (0.59) | (0.35) | (0.24) | (0.78) | (1.02) | 18.39 | (2.28) | 77782 | 0.75 | 0.98 | 1.21 | 17 |
| 2021 | 16.66 | 0.24 | 3.24 | 3.48 | (0.25) | (0.13) | (0.38) | 19.76 | 21.12 | 83410 | 0.75 | 0.98 | 1.28 | 17 |
| Tax-Managed International Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $12.03 | $0.36 | $1.48 | $1.84 | $(0.56) | $— | $(0.56) | $13.31 | 16.44% | $58650 | 0.86% | 1.13% | 2.98% | 66% |
| 2024 | 10.22 | 0.34 | 1.85 | 2.19 | (0.38) |  | (0.38) | 12.03 | 21.99 | 59377 | 0.86 | 1.10 | 3.10 | 59 |
| 2023 | 8.71 | 0.31 | 1.50 | 1.81 | (0.30) |  | (0.30) | 10.22 | 21.02 | 57684 | 0.86 | 1.14 | 3.10 | 77 |
| 2022 | 11.32 | 0.34 | (2.57) | (2.23) | (0.38) |  | (0.38) | 8.71 | (20.44) | 41566 | 0.86 | 1.14 | 3.17 | 73 |
| 2021 | 10.17 | 0.30 | 1.06 | 1.36 | (0.21) |  | (0.21) | 11.32 | 13.48 | 56993 | 0.86 | 1.14 | 2.69 | 79 |
| Real Estate Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $17.56 | $0.39 | $(0.54) | $(0.15) | $(0.53) | $(0.42) | $(0.95) | $16.46 | (0.73)% | $18774 | 0.91%<sup>(8)</sup> | 1.00% | 2.40% | 72% |
| 2024 | 13.28 | 0.31 | 4.36 | 4.67 | (0.32) | (0.07) | (0.39) | 17.56 | 35.89 | 14290 | 0.90 | 0.99 | 2.08 | 46 |
| 2023 | 13.57 | 0.26 | 0.16 | 0.42 | (0.20) | (0.51) | (0.71) | 13.28 | 2.94 | 12889 | 0.89 | 0.98 | 1.83 | 53 |
| 2022 | 17.63 | 0.21 | (2.91) | (2.70) | (0.27) | (1.09) | (1.36) | 13.57 | (17.18) | 13752 | 0.89 | 0.98 | 1.23 | 77 |
| 2021 | 13.51 | 0.15 | 4.87 | 5.02 | (0.23) | (0.67) | (0.90) | 17.63 | 38.81 | 18241 | 0.89 | 0.98 | 0.93 | 78 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value, <br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding <br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Core Fixed Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $9.81 | $0.40 | $(0.15) | $0.25 | $(0.37 | $— | $(0.37 | $9.69 | 2.68% | $419491 | 0.43%<sup>(9)</sup> | 0.51% | 4.21% | 394% |
| 2024 | 9.11 | 0.40 | 0.70 | 1.10 | (0.40 |  | (0.40 | 9.81 | 12.28 | 400203 | 0.41 | 0.49 | 4.20 | 333 |
| 2023 | 9.37 | 0.36 | (0.28) | 0.08 | (0.34 |  | (0.34 | 9.11 | 0.80 | 385904 | 0.41 | 0.49 | 3.75 | 340 |
| 2022 | 11.51 | 0.22 | (2.10) | (1.88) | (0.23 | (0.03 | (0.26 | 9.37 | (16.56) | 409715 | 0.41 | 0.48 | 2.11 | 362 |
| 2021 | 12.16 | 0.18 | (0.16) | 0.02 | (0.21 | (0.46 | (0.67 | 11.51 | 0.16 | 501505 | 0.41 | 0.47 | 1.51 | 375 |
| High Yield Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $5.44 | $0.50 | $(0.11) | $0.39 | $(0.43 | $— | $(0.43 | $5.40 | 7.60% | $176921 | 0.66%<sup>(2)</sup> | 0.75% | 9.32% | 66% |
| 2024 | 5.37 | 0.47 | 0.26 | 0.73 | (0.52 | (0.14 | (0.66 | 5.44 | 14.51 | 173639 | 0.65 | 0.74 | 8.77 | 63 |
| 2023 | 5.75 | 0.42 | 0.10 | 0.52 | (0.52 | (0.38 | (0.90 | 5.37 | 9.54 | 156000 | 0.64 | 0.74 | 7.57 | 48 |
| 2022 | 7.08 | 0.34 | (1.20) | (0.86) | (0.42 | (0.05 | (0.47 | 5.75 | (12.77) | 159547 | 0.64 | 0.73 | 5.20 | 49 |
| 2021 | 6.46 | 0.42 | 0.72 | 1.14 | (0.39 | (0.13 | (0.52 | 7.08 | 18.13 | 195613 | 0.64 | 0.73 | 6.03 | 67 |
| Conservative Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.02 | $0.44 | $(0.01) | $0.43 | $(0.44 | $— | $(0.44 | $10.01 | 4.41% | $10878 | 0.21%<sup>(13)</sup> | 0.35% | 4.42% | —% |
| 2024 | 10.01 | 0.53 | 0.01 | 0.54 | (0.53 |  | (0.53 | 10.02 | 5.58 | 10178 | 0.20 | 0.33 | 5.33 |  |
| 2023 | 10.01 | 0.46 | 0.01 | 0.47 | (0.47 |  | (0.47 | 10.01 | 4.78 | 15217 | 0.20 | 0.33 | 4.62 |  |
| 2022 | 10.01 | 0.07 |  | 0.07 | (0.07 |  | (0.07 | 10.01 | 0.70 | 15305 | 0.14 | 0.33 | 0.72 |  |
| 2021 | 10.00 | 0.01 |  | 0.01 |  |  |  | 10.01 | 0.11 | 16962 | 0.09 | 0.33 | 0.10 |  |
| Tax-Free Conservative Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.03 | $0.27 | $— | $0.27 | $(0.28 | $— | $(0.28 | $10.02 | 2.69% | $7749 | 0.22%<sup>(13)</sup> | 0.35% | 2.74% | —% |
| 2024 | 10.01 | 0.33 | 0.02 | 0.35 | (0.33 |  | (0.33 | 10.03 | 3.56 | 8874 | 0.20 | 0.34 | 3.33 |  |
| 2023 | 10.01 | 0.29 |  | 0.29 | (0.29 |  | (0.29 | 10.01 | 2.92 | 3971 | 0.20 | 0.33 | 2.86 |  |
| 2022 | 10.01 | 0.05 | (0.01) | 0.04 | (0.04 |  | (0.04 | 10.01 | 0.44 | 4890 | 0.13 | 0.33 | 0.48 |  |
| 2021 | 10.00 | 0.01 |  | 0.01 |  |  |  | 10.01 | 0.11 | 9273 | 0.03 | 0.33 | 0.10 |  |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value, <br>Beginning<br>of Period | Net<br>Investment<br>Income <br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of <br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding <br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Real Return Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $9.73 | $0.38 | $0.13 | $0.51 | $(0.31) | $— | $(0.31) | $9.93 | 5.37% | $29486 | 0.37%<sup>(14)</sup> | 0.47% | 3.89% | 29% |
| 2024 | 9.37 | 0.37 | 0.33 | 0.70 | (0.34) |  | (0.34) | 9.73 | 7.64 | 25074 | 0.35 | 0.45 | 3.83 | 41 |
| 2023 | 9.62 | 0.24 | (0.01) | 0.23 | (0.44) | (0.04) | (0.48) | 9.37 | 2.44 | 14249 | 0.35 | 0.45 | 2.50 | 31 |
| 2022 | 10.73 | 0.71 | (1.16) | (0.45) | (0.66) |  | (0.66) | 9.62 | (4.40) | 16740 | 0.35 | 0.45 | 6.85 | 50 |
| 2021 | 10.44 | 0.43 | 0.14 | 0.57 | (0.28) |  | (0.28) | 10.73 | 5.47 | 17931 | 0.35 | 0.45 | 4.11 | 31 |
| Dynamic Asset Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $17.88 | $0.32 | $3.11 | $3.43 | $(0.5) | $(1.45) | $(1.95) | $19.36 | 20.68% | $93418 | 0.52%<sup>(15)</sup> | 0.95% | 1.80% | 8% |
| 2024 | 14.88 | 0.29 | 4.16 | 4.45 |  | (1.45) | (1.45) | 17.88 | 31.92 | 89294 | 0.50 | 0.93 | 1.79 | 14 |
| 2023 | 14.43 | 0.25 | 2.16 | 2.41 | (0.44) | (1.52) | (1.96) | 14.88 | 17.95 | 42012 | 0.50 | 0.93 | 1.69 | 22 |
| 2022 | 18.54 | 0.16 | (2.22) | (2.06) | (0.64) | (1.41) | (2.05) | 14.43 | (13.44) | 35497 | 0.50 | 0.93 | 0.91 | 5 |
| 2021 | 15.01 | 0.14 | 4.58 | 4.72 | (0.92) | (0.27) | (1.19) | 18.54 | 33.05 | 46976 | 0.50 | 0.93 | 0.81 | 10 |
| Multi-Strategy Alternative Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $9.97 | $0.43 | $0.31 | $0.74 | $(0.55) | $— | $(0.55) | $10.16 | 7.86% | $5877 | 1.69%<sup>(16)</sup> | 2.44% | 4.40% | 358% |
| 2024 | 9.37 | 0.47 | 0.56 | 1.03 | (0.43) |  | (0.43) | 9.97 | 11.32 | 6269 | 2.44<br><sup>(16)</sup> | 3.20 | 4.96 | 277 |
| 2023 | 9.08 | 0.38 | 0.13 | 0.51 | (0.22) |  | (0.22) | 9.37 | 5.68 | 14325 | 1.58<br><sup>(16)</sup> | 2.33 | 4.12 | 434 |
| 2022 | 10.55 | 0.11 | (0.81) | (0.70) | (0.15) | (0.62) | (0.77) | 9.08 | (7.09) | 8069 | 1.68<br><sup>(16)</sup> | 2.43 | 1.09 | 369 |
| 2021 | 9.98 | 0.12 | 0.77 | 0.89 | (0.08) | (0.24) | (0.32) | 10.55 | 8.94 | 8585 | 1.74<br><sup>(16)</sup> | 2.50 | 1.12 | 424 |

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† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

^ Amount represents less than $0.005 per share.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.64%.

(3) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.87%.

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SEI / PROSPECTUS

(4) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.84%.

(5) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.73%.

(6) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.83%.

(7) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.66%.

(8) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.89%.

(9) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.41%.

(10) Includes return of capital of $0.02 per share.

(11) Includes return of capital of $0.09 per share.

(12) Includes return of capital of $0.08 per share.

(13) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.20%.

(14) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.35%.

(15) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.50%.

(16) The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 1.10%.

Amounts designated as "—" are $0 or have been rounded to $0.

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![](j2621704_za023.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated January 31, 2026 includes more detailed information about SEI Institutional Managed Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Institutional Managed Trust, from the EDGAR Database on the SEC's website ("http://www.sec.gov"). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Institutional Managed Trust's Investment Company Act registration number is 811-04878.

SEI-F-106 (1/26)

seic.com

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![](j2621705_ac001.jpg)

January 31, 2026

PROSPECTUS

SEI Institutional Managed Trust

Class F Shares

• Multi-Asset Accumulation Fund (SAAAX)

• Multi-Asset Income Fund (SIOAX)

• Multi-Asset Inflation Managed Fund (SIFAX)

• Multi-Asset Capital Stability Fund (SCLAX)

*The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or this pool, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

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SEI / PROSPECTUS

SEI INSTITUTIONAL MANAGED TRUST

About This Prospectus

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| | |
|:---|:---|
| FUND SUMMARY | FUND SUMMARY |
| MULTI-ASSET ACCUMULATION FUND | 1 |
| MULTI-ASSET INCOME FUND | 13 |
| MULTI-ASSET INFLATION MANAGED FUND | 24 |
| MULTI-ASSET CAPITAL STABILITY FUND | 36 |
| Purchase and Sale of Fund Shares | 46 |
| Tax Information | 46 |
| Payments to Broker-Dealers and Other <br>Financial Intermediaries | 46 |
| MORE INFORMATION ABOUT INVESTMENTS | 46 |
| MORE INFORMATION ABOUT RISKS | 47 |
| Risk Information Common to the Funds | 47 |
| More Information About Principal Risks | 48 |
| GLOBAL ASSET ALLOCATION | 67 |
| MORE INFORMATION ABOUT THE FUNDS' <br>BENCHMARK INDEXES | 68 |
| INVESTMENT ADVISER | 69 |
| SUB-ADVISERS | 71 |
| Information About Fee Waivers | 71 |
| Management of the Multi-Asset Accumulation <br>and Multi-Asset Inflation Managed Funds' <br>Subsidiaries | 72 |
| Sub-Advisers and Portfolio Managers | 73 |
| PURCHASING, EXCHANGING AND SELLING FUND <br>SHARES | 76 |
| HOW TO PURCHASE FUND SHARES | 76 |
| Pricing of Fund Shares | 77 |
| Frequent Purchases and Redemptions of <br>Fund Shares | 80 |
| Foreign Investors | 81 |
| Customer Identification and Verification and <br>Anti-Money Laundering Program | 81 |

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| | |
|:---|:---|
| HOW TO EXCHANGE YOUR FUND SHARES | 82 |
| HOW TO SELL YOUR FUND SHARES | 82 |
| Receiving Your Money | 83 |
| Methods Used to Meet Redemption Obligations | 83 |
| Low Balance Redemptions | 84 |
| Suspension of Your Right to Sell Your Shares | 84 |
| Large Redemptions | 84 |
| Telephone Transactions | 84 |
| Unclaimed Property | 84 |
| DISTRIBUTION OF FUND SHARES | 84 |
| SERVICE OF FUND SHARES | 85 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 85 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 85 |
| Dividends and Distributions | 85 |
| Taxes | 85 |
| ADDITIONAL INFORMATION | 89 |
| FINANCIAL HIGHLIGHTS | 90 |
| HOW TO OBTAIN MORE INFORMATION ABOUT <br>SEI INSTITUTIONAL MANAGED TRUST | Back Cover |

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MULTI-ASSET ACCUMULATION FUND

Fund Summary

Investment Goal

Total return, including capital appreciation and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | |
|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares | Class F Shares |
| Management Fees (of the Fund and Subsidiary) |  |  |
| Management Fees of the Fund | 0.75% |  |
| Management Fees of the Subsidiary |  |  |
| Total Management Fees |  | 0.75% |
| Distribution (12b-1) Fees |  |  |
| Other Expenses (of the Fund and Subsidiary) |  |  |
| Other Expenses of the Fund | 0.59% |  |
| Other Expenses of the Subsidiary |  |  |
| Total Other Expenses |  | 0.59% |
| Total Annual Fund Operating Expenses |  | 1.34% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Accumulation Fund — Class F Shares | $136 | $425 | $734 | $1613 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.

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Principal Investment Strategies

Under normal circumstances, the Fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations of risk and return. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance risk across all capital market exposures, which may result in asset classes with lower perceived risk having a greater notional allocation within the Fund's portfolio than asset classes with higher perceived risk. Notional allocation refers to the Fund's use of one or more derivative contracts to attempt to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (*e.g.*, a security, currency or commodity (or a basket or index)). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. In addition, the Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of volatility with the goal of managing the Fund's volatility. This may result in the Fund increasing capital market exposures during periods of perceived falling risk and decreasing capital market exposures during periods of perceived rising risk.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued.

The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include obligations of U.S. and foreign banks, such as certificates of deposit and time deposits, U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

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The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivatives). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Securities index swaps may be used to obtain exposure to different U.S. and foreign equity markets. Futures and swaps on futures may be used to gain exposure to U.S. and foreign sovereign bond markets, equity markets and commodities markets. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

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Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions

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when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Commodity Investments and Derivatives Risk* — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the

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price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Foreign Sovereign Debt Securities Risk* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such

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securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

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*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

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*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Depositary Receipts Risk* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in 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 for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Investment in the 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. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, 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 intended and could negatively affect the Fund and its shareholders.

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*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class F Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621705_ba002.jpg)  | Best Quarter: 10.18% (03/31/2019)<br>Worst Quarter: -12.58% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the MSCI World Index (net) (Hedged) (USD) and the Fund's 60/40 blended benchmark, that is composed of the MSCI World Index (net) (Hedged) (USD) (60%) and the Bloomberg Global Aggregate Index, Hedged (USD) (40%).

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Asset Accumulation Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 12.10% | 1.28% | 4.76% | 4.14% |
| Return After Taxes on Distributions | 10.79% | -1.03% | 2.46% | 2.01% |
| Return After Taxes on Distributions and Sale of Fund Shares | 7.17% | 0.03% | 2.85% | 2.43% |
| MSCI All Country World ex-USA Index (Net) (reflects no deductions <br>for fees, expenses or taxes, (except foreign withholding taxes)) | 32.39% | 7.91% | 8.41% | 6.99% |
| MSCI World Index (net) (Hedged) (USD) (reflects no deductions <br>for fees, expenses or taxes (except foreign withholding taxes)) | 19.03% | 13.67% | 12.99% | 12.74% |
| The Fund's Blended Benchmark Return (reflects no deduction <br>for fees, expenses or taxes) | 13.28% | 8.30% | 8.84% | 8.79% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory<br>Fixed Income & Multi-Asset |
| Timothy J. Sauermelch, CFA | Since 2024 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| AQR Capital Management, LLC | Clifford S. Asness, Ph.D., M.B.A.<br>John M. Liew, Ph.D., M.B.A<br>John J. Huss<br>Jordan Brooks, Ph.D., M.A. | Since 2022<br>Since 2025<br>Since 2017<br>Since 2025 | Managing and Founding Principal<br>Founding Principal<br>Principal<br>Principal |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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MULTI-ASSET INCOME FUND

Fund Summary

Investment Goal

The Fund seeks total return with an emphasis on current income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.60% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.61% |
| Total Annual Fund Operating Expenses | 1.21% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Income Fund — Class F Shares | $123 | $384 | $665 | $1466 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 59% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund will seek to generate total return with an emphasis on income by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations for income and, to a lesser extent, capital appreciation. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of

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fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including asset-backed securities, mortgage-backed securities, collateralized debt and collateralized loan obligations (CDOs and CLOs, respectively), corporate and municipal bonds and debentures, structured notes, construction loans, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

The Fund may invest up to 25% of its assets in master limited partnership (MLP) units and may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes, including currency or interest rate exposure. Futures contracts and forward contracts may be used to synthetically obtain exposure to securities or baskets of securities. The Fund may use total return swaps to efficiently obtain exposure to segments of the equity or fixed income markets when other means of obtaining exposure, such as through an ETF, are suboptimal. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. The Fund may write (sell) or purchase call options or put options on a security or a basket of securities, and such options may be covered or uncovered (or "naked"). The purchaser of a call option will pay the Fund a premium for undertaking the obligations under the option contract. Options may also provide a

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partial hedge to another position of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions

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concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated

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in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The portfolio may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national

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economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Collateralized Debt Obligations and Collateralized Loan Obligations Risk* — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls.

Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by

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interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

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*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Depositary Receipts Risk* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its share price being more volatile

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than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities.

*Master Limited Partnership (MLP) Risk* — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be a reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Internal Revenue Code of 1986, as amended, provides that the Fund is permitted to invest up to 25% of its assets in one or more qualified publicly traded partnerships (QPTPs), which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the regulated investment company annual qualifying income requirements described in the section titled "Taxes" in the SAI.

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*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class F Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621705_ba003.jpg)  | Best Quarter: 11.20% (06/30/2020)<br>Worst Quarter: -14.23% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy. The additional index is the Fund's blended benchmark index that is composed of the Bloomberg U.S. Aggregate Bond Index (45%), the ICE BofA U.S. High Yield Constrained Index (40%) and the MSCI All Country World Index (Net) (15%).

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Asset Income Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 10.07% | 3.47% | 5.04% | 5.27% |
| Return After Taxes on Distributions | 7.80% | 1.25% | 3.08% | 3.21% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.05% | 1.68% | 3.04% | 3.18% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.01% |
| The Fund's Blended Benchmark Return (reflects no deduction <br>for fees, expenses or taxes) | 9.99% | 3.61% | 5.67% | 5.36% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Eugene Barbaneagra, CFA | Since 2022 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory<br>Fixed Income & Multi-Asset |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Barings LLC | Risgi Kapur<br>Matt Schavey | Since 2025<br>Since 2025 | Senior Portfolio Manager, Private Placements & <br>Asset-Based Finance<br>Portfolio Manager, Private Placements & Asset-Based Finance |
| Goldman Sachs Asset Management, L.P. | Paul Seary, CFA<br>Aakash Thombre, CFA<br>Lindsay Rosner, CFA<br>John McClain, CFA | Since 2016<br>Since 2022<br>Since 2024<br>Since 2025 | Portfolio Manager, Vice President<br>Portfolio Manager, Managing Director<br>Portfolio Manager, Managing Director<br>Portfolio Manager, Managing Director |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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MULTI-ASSET INFLATION MANAGED FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | | |
|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares | Class F Shares | Class F Shares |
| Management Fees (of the Fund and Subsidiary) |  |  |  |
| Management Fees of the Fund |  | 0.55% |  |
| Management Fees of the Subsidiary |  |  |  |
| Total Management Fees |  |  | 0.55% |
| Distribution (12b-1) Fees |  |  |  |
| Other Expenses (of the Fund and Subsidiary) |  |  |  |
| Other Expenses of the Fund |  |  |  |
| Dividends on Shorts | 0.11% |  |  |
| Interest Expense on Reverse Repurchase Agreements | 0.03% |  |  |
| Remainder of Other Expenses | 0.60% |  |  |
| Total Other Expenses of the Fund |  | 0.74% |  |
| Other Expenses of the Subsidiary |  |  |  |
| Total Other Expenses |  |  | 0.74% |
| Total Annual Fund Operating Expenses |  |  | 1.29% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Inflation Managed Fund — Class F Shares | $131 | $409 | $708 | $1556 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund will seek to generate "real return" (*i.e.*, total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions) by selecting investments from among a broad range of asset classes, including fixed income and equity securities and commodity investments. The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC's) or the sub-advisers' (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the Fund's portfolio.

Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange-traded funds (ETFs). The Fund may also invest in real estate investment trusts (REITs) and U.S. and non-U.S. real estate companies.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances, bank notes and bank loans, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, U.S. and foreign corporate debt securities, including commercial paper, and fully collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better) and securitized issues such as mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities and collateralized debt obligations (CDOs). The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation

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Protected Securities (TIPS) and other inflation-linked debt securities, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may also enter into repurchase or reverse repurchase agreements with respect to its investment in the fixed income securities listed above and may use the cash received to enter into a short position on U.S. Treasury bonds.

A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivative instruments). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Interest rate futures contracts are primarily used to hedge interest rate risk in the Fund's U.S. bond holdings. Commodity futures contracts are primarily used to obtain exposure to a diversified set of commodity markets. Interest rate swaps and swaps on indexes may further be used to manage the Fund's interest rate risk or may be used to manage the inflation-adjusted return of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. Options may be used to gain exposure to or hedge exposures in the equity and commodity markets. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

The Sub-Advisers may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

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Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

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*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Commodity Investments and Derivatives Risk* — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

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The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less

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information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Foreign Sovereign Debt Securities Risk* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Collateralized Debt Obligations Risk* — CDOs are securities backed by an underlying portfolio of debt obligations. CDOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO securities as a class. The risks of investing in CDOs depend largely on the tranche invested in and the type of the underlying debts in the tranche of the CDO in which the Fund invests. CDOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's expenses.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

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*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investing in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a

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negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Depositary Receipts Risk* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in 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 for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the

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Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Investment in the Subsidiary Risk* — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, 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 intended and could negatively affect the Fund and its shareholders.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

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Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class F Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621705_bc004.jpg)  | Best Quarter: 8.31% (03/31/2022)<br>Worst Quarter: -10.32% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 70/20/10 blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index (70%), the Bloomberg Commodity Index (20%) and the S&P 500 Index (10%). In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Asset Inflation Managed Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 7.82% | 5.81% | 3.04% | 1.15% |
| Return After Taxes on Distributions | 6.01% | 3.38% | 1.58% | 0.09% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.74% | 3.47% | 1.74% | 0.44% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction <br>for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.01% |
| The Fund's Blended Benchmark Return (reflects no deduction <br>for fees, expenses or taxes) | 9.57% | 6.04% | 4.99% | 2.93% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory<br>Fixed Income & Multi-Asset |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| AllianceBernstein L.P. | Mike Canter, PhD<br>Matthew Sheridan<br>Serena Zhou | Since 2019<br>Since 2025<br>Since 2013 | Director, Chief Investment Officer — Securitized <br>Assets<br>Director — US Multi-Sector<br>Portfolio Manager — US Multi-Sector |
| Franklin Advisers, Inc. | Chris Floyd<br>Jose Maldonado | Since 2022<br>Since 2022 | SVP, Portfolio Manager<br>VP, Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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MULTI-ASSET CAPITAL STABILITY FUND

Fund Summary

Investment Goal

Manage risk of a loss while providing current income and an opportunity for capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class F Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.58% |
| Total Annual Fund Operating Expenses | 0.98% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Capital Stability Fund — Class F Shares | $100 | $312 | $542 | $1201 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 260% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund will attempt to manage the risk of loss while still seeking to generate some growth by selecting investments from among a broad range of asset classes. Managing the risk of loss does not mean preventing losses, but rather managing the Fund in a manner intended to limit the level of losses that the Fund could incur over any particular period. The Fund's investments are expected to include U.S. debt obligations and investment grade bonds, and, to a lesser extent, riskier asset classes as detailed

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below, such as equities and non-investment grade securities (also known as junk bonds). The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance anticipated drawdown risk (peak-to-trough decline in asset value) across all capital market exposures in the Fund. This approach may result in asset classes with lower perceived drawdown risk, *e.g.* high-quality government bonds, having a greater notional allocation within the Fund's portfolio than they would otherwise receive in a non-risk parity approach. Notional allocation generally refers to the Fund's use of one or more derivative contracts to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (*e.g.*, a security, basket of securities or index). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts.

The Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of drawdown risk with the goal of managing the Fund's total drawdown risk. This may result in the Fund increasing capital market exposures during periods of perceived falling drawdown risk and decreasing capital market exposures during periods of perceived rising drawdown risk.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, and warrants, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, as well as entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities and obligations of U.S. and foreign commercial banks, such as certificates of deposit and time deposits. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

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The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps, including single security swaps, to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Futures contracts may be used to gain exposure to U.S. and foreign sovereign bond markets. Index futures and securities index swaps may be used to gain exposure to U.S. and foreign equity markets. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. Options may be used to gain exposure to or hedge risks in U.S. and foreign equity and fixed income markets. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (*i.e.*, take long or short positions) using futures contracts, foreign currency forward contracts and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

Principal Risks

While the Fund seeks to manage the risk of loss, this means only that the Fund seeks to limit the level of losses that may be incurred over a particular period of time. As such, the Fund may lose money, and the amount of losses could exceed SIMC's or the Sub-Advisers' expectations. The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such

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asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is

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the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an

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investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed

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securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

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*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

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*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class F Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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|:---|:---|
| ![](j2621705_bc005.jpg)  | Best Quarter: 3.85% (12/31/2023)<br>Worst Quarter: -2.08% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 95/5 blended benchmark that is composed of the Bloomberg 1-3 Year U.S. Government/Credit Index (95%) and the S&P 500 Index (5%). In prior years, the Fund also compared its performance to the Bloomberg 1-3 Year U.S. Government/Credit Index.

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

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|:---|:---|:---|:---|:---|
| Multi-Asset Capital Stability Fund — Class F | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 6.49% | 3.19% | 3.02% | 2.45% |
| Return After Taxes on Distributions | 5.77% | 1.82% | 1.96% | 1.58% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.92% | 1.91% | 1.91% | 1.56% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.01% |
| The Fund's Blended Benchmark Return (reflects no deduction for fees, <br>expenses or taxes) | 5.97% | 2.61% | 2.75% | 2.38% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory<br>Fixed Income & Multi-Asset |
| Timothy J. Sauermelch, CFA | Since 2024 | Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Janus Henderson Investors US LLC | Ashwin Alankar, Ph.D. | Since 2018 | Head of Global Asset Allocation & Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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Purchase and Sale of Fund Shares

The minimum initial investment for Class F Shares is $100,000 with minimum subsequent investments of $1,000. Such minimums may be waived at the discretion of SIMC. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Tax Information

The distributions made by the Funds generally are taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

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

MORE INFORMATION ABOUT INVESTMENTS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are managed under the direction of SIMC and one or more Sub-Advisers who manage portions of a Fund's assets in a way that they believe will help the Fund achieve its goal.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions; however, each Fund may also invest in other securities, use other strategies or engage in other investment practices. Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. These investments and strategies, as well as those described in this prospectus, are described in more detail in the Funds' Statement of Additional Information (SAI).

For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains and higher income. During such time, a Fund may not achieve its investment goals. Although not expected to be a component of the Funds' principal investment strategies, each Fund has the ability to engage in securities lending, depending on market circumstances.

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The Funds' investment goals are not fundamental and, therefore, may be changed by the Board of Trustees of the Trust (Board) without shareholder approval.

Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds invests in its own wholly owned subsidiary organized under the laws of the Cayman Islands (each, a Subsidiary) for the purpose of providing the Fund with exposure to the investment returns of global commodities markets within the limitations of the federal tax requirements that apply to the Fund. For more information about applicable federal tax requirements, please see the "Taxes" section below. Each Subsidiary may invest in commodities, commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, equity securities, fixed income securities, foreign securities, pooled investment vehicles, including those that are not registered pursuant to the Investment Company Act of 1940, as amended (1940 Act), and other investments intended to serve as margin or collateral for a Subsidiary's derivative positions. To the extent that either of the Multi-Asset Accumulation or Multi-Asset Inflation Managed Funds invests in a Subsidiary, it will be subject to the risks associated with such Subsidiary's investments, which are discussed elsewhere in this prospectus.

To the extent a Subsidiary invests in commodity-linked derivative instruments, such Subsidiary will comply with the same asset coverage requirements that are applicable to either the Multi-Asset Accumulation Fund's or the Multi-Asset Inflation Managed Fund's transactions in such derivatives under the 1940 Act, as applicable. With respect to its investments, a Subsidiary will generally be subject to the same investment restrictions and limitations and generally follow the same compliance policies as the applicable Fund; however, a Subsidiary (unlike the applicable Fund) may invest a significant amount in commodity-linked swap agreements and other commodity-linked derivative instruments.

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risk, and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect securities markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen in response to events that do not otherwise affect the value of the security in the

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issuer's home country. These various risks will be even greater for investments in emerging market countries where political turmoil and rapid changes in economic conditions are more likely to occur.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence — or "AI" — technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Asset-Backed Securities* — Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized debt obligations (CDOs), collateralized loan obligations (CLOs) and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and a Fund, as a securityholder, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

*Bank Loans* — Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Bank loans may be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

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The Funds may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Funds purchase assignments from lenders, the Funds will acquire direct rights against the borrower on the loan. The Funds may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Funds' ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Funds may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available during that time to make additional investments or to meet the Funds' redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*Below Investment Grade Fixed Income Securities (Junk Bonds)* — Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds, particularly those issued by foreign governments, is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Collateralized Debt Obligations and Collateralized Loan Obligations* — CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, a Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Commercial Paper* — Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Commodity Investments and Derivatives* — Exposure to commodities markets may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have, in the past, experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation

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increases or decreases in a Fund's holdings. The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices are outside of a Fund's control and may not be anticipated by Fund management. Price movements may be influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and taxation; war, global health events such as pandemics and endemics, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.

The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity-related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.

The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day. If the limit price has been reached in a particular contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related securities will not necessarily reflect changes in the price of commodities. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. In fact, commodity-related securities may actually have a higher correlation to movement in equities than the commodity market.

The value of a commodity-linked derivative investment typically is based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. Commodity-linked derivatives provide exposure to the investment returns of commodities that trade in the commodities markets without investing directly in physical commodities. The value of commodity-linked derivative instruments may be affected by, and rise or fall in response to, changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, as discussed above. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid

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secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop.

Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at maturity, a Fund may receive more or less principal than it originally invested. A Fund might receive interest payments that are more or less than the stated coupon interest payments. In connection with a Fund's direct and indirect investments in commodity-linked derivatives, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which a Fund believes are creditworthy) at any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may increase the Fund's exposure to counterparty credit risk. There can be no assurance that a Fund will be able to limit exposure to any one counterparty at all times.

A Fund's investments in commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility. If payment of interest on a commodity-linked note or the amount of principal to be repaid on maturity is linked to the value of a particular commodity, commodity index or other economic variable, a Fund might not receive all (or a portion) of the interest or principal due on its investment if there is a loss of value of the underlying investment. At any time, the risk of loss associated with a particular note in a Fund's portfolio may be significantly higher than the value of the note.

A liquid secondary market may not exist for the commodity-linked notes that a Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. Commodity-linked notes are also subject to the counterparty credit risk of the issuer. That is, at maturity of a commodity-linked note, there is a risk that the issuer may be unable to perform its obligations under the terms of the commodity-linked note. Issuers of commodity-linked notes are typically large money center banks, broker-dealers, other financial institutions and large corporations. If the issuer becomes bankrupt or otherwise fails to pay, a Fund could lose money. The value of the commodity-linked notes a Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. This would have the effect of increasing the volatility of the value of these commodity-linked notes as they may increase or decrease in value more quickly than the underlying commodity, commodity index or other economic variable. Therefore, at the maturity of the note, a Fund may receive more or less principal than it originally invested and may receive interest payments on the note that are more or less than the stated coupon interest payments.

*Convertible Securities and Preferred Stocks* — Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or

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exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or may not be rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

*Corporate Fixed Income Securities* — Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

*Credit* — Credit risk is the risk that a decline in the credit quality of an investment could cause the Funds to lose money. The Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit-Linked Notes* — Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. A Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

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*Currency* — Certain Funds take active positions in currencies, which involve different techniques and risk analyses than the Funds' purchase of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Funds if they are unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges they have entered into to be rendered useless, resulting in full currency exposure, as well as incurring transaction costs. Passive investment in currencies may, to a lesser extent, also subject the Funds to these same risks. The value of a Fund's total portfolio of investments (including its currency positions) may fluctuate more in response to broad macroeconomic risks than if the Fund did not invest in currencies.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Depositary Receipts* — Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts, including American

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Depositary Receipts (ADRs), are subject to many of the risks associated with investing directly in foreign securities, which are further described below.

*Derivatives* — Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, options, forward contracts and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Funds to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Funds will cause the value of your investment in the Funds to decrease. The Funds' use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above. Leverage risk is described below. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its obligations. These risks could cause the Funds to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment. Tax risk is the risk that the use of derivatives may cause the Funds to realize higher amounts of short-term capital gains or otherwise affect a Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

*Duration* — Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market* — Because certain Funds will significantly invest in equity securities, those Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In the case of foreign stocks, these fluctuations will reflect international economic and political events, as well as

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changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility, which is a principal risk of investing in the Funds.

*Exchange-Traded Products (ETPs)* — The risks of owning interests of an ETP, such as an ETF, or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Inverse ETFs seek to provide investment results that match a negative of the performance of an underlying index. Leveraged inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that a Fund invests in leveraged inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged, inverse and leveraged inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose a Fund to complete loss of its investment.

*Extension* — The Funds' investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Funds may exhibit additional volatility.

*Fixed Income Market* — The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in

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government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment/Emerging and Frontier Markets* — The Funds may invest in foreign issuers, including issuers located in emerging and frontier market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Funds' investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. Emerging market countries, and, to an even greater extent, frontier market countries, may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market and frontier market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market and frontier market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Funds' investments in emerging market and frontier market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Frontier countries are a subset of emerging market countries with even smaller national economies thee economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of

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frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Foreign Sovereign Debt Securities* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Forward Contracts* — A forward contract, also called a "forward," involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

*Futures Contracts* — Futures contracts, or "futures," provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Funds may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are

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traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Advisers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Inflation Protected Securities* — The Funds may invest in inflation protected securities, including Treasury Inflation Protected Securities (TIPS), the value of which generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and, consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Interest Rate* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company* — The Funds may purchase shares of investment companies, such as open-end funds, ETFs and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Fund's assets invested in the underlying fund. In part because of these additional expenses, the performance of an

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investment company may differ from the performance a Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. See also, "Exchange-Traded Products (ETPs)," above.

*Investment in the Subsidiary* — Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds may invest in its own Subsidiary. By investing in a Subsidiary, each Fund is indirectly exposed to the risks associated with such Subsidiary's investments. The commodity-related instruments held by a Subsidiary are generally similar to those that are permitted to be held by the applicable Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. A Subsidiary, however, is not 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. Thus, the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds, as investors in their respective Subsidiary, will not have all of the protections offered to investors in registered investment companies. Each Fund, however, wholly owns and controls its respective Subsidiary, and the Funds and the Subsidiaries are managed by SIMC, making it unlikely that a Subsidiary will take action contrary to the interests of the applicable Fund. While a Subsidiary has its own board of directors that is responsible for overseeing the operations of such Subsidiary, the respective Fund's Board has oversight responsibility for the investment activities of the Fund, including its investment in the respective Subsidiary, and the Fund's role as the sole shareholder of such Subsidiary. It is not currently expected that shares of any Subsidiary will be sold or offered to investors other than the respective Fund.

Changes in the laws of the United States and/or the Cayman Islands or governmental interpretation of such laws, under which the Funds and the Subsidiaries, respectively, are organized, could result in the inability of a Fund and/or its respective Subsidiary to operate as intended and could negatively affect the Funds and their shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns.

*Large Capitalization* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Leverage* — Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on a Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that a Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on one of two value-at-risk tests. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

*Liquidity* — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in

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illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Market* — Market risk is the risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the market as a whole.

*Master Limited Partnerships (MLPs)* — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Code, provides that a Fund is permitted to invest up to 25% of its assets in one or more QPTPs, which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the RIC annual qualifying income requirements described in the section titled "Taxes" in the SAI.

*Mortgage-Backed Securities* — Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by the Funds could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as Government National Mortgage Association (Ginnie Mae), which are backed by the "full faith and credit" of the United States, (ii) securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Funds of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Funds and affect their share prices.

The Funds may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a

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"pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by the Funds, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by a Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect a Fund's actual yield to maturity, even if the average rate of principal payments is consistent with a Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Municipal Securities* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by a Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of a Fund's holdings. As a result, a Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of a Fund's securities.

*Opportunity* — A Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

*Options* — An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option

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assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g.*, the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e.*, the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

Certain Funds may engage in a covered call option writing (selling) program in an attempt to generate additional income or provide a partial hedge to another position of the applicable Fund. A call option is "covered" if a Fund either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indexes. The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing a Fund's total return. When a Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Fund retains the risk of loss from a decline in the value of the underlying security during the option period. Although the Fund may terminate its obligation by executing a closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Fund. If such an option expires unexercised, the Fund realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Fund.

*Portfolio Turnover* — Due to their investment strategies, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*Prepayment* — The Funds' investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the

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fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which might be applicable if their securities were publicly traded.

*Quantitative Investing* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

*Real Estate Industry* — A Fund's investments in the securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include declines in the value of real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, lack of ability to access the creditor capital markets, overbuilding, extended vacancies of properties, defaults by borrowers or tenants (particularly during an economic downturn), increasing competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from clean-ups of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in market and sub-market values and the appeal of properties to tenants, and changes in interest rates. In addition to these risks, real estate investment trusts (REITs) and real estate operating companies (REOCs) are dependent on specialized management skills, and some REITs and REOCs may have investments in relatively few properties, or in a small geographic area or in a single type of property. These factors may increase the volatility of the Fund's investments in REITs or REOCs. Risk associated with investment in REITs is further discussed below.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on Funds that are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing a Fund to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

*Real Estate Investment Trusts* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in REITs indirectly through a Fund, shareholders will not only bear the proportionate share of the expenses of the Fund, but will also, indirectly, bear similar expenses of underlying REITs. The Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited

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number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

*Repurchase Agreement* — Although repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to a Fund whereby a defaulting counterparty could delay or prevent a Fund's recovery of collateral.

*Securities Lending* — Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Funds may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. A Fund that lends its securities may pay lending fees to a party arranging the loan.

*Short Sales* — Short sales are transactions in which a Fund sells a security it does not own. To complete a short sale, the Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. This price may be more or less than the price at which the security was sold by the Fund and the Fund will incur a loss if the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security. Because a borrowed security could theoretically increase in price without limitation, the loss associated with short selling is potentially unlimited. To the extent that the Fund reinvests proceeds received from selling securities short, it may effectively create leverage, which is discussed above. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

*Small and Medium Capitalization Issuers* — Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Supranational Entities* — The Funds may invest in obligations issued or guaranteed by the World Bank. The government members, or "stockholders," usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

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*Swap Agreements* — Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into 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 the other party to the agreement.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to participation notes (P-Notes).

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive regulatory framework for swaps and security-based swaps. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the over-the-counter (OTC) market (so-called

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"bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Funds. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

*Tax* — Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds may gain most of its exposure to the commodities markets through its investment in its own Subsidiary, which invests directly in commodities, equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. In order for each Fund to qualify as a RIC under the Code, the Fund must, amongst other requirements, derive at least 90% of its gross income for each taxable year from sources generating "qualifying income" for purposes of the "qualifying income test", which is described in more detail in the section titled "Taxes" in the SAI. Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds investment in a Subsidiary is expected to provide the Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Fund attributable to its investment in a Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. Each Fund expects its "Subpart F" income attributable to its investment in a Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in the Subsidiary to be treated as "qualifying income". The Adviser will carefully monitor the Funds' investments in a Subsidiary to ensure that no more than 25% of a Fund's assets are invested in a Subsidiary.

In addition, certain of the Funds' commodity-related investments, such as certain commodity-related derivative instruments, when made directly may not produce qualifying income to a Fund for purposes of satisfying the qualifying income test (as described in the SAI), which must be met in order for the Fund to maintain its status as a RIC under the Code.

To the extent the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds invest in commodities and certain commodity-linked derivative instruments directly such Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Funds to qualify as RICs under Subchapter M of the Code. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or may not be able to accurately predict the non-qualifying income from these investments. Under certain circumstances, a Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may

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incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. The tax treatment of certain commodity-related investments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

The extent to which the Multi-Asset Accumulation or the Multi-Asset Inflation Managed Funds directly or indirectly invests in commodities or commodity-linked derivatives may be limited by the qualifying income and asset diversification tests, which the Funds must continue to satisfy to maintain their status as a RIC. If a Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders.

*U.S. Government Securities* — U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable maturities. Some of the U.S. Government securities that a Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

*Warrants* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the global asset allocation strategies (Strategies) that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets

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in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus, including those indexes that compose the Funds' Blended Benchmark Indexes.

The Bloomberg Global Aggregate Index, Hedge (USD) is an unmanaged broad-based, market capitalization weighted index that is designed to measure the broad global markets for US and non-US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities, hedged against the U.S. dollar.

The Bloomberg 1-3 Year U.S. Government/Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

The Bloomberg 1-5 Year U.S. TIPS Index represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

The Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States — including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

The Bloomberg Commodity Index (BCOM) is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The BCOM is composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange. The BCOM is calculated on an excess return basis.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA U.S. High Yield Constrained Index reflects the reinvestment of dividends.

The Morgan Stanley Capital International (MSCI) World Index (net) (Hedged) (USD) captures large and mid cap representation across 23 Developed Markets (DM) countries, net of expenses and hedged against the U.S. dollar. With 1,321 constituents, the MSCI World Index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI All Country World Index (Net) is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from 23 developed countries and 24 emerging markets.

The MSCI All Country World ex-USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

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The S&P 500 Index consists of 500 companies from a diverse range of industries. Contrary to a popular misconception, the S&P 500 Index is not a simple list of the largest 500 companies by market capitalization or by revenues. Rather, it is 500 of the most widely held U.S.-based common stocks, chosen by the S&P 500 Index's index committee for market size, liquidity and sector representation. "Leading companies in leading industries" is the guiding principal for S&P 500 inclusion. A small number of international companies that are widely traded in the U.S. are included, but the S&P 500 Index's index committee has announced that only U.S.-based companies will be added in the future.

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board, is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market-generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are

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able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source Fund.

The following portfolio managers are primarily responsible for the management and oversight of the Funds, as described above.

Steven Treftz, CFA, and Anthony Karaminas, CFA, serve as portfolio managers for the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset and Short Duration strategies. Prior to his employment at SEI, Mr. Treftz was employed by Citi Private Bank, where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank, Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA charterholder and member of the CFA Society of Philadelphia. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

SIMC serves as investment adviser to the Funds. Eugene Barbaneagra, CFA, directly manages a portion of the assets of the Multi-Asset Income Fund, and Timothy J. Sauermelch, CFA, directly manages a portion of the assets of the Multi-Asset Accumulation and Multi-Asset Capital Stability Funds.

Mr. Barbaneagra serves as a Portfolio Manager within the Investment Management Unit. Mr. Barbaneagra is responsible for portfolio strategy of a number of core Global Equity Funds. Prior to joining SEI in 2002, Mr. Barbaneagra worked with the Vanguard Group. Mr. Barbaneagra earned his Bachelor of Science degrees in Business Administration/Finance and Management of Information Systems from Drexel University. Mr. Barbaneagra also earned his Master of Science in Risk Management and Financial Engineering from Imperial College London. Mr. Barbaneagra is a CFA charterholder and a member of UK Society of Investment Professionals.

Mr. Sauermelch is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across the global macro landscape. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and The CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in

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Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

For the fiscal year ended September 30, 2025, SIMC received investment advisory fees, as a percentage of each Fund's average daily net assets, at the following annual rates:

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|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers^ |
| Multi-Asset Accumulation Fund | 0.75% | 0.64% |
| Multi-Asset Income Fund | 0.60% | 0.42% |
| Multi-Asset Inflation Managed Fund | 0.55% | 0.33% |
| Multi-Asset Capital Stability Fund | 0.40% | 0.36% |

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^ Some or all of these fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis of the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of October 1, 2024 through March 31, 2025, and the Funds' Annual Form N-CSR covers the period of October 1, 2024 through September 30, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds. SIMC has claimed, with respect to each Fund, in accordance with Commodity Futures Trading Commission (CFTC) Regulation 4.12(c)(3), an exemption for certain regulatory obligations required under Part 4 of the CFTC's Regulations. SIMC has claimed, with respect to certain products not included in this prospectus, in accordance with CFTC Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA.

Information About Fee Waivers

Actual total annual fund operating expenses of the Class F Shares of the Funds for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses tables in the Fund Summary sections because the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The

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voluntary waivers of fees by the Funds' adviser, the Funds' administrator and/or the Funds' distributor are limited to the Funds' direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these waivers and/or reimbursements at any time. With these fee waivers, the actual total annual fund operating expenses of the Class F Shares of the Funds for the most recent fiscal year (ended September 30, 2025) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class F Shares | Total Annual Fund<br>Operating Expenses<br>(before voluntary<br>fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after voluntary<br>fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE, Short<br>Sale Expenses and<br>Reverse Repurchase<br>Expenses and after<br>extraordinary expenses,<br>if applicable)\* |
| Multi-Asset Accumulation Fund | 1.34% | 1.17% | 1.17% | 1.17% |
| Multi-Asset Income Fund | 1.21% | 0.80% | 0.80% | 0.80% |
| Multi-Asset Inflation Managed Fund | 1.29% | 1.04% | 1.04% | 0.90% |
| Multi-Asset Capital Stability Fund | 0.98% | 0.62% | 0.62% | 0.62% |

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\* AFFE reflects the estimated amount of fees and expenses that were incurred indirectly by the Fund through its investments in underlying funds during the most recent fiscal year.

As a result of changes in the Multi-Asset Accumulation Fund's fees and expenses, the total annual Fund operating expenses for the current fiscal year for the Fund are expected to differ from those of the prior year. The Multi-Asset Accumulation Fund's total annual Fund operating expenses for the current fiscal year (ending September 30, 2026) are expected to be as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class F Shares | Expected<br>Total Annual Fund<br>Operating Expenses<br>(before voluntary <br>fee waivers) | Expected<br> Total Annual Fund<br>Operating Expenses<br>(after voluntary<br>fee waivers) | Expected<br>Total Annual Fund<br>Operating Expenses<br> (after fee waivers,<br>excluding AFFE,<br>if applicable) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE, Short<br>Sale Expenses and<br>Reverse Repurchase<br>Expenses and after<br>extraordinary expenses,<br>if applicable) |
| Multi-Asset Accumulation Fund | 1.34% | 1.15% | 1.15% | 1.15% |

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Management of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds' Subsidiaries

Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds invests in a Subsidiary. Each Subsidiary has entered into a separate advisory agreement with SIMC for the management of the Subsidiary's portfolio. The Subsidiaries do not pay a separate management fee to SIMC for these services. The services SIMC provides to each Subsidiary and the terms of the advisory agreement between SIMC and each Subsidiary are similar to those of the Fund and SIMC.

Similar to the Funds, each Subsidiary may use a multi-manager approach under the general supervision of SIMC whereby the Subsidiary allocates its assets among multiple sub-advisers with differing philosophies and

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investment strategies. Each sub-adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. SIMC oversees the Subsidiaries' sub-advisers to ensure compliance with each Subsidiary's investment policies and guidelines, and monitors each sub-adviser's adherence to its investment style. Each Board of the Subsidiaries supervises SIMC and the sub-advisers; establishes policies that they must follow in their management activities; and oversees the hiring and termination of the sub-advisers recommended by SIMC.

SIMC pays each Subsidiary's sub-advisers out of the investment advisory fees it receives from the Funds. Each Subsidiary (or its respective Fund on behalf of the Subsidiary) has entered into contracts for the provision of custody, transfer agency, administrative and audit services with the same, or with affiliates of the same, service providers that provide those services to the Multi-Asset Accumulation and Multi-Asset Inflation Strategy Funds. The Funds bear the fees and expenses incurred in connection with such services.

Sub-Advisers and Portfolio Managers

MULTI-ASSET ACCUMULATION FUND:

AQR Capital Management, LLC: AQR Capital Management, LLC (AQR), located at One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830, serves as a Sub-Adviser to the Multi-Asset Accumulation Fund and its respective Subsidiary. Clifford S. Asness, Ph.D., M.B.A., John M. Liew, Ph.D., M.B.A., John J. Huss and Jordan Brooks, Ph.D., M.A. manage the portion of the Subsidiary's assets and the Multi-Asset Accumulation Fund's assets allocated to AQR. Clifford S. Asness, Ph.D., M.B.A., is the Managing and Founding Principal of AQR. Dr. Asness cofounded AQR in 1998 and serves as its chief investment officer. He earned a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and a Ph.D. in finance from the University of Chicago. John M. Liew, Ph.D., M.B.A., is a Founding Principal of AQR. Dr. Liew cofounded AQR in 1998 where he oversees research and portfolio management and is a member of the firm's Executive Committee. Dr. Liew earned a B.A. in economics, and an M.B.A. and a Ph.D. in finance, each from the University of Chicago. John J. Huss is a Principal of AQR. Mr. Huss rejoined AQR in 2013 and is Head of Integrated Research and Co-Head of the firm's Macro Strategies Group. Mr. Huss earned a B.S. in mathematics from the Massachusetts Institute of Technology. Jordan Brooks, Ph.D., M.A., is a Principal of AQR. Dr. Brooks joined AQR in August 2009 and is Co-Head of the Macro Strategies Group. He earned a B.A. in economics and mathematics from Boston College, and an M.A. and a Ph.D., both in economics, from New York University.

MULTI-ASSET INCOME FUND:

Barings LLC: Barings LLC (Barings), located at 300 S. Tryon Street, Suite 2500, Charlotte, North Carolina 28202, serves as a Sub-Adviser to the Multi-Asset Income Fund. A team of investment professionals manages the portion of the Multi-Asset Income Fund's assets allocated to Barings. Rishi Kapur, CFA is a member of Barings' Private Placement & Asset Based Finance Group. Mr. Kapur is a Senior Portfolio Manager and Head of Securitized Trading and is responsible for portfolio management, trading and developing portfolio strategy across ABS, CMBS and RMBS sectors. Mr. Kapur has worked in the industry since 1997. Prior to joining the firm in 2001, he was an Audit Consultant at MassMutual's Corporate Auditing Department and was associated with Conning and Company as an Equity Analyst. He holds a B.S. from the University of Bombay and an MBA from the University of Hartford. Mr. Kapur is a member of the CFA Institute. Matt Schavey, CFA is a Portfolio Manager in for Barings' Private Placements & Asset Based Finance group focusing on securitized and multi-asset portfolio strategies. Mr. Schavey has worked in the industry since 2011. Since joining the firm

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in 2014, Mr. Schavey has worked in a variety of roles, with a focus on quantitative risk. He holds a B.S. in financial management from Clemson University and is a member of the CFA Institute.

Goldman Sachs Asset Management, L.P.: Goldman Sachs Asset Management, L.P. (GSAM), located at 200 West Street, New York, New York 10282, serves as a Sub-Adviser to the Multi-Asset Income Fund. A team of investment professionals manages the portion of the Multi-Asset Income Fund allocated to GSAM. Paul Seary, CFA, Vice President, joined Goldman Sachs Asset Management in 2009 and is a Portfolio Manager specializing in multi-sector fixed income strategies. Prior to joining Goldman Sachs Asset Management, he spent three years with HSBC Halbis, where he was a product specialist within their fixed income alternatives team focusing on Global Macro, Emerging Markets Relative Value and Long/Short Credit strategies. Prior to HSBC Halbis, Mr. Seary spent five years at Franklin Templeton within their fixed income quantitative research and product management teams. Mr. Seary earned a Bachelor of Science in Financial Economics from Binghamton University. Mr. Seary is a CFA charterholder and is a member of the New York Society of Security Analysts. Aakash Thombre, CFA, Managing Director, joined Goldman Sachs Asset Management in 2007 and is Global Co-Head of High Yield and Bank Loans and a Portfolio Manager for credit funds that span High Yield, Bank Loan, Emerging Markets and Securitized Credit asset classes. Prior to his current role, Mr. Thombre held several roles within Goldman Sachs Asset Management. He was a senior Emerging Markets corporate debt investor from 2011 to 2019. Prior to that, he worked in the Multi-Asset Solutions Group from 2009 to 2011, focusing on the development and structuring of alternative risk premium strategies. Prior to that, he was an analyst in the Alternative Investments and Manager Selection Group, working on public and private investments. Mr. Thombre earned a Bachelor of Science in Operations Research from Columbia University. Mr. Thombre is a CFA charterholder. Lindsay Rosner, CFA, is a managing director in Fixed Income and Liquidity Solutions within Goldman Sachs Asset Management, serving as head of Multi-Sector Investing. She joined Goldman Sachs as a managing director in 2023. Prior to joining the firm, Ms. Rosner was a portfolio manager on the fixed income multi-sector portfolio management team for PGIM, the investment management business of Prudential Financial, Inc., where she oversaw assets across core, core plus, absolute return and unconstrainted bond strategies. Prior to joining PGIM in 2012, Ms. Rosner worked for Barclays Capital where she was a convertible bond trader, working with both hedge fund and traditional money management clients. Before that, she worked at Lehman Brothers, also in convertible bonds. She is a co-founder of the New York chapter of the Bloomberg Women's Buy-Side Network and a member of the advisory board for Girls Who Invest. Ms. Rosner earned a BA from the Woodrow Wilson School of Public and International Affairs at Princeton University. She is a CFA charterholder. John McClain, CFA, is a managing director in Fixed Income and Liquidity Solutions within Goldman Sachs Asset Management, serving as global Co-Head of High Yield and Bank Loans. He serves as a Portfolio Manager for credit funds that span high yield, bank loan, emerging markets and securitized asset classes. Mr. McClain joined Goldman Sachs as a managing director in 2025. He has served as a senior portfolio manager, trader, and analyst for nearly two decades, managing global and domestic below investment grade strategies for institutional and retail investors. Prior to joining Goldman Sachs, he led the Corporate Credit, High Yield, and Global High Yield strategies and team at Brandywine Global Investment Management. Prior to that, Mr. McClain co-led below investment grade strategies at Diamond Hill Capital Management. Earlier in his career, he was a Senior Vice President at Standard Life Investments and also held various investment and leadership roles at Nationwide Insurance. Mr. McClain earned a B.S. in Business Economics from the University of Kentucky, *magna cum laude,* and a MBA from Carnegie Mellon University. He is a CFA charterholder.

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MULTI-ASSET INFLATION MANAGED FUND:

AllianceBernstein L.P.: AllianceBernstein L.P. (AllianceBernstein), located at 501 Commerce St. Nashville, TN 37203, serves as a Sub-Adviser to the Multi-Asset Inflation Managed Fund. A team of investment professionals, led by Mike Canter, PhD, Matthew Sheridan and Serena Zhou, manages the portion of the Multi-Asset Inflation Managed Fund's assets allocated to AllianceBernstein. Mr. Canter is the Chief Investment Officer of AllianceBernstein's Securitized Assets Fund and the former CIO of the Recovery Asset Fund (ABRA-S) and the Legacy Securities (PPIP) Fund. In addition, Canter is Head of the Securitized Assets Research Group, which is responsible for the firm's investments in agency mortgage-backed securities (MBS), credit risk-transfer securities (CRT), non-agency residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities (ABS). Mr. Canter has been with the firm since 2007. Mr. Sheridan is a Senior Vice President and Director of Fixed Income, leading the firm's US Multi-Sector Fixed Income Strategies. Mr. Sheridan has been with the firm since 1998. Mrs. Zhou is a Senior Vice President and Portfolio Manager in the Fixed Income US Multi-Sector team at AllianceBernstein. Mrs. Zhou has been with the firm since 2013.

Franklin Advisers, Inc.: Franklin Advisers, Inc. (FAV), located at One Franklin Parkway, San Mateo, California 94403-1906, serves as a Sub-Adviser to the Multi-Asset Inflation Managed Fund. A team of investment professionals manages the portion of the Multi-Asset Inflation Managed Fund's assets allocated to FAV. Mr. Chris Floyd, CFA, SVP, is a Portfolio Manager at FAV. Prior to FAV, Mr. Floyd was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Prior to 2014, he was a portfolio manager at Batterymarch Financial Management, which in 2014 merged with QS Investors. Mr. Jose Maldonado, CFA, VP, is a Portfolio Manager for FAV. Prior to FAV, Mr. Maldonado was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Before joining QS Investors, he was a global equity trader at Arrowstreet Capital.

INFLATION COMMODITY STRATEGY SUBSIDIARY LTD. — UBS Asset Management (Americas) LLC: The O'Connor Commodities Team of UBS Asset Management (Americas) LLC (UBS AM LLC), located at Eleven Madison Avenue, New York, New York, 10010, serves as a Sub-Adviser to Inflation Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Inflation Managed Fund organized under the laws of the Cayman Islands. Christopher Burton, CFA, FRM, is a Managing Director and Head of Commodities at O'Connor, based in New York. He also serves as Portfolio Manager and Trader for the Commodities Team. In this role, Mr. Burton is responsible for analyzing and implementing the team's hedging strategies, indexing strategies, and excess return strategies. Prior to joining O'Connor in 2024, he was a Commodities portfolio manager at Credit Suisse Asset Management from 2005 to 2024, including during his role as Global Head of Commodities. Preceding his tenure at Credit Suisse, Mr. Burton served as an Analyst and Derivatives Strategist with Putnam Investments (2002-2005), where he developed the team's analytical tools and managed their options-based yield enhancement strategies, as well as exposure management strategies. Mr. Burton holds a B.Sc. in Economics with concentrations in Finance and Accounting from the University of Pennsylvania's Wharton School of Business. Additionally, he is a CFA Charterholder and has achieved Financial Risk Manager<sup>®</sup> Certification through the Global Association of Risk Professionals (GARP). Mr. Burton has 23 years of investment experience. Scott Ikuss is an Executive Director and Portfolio Manager within the O'Connor Commodities team of UBS AM LLC, based in New York. Mr. Ikuss also acts as Portfolio Manager and Trader for the Commodities Team. In this role, he specializes in excess return strategies. Prior to joining UBS AM LLC in 2024, Mr. Ikuss held the same roles at Credit Suisse Asset Management, LLC which he joined in 2023. Prior to joining Credit Suisse Asset Management, LLC, he was a Portfolio Manager — Global Commodities & Natural Resources Equities at DWS Group. Mr. Ikuss has 17 years of investment experience.

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INFLATION COMMODITY STRATEGY SUBSIDIARY LTD. — Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to the Inflation Commodity Strategy Subsidiary Ltd. David Chang, Senior Managing Director and Commodities Portfolio Manager of Wellington Management, has served as the Portfolio Manager for the Inflation Commodity Strategy Subsidiary Ltd. since 2025. Mr. Chang joined Wellington Management as an investment professional in 2001.

MULTI-ASSET CAPITAL STABILITY FUND:

Janus Henderson Investors US LLC: Janus Henderson Investors US LLC (Janus), located at 151 Detroit Street, Denver, Colorado 80206, serves as a Sub-Adviser to the Multi-Asset Capital Stability Fund. A team of investment professionals manages the portion of the Multi-Asset Capital Stability Fund's assets allocated to Janus. Janus is a wholly owned indirect subsidiary of Janus Henderson Group plc (JHG), a publicly traded independent asset management firm incorporated in Jersey, Channel Islands, which does business as Janus Henderson Investors (Janus Henderson). Ashwin Alankar is Head of Global Asset Allocation at Janus. In this role, he is responsible for defining short- and long-term approaches to asset allocation. He also manages the Adaptive Allocation strategy and co-managed the Diversified Alternatives strategy from 2016 until 2019. Prior to joining Janus in 2014, Dr. Alankar served from 2010 to 2014 as co-chief investment officer of quantitative investment strategies at AllianceBernstein. From 2003 to 2010, he was a partner and capital allocation committee member for Platinum Grove Asset Management. Dr. Alankar's experience also includes serving as a consultant in the financial litigation division of the Law and Economics Consulting Group from 2001 to 2002. Dr. Alankar earned a Bachelor of Science degree in chemical engineering and mathematics and a master of science degree in chemical engineering, all from the Massachusetts Institute of Technology. He also holds a Ph.D. in finance from the University of California — Berkeley, Haas School of Business. He has 21 years of financial industry experience.

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage, and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

The following sections tell you how to purchase, exchange and sell (sometimes called "redeem") Class F Shares of the Funds. The Funds offer Class F Shares only to financial institutions and intermediaries for their own or their customers' accounts.

For information on how to open an account and set up procedures for placing transactions, please call 1-800-DIAL-SEI.

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class F Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the

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right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institution representative or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its NAV per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not

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available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

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Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to any investments in foreign securities, the Funds use a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security

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and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds shall value the foreign securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Funds own securities is closed for one or more days (scheduled or unscheduled) while a Fund is open, and if such securities in a Fund's portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of a Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector.

The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether a Fund investment is required to be fair valued (*i.e.*, the investment does not have a reliable readily available market quotation). The Committee may consider input from a Fund's service providers, including the Fund's administrator or a Sub-Adviser, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, the Committee shall notify the Fund's administrator.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of the Funds could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur taxable gains, and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. If the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and the subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip. For purposes of this Policy, if a redemption following a purchase is paid out in-kind, it will not be considered a round trip.

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ii. If a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason without notice.

Judgments with respect to implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control and any other information available to the Funds.

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds may be sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, the Funds will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding their investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying

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information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary may be required to collect documents to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.

Customer identification and verification are part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

An authorized financial institution or intermediary may exchange Class F Shares of any Fund for Class F Shares of any other fund of SEI Institutional Managed Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233.

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For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds may also operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions.

Each Fund reserves the right, under certain conditions, including under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), to honor any request for redemption by making payment in whole or in part in securities valued as described in "Pricing of Fund Shares" above, except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

These methods may be used during both normal and stressed market conditions.

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Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e.*, no owner-initiated contact for a certain period), returned mail (*i.e.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may compensate these broker-dealers or other

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financial institutions for marketing, promotional or other services. These payments may be significant to these firms and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

SERVICE OF FUND SHARES

The Funds have adopted a shareholder services plan and agreement (the Service Plan) with respect to Class F Shares that allows such shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such shares at an annual rate of up to 0.25% of average daily net assets of the Class F Shares. The Service Plan provides that shareholder service fees on Class F Shares will be paid to SIDCo., which may then be used by SIDCo. to compensate financial intermediaries for providing shareholder services with respect to Class F Shares.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in the Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person who requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date of which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

The Funds distribute their investment income periodically as dividends to shareholders. It is the policy of the Multi-Asset Accumulation, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds to distribute their investment income annually. It is the policy of the Multi-Asset Income Fund to distribute its investment income at least once monthly. The Funds distribute their investment income as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually.

You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes. Below the Funds have summarized certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some

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time in the future. You should consult your tax advisor regarding the rules governing your own retirement plan.

Each Fund has elected and intends to qualify each year for treatment as a RIC. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any. The dividends and distributions you receive from the Funds may be subject to federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions, including net short-term capital gains, are generally taxable at ordinary income tax rates except to the extent they are designated as qualified dividend income.

Dividends that are qualified dividend income are currently eligible for the reduced maximum rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that a Fund receives qualified dividend income and certain holding period requirements and other requirements are satisfied by you and by the Fund. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so designated by such underlying fund or REIT. Qualified dividend income is, in general, dividends from domestic corporations and from certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless of how long you have held your Fund shares. Long-term capital gains are currently taxable at the maximum rate of 20%. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be

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reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service (IRS).

If a Fund distributes more than its net investment income and net capital gains, the excess generally would be treated as a nontaxable return of capital that would reduce your cost basis in your Fund shares and would increase your capital gain or decrease your capital loss when you sell your shares.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund shares generally will be treated as short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. Any capital loss arising from the sale of Fund shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain dividends that were paid with respect to those shares. All or a portion of any loss realized upon a taxable disposition of shares will be disallowed if you purchase other substantially identical shares within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on "net investment income," including interest, dividends and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

Each Fund (or their administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares purchased. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of such Fund's shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Shareholders of the Funds should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

To the extent that a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest each Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consist of foreign securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax.

Certain of the Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gain,

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accelerate the recognition of income to a Fund and/or defer a Fund's ability to recognize losses. Those rules could affect the amount, timing or character of the income distributed to shareholders.

The Multi-Asset Income Fund may invest up to 25% of its assets in MLPs. "Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as the Multi-Asset Income Fund, to pass the special character of this income through to its shareholders. Direct investors in entities that generate "qualified publicly traded partnership income," including certain MLPs, will enjoy the lower rate, but investors in a RIC that invests in such entities will not.

Certain of the Funds may invest in U.S. REITs. "Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

Each of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund may gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests directly in commodities and in commodity-linked derivative instruments. A Fund's investment in its 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Fund attributable to its investment in its Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. Each of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund expect its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in its Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor each of

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SEI / PROSPECTUS

the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund's investments in its Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its Subsidiary.

In addition, certain of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund's investments, such as commodities and in commodity-linked derivative instruments, when made directly, may not produce qualifying income to the Funds. To the extent the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund invest in such investments directly, the Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with their other investments that produce non-qualifying income).

If either the Multi-Asset Accumulation Fund or the Multi-Asset Inflation Managed Fund fail to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Fund to qualify as a RIC.

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing the Funds.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

The Funds' SAI contains more information about taxes.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

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SEI / PROSPECTUS

FINANCIAL HIGHLIGHTS

The table that follows presents performance information about the Class F Shares of the Funds. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information below has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm. Its report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending September 30, 2025 and are available upon request, at no charge by calling 1-800-DIAL-SEI.

SEI INSTITUTIONAL MANAGED TRUST — FOR THE YEARS OR PERIODS ENDED SEPTEMBER 30,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Multi-Asset Accumulation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $7.62 | $0.22 | $0.10 | $0.32 | $(0.16) | $— | $(0.16) | $7.78 | 4.35% | $1095691 | 1.18%<sup>(2)</sup> | 1.35% | 2.97% | 75% |
| 2024 | 6.66 | 0.25 | 0.85 | 1.10 | (0.14)<sup>(3)</sup> |  | (0.14) | 7.62 | 16.69 | 1237192 | 1.17 | 1.33 | 3.54 | 75 |
| 2023 | 7.17 | 0.23 | (0.04) | 0.19 | (0.70) |  | (0.70) | 6.66 | 2.59 | 1781011 | 1.17 | 1.32 | 3.26 | 72 |
| 2022 | 10.31 | 0.11 | (1.96) | (1.85) | (0.64) | (0.65) | (1.29) | 7.17 | (20.79) | 1886712 | 1.17 | 1.30 | 1.25 | 42 |
| 2021 | 9.55 | (0.01) | 1.28 | 1.27 |  | (0.51) | (0.51) | 10.31 | 13.73 | 2506500 | 1.17 | 1.29 | (0.12) | 54 |
| Multi-Asset Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.12 | $0.55 | $0.11 | $0.66 | $(0.53) | $— | $(0.53) | $10.25 | 6.76% | $399549 | 0.82%<sup>(4)</sup> | 1.23% | 5.43% | 59% |
| 2024 | 9.28 | 0.65 | 0.84 | 1.49 | (0.65) |  | (0.65) | 10.12 | 16.56 | 417955 | 0.80 | 1.22 | 6.70 | 68 |
| 2023 | 9.22 | 0.62 | 0.11 | 0.73 | (0.67) |  | (0.67) | 9.28 | 8.02 | 532159 | 0.80 | 1.21 | 6.49 | 39 |
| 2022 | 11.49 | 0.46 | (2.26) | (1.80) | (0.46) | (0.01) | (0.47) | 9.22 | (16.13) | 568205 | 0.80 | 1.20 | 4.35 | 24 |
| 2021 | 10.85 | 0.42 | 0.61 | 1.03 | (0.39) |  | (0.39) | 11.49 | 9.57 | 759685 | 0.80 | 1.20 | 3.71 | 59 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Multi-Asset Inflation Managed Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $8.05 | $0.26 | $0.08 | $0.34 | $(0.25) | $— | $(0.25) | $8.14 | 4.42% | $479369 | 1.04%<sup>(5)</sup> | 1.29% | 3.28 | % | 44% |
| 2024 | 7.87 | 0.30 | 0.17 | 0.47 | (0.29) |  | (0.29) | 8.05 | 6.18 | 543236 | 1.90<br><sup>(5)</sup> | 2.14 | 3.84 |  | 43 |
| 2023 | 8.68 | 0.27 | (0.12) | 0.15 | (0.96) |  | (0.96) | 7.87 | 1.46 | 648827 | 1.96<br><sup>(5)</sup> | 2.20 | 3.39 |  | 93 |
| 2022 | 8.91 | 0.34 | 0.09 | 0.43 | (0.66) |  | (0.66) | 8.68 | 5.10 | 783196 | 1.24<br><sup>(5)</sup> | 1.48 | 3.80 |  | 81 |
| 2021 | 7.88 | 0.24 | 0.91 | 1.15 | (0.12) |  | (0.12) | 8.91 | 14.71 | 803799 | 1.12<br><sup>(5)</sup> | 1.36 | 2.84 |  | 65 |
| Multi-Asset Capital Stability Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F | CLASS F |
| 2025 | $10.59 | $0.34 | $0.07 | $0.41 | $(0.53) | $(0.24) | $(0.77) | $10.23 | 4.18% | $427367 | 0.64%<sup>(6)</sup> | 1.00% | 3.42 | % | 260% |
| 2024 | 10.01 | 0.40 | 0.59 | 0.99 | (0.41) |  | (0.41) | 10.59 | 10.09 | 482547 | 0.62 | 0.98 | 3.92 |  | 203 |
| 2023 | 9.79 | 0.33 | 0.07 | 0.40 | (0.18) |  | (0.18) | 10.01 | 4.19 | 552046 | 0.62 | 0.98 | 3.34 |  | 103 |
| 2022 | 10.51 | 0.03 | (0.46) | (0.43) | (0.07) | (0.22) | (0.29) | 9.79 | (4.24) | 626296 | 0.62 | 0.98 | 0.27 |  | 69 |
| 2021 | 10.28 |  | 0.34 | 0.34 | (0.02) | (0.09) | (0.11) | 10.51 | 3.27 | 682772 | 0.62 | 0.98 |  | ^ | 125 |

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† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

^ Amount represents less than 0.005%.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 1.17%.

(3) Includes return of capital of $0.06 per share.

(4) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.80%.

(5) The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 0.90%.

(6) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.62%.

Amounts designated as "—" are $0 or have been rounded to $0.

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![](j2621705_za006.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103-3007

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated January 31, 2026 includes more detailed information about SEI Institutional Managed Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Institutional Managed Trust, from the EDGAR Database on the SEC's website ("http://www.sec.gov"). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Institutional Managed Trust's Investment Company Act registration number is 811-04878.

SEI-F-114 (1/26)

seic.com

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![](j2621706_ac001.jpg)

January 31, 2026

PROSPECTUS

SEI Institutional Managed Trust

Class Y Shares

• Multi-Asset Accumulation Fund (SMOYX)

• Multi-Asset Income Fund (SLIYX)

• Multi-Asset Inflation Managed Fund (SLFYX)

• Multi-Asset Capital Stability Fund (SMLYX)

*The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or this pool, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.*

*Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state.*

seic.com

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SEI / PROSPECTUS

SEI INSTITUTIONAL MANAGED TRUST

About This Prospectus

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| | |
|:---|:---|
| FUND SUMMARY | FUND SUMMARY |
| MULTI-ASSET ACCUMULATION FUND | 1 |
| MULTI-ASSET INCOME FUND | 13 |
| MULTI-ASSET INFLATION MANAGED FUND | 24 |
| MULTI-ASSET CAPITAL STABILITY FUND | 36 |
| Purchase and Sale of Fund Shares | 46 |
| Tax Information | 46 |
| Payments to Broker-Dealers and Other <br>Financial Intermediaries | 46 |
| MORE INFORMATION ABOUT INVESTMENTS | 46 |
| MORE INFORMATION ABOUT RISKS | 47 |
| Risk Information Common to the Funds | 47 |
| More Information About Principal Risks | 48 |
| GLOBAL ASSET ALLOCATION | 67 |
| MORE INFORMATION ABOUT THE FUNDS' <br>BENCHMARK INDEXES | 68 |
| INVESTMENT ADVISER | 69 |
| SUB-ADVISERS | 71 |
| Information About Fee Waivers | 71 |
| Management of the Multi-Asset Accumulation <br>and Multi-Asset Inflation Managed Funds' <br>Subsidiaries | 72 |
| Sub-Advisers and Portfolio Managers | 73 |
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 76 |
| HOW TO PURCHASE FUND SHARES | 77 |
| Pricing of Fund Shares | 78 |
| Frequent Purchases and Redemptions of <br>Fund Shares | 81 |
| Foreign Investors | 82 |
| Customer Identification and Verification and <br>Anti-Money Laundering Program | 82 |

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| | |
|:---|:---|
| HOW TO EXCHANGE YOUR FUND SHARES | 83 |
| HOW TO SELL YOUR FUND SHARES | 83 |
| Receiving Your Money | 83 |
| Methods Used to Meet Redemption Obligations | 84 |
| Low Balance Redemptions | 84 |
| Suspension of Your Right to Sell Your Shares | 84 |
| Large Redemptions | 85 |
| Telephone Transactions | 85 |
| Unclaimed Property | 85 |
| DISTRIBUTION OF FUND SHARES | 85 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 86 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 86 |
| Dividends and Distributions | 86 |
| Taxes | 86 |
| ADDITIONAL INFORMATION | 90 |
| FINANCIAL HIGHLIGHTS | 91 |
| HOW TO OBTAIN MORE INFORMATION ABOUT <br>SEI INSTITUTIONAL MANAGED TRUST | Back Cover |

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SEI / PROSPECTUS

MULTI-ASSET ACCUMULATION FUND

Fund Summary

Investment Goal

Total return, including capital appreciation and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | |
|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares | Class Y Shares |
| Management Fees (of the Fund and Subsidiary) |  |  |
| Management Fees of the Fund | 0.75% |  |
| Management Fees of the Subsidiary |  |  |
| Total Management Fees |  | 0.75% |
| Distribution (12b-1) Fees |  |  |
| Other Expenses (of the Fund and Subsidiary) |  |  |
| Other Expenses of the Fund | 0.34% |  |
| Other Expenses of the Subsidiary |  |  |
| Total Other Expenses |  | 0.34% |
| Total Annual Fund Operating Expenses |  | 1.09% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Accumulation Fund — Class Y Shares | $111 | $347 | $601 | $1329 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.

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SEI / PROSPECTUS

Principal Investment Strategies

Under normal circumstances, the Fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations of risk and return. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance risk across all capital market exposures, which may result in asset classes with lower perceived risk having a greater notional allocation within the Fund's portfolio than asset classes with higher perceived risk. Notional allocation refers to the Fund's use of one or more derivative contracts to attempt to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (*e.g.*, a security, currency or commodity (or a basket or index)). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. In addition, the Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of volatility with the goal of managing the Fund's volatility. This may result in the Fund increasing capital market exposures during periods of perceived falling risk and decreasing capital market exposures during periods of perceived rising risk.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued.

The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include obligations of U.S. and foreign banks, such as certificates of deposit and time deposits, U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

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SEI / PROSPECTUS

The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivatives). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Securities index swaps may be used to obtain exposure to different U.S. and foreign equity markets. Futures and swaps on futures may be used to gain exposure to U.S. and foreign sovereign bond markets, equity markets and commodities markets. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

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Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions

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when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Commodity Investments and Derivatives Risk* — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the

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price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Foreign Sovereign Debt Securities Risk* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such

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securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

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*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

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*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Depositary Receipts Risk* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in 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 for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Investment in the 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. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, 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 intended and could negatively affect the Fund and its shareholders.

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*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621706_ba002.jpg)  | Best Quarter: 10.23% (03/31/2019)<br>Worst Quarter: -12.47% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the MSCI World Index (net) (Hedged) (USD) and the Fund's 60/40 blended benchmark, that is composed of the MSCI World Index (net) (Hedged) (USD) (60%) and the Bloomberg Global Aggregate Index, Hedged (USD) (40%).

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Asset Accumulation Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 12.42% | 1.51% | 4.98% | 4.33% |
| Return After Taxes on Distributions | 11.01% | -0.89% | 2.61% | 2.14% |
| Return After Taxes on Distributions and Sale of Fund Shares | 7.36% | 0.16% | 2.99% | 2.55% |
| MSCI All Country World ex-USA Index (Net) (reflects no deductions for <br>fees, expenses or taxes, (except foreign withholding taxes)) | 32.39% | 7.91% | 8.41% | 6.99% |
| MSCI World Index (net) (Hedged) (USD) (reflects no deductions for <br>fees, expenses or taxes, (except foreign withholding taxes)) | 19.03% | 13.67% | 12.99% | 12.74% |
| The Fund's Blended Benchmark Return (reflects no deduction for fees, <br>expenses or taxes) | 13.28% | 8.30% | 8.84% | 8.79% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |
| Timothy J. Sauermelch, CFA | Since 2024 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| AQR Capital Management, LLC | Clifford S. Asness, Ph.D., <br>M.B.A.<br>John M. Liew, Ph.D., M.B.A<br>John J. Huss<br>Jordan Brooks, Ph.D., M.A. | Since 2022<br>Since 2025<br>Since 2017<br>Since 2025 | Managing and Founding Principal<br>Founding Principal<br>Principal<br>Principal |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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MULTI-ASSET INCOME FUND

Fund Summary

Investment Goal

The Fund seeks total return with an emphasis on current income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.60% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.36% |
| Total Annual Fund Operating Expenses | 0.96% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Income Fund — Class Y Shares | $98 | $306 | $531 | $1178 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 59% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund will seek to generate total return with an emphasis on income by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations for income and, to a lesser extent, capital appreciation. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of

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fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including asset-backed securities, mortgage-backed securities, collateralized debt and collateralized loan obligations (CDOs and CLOs, respectively), corporate and municipal bonds and debentures, structured notes, construction loans, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

The Fund may invest up to 25% of its assets in master limited partnership (MLP) units and may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes, including currency or interest rate exposure. Futures contracts and forward contracts may be used to synthetically obtain exposure to securities or baskets of securities. The Fund may use total return swaps to efficiently obtain exposure to segments of the equity or fixed income markets when other means of obtaining exposure, such as through an ETF, are suboptimal. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. The Fund may write (sell) or purchase call options or put options on a security or a basket of securities, and such options may be covered or uncovered (or "naked"). The purchaser of a call option will pay the Fund a premium for undertaking the obligations under the option contract. Options may also provide a

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partial hedge to another position of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions

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concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated

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in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The portfolio may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national

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economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Collateralized Debt Obligations and Collateralized Loan Obligations Risk* — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls.

Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by

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interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

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*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Depositary Receipts Risk* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its share price being more volatile

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than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities.

*Master Limited Partnership (MLP) Risk* — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be a reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Internal Revenue Code of 1986, as amended, provides that the Fund is permitted to invest up to 25% of its assets in one or more qualified publicly traded partnerships (QPTPs), which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the regulated investment company annual qualifying income requirements described in the section titled "Taxes" in the SAI.

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*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| | |
|:---|:---|
| ![](j2621706_ba003.jpg)  | Best Quarter: 11.22% (06/30/2020)<br>Worst Quarter: -14.21% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy. The additional index is the Fund's blended benchmark index that is composed of the Bloomberg U.S. Aggregate Bond Index (45%), the ICE BofA U.S. High Yield Constrained Index (40%) and the MSCI All Country World Index (Net) (15%).

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax

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situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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|:---|:---|:---|:---|:---|
| Multi-Asset Income Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 10.18% | 3.57% | 5.14% | 5.36% |
| Return After Taxes on Distributions | 7.87% | 1.31% | 3.14% | 3.26% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.11% | 1.74% | 3.10% | 3.23% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for <br>fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.01% |
| The Fund's Blended Benchmark Return (reflects no deduction for fees, <br>expenses or taxes) | 9.99% | 3.61% | 5.67% | 5.36% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Eugene Barbaneagra, CFA | Since 2022 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |

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Sub-Advisers and Portfolio Managers.

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|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Barings LLC | Risgi Kapur<br>Matt Schavey | Since 2025<br>Since 2025 | Senior Portfolio Manager, Private Placements & <br>Asset-Based Finance<br>Portfolio Manager, Private Placements & <br>Asset-Based Finance |
| Goldman Sachs Asset <br>Management, L.P. | Paul Seary, CFA<br>Aakash Thombre, CFA<br>Lindsay Rosner, CFA<br>John McClain, CFA | Since 2016<br>Since 2022<br>Since 2024<br>Since 2025 | Portfolio Manager, Vice President<br>Portfolio Manager, Managing Director<br>Portfolio Manager, Managing Director<br>Portfolio Manager, Managing Director |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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MULTI-ASSET INFLATION MANAGED FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | | |
|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares | Class Y Shares | Class Y Shares |
| Management Fees (of the Fund and Subsidiary) |  |  |  |
| Management Fees of the Fund |  | 0.55% |  |
| Management Fees of the Subsidiary |  |  |  |
| Total Management Fees |  |  | 0.55% |
| Distribution (12b-1) Fees |  |  |  |
| Other Expenses (of the Fund and Subsidiary) |  |  |  |
| Other Expenses of the Fund |  |  |  |
| Dividends on Shorts | 0.11% |  |  |
| Interest Expense on Reverse Repurchase Agreements | 0.03% |  |  |
| Remainder of Other Expenses | 0.35% |  |  |
| Total Other Expenses of the Fund |  | 0.49% |  |
| Other Expenses of the Subsidiary |  |  |  |
| Total Other Expenses |  |  | 0.49% |
| Total Annual Fund Operating Expenses |  |  | 1.04% |

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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 or hold 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 on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Inflation Managed Fund — Class Y Shares | $106 | $331 | $574 | $1271 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund will seek to generate "real return" (*i.e.*, total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions) by selecting investments from among a broad range of asset classes, including fixed income and equity securities and commodity investments. The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC's) or the sub-advisers' (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the Fund's portfolio.

Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange-traded funds (ETFs). The Fund may also invest in real estate investment trusts (REITs) and U.S. and non-U.S. real estate companies.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances, bank notes and bank loans, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, U.S. and foreign corporate debt securities, including commercial paper, and fully collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better) and securitized issues such as mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities and collateralized debt obligations (CDOs). The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government

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(including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may also enter into repurchase or reverse repurchase agreements with respect to its investment in the fixed income securities listed above and may use the cash received to enter into a short position on U.S. Treasury bonds.

A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivative instruments). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Interest rate futures contracts are primarily used to hedge interest rate risk in the Fund's U.S. bond holdings. Commodity futures contracts are primarily used to obtain exposure to a diversified set of commodity markets. Interest rate swaps and swaps on indexes may further be used to manage the Fund's interest rate risk or may be used to manage the inflation-adjusted return of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. Options may be used to gain exposure to or hedge exposures in the equity and commodity markets. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

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The Sub-Advisers may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and

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increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*Commodity Investments and Derivatives Risk* — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

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*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Foreign Sovereign Debt Securities Risk* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Collateralized Debt Obligations Risk* — CDOs are securities backed by an underlying portfolio of debt obligations. CDOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO securities as a class. The risks of investing in CDOs depend largely on the tranche invested in and the type of the underlying debts in the tranche of the CDO in which the Fund invests. CDOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's expenses.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's

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expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investing in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

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*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Depositary Receipts Risk* — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

*Tax Risk* — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders.

The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in 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 for qualification as a RIC. The Fund expects its income

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attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*Investment in the Subsidiary Risk* — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, 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 intended and could negatively affect the Fund and its shareholders.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

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*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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|:---|:---|
| ![](j2621706_bc004.jpg)  | Best Quarter: 8.44% (03/31/2022)<br>Worst Quarter: -10.22% (03/31/2020) |

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

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 70/20/10 blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index (70%), the Bloomberg Commodity Index (20%) and the S&P 500 Index (10%). In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Asset Inflation Managed Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 8.11% | 6.09% | 3.29% | 1.36% |
| Return After Taxes on Distributions | 6.19% | 3.55% | 1.74% | 0.21% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.92% | 3.64% | 1.90% | 0.56% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, <br>expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.01% |
| The Fund's Blended Benchmark Return (reflects no deduction for fees, <br>expenses or taxes) | 9.57% | 6.04% | 4.99% | 2.93% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| AllianceBernstein L.P. | Mike Canter, PhD<br>Matthew Sheridan<br>Serena Zhou | Since 2019<br>Since 2025<br>Since 2013 | Director, Chief Investment Officer — Securitized <br>Assets<br>Director — US Multi-Sector<br>Portfolio Manager — US Multi-Sector |
| Franklin Advisers, Inc. | Chris Floyd<br>Jose Maldonado | Since 2022<br>Since 2022 | SVP, Portfolio Manager<br>VP, Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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MULTI-ASSET CAPITAL STABILITY FUND

Fund Summary

Investment Goal

Manage risk of a loss while providing current income and an opportunity for capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class Y Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.33% |
| Total Annual Fund Operating Expenses | 0.73% |

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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 or hold 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 on these assumptions your costs would be:

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|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Capital Stability Fund — Class Y Shares | $75 | $233 | $406 | $906 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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, the Fund's portfolio turnover rate was 260% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund will attempt to manage the risk of loss while still seeking to generate some growth by selecting investments from among a broad range of asset classes. Managing the risk of loss does not mean preventing losses, but rather managing the Fund in a manner intended to limit the level of losses that the Fund could incur over any particular period. The Fund's investments are expected to include U.S. debt obligations and investment grade bonds, and, to a lesser extent, riskier asset classes as detailed

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below, such as equities and non-investment grade securities (also known as junk bonds). The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance anticipated drawdown risk (peak-to-trough decline in asset value) across all capital market exposures in the Fund. This approach may result in asset classes with lower perceived drawdown risk, *e.g.* high-quality government bonds, having a greater notional allocation within the Fund's portfolio than they would otherwise receive in a non-risk parity approach. Notional allocation generally refers to the Fund's use of one or more derivative contracts to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (*e.g.*, a security, basket of securities or index). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts.

The Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of drawdown risk with the goal of managing the Fund's total drawdown risk. This may result in the Fund increasing capital market exposures during periods of perceived falling drawdown risk and decreasing capital market exposures during periods of perceived rising drawdown risk.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, and warrants, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, as well as entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities and obligations of U.S. and foreign commercial banks, such as certificates of deposit and time deposits. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

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The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps, including single security swaps, to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Futures contracts may be used to gain exposure to U.S. and foreign sovereign bond markets. Index futures and securities index swaps may be used to gain exposure to U.S. and foreign equity markets. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. Options may be used to gain exposure to or hedge risks in U.S. and foreign equity and fixed income markets. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (*i.e.*, take long or short positions) using futures contracts, foreign currency forward contracts and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

Principal Risks

While the Fund seeks to manage the risk of loss, this means only that the Fund seeks to limit the level of losses that may be incurred over a particular period of time. As such, the Fund may lose money, and the amount of losses could exceed SIMC's or the Sub-Advisers' expectations. The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such

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asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Equity Market Risk* — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Duration Risk* — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

*Derivatives Risk* — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is

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the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

*Currency Risk* — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad.

*Income Risk* — The possibility that the Fund's yield will decline due to falling interest rates.

*Inflation Protected Securities Risk* — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

*U.S. Government Securities Risk* — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers.

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in

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these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

*Commercial Paper Risk* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Bank Loans Risk* — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed

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securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Opportunity Risk* — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct

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ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

*Real Estate Investment Trusts Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses.

*Exchange-Traded Notes Risk* — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

*Large Capitalization Risk* — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Small and Medium Capitalization Risk* — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

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*Mortgage Dollar Rolls Risk* — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Warrants Risk* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

*Convertible and Preferred Securities Risk* — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

Performance Information

The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.

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| ![](j2621706_bc005.jpg)  | Best Quarter: 3.85% (12/31/2023)<br>Worst Quarter: -1.98% (06/30/2022) |

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

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 95/5 blended benchmark that is composed of the Bloomberg 1-3 Year U.S. Government/Credit Index (95%) and the S&P 500 Index (5%). In prior years, the Fund also compared its performance to the Bloomberg 1-3 Year U.S. Government/Credit Index.

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

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| Multi-Asset Capital Stability Fund\* | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/9/2012) |
| Return Before Taxes | 6.49% | 3.28% | 3.10% | 2.52% |
| Return After Taxes on Distributions | 5.72% | 1.86% | 2.00% | 1.63% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.92% | 1.96% | 1.96% | 1.60% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for <br>fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.01% |
| The Fund's Blended Benchmark Return (reflects no deduction for fees, <br>expenses or taxes) | 5.97% | 2.61% | 2.75% | 2.38% |

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\* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2023 | Portfolio Manager, Head of Sub-Advisory Fixed Income & Multi-Asset |
| Timothy J. Sauermelch, CFA | Since 2024 | Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Janus Henderson Investors US <br>LLC | Ashwin Alankar, Ph.D. | Since 2018 | Head of Global Asset Allocation & Portfolio <br>Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 46 of this prospectus.

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Purchase and Sale of Fund Shares

The minimum initial investment for Class Y Shares is $100,000 with minimum subsequent investments of $1,000. Such minimums may be waived at the discretion of SIMC. Notwithstanding the foregoing, a higher minimum investment amount may be required for certain types of investors to be eligible to invest in Class Y Shares, as set forth in "Purchasing, Exchanging and Selling Fund Shares." You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Tax Information

The distributions made by the Funds generally are taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

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

MORE INFORMATION ABOUT INVESTMENTS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are managed under the direction of SIMC and one or more Sub-Advisers who manage portions of a Fund's assets in a way that they believe will help the Fund achieve its goal.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions; however, each Fund may also invest in other securities, use other strategies or engage in other investment practices. Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. These investments and strategies, as well as those described in this prospectus, are described in more detail in the Funds' Statement of Additional Information (SAI).

For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's strategies. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains and higher income. During such time, a Fund may not achieve its investment goals. Although not expected to be a component of the Funds' principal investment strategies, each Fund has the ability to engage in securities lending, depending on market circumstances.

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The Funds' investment goals are not fundamental and, therefore, may be changed by the Board of Trustees of the Trust (Board) without shareholder approval.

Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds invests in its own wholly owned subsidiary organized under the laws of the Cayman Islands (each, a Subsidiary) for the purpose of providing the Fund with exposure to the investment returns of global commodities markets within the limitations of the federal tax requirements that apply to the Fund. For more information about applicable federal tax requirements, please see the "Taxes" section below. Each Subsidiary may invest in commodities, commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, equity securities, fixed income securities, foreign securities, pooled investment vehicles, including those that are not registered pursuant to the Investment Company Act of 1940, as amended (1940 Act), and other investments intended to serve as margin or collateral for a Subsidiary's derivative positions. To the extent that either of the Multi-Asset Accumulation or Multi-Asset Inflation Managed Funds invests in a Subsidiary, it will be subject to the risks associated with such Subsidiary's investments, which are discussed elsewhere in this prospectus.

To the extent a Subsidiary invests in commodity-linked derivative instruments, such Subsidiary will comply with the same asset coverage requirements that are applicable to either the Multi-Asset Accumulation Fund's or the Multi-Asset Inflation Managed Fund's transactions in such derivatives under the 1940 Act, as applicable. With respect to its investments, a Subsidiary will generally be subject to the same investment restrictions and limitations and generally follow the same compliance policies as the applicable Fund; however, a Subsidiary (unlike the applicable Fund) may invest a significant amount in commodity-linked swap agreements and other commodity-linked derivative instruments.

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risk, and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect securities markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen in response to events that do not otherwise affect the value of the security in the

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issuer's home country. These various risks will be even greater for investments in emerging market countries where political turmoil and rapid changes in economic conditions are more likely to occur.

More Information About Principal Risks

The following descriptions provide additional information about some of the risks of investing in the Funds:

*Artificial Intelligence* — The rapid development of increasingly widespread use of certain artificial intelligence — or "AI"— technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Asset-Backed Securities* — Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized debt obligations (CDOs), collateralized loan obligations (CLOs) and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and a Fund, as a securityholder, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

*Bank Loans* — Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Bank loans may be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

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The Funds may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Funds purchase assignments from lenders, the Funds will acquire direct rights against the borrower on the loan. The Funds may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Funds' ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Funds may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available during that time to make additional investments or to meet the Funds' redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

*Below Investment Grade Fixed Income Securities (Junk Bonds)* — Below investment grade fixed income securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds, particularly those issued by foreign governments, is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Collateralized Debt Obligations and Collateralized Loan Obligations* — CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, a Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Commercial Paper* — Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

*Commodity Investments and Derivatives* — Exposure to commodities markets may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have, in the past, experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation

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increases or decreases in a Fund's holdings. The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices are outside of a Fund's control and may not be anticipated by Fund management. Price movements may be influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and taxation; war, global health events such as pandemics and endemics, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.

The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity-related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.

The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day. If the limit price has been reached in a particular contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related securities will not necessarily reflect changes in the price of commodities. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. In fact, commodity-related securities may actually have a higher correlation to movement in equities than the commodity market.

The value of a commodity-linked derivative investment typically is based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. Commodity-linked derivatives provide exposure to the investment returns of commodities that trade in the commodities markets without investing directly in physical commodities. The value of commodity-linked derivative instruments may be affected by, and rise or fall in response to, changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, as discussed above. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid

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secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop.

Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at maturity, a Fund may receive more or less principal than it originally invested. A Fund might receive interest payments that are more or less than the stated coupon interest payments. In connection with a Fund's direct and indirect investments in commodity-linked derivatives, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which a Fund believes are creditworthy) at any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may increase the Fund's exposure to counterparty credit risk. There can be no assurance that a Fund will be able to limit exposure to any one counterparty at all times.

A Fund's investments in commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility. If payment of interest on a commodity-linked note or the amount of principal to be repaid on maturity is linked to the value of a particular commodity, commodity index or other economic variable, a Fund might not receive all (or a portion) of the interest or principal due on its investment if there is a loss of value of the underlying investment. At any time, the risk of loss associated with a particular note in a Fund's portfolio may be significantly higher than the value of the note.

A liquid secondary market may not exist for the commodity-linked notes that a Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. Commodity-linked notes are also subject to the counterparty credit risk of the issuer. That is, at maturity of a commodity-linked note, there is a risk that the issuer may be unable to perform its obligations under the terms of the commodity-linked note. Issuers of commodity-linked notes are typically large money center banks, broker-dealers, other financial institutions and large corporations. If the issuer becomes bankrupt or otherwise fails to pay, a Fund could lose money. The value of the commodity-linked notes a Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. This would have the effect of increasing the volatility of the value of these commodity-linked notes as they may increase or decrease in value more quickly than the underlying commodity, commodity index or other economic variable. Therefore, at the maturity of the note, a Fund may receive more or less principal than it originally invested and may receive interest payments on the note that are more or less than the stated coupon interest payments.

*Convertible Securities and Preferred Stocks* — Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or

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exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or may not be rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of a Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

*Corporate Fixed Income Securities* — Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

*Credit* — Credit risk is the risk that a decline in the credit quality of an investment could cause the Funds to lose money. The Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described above) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit-Linked Notes* — Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. A Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

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*Currency* — Certain Funds take active positions in currencies, which involve different techniques and risk analyses than the Funds' purchase of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Funds if they are unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges they have entered into to be rendered useless, resulting in full currency exposure, as well as incurring transaction costs. Passive investment in currencies may, to a lesser extent, also subject the Funds to these same risks. The value of a Fund's total portfolio of investments (including its currency positions) may fluctuate more in response to broad macroeconomic risks than if the Fund did not invest in currencies.

*Current Market Conditions Risk* — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

*Depositary Receipts* — Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts, including American

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Depositary Receipts (ADRs), are subject to many of the risks associated with investing directly in foreign securities, which are further described below.

*Derivatives* — Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, options, forward contracts and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Funds to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Funds will cause the value of your investment in the Funds to decrease. The Funds' use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above. Leverage risk is described below. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its obligations. These risks could cause the Funds to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment. Tax risk is the risk that the use of derivatives may cause the Funds to realize higher amounts of short-term capital gains or otherwise affect a Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

*Duration* — Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market* — Because certain Funds will significantly invest in equity securities, those Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In the case of foreign stocks, these fluctuations will reflect international economic and political events, as well as

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changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility, which is a principal risk of investing in the Funds.

*Exchange-Traded Products (ETPs)* — The risks of owning interests of an ETP, such as an ETF, or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Inverse ETFs seek to provide investment results that match a negative of the performance of an underlying index. Leveraged inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that a Fund invests in leveraged inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged, inverse and leveraged inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose a Fund to complete loss of its investment.

*Extension* — The Funds' investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Funds may exhibit additional volatility.

*Fixed Income Market* — The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in

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government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment/Emerging and Frontier Markets* — The Funds may invest in foreign issuers, including issuers located in emerging and frontier market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Funds' investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. Emerging market countries, and, to an even greater extent, frontier market countries, may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market and frontier market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market and frontier market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Funds' investments in emerging market and frontier market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Frontier countries are a subset of emerging market countries with even smaller national economies thee economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of

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frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Foreign Sovereign Debt Securities* — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Forward Contracts* — A forward contract, also called a "forward," involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

*Futures Contracts* — Futures contracts, or "futures," provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Funds may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are

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traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Advisers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Inflation Protected Securities* — The Funds may invest in inflation protected securities, including Treasury Inflation Protected Securities (TIPS), the value of which generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and, consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Interest Rate* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company* — The Funds may purchase shares of investment companies, such as open-end funds, ETFs and closed-end funds. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Fund's assets invested in the underlying fund. In part because of these additional expenses, the performance of an

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investment company may differ from the performance a Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. See also, "Exchange-Traded Products (ETPs)," above.

*Investment in the Subsidiary* — Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds may invest in its own Subsidiary. By investing in a Subsidiary, each Fund is indirectly exposed to the risks associated with such Subsidiary's investments. The commodity-related instruments held by a Subsidiary are generally similar to those that are permitted to be held by the applicable Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. A Subsidiary, however, is not 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. Thus, the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds, as investors in their respective Subsidiary, will not have all of the protections offered to investors in registered investment companies. Each Fund, however, wholly owns and controls its respective Subsidiary, and the Funds and the Subsidiaries are managed by SIMC, making it unlikely that a Subsidiary will take action contrary to the interests of the applicable Fund. While a Subsidiary has its own board of directors that is responsible for overseeing the operations of such Subsidiary, the respective Fund's Board has oversight responsibility for the investment activities of the Fund, including its investment in the respective Subsidiary, and the Fund's role as the sole shareholder of such Subsidiary. It is not currently expected that shares of any Subsidiary will be sold or offered to investors other than the respective Fund.

Changes in the laws of the United States and/or the Cayman Islands or governmental interpretation of such laws, under which the Funds and the Subsidiaries, respectively, are organized, could result in the inability of a Fund and/or its respective Subsidiary to operate as intended and could negatively affect the Funds and their shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns.

*Large Capitalization* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Leverage* — Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on a Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that a Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on one of two value-at-risk tests. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

*Liquidity* — Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in

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illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Market* — Market risk is the risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the market as a whole.

*Master Limited Partnerships (MLPs)* — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Code, provides that a Fund is permitted to invest up to 25% of its assets in one or more QPTPs, which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the RIC annual qualifying income requirements described in the section titled "Taxes" in the SAI.

*Mortgage-Backed Securities* — Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by the Funds could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as Government National Mortgage Association (Ginnie Mae), which are backed by the "full faith and credit" of the United States, (ii) securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Funds of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Funds and affect their share prices.

The Funds may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a

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"pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by the Funds, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by a Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect a Fund's actual yield to maturity, even if the average rate of principal payments is consistent with a Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Municipal Securities* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by a Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of a Fund's holdings. As a result, a Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of a Fund's securities.

*Opportunity* — A Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

*Options* — An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option

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assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g.*, the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e.*, the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

Certain Funds may engage in a covered call option writing (selling) program in an attempt to generate additional income or provide a partial hedge to another position of the applicable Fund. A call option is "covered" if a Fund either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indexes. The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing a Fund's total return. When a Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Fund retains the risk of loss from a decline in the value of the underlying security during the option period. Although the Fund may terminate its obligation by executing a closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Fund. If such an option expires unexercised, the Fund realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Fund.

*Portfolio Turnover* — Due to their investment strategies, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

*Prepayment* — The Funds' investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in a Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized

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from these sales could be less than those originally paid by a Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which might be applicable if their securities were publicly traded.

*Quantitative Investing* — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

*Real Estate Industry* — A Fund's investments in the securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include declines in the value of real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, lack of ability to access the creditor capital markets, overbuilding, extended vacancies of properties, defaults by borrowers or tenants (particularly during an economic downturn), increasing competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from clean-ups of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in market and sub-market values and the appeal of properties to tenants, and changes in interest rates. In addition to these risks, real estate investment trusts (REITs) and real estate operating companies (REOCs) are dependent on specialized management skills, and some REITs and REOCs may have investments in relatively few properties, or in a small geographic area or in a single type of property. These factors may increase the volatility of the Fund's investments in REITs or REOCs. Risk associated with investment in REITs is further discussed below.

*Reallocation* — In addition to managing the Funds, SIMC constructs and maintains strategies (Strategies) for certain clients, and the Funds are designed in part to implement those Strategies. Within the Strategies, SIMC periodically adjusts the target allocations among the Funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds. Because a significant portion of the assets in the Funds may be composed of investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could in certain cases have a detrimental effect on Funds that are being materially reallocated, including by increasing portfolio turnover (and related transactions costs), disrupting the portfolio management strategy, and causing a Fund to incur taxable gains. SIMC seeks to manage the impact to the Funds resulting from reallocations in the Strategies.

*Real Estate Investment Trusts* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in REITs indirectly through a Fund, shareholders will not only bear the proportionate share of the expenses of the Fund, but will also, indirectly, bear similar expenses of underlying REITs. The Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants.

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Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

*Repurchase Agreement* — Although repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to a Fund whereby a defaulting counterparty could delay or prevent a Fund's recovery of collateral.

*Securities Lending* — Each Fund may lend its securities to certain financial institutions in an attempt to earn additional income. The Funds may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. A Fund that lends its securities may pay lending fees to a party arranging the loan.

*Short Sales* — Short sales are transactions in which a Fund sells a security it does not own. To complete a short sale, the Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. This price may be more or less than the price at which the security was sold by the Fund and the Fund will incur a loss if the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security. Because a borrowed security could theoretically increase in price without limitation, the loss associated with short selling is potentially unlimited. To the extent that the Fund reinvests proceeds received from selling securities short, it may effectively create leverage, which is discussed above. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

*Small and Medium Capitalization Issuers* — Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Supranational Entities* — The Funds may invest in obligations issued or guaranteed by the World Bank. The government members, or "stockholders," usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

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*Swap Agreements* — Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into 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 the other party to the agreement.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to participation notes (P-Notes).

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive regulatory framework for swaps and security-based swaps. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the over-the-counter (OTC) market

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(so-called "bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Funds. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

*Tax* — Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds may gain most of its exposure to the commodities markets through its investment in its own Subsidiary, which invests directly in commodities, equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. In order for each Fund to qualify as a RIC under the Code, the Fund must, amongst other requirements, derive at least 90% of its gross income for each taxable year from sources generating "qualifying income" for purposes of the "qualifying income test", which is described in more detail in the section titled "Taxes" in the SAI. Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds investment in a Subsidiary is expected to provide the Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Fund attributable to its investment in a Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. Each Fund expects its "Subpart F" income attributable to its investment in a Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in the Subsidiary to be treated as "qualifying income". The Adviser will carefully monitor the Funds' investments in a Subsidiary to ensure that no more than 25% of a Fund's assets are invested in a Subsidiary.

In addition, certain of the Funds' commodity-related investments, such as certain commodity-related derivative instruments, when made directly may not produce qualifying income to a Fund for purposes of satisfying the qualifying income test (as described in the SAI), which must be met in order for the Fund to maintain its status as a RIC under the Code.

To the extent the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds invest in commodities and certain commodity-linked derivative instruments directly such Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Funds to qualify as RICs under Subchapter M of the Code. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or may not be able to accurately predict the non-qualifying income from these investments. Under certain circumstances, a Fund

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may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. The tax treatment of certain commodity-related investments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

The extent to which the Multi-Asset Accumulation or the Multi-Asset Inflation Managed Funds directly or indirectly invests in commodities or commodity-linked derivatives may be limited by the qualifying income and asset diversification tests, which the Funds must continue to satisfy to maintain their status as a RIC. If a Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders.

*U.S. Government Securities* — U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable maturities. Some of the U.S. Government securities that a Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

*Warrants* — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within the global asset allocation strategies (Strategies) that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect

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significant changes in allocation among the Funds and other funds. Because a significant portion of the assets in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus, including those indexes that compose the Funds' Blended Benchmark Indexes.

The Bloomberg Global Aggregate Index, Hedge (USD) is an unmanaged broad-based, market capitalization weighted index that is designed to measure the broad global markets for US and non-US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities, hedged against the U.S. dollar.

The Bloomberg 1-3 Year U.S. Government/Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

The Bloomberg 1-5 Year U.S. TIPS Index represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

The Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States — including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

The Bloomberg Commodity Index (BCOM) is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The BCOM is composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange. The BCOM is calculated on an excess return basis.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA U.S. High Yield Constrained Index reflects the reinvestment of dividends.

The Morgan Stanley Capital International (MSCI) World Index (net) (Hedged) (USD) captures large and mid cap representation across 23 Developed Markets (DM) countries, net of expenses and hedged against the U.S. dollar. With 1,321 constituents, the MSCI World Index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI All Country World Index (Net) is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from 23 developed countries and 24 emerging markets.

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The MSCI All Country World ex-USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The S&P 500 Index consists of 500 companies from a diverse range of industries. Contrary to a popular misconception, the S&P 500 Index is not a simple list of the largest 500 companies by market capitalization or by revenues. Rather, it is 500 of the most widely held U.S.-based common stocks, chosen by the S&P 500 Index's index committee for market size, liquidity and sector representation. "Leading companies in leading industries" is the guiding principal for S&P 500 inclusion. A small number of international companies that are widely traded in the U.S. are included, but the S&P 500 Index's index committee has announced that only U.S.-based companies will be added in the future.

INVESTMENT ADVISER

SIMC, a Securities and Exchange Commission (SEC) registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of September 30, 2025, SIMC had approximately $219.46 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board, is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market- generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

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In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source Fund.

The following portfolio managers are primarily responsible for the management and oversight of the Funds, as described above.

Steven Treftz, CFA, and Anthony Karaminas, CFA, serve as portfolio managers for the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset and Short Duration strategies. Prior to his employment at SEI, Mr. Treftz was employed by Citi Private Bank, where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank, Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA charterholder and member of the CFA Society of Philadelphia. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

SIMC serves as investment adviser to the Funds. Eugene Barbaneagra, CFA, directly manages a portion of the assets of the Multi-Asset Income Fund, and Timothy J. Sauermelch, CFA, directly manages a portion of the assets of the Multi-Asset Accumulation and Multi-Asset Capital Stability Funds.

Mr. Barbaneagra serves as a Portfolio Manager within the Investment Management Unit. Mr. Barbaneagra is responsible for portfolio strategy of a number of core Global Equity Funds. Prior to joining SEI in 2002, Mr. Barbaneagra worked with the Vanguard Group. Mr. Barbaneagra earned his Bachelor of Science degrees in Business Administration/Finance and Management of Information Systems from Drexel University. Mr. Barbaneagra also earned his Master of Science in Risk Management and Financial Engineering from Imperial College London. Mr. Barbaneagra is a CFA charterholder and a member of UK Society of Investment Professionals.

Mr. Sauermelch is a Senior Portfolio Manager and Head of Global Macro within SEI's Global Multi-Asset Portfolio Management Team. Primary responsibilities include the development and implementation of tactical asset allocation strategies, systematic portfolio strategies, and derivative overlay strategies across

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the global macro landscape. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and The CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

For the fiscal year ended September 30, 2025, SIMC received investment advisory fees, as a percentage of each Fund's average daily net assets, at the following annual rates:

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers^ |
| Multi-Asset Accumulation Fund | 0.75% | 0.64% |
| Multi-Asset Income Fund | 0.60% | 0.42% |
| Multi-Asset Inflation Managed Fund | 0.55% | 0.33% |
| Multi-Asset Capital Stability Fund | 0.40% | 0.36% |

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^ Some or all of these fee waivers during the prior fiscal year were voluntary. Voluntary waivers may be discontinued, in whole or in part, at any time.

A discussion regarding the basis of the Board's approval of the investment advisory and sub-advisory agreements for the Funds is available in the Funds' reports filed on Form N-CSR. The Funds' Semi-Annual Form N-CSR covers the period of October 1, 2024 through March 31, 2025, and the Funds' Annual Form N-CSR covers the period of October 1, 2024 through September 30, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds. SIMC has claimed, with respect to each Fund, in accordance with Commodity Futures Trading Commission (CFTC) Regulation 4.12(c)(3), an exemption for certain regulatory obligations required under Part 4 of the CFTC's Regulations. SIMC has claimed, with respect to certain products not included in this prospectus, in accordance with CFTC Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA.

Information About Fee Waivers

Actual total annual fund operating expenses of the Class Y Shares of the Funds for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses tables in the Fund Summary sections because the Funds' adviser, the Funds' administrator and/or the Funds' distributor voluntarily waived and/or reimbursed a portion of their fees in order to keep total direct operating expenses (exclusive of

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interest from borrowings, brokerage commissions, taxes, costs associated with litigation- or tax-related services, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The voluntary waivers of fees by the Funds' adviser, the Funds' administrator and/or the Funds' distributor are limited to the Funds' direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The Funds' adviser, the Funds' administrator and/or the Funds' distributor may discontinue all or part of these waivers and/or reimbursements at any time. With these fee waivers, the actual total annual fund operating expenses of the Class Y Shares of the Funds for the most recent fiscal year (ended September 30, 2025) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class Y Shares | Total Annual Fund<br>Operating Expenses<br>(before voluntary<br>fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after voluntary<br>fee waivers) | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable)\* | Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE, Short<br>Sale Expenses and<br>Reverse Repurchase<br>Expenses and after<br>extraordinary expenses,<br>if applicable)\* |
| Multi-Asset Accumulation Fund | 1.09% | 0.92% | 0.92% | 0.92% |
| Multi-Asset Income Fund | 0.96% | 0.70% | 0.70% | 0.70% |
| Multi-Asset Inflation Managed Fund | 1.04% | 0.79% | 0.79% | 0.65% |
| Multi-Asset Capital Stability Fund | 0.73% | 0.52% | 0.52% | 0.52% |

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\* AFFE reflects the estimated amount of fees and expenses that were incurred indirectly by the Fund through its investments in underlying funds during the most recent fiscal year.

As a result of changes in the Multi-Asset Accumulation Fund's fees and expenses, the total annual Fund operating expenses for the current fiscal year for the Fund are expected to differ from those of the prior year. The Multi-Asset Accumulation Fund's total annual Fund operating expenses for the current fiscal year (ending September 30, 2026) are expected to be as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class Y Shares | Expected<br>Total Annual Fund<br>Operating Expenses<br>(before voluntary <br>fee waivers) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after voluntary<br>fee waivers) | Expected<br>Total Annual Fund<br>Operating Expenses<br>(after fee waivers,<br>excluding AFFE,<br>if applicable) | Expected Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers, excluding<br>AFFE, Short Sale<br>Expenses and Reverse<br>Repurchase Expenses<br>and after extraordinary<br>expenses, if applicable) |
| Multi-Asset Accumulation Fund | 1.09% | 0.90% | 0.90% | 0.90% |

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Management of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds' Subsidiaries

Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds invests in a Subsidiary. Each Subsidiary has entered into a separate advisory agreement with SIMC for the management of the Subsidiary's portfolio. The Subsidiaries do not pay a separate management fee to SIMC for these services. The services SIMC provides to each Subsidiary and the terms of the advisory agreement between SIMC and each Subsidiary are similar to those of the Fund and SIMC.

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Similar to the Funds, each Subsidiary may use a multi-manager approach under the general supervision of SIMC whereby the Subsidiary allocates its assets among multiple sub-advisers with differing philosophies and investment strategies. Each sub-adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. SIMC oversees the Subsidiaries' sub-advisers to ensure compliance with each Subsidiary's investment policies and guidelines, and monitors each sub-adviser's adherence to its investment style. Each Board of the Subsidiaries supervises SIMC and the sub-advisers; establishes policies that they must follow in their management activities; and oversees the hiring and termination of the sub-advisers recommended by SIMC.

SIMC pays each Subsidiary's sub-advisers out of the investment advisory fees it receives from the Funds. Each Subsidiary (or its respective Fund on behalf of the Subsidiary) has entered into contracts for the provision of custody, transfer agency, administrative and audit services with the same, or with affiliates of the same, service providers that provide those services to the Multi-Asset Accumulation and Multi-Asset Inflation Strategy Funds. The Funds bear the fees and expenses incurred in connection with such services.

Sub-Advisers and Portfolio Managers

MULTI-ASSET ACCUMULATION FUND:

AQR Capital Management, LLC: AQR Capital Management, LLC (AQR), located at One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830, serves as a Sub-Adviser to the Multi-Asset Accumulation Fund and its respective Subsidiary. Clifford S. Asness, Ph.D., M.B.A., John M. Liew, Ph.D., M.B.A., John J. Huss and Jordan Brooks, Ph.D., M.A. manage the portion of the Subsidiary's assets and the Multi-Asset Accumulation Fund's assets allocated to AQR. Clifford S. Asness, Ph.D., M.B.A., is the Managing and Founding Principal of AQR. Dr. Asness cofounded AQR in 1998 and serves as its chief investment officer. He earned a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and a Ph.D. in finance from the University of Chicago. John M. Liew, Ph.D., M.B.A., is a Founding Principal of AQR. Dr. Liew cofounded AQR in 1998 where he oversees research and portfolio management and is a member of the firm's Executive Committee. Dr. Liew earned a B.A. in economics, and an M.B.A. and a Ph.D. in finance, each from the University of Chicago. John J. Huss is a Principal of AQR. Mr. Huss rejoined AQR in 2013 and is Head of Integrated Research and Co-Head of the firm's Macro Strategies Group. Mr. Huss earned a B.S. in mathematics from the Massachusetts Institute of Technology. Jordan Brooks, Ph.D., M.A., is a Principal of AQR. Dr. Brooks joined AQR in August 2009 and is Co-Head of the Macro Strategies Group. He earned a B.A. in economics and mathematics from Boston College, and an M.A. and a Ph.D., both in economics, from New York University.

MULTI-ASSET INCOME FUND:

Barings LLC: Barings LLC (Barings), located at 300 S. Tryon Street, Suite 2500, Charlotte, North Carolina 28202, serves as a Sub-Adviser to the Multi-Asset Income Fund. A team of investment professionals manages the portion of the Multi-Asset Income Fund's assets allocated to Barings. Rishi Kapur, CFA is a member of Barings' Private Placement & Asset Based Finance Group. Mr. Kapur is a Senior Portfolio Manager and Head of Securitized Trading and is responsible for portfolio management, trading and developing portfolio strategy across ABS, CMBS and RMBS sectors. Mr. Kapur has worked in the industry since 1997. Prior to joining the firm in 2001, he was an Audit Consultant at MassMutual's Corporate Auditing Department and was associated with Conning and Company as an Equity Analyst. He holds a B.S. from the University of Bombay and an MBA from the University of Hartford. Mr. Kapur is a member of the CFA Institute. Matt Schavey, CFA is a Portfolio Manager in for Barings' Private Placements & Asset Based Finance group focusing on securitized

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and multi-asset portfolio strategies. Mr. Schavey has worked in the industry since 2011. Since joining the firm in 2014, Mr. Schavey has worked in a variety of roles, with a focus on quantitative risk. He holds a B.S. in financial management from Clemson University and is a member of the CFA Institute.

Goldman Sachs Asset Management, L.P.: Goldman Sachs Asset Management, L.P. (GSAM), located at 200 West Street, New York, New York 10282, serves as a Sub-Adviser to the Multi-Asset Income Fund. A team of investment professionals manages the portion of the Multi-Asset Income Fund allocated to GSAM. Paul Seary, CFA, Vice President, joined Goldman Sachs Asset Management in 2009 and is a Portfolio Manager specializing in multi-sector fixed income strategies. Prior to joining Goldman Sachs Asset Management, he spent three years with HSBC Halbis, where he was a product specialist within their fixed income alternatives team focusing on Global Macro, Emerging Markets Relative Value and Long/Short Credit strategies. Prior to HSBC Halbis, Mr. Seary spent five years at Franklin Templeton within their fixed income quantitative research and product management teams. Mr. Seary earned a Bachelor of Science in Financial Economics from Binghamton University. Mr. Seary is a CFA charterholder and is a member of the New York Society of Security Analysts. Aakash Thombre, CFA, Managing Director, joined Goldman Sachs Asset Management in 2007 and is Global Co-Head of High Yield and Bank Loans and a Portfolio Manager for credit funds that span High Yield, Bank Loan, Emerging Markets and Securitized Credit asset classes. Prior to his current role, Mr. Thombre held several roles within Goldman Sachs Asset Management. He was a senior Emerging Markets corporate debt investor from 2011 to 2019. Prior to that, he worked in the Multi-Asset Solutions Group from 2009 to 2011, focusing on the development and structuring of alternative risk premium strategies. Prior to that, he was an analyst in the Alternative Investments and Manager Selection Group, working on public and private investments. Mr. Thombre earned a Bachelor of Science in Operations Research from Columbia University. Mr. Thombre is a CFA charterholder. Lindsay Rosner, CFA, is a managing director in Fixed Income and Liquidity Solutions within Goldman Sachs Asset Management, serving as head of Multi-Sector Investing. She joined Goldman Sachs as a managing director in 2023. Prior to joining the firm, Ms. Rosner was a portfolio manager on the fixed income multi-sector portfolio management team for PGIM, the investment management business of Prudential Financial, Inc., where she oversaw assets across core, core plus, absolute return and unconstrainted bond strategies. Prior to joining PGIM in 2012, Ms. Rosner worked for Barclays Capital where she was a convertible bond trader, working with both hedge fund and traditional money management clients. Before that, she worked at Lehman Brothers, also in convertible bonds. She is a co-founder of the New York chapter of the Bloomberg Women's Buy-Side Network and a member of the advisory board for Girls Who Invest. Ms. Rosner earned a BA from the Woodrow Wilson School of Public and International Affairs at Princeton University. She is a CFA charterholder. John McClain, CFA, is a managing director in Fixed Income and Liquidity Solutions within Goldman Sachs Asset Management, serving as global Co-Head of High Yield and Bank Loans. He serves as a Portfolio Manager for credit funds that span high yield, bank loan, emerging markets and securitized asset classes. Mr. McClain joined Goldman Sachs as a managing director in 2025. He has served as a senior portfolio manager, trader, and analyst for nearly two decades, managing global and domestic below investment grade strategies for institutional and retail investors. Prior to joining Goldman Sachs, he led the Corporate Credit, High Yield, and Global High Yield strategies and team at Brandywine Global Investment Management. Prior to that, Mr. McClain co-led below investment grade strategies at Diamond Hill Capital Management. Earlier in his career, he was a Senior Vice President at Standard Life Investments and also held various investment and leadership roles at Nationwide Insurance. Mr. McClain earned a B.S. in Business Economics from the University of Kentucky, *magna cum laude*, and a MBA from Carnegie Mellon University. He is a CFA charterholder.

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MULTI-ASSET INFLATION MANAGED FUND:

AllianceBernstein L.P.: AllianceBernstein L.P. (AllianceBernstein), located at 501 Commerce St. Nashville, TN 37203, serves as a Sub-Adviser to the Multi-Asset Inflation Managed Fund. A team of investment professionals, led by Mike Canter, PhD, Matthew Sheridan and Serena Zhou, manages the portion of the Multi-Asset Inflation Managed Fund's assets allocated to AllianceBernstein. Mr. Canter is the Chief Investment Officer of AllianceBernstein's Securitized Assets Fund and the former CIO of the Recovery Asset Fund (ABRA-S) and the Legacy Securities (PPIP) Fund. In addition, Canter is Head of the Securitized Assets Research Group, which is responsible for the firm's investments in agency mortgage-backed securities (MBS), credit risk-transfer securities (CRT), non-agency residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities (ABS). Mr. Canter has been with the firm since 2007. Mr. Sheridan is a Senior Vice President and Director of Fixed Income, leading the firm's US Multi-Sector Fixed Income Strategies. Mr. Sheridan has been with the firm since 1998. Mrs. Zhou is a Senior Vice President and Portfolio Manager in the Fixed Income US Multi-Sector team at AllianceBernstein. Mrs. Zhou has been with the firm since 2013.

Franklin Advisers, Inc.: Franklin Advisers, Inc. (FAV), located at One Franklin Parkway, San Mateo, California 94403-1906, serves as a Sub-Adviser to the Multi-Asset Inflation Managed Fund. A team of investment professionals manages the portion of the Multi-Asset Inflation Managed Fund's assets allocated to FAV. Mr. Chris Floyd, CFA, SVP, is a Portfolio Manager at FAV. Prior to FAV, Mr. Floyd was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Prior to 2014, he was a portfolio manager at Batterymarch Financial Management, which in 2014 merged with QS Investors. Mr. Jose Maldonado, CFA, VP, is a Portfolio Manager for FAV. Prior to FAV, Mr. Maldonado was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Before joining QS Investors, he was a global equity trader at Arrowstreet Capital.

INFLATION COMMODITY STRATEGY SUBSIDIARY LTD. — UBS Asset Management (Americas) LLC: The O'Connor Commodities Team of UBS Asset Management (Americas) LLC (UBS AM LLC), located at Eleven Madison Avenue, New York, New York, 10010, serves as a Sub-Adviser to Inflation Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Inflation Managed Fund organized under the laws of the Cayman Islands. Christopher Burton, CFA, FRM, is a Managing Director and Head of Commodities at O'Connor, based in New York. He also serves as Portfolio Manager and Trader for the Commodities Team. In this role, Mr. Burton is responsible for analyzing and implementing the team's hedging strategies, indexing strategies, and excess return strategies. Prior to joining O'Connor in 2024, he was a Commodities portfolio manager at Credit Suisse Asset Management from 2005 to 2024, including during his role as Global Head of Commodities. Preceding his tenure at Credit Suisse, Mr. Burton served as an Analyst and Derivatives Strategist with Putnam Investments (2002-2005), where he developed the team's analytical tools and managed their options-based yield enhancement strategies, as well as exposure management strategies. Mr. Burton holds a B.Sc. in Economics with concentrations in Finance and Accounting from the University of Pennsylvania's Wharton School of Business. Additionally, he is a CFA Charterholder and has achieved Financial Risk Manager<sup>®</sup> Certification through the Global Association of Risk Professionals (GARP). Mr. Burton has 23 years of investment experience. Scott Ikuss is an Executive Director and Portfolio Manager within the O'Connor Commodities team of UBS AM LLC, based in New York. Mr. Ikuss also acts as Portfolio Manager and Trader for the Commodities Team. In this role, he specializes in excess return strategies. Prior to joining UBS AM LLC in 2024, Mr. Ikuss held the same roles at Credit Suisse Asset Management, LLC which he joined in 2023. Prior to joining Credit Suisse Asset Management, LLC, he was a Portfolio Manager — Global Commodities & Natural Resources Equities at DWS Group. Mr. Ikuss has 17 years of investment experience.

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INFLATION COMMODITY STRATEGY SUBSIDIARY LTD. — Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to the Inflation Commodity Strategy Subsidiary Ltd. David Chang, Senior Managing Director and Commodities Portfolio Manager of Wellington Management, has served as the Portfolio Manager for the Inflation Commodity Strategy Subsidiary Ltd. since 2025. Mr. Chang joined Wellington Management as an investment professional in 2001.

MULTI-ASSET CAPITAL STABILITY FUND:

Janus Henderson Investors US LLC: Janus Henderson Investors US LLC (Janus), located at 151 Detroit Street, Denver, Colorado 80206, serves as a Sub-Adviser to the Multi-Asset Capital Stability Fund. A team of investment professionals manages the portion of the Multi-Asset Capital Stability Fund's assets allocated to Janus. Janus is a wholly owned indirect subsidiary of Janus Henderson Group plc (JHG), a publicly traded independent asset management firm incorporated in Jersey, Channel Islands, which does business as Janus Henderson Investors (Janus Henderson). Ashwin Alankar is Head of Global Asset Allocation at Janus. In this role, he is responsible for defining short- and long-term approaches to asset allocation. He also manages the Adaptive Allocation strategy and co-managed the Diversified Alternatives strategy from 2016 until 2019. Prior to joining Janus in 2014, Dr. Alankar served from 2010 to 2014 as co-chief investment officer of quantitative investment strategies at AllianceBernstein. From 2003 to 2010, he was a partner and capital allocation committee member for Platinum Grove Asset Management. Dr. Alankar's experience also includes serving as a consultant in the financial litigation division of the Law and Economics Consulting Group from 2001 to 2002. Dr. Alankar earned a Bachelor of Science degree in chemical engineering and mathematics and a master of science degree in chemical engineering, all from the Massachusetts Institute of Technology. He also holds a Ph.D. in finance from the University of California — Berkeley, Haas School of Business. He has 21 years of financial industry experience.

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage, and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

This section tells you how to purchase, exchange and sell (sometimes called redeem) Class Y Shares of the Funds. Class Y Shares may only be purchased by:

• independent investment advisers investing for the benefit of their clients through accounts held at SEI Private Trust Company, that, after requesting access to Class Y Shares, are determined to be eligible to purchase Class Y Shares based on the criteria maintained by the SEI Funds (or their delegate) and made available to independent investment advisers through the SEI Wealth Platform<sup>SM</sup> communication site. For these purposes, the SEI Funds (or their delegate) consider an independent investment adviser to be an individual or a group of related individuals that, in the sole determination of the SEI Funds (or their delegate), operate as a distinct customer of SEI. In the event that an independent investment adviser that was authorized to purchase Class Y Shares for its clients subsequently fails to meet eligibility requirements for whatever reason, which may include a situation where a group of related individuals that previously operated as a distinct customer of SEI cease to do so, the SEI Funds (or their delegate) may in their discretion waive the eligibility requirements;

• bank trust departments or other financial firms, for the benefit of their clients, that have entered into an agreement with the Funds' Distributor, or its affiliates, permitting the purchase of Class Y Shares;

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• institutions, such as defined benefit plans, defined contribution plans, healthcare plans and board designated funds, insurance operating funds, foundations, endowments, public plans and Taft-Hartley plans, subject to a minimum initial investment of least $25,000,000 in Class Y Shares of the SEI Funds;

• clients that have entered into a direct bilateral investment advisory agreement with SIMC with respect to their assets invested in the Funds; and

• other SEI mutual funds and pooled investment products managed by SIMC.

In the event a Class Y shareholder no longer meets the eligibility requirements to purchase Class Y Shares (as noted in this section), the SEI Funds (or their delegate) may, in their discretion, elect to convert such shareholder's Class Y Shares into a Class of shares of the same Fund(s) for which such shareholder does meet the eligibility requirements. Without limiting the foregoing, this may include situations, as applicable, where the shareholder's independent investment adviser, bank trust department or financial firm no longer meets the eligibility criteria noted above or the shareholder no longer meets the eligibility criteria (for example, by terminating their relationship with an eligible adviser or firm). In all cases, if a client meets the eligibility requirements for more than one other Class of shares, then such client's Class Y Shares shall be convertible into shares of the Class having the lowest total annual operating expenses (disregarding fee waivers) for which such client meets the eligibility requirements.

For information on how to open an account and set up procedures for placing transactions, please call 1-800-DIAL-SEI.

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day. Authorized financial institutions and intermediaries may purchase, sell or exchange Class Y Shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interest of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

You may be eligible to purchase other classes of shares of a Fund. However, you may only purchase a class of shares that your financial institutions or intermediaries sell or service. Your financial institution representative or intermediaries can tell you which classes of shares are available to you.

Each Fund calculates its NAV per share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per share, generally the Funds (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

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When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV per share after the intermediary receives the request if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

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Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of collateralized loan obligations (CLOs) or collateralized debt obligations (CDOs), the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in

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pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to any investments in foreign securities, the Funds use a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds shall value the foreign securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Funds own securities is closed for one or more days (scheduled or unscheduled) while a Fund is open, and if such securities in a Fund's portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. A Fund may invest in securities that are

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primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of a Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector.

The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether a Fund investment is required to be fair valued (*i.e.*, the investment does not have a reliable readily available market quotation). The Committee may consider input from a Fund's service providers, including the Fund's administrator or a Sub-Adviser, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, the Committee shall notify the Fund's administrator.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of the Funds could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur taxable gains, and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. If the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and the subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip. For purposes of this Policy, if a redemption following a purchase is paid out in-kind, it will not be considered a round trip.

ii. If a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason without notice.

Judgments with respect to implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control and any other information available to the Funds.

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The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds may be sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, the Funds will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding their investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary may be required to collect documents to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current

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day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.

Customer identification and verification are part of the Funds' overall obligation to deter money laundering under Federal law. The Funds have adopted an Anti-Money Laundering Compliance Program designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. In this regard, the Funds reserve the right to (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if a Fund is required to withhold such proceeds.

HOW TO EXCHANGE YOUR FUND SHARES

An authorized financial institution or intermediary may exchange Class Y Shares of any Fund for Class Y Shares of any other fund of SEI Institutional Managed Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233. For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

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Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds may also operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions.

Each Fund reserves the right, under certain conditions, including under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), to honor any request for redemption by making payment in whole or in part in securities valued as described in "Pricing of Fund Shares" above, except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

These methods may be used during both normal and stressed market conditions.

Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

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Large Redemptions

Large unexpected redemptions to a Fund can disrupt portfolio management and increase trading costs by causing the Fund to liquidate a substantial portion of its assets in a short period of time. Large redemptions may arise from the redemption activity of a single investor, or the activity of a single investment manager managing multiple underlying accounts. In the event of a large unexpected redemption, a Fund may take such steps as implementing a redemption in kind or delaying the delivery of redemption proceeds for up to seven days. Further, the Funds may reject future purchases from that investor or investment manager. An investor or investment manager with a large position in a Fund may reduce the likelihood of these actions if it works with the Fund to mitigate the impact of a large redemption by, for example, providing advance notice to the Fund of a large redemption or by implementing the redemption in stages over a period of time.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e.*, no owner-initiated contact for a certain period), returned mail (*i.e.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo.) is the distributor of the shares of the Funds.

The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors (Financial Advisors) who provide their clients with advice and services in connection with their investments in the Funds. Many Financial Advisors are also associated with broker-dealer firms. SIMC and its affiliates, at their expense, may compensate these broker-dealers or other financial institutions for marketing, promotional or other services. These payments may be significant to these firms and may create an incentive for the firm or its associated Financial Advisors to recommend or offer shares of the Funds to its customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources. SIMC and its affiliates may also provide other products and services to Financial Advisors. For additional information, please see the Funds' SAI. You can also ask your Financial Advisor about any payments it receives from SIMC and its affiliates, as well as about fees it charges.

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DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in the Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person who requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date of which the data relates, at which time it will be permanently removed from the site.

Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

The Funds distribute their investment income periodically as dividends to shareholders. It is the policy of the Multi-Asset Accumulation, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds to distribute their investment income annually. It is the policy of the Multi-Asset Income Fund to distribute its investment income at least once monthly. The Funds distribute their investment income as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually.

You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes. Below the Funds have summarized certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an individual retirement account or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. You should consult your tax advisor regarding the rules governing your own retirement plan.

Each Fund has elected and intends to qualify each year for treatment as a RIC. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any. The dividends and distributions you receive from the Funds may be subject to federal, state and local taxation, depending upon your tax situation. If so, they are taxable whether or not you reinvest them. Income distributions, including net short-term capital gains, are generally taxable at ordinary income tax rates except to the extent they are designated as qualified dividend income.

Dividends that are qualified dividend income are currently eligible for the reduced maximum rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that a Fund receives

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qualified dividend income and certain holding period requirements and other requirements are satisfied by you and by the Fund. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so designated by such underlying fund or REIT. Qualified dividend income is, in general, dividends from domestic corporations and from certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income. Capital gains distributions are generally taxable at the rates applicable to long-term capital gains regardless of how long you have held your Fund shares. Long-term capital gains are currently taxable at the maximum rate of 20%. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service (IRS).

If a Fund distributes more than its net investment income and net capital gains, the excess generally would be treated as a nontaxable return of capital that would reduce your cost basis in your Fund shares and would increase your capital gain or decrease your capital loss when you sell your shares.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund shares generally will be treated as short-term capital gain or loss if you held the shares for 12 months or less, or a long-term capital gain or loss if you held the shares for longer. Any capital loss arising from the sale of Fund shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain dividends that were paid with respect to those shares. All or a portion of any loss realized upon a taxable disposition of shares will be

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disallowed if you purchase other substantially identical shares within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on "net investment income," including interest, dividends and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

Each Fund (or their administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares purchased. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of such Fund's shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Shareholders of the Funds should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

To the extent that a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest each Fund received from sources in foreign countries. If more than 50% of the total assets of a Fund consist of foreign securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax.

Certain of the Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gain, accelerate the recognition of income to a Fund and/or defer a Fund's ability to recognize losses. Those rules could affect the amount, timing or character of the income distributed to shareholders.

The Multi-Asset Income Fund may invest up to 25% of its assets in MLPs. "Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as the Multi-Asset Income Fund, to pass the special character of this income through to its shareholders. Direct investors in entities that generate "qualified publicly traded partnership income," including certain MLPs, will enjoy the lower rate, but investors in a RIC that invests in such entities will not.

Certain of the Funds may invest in U.S. REITs. "Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends

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received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

Each of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund may gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests directly in commodities and in commodity-linked derivative instruments. A Fund's investment in its 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of a Fund attributable to its investment in its Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. Each of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund expect its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in its Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor each of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund's investments in its Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its Subsidiary.

In addition, certain of the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund's investments, such as commodities and in commodity-linked derivative instruments, when made directly, may not produce qualifying income to the Funds. To the extent the Multi-Asset Accumulation Fund and the Multi-Asset Inflation Managed Fund invest in such investments directly, the Funds will seek to restrict their income from such instruments that do not generate qualifying income to a maximum of 10% of their gross income (when combined with their other investments that produce non-qualifying income).

If either the Multi-Asset Accumulation Fund or the Multi-Asset Inflation Managed Fund fail to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by a Fund to qualify as a RIC.

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing the Funds.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

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The Funds' SAI contains more information about taxes.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties (including, among others, the Funds' investment adviser, custodian, administrator and transfer agent, accountants and distributor) who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or any right to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI nor any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly (and which may not be waived) by federal or state securities laws.

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FINANCIAL HIGHLIGHTS

The table that follows presents performance information about the Class Y Shares of the Funds. This information is intended to help you understand each Fund's financial performance for the past five years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information below has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm. Its report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending September 30, 2025 and are available upon request, at no charge by calling 1-800-DIAL-SEI.

SEI INSTITUTIONAL MANAGED TRUST — FOR THE YEARS OR PERIODS ENDED SEPTEMBER 30, FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Multi-Asset Accumulation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $7.71 | $0.23 | $0.10 | $0.33 | $(0.18) | $— | $(0.18) | $7.86 | 4.47% | $74213 | 0.93%<sup>(2)</sup> | 1.10% | 3.10% | 75% |
| 2024 | 6.73 | 0.22 | 0.92 | 1.14 | (0.16)<sup>(3)</sup> |  | (0.16) | 7.71 | 17.11 | 90959 | 0.92 | 1.08 | 3.04 | 75 |
| 2023 | 7.25 | 0.20 |  | 0.20 | (0.72) |  | (0.72) | 6.73 | 2.73 | 100217 | 0.92 | 1.07 | 2.75 | 72 |
| 2022 | 10.41 | 0.12 | (1.97) | (1.85) | (0.66) | (0.65) | (1.31) | 7.25 | (20.57) | 146375 | 0.92 | 1.05 | 1.36 | 42 |
| 2021 | 9.62 | (0.02) | 1.32 | 1.30 |  | (0.51) | (0.51) | 10.41 | 13.95 | 193339 | 0.92 | 1.04 | (0.15) | 54 |
| Multi-Asset Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.12 | $0.56 | $0.10 | $0.66 | $(0.54) | $— | $(0.54) | $10.24 | 6.77% | $133606 | 0.72%<sup>(4)</sup> | 0.98% | 5.53% | 59% |
| 2024 | 9.28 | 0.66 | 0.84 | 1.50 | (0.66) |  | (0.66) | 10.12 | 16.67 | 138066 | 0.70 | 0.97 | 6.77 | 68 |
| 2023 | 9.22 | 0.63 | 0.11 | 0.74 | (0.68) |  | (0.68) | 9.28 | 8.12 | 127673 | 0.70 | 0.96 | 6.59 | 39 |
| 2022 | 11.49 | 0.47 | (2.26) | (1.79) | (0.47) | (0.01) | (0.48) | 9.22 | (16.08) | 137959 | 0.70 | 0.95 | 4.46 | 24 |
| 2021 | 10.85 | 0.43 | 0.61 | 1.04 | (0.40) |  | (0.40) | 11.49 | 9.68 | 172276 | 0.70 | 0.95 | 3.81 | 59 |

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SEI / PROSPECTUS

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(1)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return† | Net Assets<br>End of<br>Period<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net<br>Assets# | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers)# | Ratio of<br>Net<br>Investment<br>Income<br>(Loss) to<br>Average<br>Net Assets~ | Portfolio<br>Turnover<br>Rate† |
| Multi-Asset Inflation Managed Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $8.06 | $0.21 | $0.14 | $0.35 | $(0.27) | $— | $(0.27) | $8.14 | 4.58% | $39715 | 0.79%<sup>(5)</sup> | 1.04% | 2.58% | 44% |
| 2024 | 7.88 | 0.24 | 0.25 | 0.49 | (0.31) |  | (0.31) | 8.06 | 6.47 | 37049 | 1.64<br><sup>(5)</sup> | 1.87 | 3.00 | 43 |
| 2023 | 8.69 | 0.23 | (0.06) | 0.17 | (0.98) |  | (0.98) | 7.88 | 1.75 | 30866 | 1.71<br><sup>(5)</sup> | 1.96 | 2.88 | 93 |
| 2022 | 8.92 | 0.34 | 0.11 | 0.45 | (0.68) |  | (0.68) | 8.69 | 5.36 | 34931 | 0.98<br><sup>(6)</sup> | 1.22 | 3.84 | 81 |
| 2021 | 7.89 | 0.22 | 0.95 | 1.17 | (0.14) |  | (0.14) | 8.92 | 14.99 | 43985 | 0.87<br><sup>(5)</sup> | 1.11 | 2.62 | 65 |
| Multi-Asset Capital Stability Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y | CLASS Y |
| 2025 | $10.62 | $0.35 | $0.06 | $0.41 | $(0.54) | $(0.24) | $(0.78) | $10.25 | 4.19% | $23063 | 0.54%<sup>(7)</sup> | 0.75% | 3.52% | 260% |
| 2024 | 10.03 | 0.41 | 0.60 | 1.01 | (0.42) |  | (0.42) | 10.62 | 10.29 | 25294 | 0.52 | 0.73 | 4.02 | 203 |
| 2023 | 9.81 | 0.34 | 0.08 | 0.42 | (0.20) |  | (0.20) | 10.03 | 4.30 | 29524 | 0.52 | 0.73 | 3.43 | 103 |
| 2022 | 10.54 | 0.04 | (0.47) | (0.43) | (0.08) | (0.22) | (0.30) | 9.81 | (4.23) | 32510 | 0.52 | 0.73 | 0.36 | 69 |
| 2021 | 10.30 | 0.01 | 0.35 | 0.36 | (0.03) | (0.09) | (0.12) | 10.54 | 3.47 | 38031 | 0.52 | 0.73 | 0.08 | 125 |

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† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

# A Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio, if applicable.

~ Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests, if applicable.

^ Amount represents less than 0.005%.

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.92%.

(3) Includes return of capital of $0.06 per share.

(4) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.70%.

(5) The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 0.65%.

(6) The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 0.64%.

(7) The expense ratio includes dividend and interest expense, and other expenses outside the cap. Had this expense been excluded the ratios would have been 0.52%.

Amounts designated as "—" are $0 or have been rounded to $0.

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![](j2621706_za006.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103-3007

More information about the Funds is available without charge through the following:

Statement of Additional Information (SAI)

The SAI dated January 31, 2026 includes more detailed information about SEI Institutional Managed Trust. The SAI is on file with the SEC and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Institutional Managed Trust, from the EDGAR Database on the SEC's website ("http://www.sec.gov"). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

SEI Institutional Managed Trust's Investment Company Act registration number is 811-04878.

SEI-F-107 (1/26)

seic.com

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STATEMENT OF ADDITIONAL INFORMATION

SEI INSTITUTIONAL MANAGED TRUST

Large Cap Fund

Ticker Symbols: Class F—SLGAX, Class I—Not Open, Class Y—SLYCX

Large Cap Value Fund

Ticker Symbols: Class F—TRMVX, Class I—SEUIX, Class Y—SVAYX

Large Cap Growth Fund

Ticker Symbols: Class F—SELCX, Class I—SPGIX, Class Y—SLRYX

Large Cap Index Fund

Ticker Symbol: Class F—SLGFX

Tax-Managed Large Cap Fund

Ticker Symbols: Class F—TMLCX, Class Y—STLYX

S&P 500 Index Fund

Ticker Symbols: Class F—SSPIX, Class I—SPIIX

Small Cap Fund

Ticker Symbols: Class F—SLLAX, Class I—Not Open, Class Y—SMYFX

Small Cap Value Fund

Ticker Symbols: Class F—SESVX, Class I—SMVIX, Class Y—SPVYX

Small Cap Growth Fund

Ticker Symbols: Class F—SSCGX, Class I—SPWIX, Class Y—SMAYX

Tax-Managed Small/Mid Cap Fund

Ticker Symbols: Class F—STMSX, Class Y—STMPX

Mid-Cap Fund

Ticker Symbols: Class F—SEMCX, Class I—SIPIX, Class Y—SFDYX

U.S. Managed Volatility Fund

Ticker Symbols: Class F—SVOAX, Class I—SEVIX, Class Y—SUSYX

Global Managed Volatility Fund

Ticker Symbols: Class F—SVTAX, Class I—SGMIX, Class Y—SGLYX

Tax-Managed Managed Volatility Fund

Ticker Symbols: Class F—TMMAX, Class Y—STVYX

Tax-Managed International Managed Volatility Fund

Ticker Symbol: Class F—SMINX; Class Y—SIMYX

Real Estate Fund

Ticker Symbols: Class F—SETAX, Class I—SEIRX, Class Y—SREYX

Core Fixed Income Fund

Ticker Symbols: Class F—TRLVX, Class I—SCXIX, Class Y—SCFYX

High Yield Bond Fund

Ticker Symbols: Class F—SHYAX, Class I—SEIYX, Class Y—SIYYX

Conservative Income Fund

Ticker Symbol: Class F—COIAX; Class Y—COIYX

Tax-Free Conservative Income Fund

Ticker Symbol: Class F—TFCAX; Class Y—TFCYX

Real Return Fund

Ticker Symbols: Class F—SRAAX, Class I—SSRIX, Class Y—SRYRX

Dynamic Asset Allocation Fund

Ticker Symbols: Class F—SDYAX; Class Y—SDYYX

Multi-Strategy Alternative Fund

Ticker Symbol: Class F—SMSAX, Class Y—SMUYX

Administrator:

SEI Investments Global Funds Services

Distributor:

SEI Investments Distribution Co.

Adviser:

SEI Investments Management Corporation

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Sub-Advisers:

Acadian Asset Management LLC

Allspring Global Investments, LLC

Ares Capital Management II LLC

Axiom Investors LLC

Benefit Street Partners L.L.C.

BlackRock Advisors, LLC

Blackstone Credit Systematic Strategies LLC

Brandywine Global Investment Management, LLC

Brigade Capital Management, LP

CenterSquare Investment Management LLC

Copeland Capital Management, LLC

Cullen Capital Management LLC

Easterly Investment Partners LLC

Fred Alger Management, LLC

Geneva Capital Management LLC

Global Credit Advisers, LLC

Hillsdale Investment Management Inc.

Jennison Associates LLC

J.P. Morgan Investment Management Inc.

Kettle Hill Capital Management, LLC

Leeward Investments, LLC

Los Angeles Capital Management LLC

LSV Asset Management

Mackenzie Investments Corporation

Martingale Asset Management L.P.

Mar Vista Investment Partners, LLC

MetLife Investment Management, LLC

Metropolitan West Asset Management, LLC

Mountaineer Partners Management, LLC

Parametric Portfolio Associates LLC

PineStone Asset Management Inc.

SSGA Funds Management, Inc.

This Statement of Additional Information is not a prospectus. It is intended to provide additional information regarding the activities and operations of SEI Institutional Managed Trust (the "Trust") and should be read in conjunction with the Trust's Class F, Class I and Class Y Shares prospectuses (the "Prospectuses"), each dated January 31, 2026.

The Prospectuses may be obtained upon request and without charge by writing the Trust's distributor, SEI Investments Distribution Co., at One Freedom Valley Drive, Oaks, Pennsylvania 19456, or by calling 1-800-342-5734.

[The Trust's financial statements for the fiscal year ended September 30, 2025, including notes thereto and the report of the Independent Registered Public Accounting Firm thereon are included in the most recent Form N-CSR for the Funds and are incorporated herein by reference to this SAI.](https://www.sec.gov/ix?doc=/Archives/edgar/data/804239/000139834425022111/fp0096367-1_ncsrixbrl.htm) Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements free of charge online or by calling 1-800-DIAL-SEI. Unless you have elected to receive paper copies of the shareholder reports, you will be notified by mail each time a report is posted on the Funds' website and provided with a link to access the report online.

January 31, 2026

SEI-F-048 (1/26)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| GLOSSARY OF TERMS | S-1 |
| THE TRUST | S-3 |
| INVESTMENT OBJECTIVES AND POLICIES | S-3 |
| DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS | S-24 |
| Alternative Strategies | S-24 |
| American Depositary Receipts | S-26 |
| Artificial Intelligence Technology | S-27 |
| Asset-Backed Securities | S-27 |
| Collateralized Debt Obligations | S-27 |
| Commercial Paper | S-28 |
| Commodity Investments | S-28 |
| Construction Loans | S-29 |
| Credit-Linked Notes | S-29 |
| Current Market Conditions Risk | S-30 |
| Demand Instruments | S-30 |
| Derivatives | S-30 |
| Distressed Securities | S-32 |
| Dollar Rolls | S-32 |
| Equity-Linked Warrants | S-32 |
| Equity Securities | S-33 |
| Eurobonds | S-34 |
| Exchange-Traded Products | S-34 |
| Fixed Income Securities | S-36 |
| Foreign Securities and Emerging and Frontier Markets | S-38 |
| Forward Foreign Currency Contracts | S-47 |
| Futures Contracts and Options on Futures Contracts | S-50 |
| Government National Mortgage Association Securities | S-51 |
| High Yield Foreign Sovereign Debt Securities | S-51 |
| Illiquid Securities | S-52 |
| Insurance Funding Agreements | S-52 |
| Interfund Lending and Borrowing Arrangements | S-52 |
| Investment Companies | S-52 |
| Investment in a Subsidiary | S-54 |
| Loan Participations and Assignments | S-56 |
| Master Limited Partnerships | S-56 |
| Money Market Securities | S-56 |
| Mortgage-Backed Securities | S-57 |
| Mortgage Dollar Rolls | S-59 |
| Municipal Securities | S-59 |
| Non-Diversification | S-60 |
| Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks | S-60 |
| Obligations of Supranational Entities | S-61 |
| Options | S-61 |
| Pay-In-Kind Bonds | S-63 |
| Privatizations | S-63 |
| Puerto Rico Investment | S-63 |
| Put Transactions | S-63 |
| Quantitative Investing | S-64 |
| Real Estate Investment Trusts | S-64 |
| Real Estate Operating Companies | S-65 |
| Receipts | S-65 |
| Repurchase Agreements | S-65 |

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| | |
|:---|:---|
| Restricted Securities | S-65 |
| Reverse Repurchase Agreements and Sale-Buybacks | S-66 |
| Risks of Cyber Attacks | S-66 |
| Securities Lending | S-67 |
| Senior Loans and Bank Loans | S-67 |
| Short Sales | S-68 |
| Sovereign Debt | S-69 |
| Special Purpose Acquisition Companies | S-69 |
| Structured Securities | S-70 |
| Swaps, Caps, Floors, Collars and Swaptions | S-70 |
| Tracking Error | S-72 |
| U.S. Government Securities | S-73 |
| Variable and Floating Rate Instruments | S-74 |
| When-Issued and Delayed Delivery Securities | S-74 |
| Yankee Obligations | S-74 |
| Zero Coupon Securities | S-74 |
| INVESTMENT LIMITATIONS | S-75 |
| THE ADMINISTRATOR AND TRANSFER AGENT | S-82 |
| THE ADVISER AND SUB-ADVISERS | S-84 |
| DISTRIBUTION AND SHAREHOLDER SERVICING | S-145 |
| SECURITIES LENDING ACTIVITY | S-147 |
| TRUSTEES AND OFFICERS OF THE TRUST | S-147 |
| PROXY VOTING POLICIES AND PROCEDURES | S-156 |
| PURCHASE AND REDEMPTION OF SHARES | S-157 |
| REDEMPTIONS IN-KIND | S-158 |
| TAXES | S-159 |
| PORTFOLIO TRANSACTIONS | S-170 |
| DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION | S-174 |
| DESCRIPTION OF SHARES | S-175 |
| LIMITATION OF TRUSTEES' LIABILITY | S-176 |
| CODES OF ETHICS | S-176 |
| VOTING | S-176 |
| SHAREHOLDER LIABILITY | S-176 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | S-177 |
| MASTER/FEEDER OPTION | S-195 |
| CUSTODIANS | S-195 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-195 |
| LEGAL COUNSEL | S-195 |
| APPENDIX A—DESCRIPTION OF RATINGS | A-1 |

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January 31, 2026

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GLOSSARY OF TERMS

The following terms are used throughout this SAI, and have the meanings set forth below. Because the following is a combined glossary of terms used for all the SEI Funds, certain terms below may not apply to your fund. Any terms used but not defined herein have the meaning ascribed to them in the applicable Fund's prospectus or as otherwise defined in this SAI.

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| | |
|:---|:---|
| *Term* | *Definition* |
| 1933 Act | Securities Act of 1933, as amended |
| 1940 Act | Investment Company Act of 1940, as amended |
| ADRs | American Depositary Receipts |
| ARMS | Adjustable Rate Mortgage Securities |
| BHCA | Bank-Holding Company Act |
| Bank Loan <br>Rate | The rate of interest that would be charged by a<br>bank for short-term borrowings |
| Board | The Trust's Board of Trustees |
| CATS | Certificates of Accrual on Treasury Securities |
| CDOs | Collateralized Debt Obligations |
| CDRs | Continental Depositary Receipts |
| CFTC | Commodity Futures Trading Commission |
| CLCs | Construction Loan Certificates |
| CLOs | Collateralized Loan Obligations |
| CMBS | Commercial Mortgage-Backed Securities |
| CMOs | Collateralized Mortgage Obligations |
| Code | Internal Revenue Code of 1986, as amended |
| Confidential <br>Information | Material, non-public information |
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protections Act |
| EDRs | European Depositary Receipts |
| ETFs | Exchange-Traded Funds |
| ETNs | Exchange-Traded Notes |
| ETPs | Exchange-Traded Products |
| EU | European Union |
| Fannie Mae | Federal National Mortgage Association |
| FHA | Federal Housing Administration |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| GDRs | Global Depositary Receipts |
| GNMA | Government National Mortgage Association |
| IFA | Insurance Funding Agreement |
| IO | Interest-Only Security |
| IRS | Internal Revenue Service |
| LYONs | Liquid Yield Option Notes |
| MLPs | Master Limited Partnerships |
| Moody's | Moody's Investors Service, Inc. |
| NAV | Net Asset Value |
| NDFs | Non-Deliverable Forwards |
| NRSRO | Nationally Recognized Statistical Rating Organization |
| OTC | Over-the-Counter |
| PAC Bonds | Planned Amortization Class CMOs |
| PIPEs | Private Investments in Public Equity |
| PLC | Permanent Loan Certificate |
| P-Notes | Participation Notes |
| PO | Principal-Only Security |

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| | |
|:---|:---|
| *Term* | *Definition* |
| Program | SEI Funds' interfund lending program |
| QFII | Qualified Foreign Institutional Investor |
| QPTPs | Qualified Publicly Traded Partnerships |
| REITs | Real Estate Investment Trusts |
| REMIC Certificates | REMIC pass-through certificates |
| REMICs | Real Estate Mortgage Investment Conduits |
| REOCs | Real Estate Operating Companies |
| Repo Rate | rate of interest for an investment in overnight repurchase agreements |
| RIC | Regulated Investment Company |
| S&P | Standard & Poor's Rating Group |
| SEC | U.S. Securities and Exchange Commission |
| SEI Funds | The existing or future investment companies registered under <br>the 1940 Act that are advised by SIMC |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separately Traded Registered Interest and Principal Securities |
| Subsidiary | A wholly-owned subsidiary organized under the laws of the Cayman Islands |
| TIGRs | Treasury Investment Growth Receipts |
| TRs | Treasury Receipts |
| UK | United Kingdom |
| World Bank | International Bank of Reconstruction and Development |
| Yankees | Yankee Obligations |

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THE TRUST

SEI Institutional Managed Trust (the "Trust") is an open-end management investment company that offers shares of diversified and non-diversified portfolios (the Large Cap Growth Fund is non-diversified). The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated October 17, 1986. The Agreement and Declaration of Trust permits the Trust to offer separate series ("portfolios") of units of beneficial interest ("shares") and separate classes of shares of such portfolios. Shareholders may purchase shares in certain portfolios through separate classes. Class F, Class I and Class Y Shares may be offered, which may provide for variations in transfer agent fees, shareholder servicing fees, administrative servicing fees, dividends and certain voting rights. Except for differences among the classes pertaining to shareholder servicing, administrative servicing, distribution, voting rights, dividends and transfer agent expenses, each share of each portfolio represents an equal proportionate interest in that portfolio with each other share of that portfolio.

This Statement of Additional Information ("SAI") relates to the following portfolios: Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility, Real Estate, Core Fixed Income, High Yield Bond, Conservative Income, Tax-Free Conservative Income, Real Return, Dynamic Asset Allocation and Multi-Strategy Alternative Funds (each, a "Fund" and, together, the "Funds"), including all classes of the Funds.

The investment adviser to the Funds, SEI Investments Management Corporation, is herein referred to as "SIMC" or the "Adviser," and the investment sub-advisers are each a "Sub-Adviser" and, together, the "Sub-Advisers".

INVESTMENT OBJECTIVES AND POLICIES

LARGE CAP FUND—The investment objective of the Large Cap Fund is long-term growth of capital and income. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. These securities may include common stocks, preferred stocks, warrants, ADRs, REITs and ETFs. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

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Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Sub-Advisers may engage in short sales in an amount up to 20% of the Fund's value (measured at the time of investment) in an attempt to capitalize on equity securities that they believe will underperform the market or their peers. When the Sub-Advisers sell securities short, they may use the proceeds from the sales to purchase long positions in additional equity securities that they believe will outperform the market or their peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

LARGE CAP VALUE FUND—The investment objective of the Large Cap Value Fund is long-term growth of capital and income. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index (between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, ADRs, REITs and ETFs. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking

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views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund may invest in securities of foreign issuers. The Fund may only invest in equity securities if they are listed on registered exchanges or actively traded in the over-the-counter market and in ADRs traded on registered exchanges or on the National Association of Securities Dealers Automated Quotations ("NASDAQ").

Any remaining assets may be invested in other equity securities and in investment grade fixed income securities. The Fund may also borrow money, invest in illiquid securities, when-issued and delayed delivery securities, receipts, shares of REITs and shares of other investment companies, and lend its securities to qualified borrowers.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

LARGE CAP GROWTH FUND—The investment objective of the Large Cap Growth Fund is capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as

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to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund may invest in securities of foreign issuers and in ADRs traded on registered exchanges or on NASDAQ, as well as ADRs not traded on an established exchange.

LARGE CAP INDEX FUND—The Fund seeks to track performance of a benchmark index that measures the investment return of large-capitalization stocks. The Fund is managed using a passive investment approach designed to track, before fees and expenses, the performance of the Russell 1000 Index. Under normal circumstances, the Fund will invest substantially all of its assets (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in securities (mostly common stocks) of companies that are included in the Russell 1000 Index. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1000 of the largest securities based on their market capitalization. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940 Act, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Russell 1000 Index. As of December 31, 2025, the market capitalization of the companies included in the Russell 1000 Index ranged from $1.0 billion to $4.5 trillion. The market capitalization range and the composition of the Russell 1000 Index are subject to change.

The Fund's Sub-Adviser selects the Fund's securities under the general supervision of SIMC. The Sub-Adviser's passive investment strategy seeks to track, before fees and expenses, the return of the index, and therefore differs from an "active" investment strategy where an investment manager buys and sells securities based on its own economic, market or financial analyses. The Sub-Adviser generally will attempt to invest in securities composing the Russell 1000 Index in approximately the same proportions as they are represented in the Russell 1000 Index (*i.e.*, among other reasons, the Fund could experience high volumes of cash flows or a particular security could be difficult to obtain). In some cases, it may not be possible or practicable to purchase all of the securities composing the Russell 1000 Index or to hold them in the same weightings as they are represented in the Russell 1000 Index. In those circumstances, the Sub-Adviser may purchase a sampling of stocks in the Russell 1000 Index in proportions expected to replicate generally the performance of the Russell 1000 Index as a whole and may also use futures contracts to obtain exposure to the equity markets or to a particular security.

The Sub-Adviser may sell securities that are represented in the Russell 1000 Index or purchase securities that are not represented in the Russell 1000 Index, prior to or after their removal or addition to the Russell 1000 Index.

The Fund's investment performance will depend on the Fund's tracking of the Russell 1000 Index and the performance of the Russell 1000 Index. The Fund's ability to replicate the performance of the Russell 1000 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. Due to these differences, the Fund's performance generally will not be identical to that of the Russell 1000 Index.

TAX-MANAGED LARGE CAP FUND—The investment objective of the Tax-Managed Large Cap Fund is to achieve high long-term after-tax returns for its shareholders. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Tax-Managed Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in

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the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, ADRs, REITs and ETFs. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund is designed for long-term taxable investors, including high net worth individuals. The Fund seeks to manage the impact of taxes through the use of a Sub-Adviser that acts as an overlay manager implementing the portfolio recommendations of the Sub-Advisers. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the other Sub-Advisers, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. The overlay manager implements the portfolio consistent with that represented by the aggregation of the model portfolios, with limited authority to vary from such aggregation, primarily for the purpose of seeking efficient tax management of the Fund's securities transactions. The overlay manager may also, to a lesser extent, deviate from such aggregation for the purposes of risk management and transaction cost management. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. Although the Fund seeks to minimize tax consequences to investors by using a tax overlay model, it will likely earn taxable income and gains from time to time. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund's exposure to losses during stock market declines may be higher than that of other funds that do not follow a general policy of avoiding sales of highly-appreciated securities.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

S&P 500 INDEX FUND—The S&P 500 Index Fund seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index"). There can be no assurance that the Fund will achieve its investment objective.

The Fund invests substantially all of its assets in index stocks and other securities listed in the S&P 500 Index, as well as securities that it expects to be added to the S&P 500 Index. The Fund's investment results are expected to correspond to the aggregate price and dividend performance of the S&P 500 Index before the fees and expenses of the Fund. The Fund's policy is to be fully invested in common stocks and other securities included in the S&P 500 Index, and it is expected that cash reserve items would normally be less than 10% of net assets. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940 Act, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or

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more constituents of the S&P 500 Index. The equity securities in which the Fund invests are common stocks, preferred stocks, securities convertible into common stock, futures, ETFs, REITs and ADRs. The Fund may also: (i) engage in swap transactions; (ii) invest in U.S. dollar-denominated obligations or securities of foreign issuers; (iii) purchase shares of REITs; (iv) invest a portion of its assets in securities of foreign companies located in developed foreign countries; (v) invest a portion of its assets in securities of small and medium capitalization companies; and (vi) invest cash reserves in securities issued by the U.S. Government, its agencies or instrumentalities, bankers' acceptances, commercial paper rated at least A-1 by S&P and/or Prime-1 by Moody's, certificates of deposit and repurchase agreements involving such obligations although such investments will not be used for defensive purposes.

The Fund may enter into stock index futures contracts to maintain adequate liquidity to meet its redemption demands while maximizing the level of the Fund's assets that are tracking the performance of the S&P 500 Index, provided that the value of these contracts does not exceed 20% of the Fund's total assets. The Fund may only purchase those stock index futures contracts—such as futures contracts on the S&P 500 Index—that are likely to closely replicate the performance of the S&P 500 Index. The Fund also can sell such futures contracts in order to close out a previously established position. The Fund will not enter into any stock index futures contract for the purpose of speculation, and will only enter into contracts traded on national securities exchanges with standardized maturity dates. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund.

The Fund may lend a portion of its assets to qualified institutions for the purpose of realizing additional income. The Fund may invest in illiquid securities; however, not more than 10% of its total assets will be invested in such instruments. The Fund may enter into forward commitments, or purchase securities on a when-issued or delayed delivery basis.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

The Fund's ability to replicate the performance of the S&P 500 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. Adjustments made to accommodate cash flows will track the S&P 500 Index to the maximum extent possible, and may result in brokerage expenses for the Fund. Over time, the correlation between the performance of the Fund and the S&P 500 Index is expected to be over 0.95. A correlation of 1.00 would indicate perfect correlation, which would be achieved when the net asset value of the Fund, including the value of its dividend and capital gains distributions, increased or decreased in exact proportion to changes in the S&P 500 Index.

An investment in shares of the Fund involves risks similar to those of investing in a portfolio consisting of the common stocks and other securities of some or all of the companies included in the S&P 500 Index.

The weightings of securities in the S&P 500 Index are based on each security's relative total market value, *i.e.*, market price per share times the number of shares outstanding. Because of this weighting, approximately 50% of the S&P 500 Index is currently composed of stocks of the 50 largest companies in the S&P 500 Index, and the S&P 500 Index currently represents over 60% of the market value of all U.S. common stocks listed on the New York Stock Exchange ("NYSE").

The Fund does not seek to "beat" the markets it tracks and does not seek temporary defensive positions when markets appear overvalued. SSGA Funds Management, Inc. ("SSGA FM"), the Fund's Sub-Adviser, makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, financial or market analyses). The adverse financial situation of a company usually will not result in the elimination of a security from the Fund. However, an investment may be removed from the Fund if, in the judgment of SSGA FM, the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions. Furthermore, administrative adjustments may be made in the Fund from time to time because of mergers, changes in the

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composition of the S&P 500 Index and similar reasons. In certain circumstances, SSGA FM may exercise discretion in determining whether to exercise warrants or rights issued in respect to Fund securities or whether to tender Fund securities pursuant to a tender or exchange offer.

*Use of S&P Trade Name.* The S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P. S&P makes no representation or warranty, express or implied, to the purchasers of the Fund or any member of the public regarding the advisability of investing in index funds generally or the Fund specifically or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to the Trust, as licensee, is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index, which is determined, composed and calculated by S&P without regard to the Trust or the Fund. S&P has no obligation to take the needs of the Trust or the shareholders of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of, the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Fund.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE FUND, SHAREHOLDERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

SMALL CAP FUND—The investment objective of the Small Cap Fund is capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including ETFs based on small capitalization indexes and securities of REITs. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

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Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund may invest a portion of its assets in U.S. Treasury securities, equity securities of small capitalization companies located in either developed or emerging foreign countries, warrants, ADRs, certificates of deposit and time deposits, convertible securities, PIPES and securities sold in the over-the-counter market.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

SMALL CAP VALUE FUND—The investment objective of the Small Cap Value Fund is capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, REITs, ETFs and securities of large capitalization companies.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund may invest a portion of its assets in U.S. Treasury securities, equity securities of small capitalization companies located in either developed or emerging foreign countries, warrants, ADRs, certificates of deposit and time deposits, convertible securities, PIPES and securities sold in the over-the-counter market.

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The Fund may invest in securities of foreign issuers and in ADRs traded on registered exchanges or on NASDAQ. Any remaining assets may be invested in investment grade fixed income securities or equity securities of larger, more established companies that the Fund's Sub-Advisers believe are appropriate in light of the Fund's objective. The Fund may also borrow money, invest in illiquid securities, when-issued and delayed-delivery securities, shares of REITs and shares of other investment companies, and lend its securities to qualified borrowers.

Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

SMALL CAP GROWTH FUND—The investment objective of the Small Cap Growth Fund is long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, REITs, ETFs and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC.

In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund may invest a portion of its assets in U.S. Treasury securities, equity securities of small capitalization companies located in either developed or emerging foreign countries, warrants, ADRs, certificates of deposits and time deposits, convertible securities, private investment in PIPES and securities sold in the over-the-counter market.

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The Fund may also invest in securities of foreign issuers. The Fund may only invest in equity securities if they are listed on registered exchanges or actively traded in the over-the-counter market and in ADRs traded on registered exchanges or on NASDAQ.

Any remaining assets may be invested in equity securities of more established companies that the Sub-Advisers believe may offer strong capital appreciation potential due to their relative market position, anticipated earnings growth, changes in management or other similar opportunities. The Fund may also borrow money, invest in illiquid securities, when-issued and delayed-delivery securities, shares of REITs and shares of other investment companies, and lend its securities to qualified borrowers.

For temporary defensive purposes, the Fund may invest all or a portion of its assets in common stocks of larger, more established companies and in investment grade fixed income securities.

Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

TAX-MANAGED SMALL/MID CAP FUND—The investment objective of the Tax-Managed Small/Mid Cap Fund is to achieve high long-term after-tax returns for its shareholders. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small and medium capitalization companies, including ETFs. For purposes of this Fund, a small or medium capitalization company is a company with a market capitalization in the range of companies in the Russell 2500 Index (between approximately $1.3 million and $37.0 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2500 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, REITs, ETFs and securities of large capitalization companies.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC.

In managing assets of the Fund not allocated to Sub-Advisers, SIMC may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics.

The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also

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direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

The Fund is designed for long-term taxable investors, including high net worth individuals. The Fund is managed to minimize tax consequences to investors, but will likely earn taxable income and gains from time to time. In addition to the use of the overlay manager described above, the Fund seeks to achieve favorable after-tax returns for its shareholders in part by minimizing the taxes they incur in connection with the Fund's realization of investment income and capital gains. If this strategy is carried out, the Fund can be expected to distribute relatively low levels of taxable investment income.

The Fund's exposure to losses during stock market declines may be higher than that of other funds that do not follow a general policy of avoiding sales of highly-appreciated securities.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

MID-CAP FUND—The investment objective of the Mid-Cap Fund is long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies, including ETFs. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Mid-Cap Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, REITs, ETFs and securities of large capitalization companies.

The Fund uses a multi-manager approach, relying on a number of Sub-Advisers with differing investment philosophies and strategies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions. In addition to common stocks, the Fund's investments in equity securities include preferred stocks, securities of small capitalization companies and, to a lesser extent, REITs and securities of large capitalization companies. Any remaining assets may be invested in equity securities of larger, more established companies, investment grade fixed income securities or money market securities. The Fund may also borrow money, invest in illiquid securities, when-issued and delayed-delivery securities and shares of other investment companies, and lend its securities to qualified borrowers.

For temporary defensive purposes, when SIMC or the Sub-Advisers determine that market conditions warrant, the Fund may invest all or a portion of its assets in equity securities of larger companies.

Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

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U.S. MANAGED VOLATILITY FUND—The investment objective of the U.S. Managed Volatility Fund is capital appreciation with less volatility than the broad U.S. equity markets. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization ranges.

These securities may include common stocks, preferred stocks, ETFs and warrants. The Fund may also, to a lesser extent, invest in ADRs, REITs and securities of non-U.S. companies. The Fund also may use futures contracts to obtain exposure to the equity markets.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC.

The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. The Sub-Advisers may use derivative instruments or other techniques or instruments (*e.g.*, simultaneously taking long and short positions on similar stock securities, long-only or short-only positions) to hedge the Fund against various risks and other factors that affect the portfolio's volatility. The Sub-Advisers may also use these instruments and techniques for non-hedging purposes. The Sub-Advisers may engage in short sales in an amount up to 30% of the Fund's value (measured at the time of investment) in an attempt to capitalize on equity securities that they believe will underperform the market or their peers. When the Sub-Advisers sell securities short, they may use the proceeds from the sales to purchase long positions in additional equity securities that they believe will outperform the market or their peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

GLOBAL MANAGED VOLATILITY FUND—The Global Managed Volatility Fund seeks to provide capital appreciation with less volatility than the broad global equity markets. There can be no assurance that the Fund will achieve its investment objective.

The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, ETFs and REITs. The Fund also may use futures contracts and forward contracts.

Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets.

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SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC.

The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods.

The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. The Sub-Advisers may engage in short sales in an amount up to 30% of the Fund's value (measured at the time of investment) in an attempt to capitalize on equity securities that they believe will underperform the market or their peers. When the Sub-Advisers sell securities short they may use the proceeds from the sales to purchase long positions in additional equity securities that they believe will outperform the market or their peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

TAX-MANAGED MANAGED VOLATILITY FUND—The investment objective of the Tax-Managed Managed Volatility Fund is to maximize after-tax returns, but with a lower level of volatility than the broad U.S. equity markets. There can be no assurance that the Fund will achieve its investment objective.

The Tax-Managed Managed Volatility Fund will typically invest in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants and ETFs. The Fund may also, to a lesser extent, invest in ADRs, REITs and securities of non-U.S. companies. Although the Fund will be measured against the Russell 3000 Index, the Fund is expected to have significant sector and market capitalization deviations from the index given its focus on absolute risk as opposed to index relative risk. This could lead to significant performance deviations relative to the index over shorter-term periods. The Fund also may use futures contracts to obtain exposure to the equity markets.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC.

The Fund seeks to achieve an absolute return of the broad U.S. equity markets in a tax-efficient fashion but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. This will tend to lead SIMC and the Fund's Sub-Advisers to construct portfolios with a low beta relative to the overall U.S. equity market.

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The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC.

Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC.

SIMC and the Sub-Advisers may use derivative instruments or other techniques or instruments (*e.g.*, simultaneously taking long and short positions on similar stock securities, long-only or short-only positions) to hedge the Fund against various risks and other factors that affect the portfolio's volatility. SIMC and the Sub-Advisers may also use these instruments and techniques for non-hedging purposes. SIMC and the Sub-Advisers may engage in short sales in an amount up to 30% of the Fund's value (measured at the time of investment) in an attempt to capitalize on equity securities that they believe will underperform the market or their peers. When SIMC and the Sub-Advisers sell securities short they may use the proceeds from the sales to purchase long positions in additional equity securities that they believe will outperform the market or their peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND—The investment objective of the Tax-Managed International Managed Volatility Fund is tax-sensitive long-term capital appreciation with less volatility than the broad international equity markets.

Under normal circumstances, the Tax-Managed International Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in non-U.S. equity securities. These securities may include common stocks and REITs of all capitalization ranges. Under normal circumstances, the Fund will invest in securities of issuers that are located in at least three countries outside of the U.S., but will typically invest much more broadly. The Fund will invest primarily in companies located in developed countries.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC.

The Fund seeks to achieve an absolute return similar to that of the broad international developed equity markets (International Market) in a tax-sensitive manner, but with lower absolute volatility. Over the long-term, the Fund seeks to achieve a return similar to that of the MSCI EAFE Index (Index), but with a lower level of volatility. Over shorter periods of time, however, due to its focus on absolute risk, the portfolio's country, sector and market capitalization exposures will typically vary from the International Market and it may experience significant performance deviations from the International Market. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that primarily exhibit a more stable historical or predicted price and earnings behavior (*i.e.* absolute risk), but also take into consideration low correlation attributes and expected returns. Generally, the Fund is likely to underperform in a steeply rising International Market, but seeks to mitigate losses in a falling International Market.

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The Fund implements the investment recommendations of Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of tax management of the portfolio's securities transactions. SIMC also may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes.

The overlay manager and SIMC each seek to manage the impact of taxes by using certain techniques, which may include selling stocks with the highest tax cost basis first to realize capital losses or defer capital gains, preventing wash sales, avoiding high portfolio turnover, controlling the holding period of a security to convert short-term capital gains to long-term capital gains, and, where appropriate, opportunistically harvesting losses to offset other capital gains.

The Fund considers the security of an issuer to be "non-U.S." if the issuer is domiciled, incorporated, located and/or principally traded in a country other than the U.S. Developed market countries are those countries that are included in a developed markets index by a recognized index provider, or have similar developed characteristics, in each case determined at the time of purchase.

The Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly. The Fund also may use futures contracts to obtain exposure to the equity markets.

REAL ESTATE FUND—The investment objective of the Real Estate Fund is total return, including current income and capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (*e.g.*, common stocks, rights, warrants, ETFs, convertible securities and preferred stocks of REITs and REOCs). Generally, the Fund will invest in real estate companies operating in the United States. The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers to manage Fund assets under the general supervision of SIMC.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

CORE FIXED INCOME FUND—The investment objective of the Core Fixed Income Fund is current income consistent with the preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in investment and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities and securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC. Sub-Advisers are selected for their

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expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.

U.S. and foreign fixed income securities, including emerging market, corporate and government fixed income securities, in which the Fund may invest consist of: (i) corporate bonds and debentures, (ii) obligations issued by the U.S. Government, its agencies and instrumentalities, or a foreign government, (iii) municipal securities of issuers located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions, consisting of municipal bonds, municipal notes, tax-exempt commercial paper and municipal lease obligations, (iv) receipts involving U.S. Treasury obligations, (v) mortgage-backed securities, (vi) asset-backed securities, (vii) zero coupon, pay-in-kind or deferred payment securities and (viii) securities issued on a when-issued and a delayed-delivery basis, including TBA mortgage-backed securities. Such securities may be denominated in either U.S. dollars or foreign currency.

Any remaining assets may be invested in: (i) interest-only and principal-only components of mortgage-backed securities, (ii) mortgage dollar rolls, (iii) warrants, (iv) money market securities, (v) construction loans, (vi) Yankee obligations and (vii) reverse repurchase agreements and sale buybacks. In addition, the Fund may purchase or write options, futures (including futures on U.S. Treasury obligations and Eurodollar instruments) and options on futures, foreign currency contracts and enter into swap transactions, including caps, collars, floors and swaptions. The Sub-Advisers may engage in currency transactions using futures contracts, foreign currency forward contracts and other derivatives either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC). The Fund may also borrow money, invest in illiquid securities and shares of other investment companies and lend its securities to qualified borrowers.

The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

While each Sub-Adviser chooses securities of different types and maturities, the Fund in the aggregate generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest

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and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

HIGH YIELD BOND FUND—The investment objective of the High Yield Bond Fund is to maximize total return. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of CDOs and CLOs.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage Fund assets under the general supervision of SIMC. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest. In addition, the Fund may invest in unrated securities.

The Fund may invest in all types of fixed income securities issued by domestic and foreign issuers, including: (i) mortgage-backed securities; (ii) asset-backed securities; (iii) zero coupon, pay-in-kind or deferred payment securities; (iv) variable and floating rate instruments; and (v) Yankee obligations.

Any assets of the Fund not invested in the fixed income securities described above may be invested in: (i) convertible securities; (ii) preferred stocks; (iii) equity securities; (iv) investment grade fixed income securities; (v) money market securities; (vi) securities issued on a when-issued and delayed-delivery basis, including TBA mortgage-backed securities; and (vii) forward foreign currency contracts. The Fund may invest in U.S. dollar-denominated obligations and securities of foreign issuers. In addition, the Fund may purchase or write options, futures and options on futures and enter into swap transactions, including caps, collars, floors, credit default swaps and swaptions. The Fund may invest in ADRs traded on registered exchanges or on NASDAQ. The Fund may also borrow money, invest in illiquid securities and shares of other investment companies, and lend its securities to qualified borrowers.

The advisers may vary the average maturity of the securities in the Fund without limit, and there is no restriction on the maturity of any individual security.

The Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.

The "Appendix" to this SAI sets forth a description of the bond rating categories of several NRSROs. The ratings established by each NRSRO represent its opinion of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate at the time of issuance.

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Ratings are not absolute standards of quality, and may not reflect changes in an issuer's creditworthiness. Accordingly, although the Sub-Advisers will consider ratings, they will perform their own analyses and will not rely principally on ratings. The Sub-Advisers will consider, among other things, the price of the security and the financial history and condition, the prospects and the management of an issuer in selecting securities for the Fund.

The achievement of the Fund's investment objective may be more dependent on a Sub-Adviser's own credit analysis than would be the case if the Fund invested in higher rated securities. There is no bottom limit on the ratings of high yield securities that may be purchased or held by the Fund.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

CONSERVATIVE INCOME FUND—The investment objective of the Conservative Income Fund is principal preservation and a high degree of liquidity while providing current income. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated debt securities that the Fund's Sub-Adviser believes present minimal credit risks to the Fund.

Under normal market conditions, the Fund will primarily invest in short-term US dollar denominated debt securities, including: (i) commercial paper, corporate bonds and asset-based securities of U.S. and foreign issuers; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, US banks or US branches or non-US branches of foreign banks; (iii) short-term obligations issued by state and local governments; (iv) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; and (v) obligations of foreign governments (including Canadian and Provincial Government and Crown Agency obligations). The Fund may also enter into fully-collateralized repurchase agreements. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less.

Under normal circumstances, the Fund will invest at least 25% of its assets in securities issued by companies in the financial services industry, but may invest less than 25% of its assets in this industry as a temporary defensive measure.

The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SIMC. Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser also considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund is not a money market fund and does not seek to maintain a stable net asset value.

TAX-FREE CONSERVATIVE INCOME FUND—The investment objective of the Tax-Free Conservative Income Fund is preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in US dollar-denominated municipal securities that the Fund's Sub-Adviser believes present minimal credit risks to the Fund and that pay interest that (i) is exempt from federal income taxes and (ii) is not taxable under the federal alternative minimum tax applicable to individuals. The principal

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issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions.

Under normal market conditions, the Fund will primarily invest in short-term US dollar-denominated debt securities including: US municipal bonds, notes, variable rate demand notes, tender option bonds, floating rate notes, industrial development bonds, pre-refunded bonds and commercial paper. The Fund may also, to a limited extent, invest in repurchase agreements and securities subject to the alternative minimum tax or in debt securities subject to federal income tax. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less.

The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SIMC. Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole.

The Fund is not a money market fund and does not seek to maintain a stable net asset value.

REAL RETURN FUND—The investment objective of the Real Return Fund is to produce total return exceeding the rate of inflation. There can be no assurance that the Fund will achieve its investment objective.

The Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities ("TIPS") Index, which is the Fund's benchmark index.

Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements.

The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt, including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Fund is able to use a multi-manager approach under the general supervision of SIMC, whereby Fund assets would be allocated among multiple sub-advisers, the Real Return Fund's assets currently are managed directly by SIMC.

DYNAMIC ASSET ALLOCATION FUND—The investment objective of the Dynamic Asset Allocation Fund is long-term total return. There can be no assurance that the Fund will achieve its investment objective.

The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SIMC's expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers with differing investment philosophies to manage Fund assets under the general supervisions of SIMC, as discussed below.

The asset classes and market exposures used, and the Fund's allocations among them, are determined based on SIMC's views of fundamental, technical or valuation measures and may be dynamically adjusted (*i.e.* actively adjusted over long or short periods of time). The Fund may at any particular point in time be diversified across many exposures or concentrated in a limited number of exposures, including, possibly, a single asset class or market exposure.

Although the Fund will seek to achieve excess total return through its dynamic investment selection, it will also normally maintain, as a primary component of its strategy, passive exposure to the large capitalization U.S. equity market. To the extent that the Fund is not dynamically invested in other asset classes or market

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exposures, the Fund's assets will generally be passively invested in a portfolio of securities designed to track, before fees and expenses, the performance of the large capitalization U.S. equity market. This passive exposure to the large capitalization U.S. equity market is implemented by the Sub-Adviser.

The Fund may obtain asset class or market exposures by investing directly (*e.g.*, in equity and fixed income securities and other instruments) or indirectly (*e.g.*, through the use of other pooled investment vehicles, a wholly-owned subsidiary or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below.

*Equity Securities.* The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants (including equity-linked warrants) and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

*Fixed Income Securities.* The Fund may invest in fixed income securities that are investment or non-investment grade (also known as "junk bonds"), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund's fixed income investments may include mortgage-backed securities, corporate bonds and debentures, commercial paper, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, zero coupon bonds, structured notes, obligations of foreign governments, and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers.

The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government and TIPS and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations and obligations of U.S. and foreign commercial banks, such as certificates of deposit and time deposits.

The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

*Other Instruments.* The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

*Pooled Investment Vehicles.* In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and ETFs, to obtain the Fund's desired exposure to a particular asset class.

*Derivative and Commodity Instruments.* The Fund may also purchase or sell futures contracts, forward contracts, options and swaps (including swaptions, caps, floors or collars) for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. Futures contracts, forward contracts and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's exposure to the risk of particular types of securities or market segments. The Fund may purchase or sell futures contracts (and options on futures contracts) on U.S. Government securities for return enhancement and hedging purposes. The Fund may purchase and sell forward contracts on currencies or securities for return enhancement and hedging purposes. Interest rate swaps are further used to manage the Fund's yield spread sensitivity.

Swaps may be used for return enhancement or hedging purposes. Securities index and single security swaps may be used to manage the inflation-adjusted return of the Fund or to more efficiently gain exposure to a particular security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. The Fund may also, to a lesser extent, purchase or sell put or call options on securities, indexes or currencies for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure.

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The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary. The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and commodity-linked derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

*Currency Exposure.* The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance its return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (*i.e.*, take long or short positions) using futures, options and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

*Short Sales.* The Fund may engage in short sales on equity securities that are expected to underperform the market or their peers. When the Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

MULTI-STRATEGY ALTERNATIVE FUND—The investment objective of the Multi-Strategy Alternative Fund is to allocate its assets among a variety of investment strategies to seek to generate an absolute return with reduced correlation to the stock and bond markets. There can be no assurance that the Fund will achieve its investment objective.

The Fund employs a strategy intended to generate an absolute (*i.e.*, positive) return in various market cycles with reduced correlation to the stock and bond markets. The Fund allocates its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and ETFs ("underlying funds"); and/or (ii) one or more investment Sub-Advisers. In addition, SIMC directly manages a portion of the Fund's assets, which may include allocating assets to investments in underlying funds selected by SIMC. The underlying funds or Sub-Advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; and (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, pairs trading and equity market neutral. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund will allocate its assets among underlying funds and/or Sub-Advisers based on SIMC's analysis of their investment strategies and historical performance as well as SIMC's analysis of the potential for each to perform independently of one another. By allocating its assets in this manner, the Fund will seek to reduce risk, lower volatility and achieve positive returns in various market cycles. Allocation of assets to any one underlying fund, Sub-Adviser or strategy will vary based on market conditions. By investing in an underlying fund, the Fund becomes a shareholder of that underlying fund.

Underlying funds and Sub-Advisers may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies, which may include U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments, bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties, commodities, currencies, warrants, depositary receipts, ETNs and derivative instruments, principally equity options, futures contracts, options on futures contracts, forward contracts, swap agreements and credit default swaps. In addition, the Fund may invest in cash, money market instruments and other short-term obligations to achieve its investment goal.

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Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

The Fund currently allocates assets to multiple Sub-Advisers pursuant to SIMC's "manager of managers" model, and the Sub-Advisers manage a portion of the Fund's portfolio under the general supervision of SIMC.

The Fund is intended to be only one component of an investor's broader investment program and is not designed to be a complete investment program. Investors who seek to add an alternative component to their overall investment program may wish to allocate a portion of their investment to the Fund.

The Fund is operated as a "fund-of-funds" and as such, invests in the underlying funds. The Fund relies on Section 12(d)(1)(F) of the 1940 Act in purchasing shares of underlying funds that are not affiliated with the Fund or Trust. Under Section 12(d)(1)(F), the Fund and all of its affiliated persons may purchase up to 3% of an unaffiliated underlying fund's total outstanding stock. In addition to this 3% purchase limitation, the Fund must vote shares of an unaffiliated underlying fund in the same proportion as the vote of all other holders of such securities. If one or more underlying funds (that is not taxed as a RIC) generates more non-qualifying income for purposes of the "Qualifying Income Test" (as defined in the "Taxes" section of this SAI) than the Fund's portfolio management expects, then it could cause the Fund to inadvertently fail the Qualifying Income Test, thereby causing the Fund to inadvertently fail to qualify as a RIC under the Code.

DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS

The following are descriptions of the permitted investments and investment practices of the Funds, including those discussed in the applicable Prospectus and the Funds' "Investment Objectives and Policies" section of this SAI and the associated risk factors. A Fund may purchase any of these instruments and/or engage in any of these investment practices if, in the opinion of SIMC or the Sub-Advisers, such investments or investment practices will be advantageous to the Fund. A Fund is free to reduce or eliminate its activity in any of these areas. An adviser may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by a Fund's stated investment policies, including those stated below. There is no assurance that any of these strategies or any other strategies and methods of investment available to a Fund will result in the achievement of the Fund's investment objective.

With respect to the Multi-Strategy Alternative Fund, references to "Fund," where applicable, also refer to the underlying funds in which the Multi-Strategy Alternative Fund may invest.

ALTERNATIVE STRATEGIES—The Multi-Strategy Alternative Fund employs a diversified investment approach using various strategies simultaneously to realize short- and long-term gains. Such strategies are primarily designed to reduce fluctuations in the value of traditional assets and are distinguishable from traditional strategies (*i.e.*, strategies generally investing in long only equity, fixed income securities or money market instruments) employed by mutual funds. The following alternative strategies can be implemented by the Fund.

*Directional (Tactical) Strategies.* Directional trading strategies are based upon speculating on the direction of market prices of currencies, commodities, equities and bonds in the futures and cash markets. A Sub-Adviser may rely on model-based systems to generate buy and sell signals. Others use a more subjective approach, ultimately using their own discretionary judgment in implementing trades. Strategies include long/short equity, long/short credit and global tactical asset allocation.

Long/Short Equity Strategy invests in securities believed to be undervalued or offer high growth opportunities while also attempting to take advantage of an anticipated decline in the price of an overvalued

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company or index by using short sales or options on common stocks or indexes. A Sub-Adviser may also use leverage and derivatives, including options, financial futures and options on futures contracts. The Sub-Adviser seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated. The primary risk in this strategy is that the Sub-Adviser may exhibit poor security selection, losing money on both the long and short sides.

Long/Short Credit Strategy focuses on short positions by utilizing credit default swaps to anticipate the decline in the price of an overvalued security or by utilizing treasury futures to hedge interest rate risk. Strategies may also involve leverage and hedging through the use of ETFs or various derivatives, such as futures contracts, credit default swaps or total return swaps or committed term reverse repurchase facilities or other financings in order to enhance total return. The Funds may use certain derivatives to obtain greater leverage than would otherwise be achievable.

Global Tactical Asset Allocation is an investment strategy that attempts to exploit short-term market inefficiencies by taking positions in various markets with a view to profit from relative movements across those markets. The strategy focuses on general movements in the markets rather than on performance of individual securities. Generally, the strategy implements long and short positions in highly liquid futures and forward contracts across an investment universe of equity indexes, fixed income and currencies.

Event-Driven Strategies seek to exploit pricing inefficiencies that may occur before or after a corporate event, such as a bankruptcy, merger, acquisition or spinoff. A Sub-Adviser will analyze the potential event and determine the likelihood of the event actually occurring and purchase the stock of the target company with a view of selling it after its price has risen in connection with that event. Many corporate events, however, do not occur as planned. If a Sub-Adviser fails to accurately assess whether a corporate event will actually occur, it can ultimately reduce the price of a company's stock and cause the Funds to lose their investments.

Arbitrage Strategies focus on relative pricing discrepancies between instruments including equities, debt, futures contracts and options. A Sub-Adviser may employ mathematical, technical or fundamental analysis to determine incorrectly valued investments. Investments may be mispriced relative to an underlying security, related securities, groups of securities or the overall market. Positions are frequently hedged to isolate the discrepancy and to minimize market risk. Investments may represent either short-term trading opportunities or longer-term fundamental judgment on the relative performance of a security.

Fixed income or interest rate arbitrage aims to profit from price anomalies between related interest rate securities. This strategy includes interest rate swap arbitrage, U.S. and non-U.S. government bond arbitrage, forward yield curve arbitrage and mortgage-backed securities arbitrage, offsetting long and short positions in financial instruments likely to be affected by changes in interest rates.

Convertible arbitrage involves buying convertible bonds (bonds that are convertible into common stock) or shares of convertible preferred stock (stock that is convertible into common stock) that are believed to be undervalued. In addition to taking "long" positions (*i.e.*, owning the security) in convertible bonds or convertible preferred stock, a Sub-Adviser may take "short" positions (*i.e.*, borrowing and later selling the security) in the underlying common stock into which the convertible securities are exchangeable in order to hedge against market risk. The strategy is intended to capitalize on relative pricing inefficiencies between the related securities. This strategy may be employed with a directional bias (the Sub-Adviser anticipates the direction of the market) or on a market neutral basis (the direction of the market does not have a significant impact on returns). The source of return from this strategy arises from the fact that convertible bonds may be undervalued relative to other securities due to the complexity of investing in these securities. The primary risk associated with this strategy is that, in the event of an issuer bankruptcy, the short position may not fully cover the loss on the convertible security. Convertible bond hedging strategies may also be adversely affected by changes in the level of interest rates, downgrades in credit ratings, credit spread fluctuations, defaults and lack of liquidity.

Pairs trading combines a long position in a particular security with a short position in a similar security in the same or related industry or sector. A Sub-Adviser identifies a pair of securities that are correlated (*i.e.*, the price of one security moves in the same direction of the price of the other security) and looks for divergence of correlation between shares of a pair. When a divergence is noticed, the Sub-Adviser takes the opposite position

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for securities in a pair. For stocks, currencies and futures, the Sub-Adviser would take a long position for the underperforming security and a short position for the over-performing security. For options, the Sub-Adviser would write a put option for underperforming stock and a call option for outperforming stock. A profit can be realized when the divergence is corrected and the securities are brought to original correlation by market forces. Although the strategy does not have much downside risk, there is a scarcity of opportunities.

Equity value neutral seeks to buy an undervalued stock and, essentially simultaneously, short a similar overvalued stock against it, thereby taking advantage of pricing differences between the related equity securities. The strategy is designed to neutralize sector risks and will generally seek to have low correlation to major market indexes. The strategy is based on the relative difference between such companies, not whether the companies are overvalued or undervalued in absolute terms. The primary risk inherent in the strategy is that weaker companies may gain value or stronger companies may lose value relative to their peers and it is possible to lose money on both the long position and the short position.

AMERICAN DEPOSITARY RECEIPTS—ADRs, as well as other "hybrid" forms of ADRs, including EDRs, CDRs and GDRs, are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts may be sponsored or unsponsored. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

Although the two types of depositary receipt facilities (unsponsored and sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depositary may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer. Typically, however, the depositary requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights to depositary receipt holders with respect to the underlying securities.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depositary and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depositary and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request.

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ARTIFICIAL INTELLIGENCE TECHNOLOGY—The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning models and generative artificial intelligence (collectively "AI"), may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund. To the extent a Fund invests in companies that are involved in various aspects of AI, the Fund will be affected by the risks of those types of companies, including changes in business cycles, world economic growth, technological progress, and changes in government regulation. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Companies that are extensively involved in AI also may rely heavily on a combination of patents, copyrights, trademarks, and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Further, because of the innovative nature of the AI market, outpaced advancement by one company or increasing market share by one company could result in rapid and substantial declines in the value of competing companies. In addition, market reaction to the potential impact of AI could result in excess demand for access to AI-related investments, thereby resulting in accelerated growth in the market value of such companies, which may then be subject to sharp resets in the wake of news or other information that tempers expectations of AI or of particular AI-related companies, thus potentially resulting in periods of high volatility in the price of such securities, which could negatively affect the Funds' performance.

ASSET-BACKED SECURITIES—Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized risk obligations, CLOs and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities, because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and the Funds, as securityholders, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Funds must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

COLLATERALIZED DEBT OBLIGATIONS—CDOs are securitized interests in pools of non-mortgage assets. Such assets usually comprise loans or debt instruments. A CDO may be called a CLO if it holds only loans. Multiple levels of securities are issued by the CDO, offering various maturity and credit risk characteristics that

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are characterized according to their degree of credit risk. Purchasers in CDOs are credited with their portion of the scheduled payments of interest and principal on the underlying assets plus all unscheduled prepayments of principal based on a predetermined priority schedule. Accordingly, the CDOs in the longer maturity series are less likely than other asset pass-throughs to be prepaid prior to their stated maturity. The Funds may also invest in interests in warehousing facilities. Prior to the closing of a CDO, an investment bank or other entity that is financing the CDO's structuring may provide a warehousing facility to finance the acquisition of a portfolio of initial assets. Capital raised during the closing of the CDO is then used to purchase the portfolio of initial assets from the warehousing facility. A warehousing facility may have several classes of loans with differing seniority levels with a subordinated or "equity" class typically purchased by the manager of the CDO or other investors. One of the most significant risks to the holder of the subordinated class of a warehouse facility is the market value fluctuation of the loans acquired. Subordinated equity holders generally acquire the first loss positions which bear the impact of market losses before more senior positions upon settling the warehouse facility. Further, warehouse facility transactions often include event of default provisions and other collateral threshold requirements that grant senior holders or the administrator certain rights (including the right to liquidate warehouse positions) upon the occurrence of various triggering events including a decrease in the value of warehouse collateral. In addition, a subordinate noteholder may be asked to maintain a certain level of loan-to-value ratio to mitigate this market value risk. As a result, if the market value of collateral loans decreases, the subordinated noteholder may need to provide additional funding to maintain the warehouse lender's loan-to-value ratio.

COMMERCIAL PAPER—Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

COMMODITY INVESTMENTS—Certain Funds may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked instruments, which are designed to provide this exposure without direct investment in physical commodities or commodities futures contracts. Real assets are assets such as oil, gas, industrial and precious metals, livestock, agricultural or meat products or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The Sub-Advisers and, to the extent it directly manages the assets of a Fund, SIMC, seek to provide exposure to various commodities and commodity sectors. The value of commodity-linked instruments may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. The prices of commodity-linked instruments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. For example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase in value. Of course, there cannot be any guarantee that these investments will perform in the same manner in the future, and at certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity securities. In general, commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodity prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits.

Commodity-linked instruments in which a Fund invests may not produce "qualifying income" for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. To the extent a Fund invests in commodity-linked instruments directly, such Fund will seek to restrict the resulting income from such instruments so that, when combined with its other non-qualifying income, such Fund's non-qualifying income is less than 10% of its gross income. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the Qualifying Income Test,

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or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Fund invests in commodities or commodity-linked instruments directly may be limited by the Qualifying Income Test, which a Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with the Qualifying Income Test could negatively affect a shareholder's return from a Fund. Under certain circumstances, a Fund may be able to cure a failure to meet the Qualifying Income Test, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns.

CONSTRUCTION LOANS—In general, construction loans are mortgages on multifamily homes that are insured by the FHA under various federal programs of the National Housing Act of 1934 and its amendments. Several FHA programs have evolved to insure the construction financing and permanent mortgage financing on multifamily residences, nursing homes, elderly residential facilities and health care units. Project loans typically trade in two forms: either as FHA-insured or GNMA insured pass-through securities. In this case, a qualified issuer issues the pass-through securities while holding the underlying mortgage loans as collateral. Regardless of form, all projects are government-guaranteed by the U.S. Department of Housing and Urban Development through the FHA insurance fund. The credit backing of all FHA and GNMA projects derives from the FHA insurance fund, so projects issued in either form enjoy the full faith and credit backing of the U.S. Government.

Most project pools consist of one large mortgage loan rather than numerous smaller mortgages, as is typically the case with agency single-family mortgage securities. As such, prepayments on projects are driven by the incentives most mortgagors have to refinance and are very project-specific in nature. However, to qualify for certain government programs, many project securities contain specific prepayment restrictions and penalties.

Under multifamily insurance programs, the government insures the construction financing of projects as well as the permanent mortgage financing on the completed structures. This is unlike the single-family mortgage market, in which the government only insures mortgages on completed homes. Investors purchase new projects by committing to fund construction costs on a monthly basis until the project is built. Upon project completion, an investor's construction loan commitments are converted into a proportionate share of the final permanent project mortgage loan. The construction financing portion of a project trades in the secondary market as an insured CLC. When the project is completed, the investor exchanges all the monthly CLCs for an insured PLC. The PLC is an insured pass-through security backed by the final mortgage on the completed property. As such, PLCs typically have a thirty-five to forty year maturity, depending on the type of final project. There are vastly more PLCs than CLCs in the market, owing to the long economic lives of the project structures. While neither CLCs nor PLCs are as liquid as agency single-family mortgage securities, both are traded on the secondary market and would generally not be considered illiquid. The benefit to owning these securities is a relatively high yield combined with significant prepayment protection, which generally makes these types of securities more attractive when prepayments are expected to be high in the mortgage market. CLCs typically offer a higher yield due to the fact that they are somewhat more administratively burdensome.

CREDIT-LINKED NOTES—Credit-linked notes and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Additional information about derivatives and the risks associated with them is provided under "Swaps, Caps, Floors, Collars and Swaptions." Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced

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debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event.

CURRENT MARKET CONDITIONS RISK—Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. In particular, the imposition of tariffs on foreign countries has led to retaliatory tariffs by certain foreign countries and could lead to retaliatory tariffs imposed by additional foreign countries, as well as increased and prolonged market volatility, and sector-specific downturns in industries reliant on international trade. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Additionally, advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

DEMAND INSTRUMENTS—Certain instruments may entail a demand feature that permits the holder to demand payment of the principal amount of the instrument. Demand instruments may include variable amount master demand notes. Demand instruments with demand notice periods exceeding seven days are considered to be illiquid securities. Additional information about illiquid securities is provided under "Illiquid Securities" below.

DERIVATIVES—In an attempt to reduce systemic and counterparty risks associated with OTC derivative transactions, the Dodd-Frank Act requires that a substantial portion of OTC derivatives be executed in regulated markets and submitted for clearing to regulated clearinghouses. The CFTC also requires a substantial portion of derivative transactions that have historically been executed on a bilateral basis in the OTC markets to be executed through a regulated swap execution facility or designated contract market. The SEC has and is expected to continue to impose similar requirements with respect to security-based swaps. Such requirements could limit the ability of the Funds to invest or remain invested in derivatives and may make it more difficult and costly for investment funds, including the Funds, to enter into highly tailored or customized transactions. They may also render certain strategies in which a Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

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OTC trades submitted for clearing will be subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as may be adjusted to a higher amount by the Fund's Futures Commission Merchant, as well as SEC- or CFTC-mandated margin requirements. With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be required to collect initial margin from a Fund pursuant to the CFTC's or the Prudential Regulators' uncleared swap margin rules. Both initial and variation margin must be in the form of eligible collateral, and may be composed of cash and/or securities, subject to applicable regulatory haircuts. These rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions for certain entities, which may include the Funds. In the event a Fund is required to post collateral in the form of initial margin in respect of its uncleared swap transactions, all such collateral will be posted with a third-party custodian pursuant to a triparty custody agreement between the Fund, its dealer counterparty and an unaffiliated custodian.

Swap dealers and major swap participants that are registered with the CFTC and with whom a Fund may trade are subject to minimum capital and margin requirements. These requirements may apply irrespective of whether the OTC derivatives in question are traded bilaterally or cleared. OTC derivatives dealers are subject to business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory burdens. These requirements may increase the overall costs for OTC derivative dealers, which are likely to be passed along, at least partially, to market participants in the form of higher fees or less advantageous dealer marks.

Rule 18f-4 under the 1940 Act governs a Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule 18f-4 permits a Fund to enter into Derivative Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including a Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivative Transactions and certain financial instruments.

Under Rule 18f-4, "Derivative Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as

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Derivative Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (*e.g.*, firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transactions and the transaction will settle within 35 days of its trade date.

Rule 18f-4 requires that a Fund that invests in Derivative Transactions above a specified amount adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the Funds' Board, and comply with an outer limit on Fund leverage risk based on value at risk. A Fund that uses Derivative Transactions in a limited amount are considered "limited derivatives users," as defined in Rule 18f-4, will not be subject to the full requirements of Rule 18f-4, but will have to adopt and implement policies and procedures reasonably designed to manage the Funds' derivatives risk. A Fund will be subject to reporting and recordkeeping requirements regarding its use of Derivative Transactions.

The requirements of Rule 18f-4 may limit a Fund's ability to engage in Derivative Transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund. The rule also 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. There may be additional regulation of the use of Derivative Transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of Derivative Transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

More information about particular types of derivatives instruments is included below in the sections titled "Forward Foreign Currency Contracts," "Futures Contracts and Options on Futures Contracts," "Options" and "Swaps, Caps, Floors, Collars and Swaptions."

DISTRESSED SECURITIES—Distressed securities are securities of issuers that are in transition, out of favor, financially leveraged or troubled or potentially troubled, and may be, or have recently been, involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. Distressed securities are considered risky investments, although they may also offer the potential for correspondingly high returns.

Such issuers' securities may be considered speculative, and the ability of such issuers to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such issuers.

DOLLAR ROLLS—Dollar rolls are transactions in which securities (usually mortgage-backed securities) are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. The difference between the sale price and the purchase price (plus any interest earned on the cash proceeds of the sale) is netted against the interest income foregone on the securities sold to arrive at an implied borrowing rate. Alternatively, the sale and purchase transactions can be executed at the same price, with a Fund being paid a fee as consideration for entering into the commitment to purchase. Dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by a Fund to buy a security. If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into dollar rolls include the risk that the value of the security may change adversely over the term of the dollar roll and that the security a Fund is required to repurchase may be worth less than the security that the Fund originally held.

A Fund must comply with Rule 18f-4 under the 1940 Act with respect to its dollar roll transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

EQUITY-LINKED WARRANTS—Equity-linked warrants provide a way for investors to access markets where entry is difficult and time consuming due to regulation. Typically, a broker issues warrants to an investor and then purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the investor exercises his call and closes his position, the shares are sold and the warrant is redeemed with the proceeds.

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Each warrant represents one share of the underlying stock. Therefore, the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrant can be redeemed for 100% of the value of the underlying stock (less transaction costs). As American-style warrants, they can be exercised at any time. The warrants are U.S. dollar-denominated and priced daily on several international stock exchanges.

There are risks associated with equity-linked warrants. The investor will bear the full counterparty risk to the issuing broker; however, SIMC or a Sub-Adviser may select to mitigate this risk by only purchasing from issuers with high credit ratings. Equity-linked warrants also have a longer settlement period because they go through the same registration process as the underlying shares (about three weeks) and during this time the shares cannot be sold. There is currently no active trading market for equity-linked warrants. Certain issuers of such warrants may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in such warrants may be limited by certain investment restrictions contained in the 1940 Act.

EQUITY SECURITIES—Equity securities represent ownership interests in a company and include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock.

In general, investments in equity securities are subject to market risks, which may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. The Funds purchase and sell equity securities in various ways, including through recognized foreign exchanges, registered exchanges in the United States or the OTC market. Equity securities are described in more detail below:

*Common Stock.* Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

*Preferred Stock.* Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. A Fund may purchase preferred stock of all ratings as well as unrated stock.

*Warrants.* Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

*Convertible Securities.* Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged by the holder or by the issuer into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields that are higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of

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convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk and are often lower-quality securities. The Funds that invest in convertible securities may purchase convertible securities of all ratings, as well as unrated securities.

*Small and Medium Capitalization Issuers.* Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management associated with small and medium capitalization companies. The securities of small and medium capitalization companies typically have lower trading volumes than large capitalization companies and consequently are often less liquid. Such securities may also have less market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

*Initial Public Offerings ("IPOs").* Certain Funds may purchase securities of companies that are offered pursuant to an IPO. An IPO is a company's first offering of stock to the public in the primary market, typically to raise additional capital. Like all equity securities, IPO securities are subject to market risk and liquidity risk, but those risks may be heightened for IPO securities. The market value of IPO securities may fluctuate considerably due to factors such as the absence of a prior public market for the security, unseasoned trading of the security, the small number of shares available for trading, limited information about the issuer, and aberrational trading activity and market interest surrounding the IPO. There is also the possibility of losses resulting from the difference between the issue price and potential diminished value of the security once it is traded in the secondary market. In addition, the purchase of IPO securities may involve high transaction costs. The Funds' investment in IPO securities may have a significant positive or negative impact on the Funds' performance and may result in significant capital gains.

EUROBONDS—A Eurobond is a fixed income security denominated in U.S. dollars or another currency and sold to investors outside of the country whose currency is used. Eurobonds may be issued by government or corporate issuers and are typically underwritten by banks and brokerage firms from numerous countries. Although Eurobonds typically pay principal and interest in Eurodollars or U.S. dollars held in banks outside of the United States, they may pay principal and interest in other currencies.

EXCHANGE-TRADED PRODUCTS—Certain Funds may directly purchase shares of or interests in ETPs (including ETFs, ETNs and exchange-traded commodity pools). A Fund will only invest in ETPs to the extent consistent with its investment objectives, policies, strategies and limitations.

The risks of owning interests of ETPs generally reflect the risks of owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the NAV of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked instruments, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

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ETFs. ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An "index-based ETF" seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

ETNs. ETNs are generally senior, unsecured, unsubordinated debt securities issued by a sponsor. ETNs are designed to provide investors with a different way to gain exposure to the returns of market benchmarks, particularly those in the natural resource and commodity markets. An ETN's returns are based on the performance of a market index minus fees and expenses. ETNs are not equity investments or investment companies, but they do share some characteristics with those investment vehicles. As with equities, ETNs can be shorted, and as with ETFs and index funds, ETNs are designed to track the total return performance of a benchmark index. Like ETFs, ETNs are traded on an exchange and can be bought and sold on the listed exchange. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. The market value of an ETN is determined by supply and demand, the current performance of the market index to which the ETN is linked and the credit rating of the ETN issuer.

The market value of ETN shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the securities/commodities/instruments underlying the index that the ETN seeks to track. The value of an ETN may also change due to a change in the issuer's credit rating. As a result, there may be times when an ETN share trades at a premium or discount to its NAV.

Certain ETNs may not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. The Funds intend to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Funds may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

Exchange-Traded Commodity Pools. Exchange-traded commodity pools are similar to ETFs in some ways, but are not structured as registered investment companies. Shares of exchange-traded commodity pools trade on an exchange and are registered under the 1933 Act. Unlike mutual funds, exchange-traded commodity pools generally will not distribute dividends to shareholders. There is a risk that the changes in the price of an exchange-traded commodity pool's shares on the exchange will not closely track the changes in the price of the underlying commodity or index that the pool is designed to track. This could happen if the price of shares does not correlate closely with the pool's NAV, the changes in the pool's NAV do not correlate closely with the changes in the price of the pool's benchmark, or the changes in the benchmark do not correlate closely with the changes in the cash or spot price of the commodity that the benchmark is designed to track. Exchange-traded commodity pools are often used as a means of investing indirectly in a particular commodity or group of commodities, and there are risks involved in such investments. Commodity prices are inherently volatile, and the market value of a commodity may be influenced by many unpredictable factors which interrelate in complex ways, such that the effect of one factor may offset or enhance the effect of another. Supply and demand for certain commodities tends to be particularly concentrated. Commodity markets are subject to temporary distortions or other disruptions due to various factors, including periodic illiquidity in the markets for certain positions, the participation of speculators, and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These and other risks and hazards that are inherent in a commodity or group of commodities may cause the price of that commodity or group of commodities to fluctuate widely, which will, in turn, affect the price of the exchange-traded commodity pool that invests in that commodity or group of commodities. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable

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regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in exchange-traded commodity pools or the ability of an exchange-traded commodity pool to continue to implement its investment strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on exchange-traded commodity pools is impossible to predict, but could be substantial and adverse.

Exchange-traded commodity pools generally do not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. The Funds intend to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Funds may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

FIXED INCOME SECURITIES—Fixed income securities consist primarily of debt obligations issued by governments, corporations, municipalities and other borrowers, but may also include structured securities that provide for participation interests in debt obligations. The market value of the fixed income securities in which a Fund invests will change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments. Changes in the value of these securities will not necessarily affect cash income derived from these securities, but will affect a Fund's NAV.

Securities held by a Fund that are guaranteed by the U.S. Government, its agencies or instrumentalities guarantee only the payment of principal and interest and do not guarantee the yield or value of the securities or the yield or value of the Fund's shares.

There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates.

Additional information regarding fixed income securities is described below:

*Duration.* Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investment Grade Fixed Income Securities.* Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by a NRSRO, or, if not rated, are determined to be of comparable quality by SIMC or a Sub-Adviser, as applicable. See "Appendix A-Description of Ratings" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments, not the market risk, of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Securities rated Baa3 or higher by Moody's or BBB- or higher by S&P are considered by those rating agencies to be "investment grade" securities, although securities rated Baa3 or BBB- lack outstanding investment characteristics and have speculative characteristics. Although issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest

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and principal for debt in this category than debt in higher-rated categories. In the event a security owned by a Fund is downgraded below investment grade, SIMC or a Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the security.

*Lower-Rated Securities.* Lower-rated bonds or non-investment grade bonds are commonly referred to as "junk bonds" or high yield/high-risk securities. Lower-rated securities are defined as securities rated below the fourth highest rating category by an NRSRO. Such obligations are speculative and may be in default.

Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (known as "credit risk") and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (known as "market risk"). Lower-rated or unrated (*i.e.*, high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Yields and market values of high yield securities will fluctuate over time, reflecting not only changing interest rates but also the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium- to lower-rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates.

Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high yield securities and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. In addition, the secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. As a result, it may be more difficult for a Fund to sell these securities, or a Fund may only be able to sell the securities at prices lower than if such securities were highly liquid. Furthermore, a Fund may experience difficulty in valuing certain high yield securities at certain times. Under these circumstances, prices realized upon the sale of such lower-rated or unrated securities may be less than the prices used in calculating the Fund's NAV. Prices for high yield securities may also be affected by legislative and regulatory developments.

Lower-rated or unrated fixed income obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, a Fund may have to replace the security with a lower-yielding security, resulting in a decreased return for investors. If a Fund experiences unexpected net redemptions, it may be forced to sell its higher-rated securities, resulting in a decline in the overall credit quality of the Fund's investment portfolio and increasing the Fund's exposure to the risks of high yield securities.

A Fund may invest in securities rated as low as "C" by Moody's or "D" by S&P and may invest in unrated securities that are of comparable quality as "junk bonds."

Sensitivity to Interest Rate and Economic Changes. Lower-rated bonds are very sensitive to adverse economic changes and corporate developments. During an economic downturn, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. If the issuer of a bond defaulted on its obligations to pay interest or principal or entered into bankruptcy proceedings, a Fund may incur losses or expenses in seeking recovery of amounts owed to it. In addition, periods of economic uncertainty and change can be expected to result in increased volatility of market prices of high-yield, high-risk bonds and a Fund's NAV.

Payment Expectations. High-yield, high-risk bonds may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund would have to replace the security with a lower-yielding security, resulting in a decreased return for investors. Conversely, a high-yield, high-risk bond's value may decrease in a rising interest rate market, as will the value of a Fund's assets. If a Fund experiences significant unexpected net redemptions, it may be forced to sell high-yield, high-risk bonds without regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing the Fund's rate of return.

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Liquidity and Valuation. There may be little trading in the secondary market for particular bonds, which may adversely affect a Fund's ability to value accurately or dispose of such bonds. Adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the value and liquidity of high-yield, high-risk bonds, especially in a thin market.

Taxes. A Fund may purchase debt securities (such as zero coupon or pay-in-kind securities) that contain original issue discount. Original issue discount that accretes in a taxable year is treated as earned by a Fund and is therefore subject to the distribution requirements applicable to RICs under Subchapter M of the Code. Because the original issue discount earned by a Fund in a taxable year may not be represented by cash income, the Fund may have to dispose of other securities and use the proceeds to make distributions to shareholders.

FOREIGN SECURITIES AND EMERGING AND FRONTIER MARKETS—Foreign securities are securities issued by non-U.S. issuers. Investments in foreign securities may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuations in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices that differ from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally, subject to less government supervision and regulation and different accounting treatment than those in the United States. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks.

The value of a Fund's investments denominated in foreign currencies will depend on the relative strengths of those currencies and the U.S. dollar, and a Fund may be affected favorably or unfavorably by changes in the exchange rates or exchange or currency control regulations between foreign currencies and the U.S. dollar. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and gains, if any, to be distributed to shareholders by a Fund. Such investments may also entail higher custodial fees and sales commissions than domestic investments.

A Fund's investments in emerging and frontier markets can be considered speculative and therefore may offer higher potential for gains and losses than investments in developed markets. With respect to an emerging market country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war), which could adversely affect the economies of such countries or investments in such countries. "Frontier market countries" are a subset of emerging market countries with even smaller national economies, so these risks may be magnified further. The economies of emerging and frontier countries are generally heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

In addition to the risks of investing in debt securities of emerging and frontier markets, a Fund's investment in government or government-related securities of emerging and frontier market countries and restructured

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debt instruments in emerging and frontier markets are subject to special risks, including the inability or unwillingness to repay principal and interest, requests to reschedule or restructure outstanding debt and requests to extend additional loan amounts. A Fund may have limited recourse in the event of default on such debt instruments.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Funds. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Funds' investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

<u>Investments in the United Kingdom</u>—On January 31, 2020, the UK officially withdrew from the EU (commonly known as "Brexit"). Following a transition period, the United Kingdom's post-Brexit trade agreement with the European union passed into law in December 2020, became effective on a provisional basis on January 1, 2021, and formally entered into force on May 1, 2021.

The impact of Brexit on the UK, the EU and global markets remains unclear and will depend largely upon the UK's ability to negotiate favorable terms with the EU with respect to trade and market access. Brexit may also impact each of these markets should it lead to the creation of divergent national laws and regulations that produce new legal regimes and unpredictable tax consequences. As a result of the uncertain consequences of Brexit, the economies of the UK and EU as well as the broader global economy could be significantly impacted, which may result in increased volatility and illiquidity, and potentially lower economic growth on markets in the UK, EU and globally that could potentially have an adverse effect on the value of a Fund's investments.

<u>Investments in China</u>—China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. While progress has been made in aligning audit oversight between China and the United States, including the PCAOB's recent inspections of certain Chinese companies, significant differences remain in accounting, auditing, and financial reporting standards. Therefore, foreign investors may face challenges in accessing reliable and transparent financial information, and disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund to obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. For example, Executive Orders have been issued prohibiting U.S. persons from purchasing or investing in publicly-traded securities of certain companies identified by the U.S. Government because of their ties to the Chinese military or China's surveillance technology sector. These restrictions have also applied to instruments that are derivative of, or are designed to provide investment exposure to, those companies. The list of affected securities is subject to change and has expanded over time. As a result, these restrictions may reduce the liquidity of designated securities, impact their market prices, and potentially create broader market effects for other Chinese-based issuers. As a result of an increase in the number of investors looking to sell such securities, or because of an inability to participate in an investment that the Adviser or a Sub-Adviser otherwise believes is attractive, a Fund may incur losses. Certain investments that are or become designated as prohibited investments may have less liquidity as a result of such designation and the market price of such prohibited investments may decline, potentially causing losses to a Fund. In addition, the market for securities and other investments of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

*Investments in the China A-Shares.* A Fund may invest in equity securities of certain Chinese companies or ETFs in the People's Republic of China ("PRC") (such securities, collectively referred to as "PRC A-shares") through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, the "Stock Connect") subject to any applicable laws, rules and regulations. PRC A-shares traded through the Stock Connect are referred to as "Stock Connect Securities," which include those listed on the SSE

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market ("SSE Securities") and the SZSE market ("SZSE Securities"). The Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between PRC and Hong Kong. This program allows foreign investors to trade eligible SSE-listed or SZSE-listed PRC A-Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in the Stock Connect will trade and settle SSE or SZSE Securities in the offshore Renminbi ("CNH") only. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of the PRC via the Stock Connect a Fund is subject to the following additional risks:

*General Risks.* The relevant regulations governing the Stock Connect program have become more established through years of implementation. However, they remain subject to change and may have potential retrospective effect. Regulatory or policy adjustments could adversely affect a Fund's investment in PRC A-Shares. The program requires the use of new information technology systems which may be subject to operational risk due to the program's cross-border nature. Additionally, increasing cybersecurity risks, including potential cyberattacks on cross-border trading systems, could adversely impact the program's operations and a Fund's ability to trade PRC A-Shares.

Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Stock Connect is not trading. As a result, a Fund may be subject to the risk of price fluctuations in PRC A-Shares when the Fund cannot carry out any PRC A-Shares trading.

Each of the Hong Kong Stock Exchange ("SEHK"), SSE and SZSE reserves the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. In case of a suspension, the Fund's ability to access the PRC market will be adversely affected.

PRC regulations impose restrictions on selling and buying certain Stock Connect securities from time to time. In the event that a Stock Connect security is recalled from the scope of eligible securities for trading via Stock Connect, the ability of the Fund to invest in Stock Connect Securities will be adversely affected.

*Clearing and Settlement Risk.* HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house.

In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. However, there is no guarantee that full recovery will be achieved, and investors may suffer losses as a result. As ChinaClear does not contribute to the HKSCC guarantee fund, HKSCC will not use the HKSCC guarantee fund to cover any residual loss as a result of closing out any of ChinaClear's positions. HKSCC will in turn distribute the Stock Connect Securities and/or monies recovered to clearing participants on a pro-rata basis. The relevant broker through whom a Fund trades shall in turn distribute Stock Connect Securities and/or monies to the extent recovered directly or indirectly from HKSCC. As such, a Fund may not fully recover their losses or their Stock Connect Securities and/or the process of recovery could be delayed.

*Legal/Beneficial Ownership.* The Stock Connect Securities purchased by a Fund will be held by the relevant sub-custodian in accounts in the Hong Kong Central Clearing and Settlement System ("CCASS") maintained by the HKSCC, as central securities depositary in Hong Kong. The HKSCC will be the "nominee holder" of the Funds' Stock Connect Securities traded through Stock Connect. The Stock Connect regulations as promulgated by the China Securities Regulatory Commission ("CSRC") expressly provide that HKSCC acts as nominee holder

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and that the Hong Kong and overseas investors (such as the Funds) enjoy the rights and interests with respect to the Stock Connect Securities acquired through Stock Connect in accordance with applicable laws. The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. Therefore, although the Funds' ownership may be ultimately recognised, it may suffer difficulties or delays in enforcing its rights over its Stock Connect Securities.

To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that a Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that the Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Consequently, the value of the Fund's investment in PRC A-Shares and the amount of its income and gains could be adversely affected.

*Participation in corporate actions and shareholder meetings.* Hong Kong and overseas investors (including the Fund) are holding Stock Connect Securities traded via the Stock Connect through their brokers or custodians, and they need to comply with the arrangement and deadline specified by their respective brokers or custodians (*i.e.* CCASS participants). The time for them to take actions for some types of corporate actions of Stock Connect Securities may be as short as one business day only. Therefore, the Fund may not be able to participate in some corporate actions in a timely manner. According to existing mainland practice, multiple proxies are not available. Therefore, the Fund may not be able to appoint proxies to attend or participate in shareholders' meetings in respect of the Stock Connect Securities.

*Operational Risk.* The HKSCC provides clearing, settlement, nominee functions and other related services in respect of trades executed by Hong Kong market participants. PRC regulations impose certain restrictions on the buying and selling of A-Shares, including pre-trade checking requirements. For investors not using SPSA (Special Segregated Account) or Master SPSA accounts (Master Special Segregated Account), pre-delivery of shares to the broker may be required, which could increase counterparty risk. Consequently, a Fund may face delays or operational challenges in purchasing or disposing of PRC A-Shares in a timely manner.

*Quota Limitations.* The Stock Connect program is subject to daily quota limitations which require that buy orders for A-shares be rejected once the daily quota is exceeded. These limitations may restrict a Fund from investing in A-shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change.

*Investor Compensation.* A Fund will not benefit from the China Securities Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy, and administrative takeover by the China Securities Regulatory Commission). Because the Fund is carrying out trading of PRC A-Shares through securities brokers in Hong Kong, but not mainland China brokers, it is not protected by the China Securities Investor Protection Fund.

That said, if the Fund suffers losses due to default matters of its securities brokers in Hong Kong in relation to the investment of PRC A-Shares through the Stock Connect program, it would be compensated by Hong Kong's Investor Compensation Fund.

<u>Investments in the China Interbank Bond Market</u>—A Fund may invest in the China Interbank Bond Market (the "CIBM") through the Bond Connect program (the "Bond Connect") subject to any applicable regulatory limits. Bond Connect is a bond trading and settlement linked program developed by the People's Bank of China ("PBOC"), the Hong Kong Monetary Authority ("HKMA"), China Foreign Exchange Trade System & National

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Interbank Funding Centre ("CFETS"), China Central Depository & Clearing Co., Ltd. ("CCDC"), Shanghai Clearing House ("SHCH"), HKEx and Central Moneymarkets Unit ("CMU"), with the aim of achieving mutual bond market access between the PRC and Hong Kong. For the time being, this program allows eligible Hong Kong and overseas investors to invest in the bonds traded in the CIBM through the northbound trading of Bond Connect (the "Northbound Trade Link") only.

Starting July 3, 2017, eligible Hong Kong and overseas investors may use their own sources of Renminbi in the PRC offshore market CNH or convert foreign currencies into the Renminbi to invest in CIBM bonds under Bond Connect. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and Renminbi in respect of such investments. Currently, there is no investment quota for the Northbound Trade Link.

By seeking to invest in the CIBM via Bond Connect, a Fund is subject to the following additional risks:

*General Risk.* Although there is no quota limitation regarding investment via the Bond Connect, a Fund is required to make further filings with the PBOC if it wishes to increase its anticipated investment size or if there is any material change to the filed information. There is no guarantee the PBOC will accept such further filings. In the event any further filings for an increase in the anticipated investment size are not accepted by the PBOC, a Fund's ability to invest in the CIBM will be limited and the performance of the Fund may be unfavourably affected as a result. The PBOC will exercise on-going supervision of the onshore settlement agent and the Fund's trading under the CIBM rules. The PBOC may take relevant administrative actions such as suspension of trading and mandatory exit against the Fund in the event of non-compliance with the CIBM Rules.

*Market Risk.* A Fund investing in the CIBM is subject to liquidity and volatility risks. Market volatility and potential lack of liquidity due to possible low trading volume of certain bonds in the CIBM may result in prices of certain bonds traded in the CIBM fluctuating significantly. The bid and offer spreads of the prices of such bonds may be large, and the Fund may therefore incur significant trading and realization costs and may even suffer losses when selling such investments.

To the extent that a Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by failing to deliver relevant securities or to make payment.

*Third Party Agent Risk.* Under the Northbound Trading Link, CFETS or other institutions recognized by PBOC (as the registration agents) shall apply for registration with PBOC for the eligible Hong Kong and overseas investors. In addition, CMU (as the offshore custody agent recognized by the HKMA) shall open a nominee account with CCDC/SHCH (as the onshore custody agent) as nominee holder of the CIBM bonds purchased by Hong Kong and overseas investors through Bond Connect.

As the relevant filings, registration with PBOC, and account opening have to be carried out by an onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be), a Fund is subject to the risks of default or errors on the part of such third parties.

*Operational Risk.* Bond Connect provides a relatively new channel for investors from Hong Kong and overseas to access the CIBM directly. It is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant authorities.

The "connectivity" in Bond Connect requires routing of orders across the border. This requires the development of new information technology systems. There is no assurance that the systems of market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted. A Fund's ability to access the CIBM (and hence to pursue its investment strategy) will be adversely affected.

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*Regulatory Risk.* The PBOC Bond Connect rules are departmental regulations having legal effect in the PRC. However, the application of such rules is untested, and there is no assurance that PRC courts will recognize such rules.

Bond Connect is novel in nature and is subject to regulations promulgated by regulatory authorities and implementation rules made by the relevant authorities in the PRC and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Bond Connect.

The regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change which may have potential retrospective effect. In the event that the relevant PRC authorities suspend account opening or trading under the Bond Connect, the ability of the Fund to invest in the CIBM and the ability of the Fund to achieve its investment objective will be adversely affected. In addition, there can be no assurance that Bond Connect will not be abolished. A Fund which may invest in the CIBM through Bond Connect may be adversely affected as a result of such changes.

*Legal/Beneficial Ownership Risk.* CIBM bonds will be held by CMU as a nominee holder of the bonds purchased by foreign investors through Bond Connect. The PBOC has made it clear that the ultimate investors are the beneficial owners of the relevant bonds and shall exercise their rights against the bond issuer through CMU as the nominee holder. The PBOC also made various references to Stock Connect and indicated the position is essentially the same. Please refer to the Investments in the China A-Shares section for more information. While the distinct concepts of nominee holder and beneficial owner are referred to under PBOC rules or regulations, as well as other laws and regulations in the PRC, the application of such rules is untested, and there is no assurance that PRC courts will recognize such concepts. Therefore, although the Funds' ownership may be ultimately recognized, it may suffer difficulties or delays in enforcing its rights over CIMB bonds.

<u>Tax within the PRC</u>*.* Uncertainties in the PRC tax rules governing taxation of income and gains from investments in PRC securities could result in unexpected tax liabilities for a Fund. A Fund's investments in securities, including A-Shares and CIBM bonds, issued by PRC companies may cause the Fund to become subject to withholding and other taxes imposed by the PRC.

If a Fund were considered to be a tax resident enterprise of the PRC, it would be subject to PRC corporate income tax at the rate of 25% on its worldwide taxable income. If a Fund were considered to be a non-tax resident enterprise with a "permanent establishment" in the PRC, it would be subject to PRC corporate income tax on the profits attributable to the permanent establishment. SIMC and the Funds' Sub-Advisers intend to operate the Funds in a manner that will prevent them from being treated as tax resident enterprises of the PRC and from having a permanent establishment in the PRC. It is possible, however, that the PRC could disagree with that conclusion, or that changes in PRC tax law could affect the PRC corporate income tax status of a Fund.

Unless reduced or exempted by the applicable tax treaties, the PRC generally imposes withholding income tax at the rate of 10% on dividends, premiums, interest and capital gains originating in the PRC and paid to a company that is not a resident of the PRC for tax purposes and that has no permanent establishment in China.

SIMC, the Funds' Sub-Advisers or a Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares, CIBM bonds and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if SIMC, the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

*Taxation of A-Shares*. The Ministry of Finance of the PRC, the State Administration of Taxation of the PRC and the CSRC (collectively, the "PRC Authorities") issued the "Notice on the Pilot Program of Shanghai-Hong Kong Stock Connect" Caishui [2014] No.81 ("Notice 81") on October 31, 2014, which states that the capital gain from disposal of A-Shares by foreign investors enterprises via the Shanghai-Hong Kong Stock Connect program

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will be temporarily exempt from withholding income tax. Notice 81 also states that the dividends derived from A-Shares by foreign investors enterprises are subject to 10% withholding income tax, unless a lower rate is applicable under a relevant tax treaty.

The PRC Authorities issued the "Notice on the Pilot Program of Shenzhen-Hong Kong Stock Connect" Caishui [2016] No.127 ("Notice 127") on November 5, 2016, which states that the capital gain from disposal of A-Shares by foreign investors enterprises via the Shenzhen-Hong Kong Stock Connect program will be temporarily exempt from withholding income tax. Notice 127 also states that the dividends derived from A-Shares by foreign investors enterprises are subject to 10% withholding income tax, unless a lower rate is applicable under a relevant tax treaty.

Because there is no indication of how long the temporary exemption will remain in effect, the Funds may be subject to such withholding tax in the future. If in the future China begins applying tax rules regarding the taxation of income from A-Shares investment through the Stock Connect, and/or begins collecting capital gains taxes on such investments, a Fund could be subject to withholding tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The negative impact of any such tax liability on a Fund's return could be substantial.

SIMC or the Funds' Sub-Advisers or a Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, the Funds may be subject to such value added tax in the future. In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

Stamp duty under the PRC laws generally applies to the execution and receipt of taxable documents, which includes contracts for the sale of China A-shares traded on stock exchanges in China. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by the adviser of China A-shares will accordingly be subject to PRC stamp duty, but a Fund will not be subject to PRC stamp duty when it acquires China A-shares. A Fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SZSE-listed ETFs for Northbound Trading Link under the Stock Connect.

The PRC rules for taxation of Stock Connect are evolving, and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to a Fund and its shareholders.

*Taxation of CIBM Bonds.* The Ministry of Finance of the PRC and the State Administration of Taxation of the PRC issued Caishui No. 108 on November 7, 2018 ("Notice 108"), which states that foreign institutional investors will be temporarily exempt from the withholding income tax and value added tax on their bond interest income derived from CIBM bond interest. The temporary exemption of withholding tax and value added tax remained in effect until November 6, 2021. According to the Announcement on Continuation of Corporate Income Tax and Value-added Tax Policies for Overseas Institutions Investing in the Domestic Bond Market (Announcement [2021] No. 34), which was jointly made by the Ministry of Finance of the PRC and the State Taxation Administration of the PRC on November 22, 2021, the temporary exemption under Notice 108 will continue during the period from November 7, 2021 to December 31, 2025. However, this temporary measure has now expired, as no new regulation has been issued to further extend the exemption as of the date of this SAI.

In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on the Funds and their shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in the Funds.

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The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as the Funds.

*Political Tension Risk.* Recently there have been heightened tensions in international economic relations and rising political tensions. Notably, political tensions between the United States and China have escalated due to a series of trade, international treaty, tax, and sanctions actions taken by the United States against China, among other things, imposition of tariffs on a substantial quantity of Chinese imports; the imposition of sanctions on an expanded number of Chinese companies for their support of China's military industrial complex or alleged human rights violations; enhanced reviews by Committee on Foreign Investment in the United States of foreign direct investments in the United States by Chinese companies; the detention by US Customs and Border Protection of products made in Xinjiang involving alleged human rights violations; and the enhancement of extensive export controls on the semiconductor industry, as well as countersanctions or countermeasures from the PRC government that have been triggered or expected to be triggered. Rising political tensions could reduce levels of trade, investments and other economic activities between the two major economies, and any escalation thereof may have a negative impact on the general, economic, political, and social conditions in China and, in turn, adversely impact the Funds' portfolio securities.

<u>Investments in Variable Interest Entities ("VIEs")</u>—In seeking exposure to Chinese companies, a Fund may invest in VIE structures. Investments in companies that utilize VIE structures involve significant legal, regulatory, and operational risks that are distinct from, and may be greater than, the risks associated with direct equity ownership in the operating company.

*Mechanism of VIEs.* VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to exercise control over and obtain economic benefits from the Chinese company. Although the U.S.-listed company in a VIE structure has no equity ownership in the underlying Chinese company, the VIE contractual arrangements permit the VIE structure to consolidate its financial statements with those of the underlying Chinese company. Investors in the listed entity's securities do not hold equity interests in the China-based operating company; they hold interests in an offshore entity whose value is derived from contractual rights.

The VIE structure enables foreign investors, such as a Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted the non-Chinese ownership of such company. As a result, an investment in a VIE structure subjects a Fund to the risks associated with the underlying Chinese company. In its efforts to monitor, regulate and/or control foreign investment and participation in the ownership and operation of Chinese companies, including in particular those within the technology, telecommunications and education industries, the Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including VIEs, to the disadvantage of foreign investors, such as a Fund.

The emergence and proliferation of these U.S.-listed companies in recent years implicate a range of investor protection issues, including concerns over the extent of intervention or control by the PRC government over the Chinese operating, the enforceability of contractual arrangements, limitations on shareholder rights, the reliability of VIEs' financial reporting, and the quality of their disclosures. VIE is one of several objectives for the SEC's Office of the Investor Advocate (OIAD) in fiscal 2026.

*Risks Associated with Investments in VIEs.* The contractual arrangements in the VIE structure may not be as effective as direct ownership and are subject to substantial uncertainty and risk of unenforceability.

*PRC Government Intervention.* PRC regulators could determine that the VIE structure, the underlying contracts, or related control arrangements violate applicable law or public policy, or could otherwise prohibit, modify, or require unwinding of such structures.

PRC regulators could determine that the VIE structure, the underlying contracts, or related control arrangements violate applicable law or public policy, or could otherwise prohibit, modify, or require unwinding

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of such structures. Intervention by the Chinese government with respect to VIE structures may adversely affect both the operations of the underlying Chinese company and the enforceability of the contractual arrangements. If these risks materialize simultaneously, a Fund could face severe losses with no legal recourse.

*Change of Chinese Law.* Authorities in the PRC have broad discretion to interpret and enforce laws and regulations, which may change without notice. In particular, changes in PRC foreign investment, cybersecurity, data, national security, industry access, or listing rules, or actions by securities regulators, exchanges, or other governmental bodies in any relevant jurisdiction, could materially impair the viability of VIE structures.

*Enforceability of Contractual Arrangements.* A Fund's investment in a VIE structure is also subject to risks related to the enforceability of contractual arrangements. For example, the underlying Chinese company (or its officers, directors, or Chinese equity owners) may breach these arrangements, or changes in Chinese law may render them unenforceable. Courts in the PRC may decline to enforce some or all of the relevant contracts, or counterparties may fail or refuse to perform. If these risks materialize, the Fund could suffer significant losses on its VIE investments with little or no recourse.

If any of the foregoing occurs, investors of VIEs could experience severe adverse outcomes, including but not limited to: loss of economic exposure to the underlying operating company; significant declines in the market value or liquidity of the listed securities; inability to repatriate cash flows; subordination to onshore creditors; or forced restructuring on unfavorable terms. If these risks materialize simultaneously, a Fund could face severe losses with no legal recourse. In an extreme scenario, if the VIE structure is disallowed, invalidated, or otherwise rendered inoperative, the securities issued by the offshore listed entity could become worthless, and investors could lose their entire investment.

VIE-related risks may also interact with other risks, such as those outlined below, and may be difficult to anticipate, quantify, or mitigate.

*Limitations on Shareholder Rights.* Shareholder rights in a VIE structure are significantly limited because foreign investors do not directly own the operating company. Instead, they hold shares in an offshore shell company, relying on complex contracts that provide economic benefits but often lack real voting control. This makes rights subject to PRC law risks, potential conflicts of interest, and a lack of direct corporate governance, meaning investors lack typical equity protections and have few avenues to enforce decisions against onshore operating team.

*Reliability of Financial Reporting.* Financial reporting for VIEs is inherently complex due to opaque structures, relying heavily on subjective judgments, such as primary beneficiary evaluation, limited transparency, and potential conflicts between China's control and investor rights. Investors must scrutinize VIE disclosures, auditor reports, and legal risks, as standard GAAP/IFRS cannot fully capture off-balance sheet realities, demanding deep diligence beyond typical financial analysis.

*Quality of Disclosure.* The risk to disclosure quality under a VIE structure arises from inherent opacity and conflicts between the offshore listed entity and the onshore operating company. This can lead to potential misrepresentation of true financial health, control, and legal standing, especially concerning Chinese regulations, increasing information asymmetry and making it difficult for investors to gauge real value.

A Fund may have exposure to securities of companies that utilize VIE structures. The Fund's exposure may be concentrated in particular sectors where VIE structures are prevalent, which may amplify these risks.

To address the risks associated with investments in securities of companies employing VIE structures, a Fund and the Adviser may maintain policies and procedures reasonably designed to identify and assess which investments are subject to VIE-related risks, determine overall exposure to such risks and ensure that external materials reflect those risks. However, investors should carefully consider these risks before investing. A Fund and the Adviser may not be able to eliminate or fully mitigate VIE-related risks. There can be no assurance that a Fund's policies and procedures will be effective in preventing losses arising from VIE structures, and adverse developments could result in substantial or total loss of the value of a Fund's affected holdings.

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<u>Investments in Russia</u>—Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Russia's actions and the resulting responses by the United States and other countries could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions or future escalation of such hostilities, and the extent and impact of the resulting sanctions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber-attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could have a significant impact on a Fund's performance and the value of the Fund's investments, even though the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

<u>Investments in the Middle East.</u> Armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to affected issuers.

FORWARD FOREIGN CURRENCY CONTRACTS—A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date or range of future dates (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are generally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are charged at any stage for trades.

Forward contracts generally may not be liquidated prior to the stated maturity date, although the parties to a contract may agree to enter into a second offsetting transaction with the same maturity, thereby fixing each party's profit or loss on the two transactions. Nevertheless, each position must still be maintained to maturity unless the parties separately agree on an earlier settlement date. As a result, a party to a forward contract must be prepared to perform its obligations under each such contract in full. Parties to a forward contract may also separately agree to extend the contract by "rolling" it over prior to the originally scheduled settlement date. A Fund may use forward contracts for cash equitization purposes, which allows a Fund to invest consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

The Funds may use currency instruments as part of a hedging strategy, as described below.

*Transaction Hedging.* Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of a Fund, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. A Fund may enter into transaction hedging out of a desire to preserve the U.S. dollar price of a security when it enters into a contract for the purchase or sale of a security denominated in a foreign currency. A Fund may be able to protect itself against possible losses resulting from changes in the relationship between the U.S. dollar and foreign currencies during the period between the date the security is purchased or sold and the date on which payment is made or received by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of the foreign currency involved in the underlying security transactions.

*Position Hedging.* A Fund may sell a non-U.S. currency and purchase U.S. currency to reduce exposure to the non-U.S. currency (called "position hedging"). A Fund may use position hedging when SIMC or a Sub-Adviser

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reasonably believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar. A Fund may enter into a forward foreign currency contract to sell, for a fixed amount of U.S. dollars, the amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. The forward foreign currency contract amount and the value of the portfolio securities involved may not have a perfect correlation because the future value of the securities hedged will change as a consequence of the market between the date the forward contract is entered into and the date it matures.

*Cross Hedges.* A Fund may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has, or in which the Fund expects to have, portfolio exposure.

*Proxy Hedges.* Proxy hedging is often used when the currency to which a Fund's portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of a Fund's portfolio securities are, or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Fund's securities denominated in linked currencies.

In addition to the hedging transactions described above, the Funds may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

Unless consistent with and permitted by its stated investment policies, a Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging, described above. If consistent with and permitted by its stated investment policies, a Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. Certain Funds may engage in currency transactions for hedging purposes as well as to enhance the Fund's returns.

A non-deliverable forward transaction is a transaction that represents an agreement between a Fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed-upon foreign exchange rate on an agreed upon future date. The non-deliverable forward transaction position is closed using a fixing rate, as defined by the central bank in the country of the currency being traded, that is generally publicly stated within one or two days prior to the settlement date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, a Fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed-upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed-upon forward exchange rate and the actual exchange rate when the transaction is completed. Although forward foreign currency transactions are exempt from the definition of "swap" under the Commodity Exchange Act, non-deliverable forward transactions are not, and, thus, are subject to the CFTC's regulatory framework applicable to swaps.

The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available. An option on a currency provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, a stated quantity of the underlying currency at a fixed exchange rate up to a stated expiration date (or, in the case of certain options, on such date). The holder generally pays a nonrefundable fee for the option, referred to as the "premium," but cannot lose more than this amount, plus related transaction costs. Thus, where a Fund is a holder of options contracts, such losses will be limited in absolute amount. In contrast to a forward contract, an option imposes a binding obligation only on the seller, or "writer." If the holder exercises

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the option, the writer is obligated to complete the transaction in the underlying currency. An option generally becomes worthless to the holder when it expires. In addition, in the context of an exchange-traded option, the writer is often required to deposit initial margin and may be required to increase the margin on deposit if the market moves against the writer's position. Options on currencies may be purchased in the OTC market between commercial entities dealing directly with each other as principals. In purchasing an OTC currency option, the holder is subject to the risk of default by the writer and, for this reason, purchasers of options on currencies may require writers to post collateral or other forms of performance assurance.

Buyers and sellers of currency futures contracts are subject to the same risks that apply to the use of futures contracts generally, which are described elsewhere in this SAI. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation, which may subject a Fund to additional risk.

*Risks*. Currency transactions are subject to risks that are different from those of other portfolio transactions. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy. Although forward foreign currency contracts and currency futures tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they may limit any potential gain which might result should the value of such currency increase. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchase and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to a Fund if it is unable to deliver or receive currency or funds in the settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available.

The Funds may take active positions in currencies, which involve different techniques and risk analyses than the Funds' purchase of securities. Active investment in currencies may subject the Funds to additional risks, and the value of the Funds' investments may fluctuate in response to broader macroeconomic risks than if the Funds invested only in fixed income securities. The Funds may take long and short positions in foreign currencies in excess of the value of the Funds' assets denominated in a particular currency or when the Funds do not own assets denominated in that currency. If a Fund enters into currency transactions when it does not own assets denominated in that currency, the Fund's volatility may increase and losses on such transactions will not be offset by increases in the value of the Fund's assets.

With the exception of the Core Fixed Income and Multi-Strategy Alternative Funds, a Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging as described above.

Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to a Fund if the currency being hedged fluctuates in value to a degree in a direction that is not anticipated. Furthermore, there is a risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a Fund is engaging in proxy hedging. Suitable hedging transactions may not be available in all circumstances. Hedging transactions may also eliminate any chance for a Fund to benefit from favorable fluctuations in relevant foreign currencies.

Risks associated with entering into forward foreign currency contracts include the possibility that the market for forward foreign currency contracts may be limited with respect to certain currencies and, upon a contract's maturity, the inability of a Fund to negotiate with the dealer to enter into an offsetting transaction. As mentioned above, forward foreign currency contracts may be closed out only by the parties entering into an

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offsetting contract. This creates settlement risk in forward foreign currency contracts, which is the risk of loss when one party to the forward foreign currency contract delivers the currency it sold but does not receive the corresponding amount of the currency it bought. Settlement risk arises in deliverable forward foreign currency contracts where the parties have not arranged to use a mechanism for payment-versus-payment settlement, such as an escrow arrangement. In addition, the correlation between movements in the prices of those contracts and movements in the price of the currency hedged or used for cover will not be perfect. There is no assurance an active forward foreign currency contract market will always exist. These factors will restrict a Fund's ability to hedge against the risk of devaluation of currencies in which the Fund holds a substantial quantity of securities and are unrelated to the qualitative rating that may be assigned to any particular security. In addition, if a currency devaluation is generally anticipated, the Fund may not be able to contract to sell currency at a price above the devaluation level it anticipates. The successful use of forward foreign currency contracts as a hedging technique draws upon special skills and experience with respect to these instruments and usually depends on the ability of SIMC or a Sub-Adviser to forecast interest rate and currency exchange rate movements correctly. Should interest or exchange rates move in an unexpected manner, the Fund may not achieve the anticipated benefits of forward foreign currency contracts or may realize losses and thus be in a worse position than if those strategies had not been used. Many forward foreign currency contracts are subject to no daily price fluctuation limits so adverse market movements could continue with respect to those contracts to an unlimited extent over a period of time.

FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS—Futures contracts (also called "futures") provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made, and generally contracts are closed out prior to the expiration date of the contract.

A Fund may also invest in Treasury futures, interest rate futures, interest rate swaps, and interest rate swap futures. A Treasury futures contract involves an obligation to purchase or sell Treasury securities at a future date at a price set at the time of the contract. The sale of a Treasury futures contract creates an obligation by the Fund to deliver the amount of certain types of Treasury securities called for in the contract at a specified future time for a specified price. A purchase of a Treasury futures contract creates an obligation by the Fund to take delivery of an amount of securities at a specified future time at a specific price. Interest rate futures can be sold as an offset against the effect of expected interest rate increases and purchased as an offset against the effect of expected interest rate declines. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period.

A Fund will reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on national futures exchanges regulated by the CFTC (generally, futures must be traded on such exchanges). Subject to their permitted investment strategies, certain Funds may use futures contracts and related options for either hedging purposes or risk management purposes, or to gain exposure to currencies, as well as to enhance the Fund's returns. Instances in which a Fund may use futures contracts and related options for risk management purposes include: (i) attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; (ii) attempting to minimize fluctuations in foreign currencies; (iii) attempting to gain exposure to a particular market, index or instrument; or (iv) other risk management purposes. A Fund may use futures contracts for cash equitization purposes, which allows a Fund to invest

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consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

There are significant risks associated with a Fund's use of futures contracts and options on futures contracts, including: (i) the success of a hedging strategy may depend on SIMC or a Sub-Adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of futures and options on futures; (iii) there may not be a liquid secondary market for a futures contract or option; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations or exchange requirements may restrict trading in futures contracts and options on futures contracts. In addition, some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SECURITIES—Certain Funds may invest in securities issued by GNMA, a wholly owned U.S. Government corporation that guarantees the timely payment of principal and interest. However, any premiums paid to purchase these instruments are not subject to GNMA guarantees.

GNMA securities represent ownership in a pool of federally insured mortgage loans. GNMA certificates consist of underlying mortgages with a maximum maturity of 30 years. However, due to scheduled and unscheduled principal payments, GNMA certificates have a shorter average maturity and, therefore, less principal volatility than a comparable 30-year mortgage-backed bond. Because prepayment rates vary widely, it is not possible to accurately predict the average maturity of a particular GNMA pool. The scheduled monthly interest and principal payments relating to mortgages in the pool will be "passed through" to investors. GNMA securities differ from conventional bonds in that principal is paid back to the certificate holders over the life of the loan rather than at maturity. As a result, a Fund will receive monthly scheduled payments of principal and interest. In addition, a Fund may receive unscheduled principal payments representing prepayments on the underlying mortgages. Any prepayments will be reinvested at the then-prevailing interest rate.

Although GNMA certificates may offer yields higher than those available from other types of U.S. Government securities, GNMA certificates may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. The market value and interest yield of these instruments can vary due to market interest rate fluctuations and early prepayments of underlying mortgages. Due to this prepayment feature, GNMA certificates tend not to increase in value as much as most other debt securities when interest rates decline.

HIGH YIELD FOREIGN SOVEREIGN DEBT SECURITIES—Investing in fixed and floating rate high yield foreign sovereign debt securities will expose a Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. The ability of a foreign sovereign obligor to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. Countries such as those in which a Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate or trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors that may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other international agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others

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to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds, which may further impair the obligor's ability or willingness to timely service its debts.

ILLIQUID SECURITIES—Illiquid securities are investments that cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If, subsequent to purchase, a security held by a Fund becomes illiquid, the Fund may continue to hold the security. Because of their illiquid nature, illiquid securities must be priced at fair value as determined in good faith pursuant to procedures approved by the Board. Despite such good faith efforts to determine fair value prices, a Fund's illiquid securities are subject to the risk that the security's fair value price may differ from the actual price that the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Fund. Under the supervision of the Board, SIMC or the Sub-Adviser, as applicable, determines the liquidity of a Fund's investments. In determining the liquidity of a Fund's investments, SIMC or the Sub-Adviser, as applicable, may consider various factors, including: (i) the frequency and volume of trades and quotations; (ii) the number of dealers and prospective purchasers in the marketplace; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

INSURANCE FUNDING AGREEMENTS—An IFA is normally a general obligation of the issuing insurance company and not a separate account. The purchase price paid for an IFA becomes part of the general assets of the insurance company, and the obligation is repaid from the company's general assets. Generally, IFAs are not assignable or transferable without the permission of the issuing insurance company, and an active secondary market in IFAs may not exist. Therefore, IFAs will be subject to the Fund's limitation on investment in illiquid securities when the Fund may not demand payment of the principal amount within seven days and a reliable trading market is absent. Additional information about illiquid securities is provided under "Illiquid Securities."

INTERFUND LENDING AND BORROWING ARRANGEMENTS—The SEC has granted an exemption that permits the Funds to participate in the Program with the SEI Funds. The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than the Repo Rate and more favorable to the borrowing fund than the Bank Loan Rate. The Bank Loan Rate will be determined using a formula approved by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

All interfund loans and borrowings must comply with the conditions set forth in the exemption, which are designed to ensure fair and equitable treatment of all participating funds. Each Fund's participation in the Program must be consistent with its investment policies and limitations and is subject to certain percentage limitations. SIMC administers the Program according to procedures approved by the SEI Funds' Board of Trustees. In addition, the Program is subject to oversight and periodic review by the SEI Funds' Board of Trustees.

INVESTMENT COMPANIES—Securities of other investment companies, including shares of closed-end investment companies, unit investment trusts, open-end investment companies and REITs, represent interests in professionally managed portfolios that may invest in various types of instruments. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. When a Fund invests in an affiliated or unaffiliated investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their

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NAV. Others are continuously offered at NAV, but may also be traded in the secondary market at a premium or discount to their NAV.

Because of restrictions on direct investment by U.S. entities in certain countries, investment in other investment companies may be the most practical or the only manner in which an international and global fund can invest in the securities markets of those countries. A Fund also may be subject to adverse tax consequences to the extent it invests in the stock of a foreign issuer that constitutes a "passive foreign investment company."

Generally, federal securities laws limit the extent to which investment companies can invest in securities of other investment companies, subject to certain statutory, regulatory and other exceptions. For example an investment company is generally prohibited under Section 12(d)(1)(A) of the 1940 Act from acquiring the securities of another investment company if, as a result of such acquisition: (i) the acquiring investment company would own more than 3% of the total voting stock of the other company; (ii) securities issued by any one investment company represent more than 5% of the acquiring investment company's total assets; or (iii) securities (other than treasury stock) issued by all investment companies represent more than 10% of the total assets of the acquiring investment company, subject to certain statutory, regulatory or other exceptions. Pursuant to Rule 12d1-1 under the 1940 Act and the conditions set forth therein, a Fund may invest in one or more affiliated or unaffiliated investment companies that operate in compliance with Rule 2a-7 under the 1940 Act, in excess of the limits of Section 12(d)(1)(A). A Fund may invest in investment companies managed by SIMC or the Fund's Sub-Adviser to the extent permitted by any rule or regulation of the SEC or any order or interpretation thereunder. A Fund may invest in such Rule 2a-7 compliant investment companies for cash management purposes, including as discussed in the "Securities Lending" section below, and to serve as collateral for derivatives positions.

In addition, Rule 12d1-4 under the 1940 Act permits an investment company to invest in other investment companies beyond the statutory limits of Section 12(d)(1)(A), subject to certain conditions. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of other investment companies beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4.

A Fund may invest in Rule 2a-7 compliant investment companies for cash management purposes and to serve as collateral for derivatives positions.

Certain Funds may invest in unaffiliated underlying funds in reliance on Section 12(d)(1)(G) and Section 12(d)(1)(F) of the 1940 Act. Section 12(d)(1)(F) provides in pertinent part that issuers of any security purchased by a Fund are not obligated to redeem such security in an amount exceeding 1% of such issuer's total outstanding securities during any period of less than thirty days. As a result, shares of an unaffiliated underlying fund held by a Fund in excess of 1% of the unaffiliated underlying fund's outstanding shares could in certain circumstances be considered illiquid if it is determined that the shares may not be sold in the ordinary course of business within seven days. The liquidity of such excess shares will be considered on a case-by-case basis by SIMC based on the following factors: (i) the Adviser's knowledge of an unaffiliated underlying fund's section 12(d)(1)(F) redemption practice upon discussion with the unaffiliated underlying fund's investment adviser; (ii) the Fund's past specific redemption experiences with the unaffiliated underlying fund; (iii) the Adviser's evaluation of general market conditions that may affect securities held by the unaffiliated underlying fund; (iv) the Fund's ability to accept a redemption in-kind of portfolio securities from the unaffiliated underlying fund; (v) significant developments involving the unaffiliated underlying fund; and (vi) any other information the Adviser deems relevant.

*Exchange-Traded Funds.* ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An index-based ETF seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

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Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk and other risks associated with derivatives and will be subject to the requirements of Rule 18f-4 under the 1940 Act. The more these ETFs invest in derivative instruments that give rise to leverage, the more this leverage will magnify any losses on those investments. Because leverage tends to exaggerate the effect of any increase or decrease in the value of an ETF's portfolio securities or other investments, leverage will cause the value of an ETF's shares to be more volatile than if the ETF did not use leverage. A leveraged ETF will engage in transactions and purchase instruments that give rise to forms of leverage, including, among others, the use of reverse repurchase agreements and other borrowings, the investment of collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment transactions or short sales. Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a leveraged ETF, for any reason, is unable to close out the transaction. In addition, to the extent a leveraged ETF borrows money, interest costs on such borrowed money may not be recovered by any appreciation of the securities purchased with the borrowed funds and could exceed the ETF's investment income, resulting in greater losses. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time, which may be enhanced during the periods of increased market volatility. Consequently, leveraged ETFs may not be suitable as long-term investments.

Leveraged inverse ETFs contain all of the risks that regular ETFs present. Additionally, to the extent a Fund invests in ETFs that seek to provide investment results that match a negative multiple of the performance of an underlying index, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises-a result that is the opposite from traditional mutual funds. Leveraged inverse ETFs contain all of the risks that regular ETFs present, but also pose all of the risks associated with other leveraged ETFs as well as other inverse ETFs. These investment vehicles may be extremely volatile and can potentially expose an investing Fund to theoretically unlimited losses.

An investment company may invest in ETFs in excess of the limitations prescribed by Section 12(d)(1)(A), provided that such investment company otherwise complies with certain conditions imposed through Rule 12d1-4. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of an ETF beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4. Neither the ETFs nor their investment advisers make any representations regarding the advisability of investing in the ETFs.

Certain ETFs that in general do not register as investment companies under the 1940 Act may not produce qualifying income for purposes of the "Qualifying Income Test" or the shares of such ETFs may not be considered "securities" for purposes of the "Asset Test" (as defined below under the heading "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. If one or more ETFs generate more non-qualifying income for purposes of the Qualifying Income Test or if a Fund is not considered to be holding sufficient amounts of "securities" than SIMC or the Funds' Sub-Advisers expect, it could cause a Fund to inadvertently fail the Qualifying Income Test or Asset Test, thereby causing the Fund to inadvertently fail to qualify as a RIC under the Code, unless certain relief provisions (described in more detail under the heading "Taxes") are available to the Fund.

INVESTMENT IN A SUBSIDIARY—The Dynamic Asset Allocation Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a Subsidiary. A Subsidiary, unlike the Fund, may invest to a significant extent in commodity-linked securities and derivative instruments. The Fund may invest up to 25% of its total assets in a Subsidiary. The derivative instruments in which a Subsidiary primarily intends to invest are instruments linked to certain commodity indexes and instruments linked to the value of a particular commodity or commodity futures contract or a subset of commodities or commodity futures contracts.

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With respect to its investments, a Subsidiary will generally be subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund; however, a Subsidiary (unlike the Fund) may invest in commodity-linked swap agreements and other commodity-linked derivative instruments.

A Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in its Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and a Subsidiary, respectively, are organized, could result in the inability of the Fund and/or a Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares 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 Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, the Dynamic Asset Allocation Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, the Dynamic Asset Allocation Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any "net CFC tested income" or (NCTI) for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. NCTI generally includes the active operating profits of the CFC.

In order for the Dynamic Asset Allocation Fund to qualify as a RIC under the Code, the Fund must, among other requirements, derive at least 90% of its gross income for each taxable year from sources generating "qualifying income" for purposes of the Qualifying Income Test (as defined in the section titled "Taxes"). The Dynamic Asset Allocation Fund's investment in its 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Dynamic Asset Allocation Fund attributable to its investment in a Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Dynamic Asset Allocation Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income." The Adviser will carefully monitor the Dynamic Asset Allocation Fund's investments in its Subsidiary to ensure that no more than 25% of the Fund's assets are invested in its Subsidiary.

Subpart F income and NCTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent the Dynamic Asset Allocation Fund invests in its Subsidiary and recognizes "Subpart F" income or NCTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

The Dynamic Asset Allocation Fund's recognition of any "Subpart F" income or NCTI from an investment in its Subsidiary will increase the Dynamic Asset Allocation Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to the Dynamic Asset Allocation Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or NCTI, and will correspondingly reduce the Dynamic Asset Allocation Fund's tax basis in its Subsidiary, and any distributions in excess of the Dynamic Asset Allocation Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to the Dynamic Asset Allocation Fund's shares of its Subsidiary will not be currently

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recognized. The Dynamic Asset Allocation Fund's investment in its Subsidiary will potentially have the effect of accelerating the Dynamic Asset Allocation Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by the Dynamic Asset Allocation Fund. In addition, the net losses incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. The Dynamic Asset Allocation Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

LOAN PARTICIPATIONS AND ASSIGNMENTS—Loan participations are interests in loans to corporations or governments that are administered by the lending bank or agent for a syndicate of lending banks and sold by the lending bank, financial institution or syndicate member (so-called "intermediary bank"). In a loan participation, the borrower will be deemed to be the issuer of the participation interest, except to the extent that a Fund derives its rights from the intermediary bank. Because the intermediary bank does not guarantee a loan participation in any way, a loan participation is subject to the credit risks generally associated with the underlying borrower. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the intermediary bank. In addition, in the event the underlying borrower fails to pay principal and interest when due, a Fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the Fund had purchased a direct obligation of such borrower. Under the terms of a loan participation, a Fund may be regarded as a creditor of the intermediary bank (rather than of the underlying borrower), so that the Fund may also be subject to the risk that the intermediary bank may become insolvent.

Loan assignments are investments in assignments of all or a portion of certain loans from third parties. When a Fund purchases assignments from lenders, it will acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and assignors, however, the rights and obligations acquired by the Fund may differ from, and be more limited than, those held by the assigning lender. Loan participations and assignments may be considered liquid, as determined by SIMC or the Funds' Sub-Advisers based on criteria approved by the Board.

MASTER LIMITED PARTNERSHIPS—Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Code provides that a Fund is permitted to invest up to 25% of its assets in one or more QPTPs, which includes certain MLPs, and treat the income distributed by such QPTPs as qualifying income for purposes of the RIC annual qualifying income requirements described in the "Taxes" section below.

MONEY MARKET SECURITIES—Money market securities include: (i) short-term U.S. Government securities; (ii) custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (iii) commercial paper determined by SIMC or a Sub-Adviser to be of the highest short-term credit quality at the time of purchase; (iv) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (v) repurchase agreements involving such securities. For a description of ratings, see Appendix A to this SAI.

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MORTGAGE-BACKED SECURITIES—Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by the Funds could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as GNMA, which are backed by the "full faith and credit" of the United States, (ii) securities issued by Fannie Mae and Freddie Mac, which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) CMBS, which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Funds of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Funds and affect their share prices.

A Fund may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent the beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior. Beginning in late 2006, delinquencies, defaults and foreclosures on residential and commercial mortgage loans increased significantly, and they may again increase in the future. In addition, beginning in late 2006, numerous originators and servicers of residential mortgage loans experienced serious financial difficulties and, in many cases, went out of business or were liquidated in bankruptcy proceedings. Those difficulties resulted, in part, from declining markets for their mortgage loans as well as from claims for repurchases of mortgage loans previously sold under provisions that require repurchase in the event of early payment defaults or for breaches of representations and warranties regarding loan characteristics.

Since mid-2007, the residential mortgage market has been subject to extensive litigation and legislative and regulatory scrutiny. The result has been extensive reform legislation and regulations including with respect to loan underwriting, mortgage loan servicing, foreclosure practices and timing, loan modifications, enhanced disclosure and reporting obligations and risk retention. Numerous laws, regulations and rules related to residential mortgage loans generally, and foreclosure actions particularly, have been proposed or enacted by federal, state and local governmental authorities, which may result in delays in the foreclosure process, reduced payments by borrowers, modification of the original terms of mortgage loans, permanent forgiveness of debt, increased prepayments due to the availability of government-sponsored refinancing initiatives and/or increased reimbursable servicing expenses. Any of these factors could result in delays and reductions in distributions to residential mortgage-backed securities and may reduce the amount of investment proceeds to which a Fund would be entitled.

The conservatorship of Fannie Mae and Freddie Mac and the current uncertainty regarding the future status of these organizations may also adversely affect the mortgage market and the value of mortgage-related assets. It remains unclear to what extent the ability of Fannie Mae and Freddie Mac to act as the primary sources of liquidity in the residential mortgage markets, both by purchasing mortgage loans for their own portfolios and by guaranteeing mortgage-backed securities, may be curtailed. Legislators have repeatedly unveiled various plans to reduce and reform the role of Fannie Mae and Freddie Mac in the mortgage market and, possibly, wind

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down both institutions. Although it is unclear whether, and if so how, those plans may be implemented or how long any such wind-down or reform of Fannie Mae and Freddie Mac, if implemented, would take, a reduction in the ability of mortgage loan originators to access Fannie Mae and Freddie Mac to sell their mortgage loans may adversely affect the financial condition of mortgage loan originators. In addition, any decline in the value of agency securities may affect the value of residential mortgage-backed securities as a whole.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by a Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Funds' actual yield to maturity, even if the average rate of principal payments is consistent with a Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Collateralized Mortgage Obligations.* CMOs are securities collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment) and mortgage-backed bonds (general obligations of the issuers payable out of the issuers' general funds and additionally secured by a first lien on a pool of single family detached properties). To the extent a Fund invests in CMOs, the Fund typically will seek to invest in CMOs rated in one of the two highest categories by S&P or Moody's. Many CMOs are issued with a number of classes or series that have different expected maturities. Investors purchasing such CMOs are credited with their portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal based on a predetermined priority schedule. Accordingly, the CMOs in the longer maturity series are less likely than other mortgage pass-through securities to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance and some CMOs may be backed by GNMA certificates or other mortgage pass-through securities issued or guaranteed by U.S. Government agencies or instrumentalities, the CMOs themselves are not generally guaranteed.

*Real Estate Mortgage Investment Conduits.* REMICs are private entities formed for the purpose of holding a fixed pool of mortgages secured by interests in real property. REMIC Certificates issued by Fannie Mae or Freddie Mac represent beneficial ownership interests in a REMIC trust consisting principally of mortgage loans or Fannie Mae, Freddie Mac or GNMA-guaranteed mortgage pass-through certificates. For Freddie Mac REMIC Certificates, Freddie Mac guarantees the timely payment of interest. GNMA REMIC Certificates are backed by the full faith and credit of the U.S. Government.

*Parallel Pay Securities; Planned Amortization Class CMOs.* Parallel pay CMOs and REMICs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which must be retired by its stated maturity date or final distribution date but may be retired earlier. PAC Bonds generally require payments of a specified amount of principal on each payment date. PAC Bonds are always parallel pay CMOs, with the required principal payment on such securities having the highest priority after interest has been paid to all classes.

*Adjustable Rate Mortgage Securities.* ARMS are a form of pass-through security representing interests in pools of mortgage loans whose interest rates are adjusted from time to time. The adjustments are usually determined in accordance with a predetermined interest rate index and may be subject to certain limits. Although

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the value of ARMS, like other debt securities, generally varies inversely with changes in market interest rates (increasing in value during periods of declining interest rates and decreasing in value during periods of increasing interest rates), the value of ARMS should generally be more resistant to price swings than other debt securities because the interest rates of ARMS move with market interest rates. The adjustable rate feature of ARMS will not, however, eliminate fluctuations in the prices of ARMS, particularly during periods of extreme fluctuations in interest rates. Also, because many adjustable rate mortgages only reset on an annual basis, it can be expected that the prices of ARMS will fluctuate to the extent that changes in prevailing interest rates are not immediately reflected in the interest rates payable on the underlying adjustable rate mortgages.

*Stripped Mortgage-Backed Securities.* Stripped mortgage-backed securities are securities that are created when a U.S. Government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The holder of the PO receives the principal payments made by the underlying mortgage-backed security, while the holder of the IO receives interest payments from the same underlying security. The prices of stripped mortgage-backed securities may be particularly affected by changes in interest rates. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect.

*Estimated Average Life.* Due to the possibility of prepayments of the underlying mortgage instruments, mortgage-backed securities generally do not have a known maturity. In the absence of a known maturity, market participants generally refer to an "average life estimate." An average life estimate is a function of an assumption regarding anticipated prepayment patterns and is based upon current interest rates, current conditions in the relevant housing markets and other factors. The assumption is necessarily subjective, and thus different market participants can produce different average life estimates with regard to the same security. There can be no assurance that the estimated average life will be a security's actual average life.

MORTGAGE DOLLAR ROLLS—Mortgage dollar rolls, or "covered rolls," are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase, typically in 30 or 60 days, substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, a Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and initially may involve only a firm commitment agreement by the Fund to buy a security. A "covered roll" is a specific type of mortgage dollar roll for which there is an offsetting cash position or cash equivalent securities position that matures on or before the forward settlement date of the mortgage dollar roll transaction. As used herein, the term "mortgage dollar roll" refers to mortgage dollar rolls that are not "covered rolls." If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security a Fund is required to repurchase may be worth less than the security that the Fund originally held.

MUNICIPAL SECURITIES—Municipal securities consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, refunding outstanding obligations, general operating expenses and lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities. Additional information regarding municipal securities is described below:

*Municipal Bonds.* Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Certificates of participation represent an interest

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in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement. The payment of principal and interest on private activity and industrial development bonds is generally dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. A Fund may purchase private activity or industrial development bonds if, in the opinion of counsel for the issuers, the interest paid is exempt from federal income tax. Municipal bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking, sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full faith and credit of the state, but are generally backed by the agreement of the issuing authority to request appropriations from the state legislative body.

*Municipal Leases.* Municipal leases are instruments, or participations in instruments, issued in connection with lease obligations or installment purchase contract obligations of municipalities (so-called "municipal lease obligations"). Although municipal lease obligations do not constitute general obligations of the issuing municipality, a lease obligation may be backed by the municipality's covenant to budget for, appropriate funds for and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose in the relevant years. Municipal lease obligations are a form of financing, and the market for such obligations is still developing. Municipal leases will be treated as liquid only if they satisfy criteria set forth in guidelines established by the Board, and there can be no assurance that a market will exist or continue to exist for any municipal lease obligation. Information regarding illiquid securities is provided under the section "Illiquid Securities" above.

*Municipal Notes.* Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

SIMC and/or the Sub-Adviser, as applicable, may rely on the opinion of the issuer's counsel, which is rendered at the time the security is issued, to determine whether the security is fit, with respect to its validity and tax status, to be purchased by a Fund. SIMC, the Sub-Advisers and the Funds do not guarantee this opinion is correct, and there is no assurance that the IRS will agree with such counsel's opinion.

NON-DIVERSIFICATION—As indicated in the Investment Limitations section, the Large Cap Growth Fund is non-diversified. Additionally, in seeking to track an index, the Large Cap Index Fund and the S&P 500 Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. A non-diversified Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. The Funds intend to satisfy the diversification requirements necessary to qualify as a RIC under the Code, as described more fully in the "Taxes" section of this SAI.

OBLIGATIONS OF DOMESTIC BANKS, FOREIGN BANKS AND FOREIGN BRANCHES OF U.S. BANKS—Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or

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other governmental restrictions that might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

*Bankers' Acceptances.* Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

*Bank Notes.* Bank notes are notes used to represent debt obligations issued by banks in large denominations.

*Certificates of Deposit.* Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and can normally be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

*Time Deposits.* Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, a time deposit earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

OBLIGATIONS OF SUPRANATIONAL ENTITIES—Supranational entities are entities established through the joint participation of several governments, including the Asian Development Bank, the Inter-American Development Bank, the World Bank, the African Development Bank, the European Economic Community, the European Investment Bank and the Nordic Investment Bank. The governmental members, or "stockholders," usually make initial capital contributions to the supranational entity and, in many cases, are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments.

OPTIONS—A Fund may purchase and write put and call options on indexes and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

A Fund may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or OTC markets) to manage its exposure to exchange rates.

Put and call options on indexes are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally rather than the price movements in individual securities. Options on indexes may, depending on circumstances, involve greater risk than options on securities. Because stock index options are settled in cash, when a Fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

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Each Fund may trade put and call options on securities, securities indexes and currencies, as SIMC or a Sub-Adviser determines is appropriate in seeking to achieve the Fund's investment objective, unless otherwise restricted by the Fund's investment limitations.

The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, a Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If a Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

A Fund may purchase put and call options on securities for any lawful purpose, including to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. A Fund purchasing put and call options pays a premium for such options. If price movements in the underlying securities are such that exercise of the options would not be profitable for the Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of the acquisition of securities by the Fund.

A Fund may write (*i.e.*, sell) "covered" call options on securities for any lawful purpose, including as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. Certain Funds may engage in a covered call option writing (selling) program in an attempt to generate additional income or provide a partial hedge to another position of the Fund. A call option is "covered" if the Fund either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indexes.

The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing the Fund's total return. When a Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Fund retains the risk of loss from a decline in the value of the underlying security during the option period. Although the Fund may terminate its obligation by executing a closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Fund. If such an option expires unexercised, the Fund realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Fund.

When a Fund writes an option, if the underlying securities do not increase or decrease, as applicable, to a price level that would make the exercise of the option profitable to the holder thereof, the option will generally expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which a Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price and will not participate in any increase in the price of such securities above the strike price. When a put option of which a Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities.

A Fund may purchase and write options on an exchange or OTC. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation or futures commission merchant, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is normally done by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid. The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

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*Risks.* Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) though a Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

PAY-IN-KIND BONDS—Pay-in-kind bonds are securities that, at the issuer's option, pay interest in either cash or additional securities for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment.

Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

PRIVATIZATIONS—Privatizations are foreign government programs for selling all or part of the interests in government owned or controlled enterprises. The ability of a U.S. entity to participate in privatizations in certain foreign countries may be limited by local law, or the terms on which a Fund may be permitted to participate may be less advantageous than those applicable for local investors. There can be no assurance that foreign governments will continue to sell their interests in companies currently owned or controlled by them or that privatization programs will be successful.

PUERTO RICO INVESTMENT—To the extent a Fund invests in Puerto Rico municipal securities, the Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Puerto Rico, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Puerto Rico municipal issuers. Unfavorable developments in any economic sector may have far-reaching ramifications on the overall Puerto Rico municipal market. Puerto Rico has recently experienced (and may in the future experience) significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits.

In May 2017, Puerto Rico made a filing in the U.S. District Court in Puerto Rico to commence a debt restructuring process similar to that of a traditional municipal bankruptcy. On March 15, 2022, Puerto Rico's government formally exited bankruptcy. Puerto Rico's debt restructuring plan was approved by a federal judge in January 2022, and reduced claims against Puerto Rico's government from $33 billion to just over $7.4 billion. The restructuring related to Puerto Rico's general obligation bonds, and did not resolve the bankruptcy proceedings for Puerto Rico's Highways and Transportation Authority and the Electric Power Company, which owed nearly $9 billion, the largest debt of any government agency. Restructuring plans for Puerto Rico's Highways and Transportation Authority were separately approved by a federal judge in December 2022. Amended plans to restructure the Electric Power Company's debt were submitted to the U.S. District Court in Puerto Rico on March 28, 2025 and the process is ongoing. The continued debt restructuring process could adversely affect the value of Puerto Rico municipal securities, including Puerto Rico municipal securities that are not subject to the debt restructuring process. Beginning in 2021, all nationally recognized statistical rating organizations discontinued providing ratings for Puerto Rico's general obligation debt. The continued absence of such ratings could weaken the demand for such securities and prevent those issuers from obtaining the financing they need.

The economy of Puerto Rico is closely linked to the mainland U.S. economy, as many of the external factors that affect the local economy are determined by the policies and performance of the mainland U.S. economy. Tourism makes a significant contribution to Puerto Rico's economic activity so a decline in tourism, a change in tourism trends or an economic recession that reduces worldwide disposable income could disproportionately affect Puerto Rico's economy relative to other economies that depend less on tourism.

PUT TRANSACTIONS—A Fund may purchase securities at a price that would result in a yield to maturity lower than generally offered by the seller at the time of purchase when the Fund can simultaneously acquire the right to sell the securities back to the seller, the issuer or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby

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commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity to permit a Fund to meet redemptions and remain as fully invested as possible in municipal securities. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. A Fund would limit its put transactions to institutions that SIMC or a Sub-Adviser believes present minimum credit risks, and SIMC or a Sub-Adviser would use its best efforts to initially determine and continue to monitor the financial strength of the sellers of the options by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers because adequate current financial information may not be available. In the event that any writer is unable to honor a put for financial reasons, a Fund would be a general creditor (*i.e.*, on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between a Fund and the writer may excuse the writer from repurchasing the securities; for example, a change in the published rating of the underlying municipal securities or any similar event that has an adverse effect on the issuer's credit or a provision in the contract that the put will not be exercised except in certain special cases, such as to maintain Fund liquidity. A Fund could, however, at any time sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

The securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Therefore, the put would have value only to that particular Fund. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put option, a Fund could seek to negotiate terms for the extension of such an option. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the portfolio security. The maturity of the underlying security will generally be different from that of the put. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar-weighted average maturity of a Fund including such securities, the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the writer of the put (although the final maturity of the security is later than such date).

QUANTITATIVE INVESTING—A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization.

REAL ESTATE INVESTMENT TRUSTS—REITs are entities that invest primarily in commercial real estate or real estate-related loans. A U.S. REIT is not taxed on income distributed to its shareholders or unitholders if it complies with certain requirements under the Code relating to its organization, ownership, assets and income, as well as with a requirement that it distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. By investing in REITs indirectly through a Fund, shareholders will bear not only the proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of underlying REITs.

A Fund may be subject to certain risks associated with the direct investments of REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs generally depend on their ability to generate cash flow to make

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distributions to shareholders or unitholders and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

REAL ESTATE OPERATING COMPANIES—REOCs are real estate companies that engage in the development, management or financing of real estate. Typically, REOCs provide services such as property management, property development, facilities management and real estate financing. REOCs are publicly traded corporations that have not elected to be taxed as REITs. The three primary reasons for such an election are: (i) availability of tax loss carryforwards, (ii) operation in non-REIT-qualifying lines of business, and (iii) the ability to retain earnings.

REPURCHASE AGREEMENTS—A repurchase agreement is an agreement in which one party sells securities to another party in return for cash, with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by SIMC or a Sub-Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement at all times. SIMC and the applicable Sub-Advisers monitor compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty.

Under all repurchase agreements entered into by a Fund, the Fund's custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Fund could suffer a loss. A Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. At times, the investments of a Fund in repurchase agreements may be substantial when, in the view of SIMC or the Sub-Adviser(s), liquidity or other considerations so warrant.

RESTRICTED SECURITIES—Restricted securities are securities that may not be sold freely to the public without registration under the 1933 Act or an exemption from registration. Restricted securities, including securities eligible for re-sale under Rule 144A of the 1933 Act, that are determined to be liquid are not subject to a Fund's limitation on investing in illiquid securities. The determination of whether a restricted security is illiquid is to be made by SIMC or a Sub-Adviser pursuant to guidelines adopted by the Board. Under these guidelines, SIMC or a Sub-Adviser will consider the frequency of trades and quotes for the security, the number of dealers in, and potential purchasers for, the security, dealer undertakings to make a market in the security, and the nature of the security and of the marketplace trades. In purchasing such restricted securities, SIMC and each Sub-Adviser intends to purchase securities that are exempt from registration under Rule 144A under

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the 1933 Act and Section 4(a)(2) commercial paper issued in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act, including, but not limited to, Rules 506(b) or 506(c) under Regulation D.

*Private Investments in Public Equity*—A Fund may purchase PIPEs, which are equity securities in a private placement that are issued by issuers that have outstanding publicly-traded equity securities of the same class. Shares in PIPEs generally are not publicly registered until after a certain time period from the date the private sale is completed, which can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and cannot be freely traded. Generally, such restrictions cause PIPEs to be illiquid during this restricted period. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered or that the registration will remain in effect.

REVERSE REPURCHASE AGREEMENTS AND SALE-BUYBACKS—Reverse repurchase agreements are transactions in which a Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by a Fund. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Rule permits a Fund to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the Act, or as a Derivative Transactions under Rule 18f-4. The Funds have elected to treat all reverse repurchase agreements as Derivative Transactions. See "Derivatives" above.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

In a sale-buyback transaction, a Fund sells an underlying security for settlement at a later date. A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

RISKS OF CYBER-ATTACKS—As with any entity that conducts business through electronic means in the modern marketplace, the Funds, and their service providers, may be susceptible to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Funds and their service providers use to service the Funds' operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Funds and their service providers, or various other forms of cyber security breaches. Cyber-attacks affecting a Fund, SIMC or any of the Sub-Advisers, a Fund's distributor, custodian, transfer agent, or any other of a Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber-attacks. Such costs may be ongoing because threats of cyber-attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex.

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Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber-attacks or other information security breaches in the future. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions.

SECURITIES LENDING—Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33<sup>1</sup>/<sub>3</sub>% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to SIMC nor its Sub-Advisers or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund.

A Fund may pay a part of the interest earned from the investment of collateral or other fee to an unaffiliated third party for acting as the Fund's securities lending agent.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities, as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government securities or letters of credit are used as collateral. Each Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which may include fees payable to the lending agent, the borrower, the administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

A Fund may invest the cash received as collateral through loan transactions in other eligible securities, which may include shares of an affiliated or unaffiliated registered money market fund or of an affiliated or unaffiliated unregistered money market fund that complies with the requirements of Rule 2a-7 under the 1940 Act to the extent required by the 1940 Act (see the "Investment Companies" section above). Money market funds may or may not seek to maintain a stable NAV of $1.00 per share. Investing the cash collateral subjects the Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan.

SENIOR LOANS AND BANK LOANS—Senior loans and bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the

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loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. The Funds can invest in a senior loan or bank loan either as a direct lender or through an assignment or participation.

When a Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain senior loans or bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. Although the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by a Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When a Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, a Fund may be subject to greater delays, expenses and risks than those that would have been involved if a Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by the Adviser based on criteria approved by the Board.

SIMC or a Sub-Adviser may from time to time have the opportunity to receive Confidential Information about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, SIMC or a Sub-Adviser may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of a Fund and other clients to which such Confidential Information relates (*e.g.*, publicly traded securities issued by the borrower). In such circumstances, a Fund (and other clients of SIMC or a Sub-Adviser) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, SIMC or a Sub-Adviser's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. SIMC or a Sub-Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If SIMC or a Sub-Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

SHORT SALES—Short sales may be used by a Fund as part of its overall portfolio management strategies or to offset (hedge) a potential decline in the value of a security. A Fund may engage in short sales that are either "against the box" or "uncovered." A short sale is "against the box" if, at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short.

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A short sale against the box is a taxable transaction to a Fund with respect to the securities that are sold short. Uncovered short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

When a Fund sells securities short, it may use the proceeds from the sales to purchase long positions in additional equity securities that it believes will outperform the market or its peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Leverage can amplify the effects of market volatility on a Fund's share price and make a Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

A Fund must comply with Rule 18f-4 under the 1940 Act with respect to its short sale borrowings, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

SOVEREIGN DEBT—The cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates that are adjusted based upon international interest rates. The ability to service external debt will also depend on the level of the relevant government's international currency reserves and its access to a foreign exchange. Currency devaluations may affect the ability of a sovereign obligor to obtain sufficient foreign exchange to service its external debt.

As a result of the foregoing or other factors, a governmental obligor may default on its obligations. If such an event occurs, a Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.

SPECIAL PURPOSE ACQUISITION COMPANIES—A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition or merger opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which may be traded in the over-the-counter market, may be considered illiquid and/or may be subject to restrictions on resale. An investment in a SPAC is subject a variety of risks, including that (i) a significant portion of the monies raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; (ii) an attractive acquisition or merger target may not be identified at all and the SPAC will be required to return any remaining monies to shareholders; (iii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (iv) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (v) the warrants or other rights with respect to the SPAC held by a fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) a fund will be delayed in

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receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (vii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (viii) no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the fund unable to sell its interest in the SPAC or to sell its interest only at a price below what a fund believes is the SPAC interest's intrinsic value; (ix) the values of investments in SPACs may be highly volatile, a fund may have little or no ability to hedge its exposure to a SPAC investment, and the value of a SPAC investment may depreciate significantly; (x) an investment in a SPAC may include potential conflicts and potential for misalignment of incentives in the structure of the SPAC; and (xi) the growth in SPAC offerings may increase competition for target companies and, as a result, contribute to a decline in deal quality.

STRUCTURED SECURITIES—Certain Funds may invest a portion of their assets in entities organized and operated solely for the purpose of restructuring the investment characteristics of sovereign debt obligations of emerging market issuers. This type of restructuring involves the deposit with, or purchase by, an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans or Brady Bonds) and the issuance by that entity of one or more classes of securities ("Structured Securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued Structured Securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to Structured Securities is dependent on the extent of the cash flow on the underlying instruments. Because Structured Securities of the type in which the Funds anticipate they will invest typically involve no credit enhancement, their credit risk will generally be equivalent to that of the underlying instruments. A Fund is permitted to invest in a class of Structured Securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated Structured Securities typically have higher yields and present greater risks than unsubordinated Structured Securities. Structured Securities are typically sold in private placement transactions, and there currently is no active trading market for Structured Securities. Certain issuers of such Structured Securities may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in such securities may be limited by certain investment restrictions contained in the 1940 Act.

SWAPS, CAPS, FLOORS, COLLARS AND SWAPTIONS—Swaps are centrally-cleared or OTC derivative products in which two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities (referred to as the "underlying") and a predetermined amount (referred to as the "notional amount"). The underlying for a swap may be an interest rate (fixed or floating), a currency exchange rate, a commodity price index, a security, group of securities or a securities index, a combination of any of these, or various other rates, securities, instruments, assets or indexes. Swap agreements generally do not involve the delivery of the underlying or principal, and a party's obligations are generally equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the swap agreement.

A great deal of flexibility is possible in the way swaps may be structured. For example, in a simple fixed-to-floating interest rate swap, one party makes payments equivalent to a fixed interest rate, and the other party makes payments calculated with reference to a specified floating interest rate, such as SOFR or the prime rate. In a currency swap, the parties generally enter into an agreement to pay interest streams in one currency based on a specified rate in exchange for receiving interest streams denominated in another currency. Currency swaps may involve initial and final exchanges of the currency that correspond to the agreed upon notional amount. The use of currency swaps is a highly specialized activity which involves special investment techniques and risks, including settlement risk, non-business day risk, the risk that trading hours may not align, and the risk of market disruptions and restrictions due to government action or other factors.

A Fund may engage in simple or more complex swap transactions involving a wide variety of underlying assets for various reasons. For example, a Fund may enter into a swap (i) to gain exposure to investments (such as an index of securities in a market) or currencies without actually purchasing those stocks or currencies; (ii) to make an investment without owning or taking physical custody of securities or currencies in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable; (iii) to hedge an existing position; (iv) to obtain a particular desired return at a lower cost to the Fund than if it had invested directly in an instrument that yielded the desired return; or (v) for various other reasons.

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Certain Funds may enter into credit default swaps as a buyer or a seller. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. If an event of default occurs, the seller must pay the buyer the full notional value ("par value") of the underlying in exchange for the underlying. If a Fund is a buyer and no event of default occurs, the Fund will have made a stream of payments to the seller without having benefited from the default protection it purchased. However, if an event of default occurs, the Fund, as a buyer, will receive the full notional value of the underlying that may have little or no value following default. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, provided there is no default. If an event of default occurs, the Fund would be obligated to pay the notional value of the underlying in return for the receipt of the underlying. The value of the underlying received by the Fund, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve different risks than if a Fund invests in the underlying directly. For example, credit default swaps would increase credit risk by providing the Fund with exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap. Credit default swaps may in some cases be illiquid. Furthermore, the definition of a "credit event" triggering the seller's payment obligations under a credit default swap may not encompass all of the circumstances in which the buyer may suffer credit-related losses on an obligation of a referenced entity.

The Funds may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market.

Total return swap agreements may effectively add leverage to a Fund's portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically, no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to the Fund thereunder. Swap agreements also entail the risk that a Fund will not be able to meet its obligation to the counterparty. Generally, a Fund will enter into total return swaps on a net basis (*i.e.*, the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments). Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above.

Caps, floors, collars and swaptions are privately-negotiated option-based derivative products. Like a put or call option, the buyer of a cap or floor pays a premium to the writer. In exchange for that premium, the buyer receives the right to a payment equal to the differential if the specified index or rate rises above (in the case of a cap) or falls below (in the case of a floor) a pre-determined strike level. Like swaps, obligations under caps and floors are calculated based upon an agreed notional amount, and, like most swaps (other than foreign currency swaps), the entire notional amount is not exchanged. A collar is a combination product in which one party buys a cap from and sells a floor to another party. Swaptions give the holder the right to enter into a swap. A Fund may use one or more of these derivative products in addition to or in lieu of a swap involving a similar rate or index.

Under current market practice, swaps, caps, collars and floors between the same two parties are generally documented under a "master agreement." In some cases, options and forward contracts between the parties may also be governed by the same master agreement. In the event of a default, amounts owed under all transactions entered into under, or covered by, the same master agreement would be netted, and only a single payment would be made.

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Generally, a Fund would calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, a Fund's current obligation (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each counterparty to the swap agreement (the "net amount"). A Fund's current obligation under a swap agreement will be accrued daily (offset against any amounts owed to the Fund).

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap agreements. As a result, the use of swaps has become more prevalent in comparison with the markets for other similar instruments that are also traded in OTC markets.

Swaps and other derivatives involve risks. One significant risk in a swap, cap, floor, collar or swaption is the volatility of the specific interest rate, currency or other underlying that determines the amount of payments due to and from a Fund. This is true whether these derivative products are used to create additional risk exposure for a Fund or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement a Fund is obligated to make a payment to the counterparty, the Fund must be prepared to make the payment when due. A Fund could suffer losses with respect to such an agreement if the Fund is unable to terminate the agreement or reduce its exposure through offsetting transactions. Further, the risks of caps, floors and collars, like put and call options, may be unlimited for the seller if the cap or floor is not hedged or covered, but is limited for the buyer.

Because under swap, cap, floor, collar and swaption agreements a counterparty may be obligated to make payments to a Fund, these derivative products are subject to risks related to the counterparty's creditworthiness, in addition to other risks discussed in this SAI. If a counterparty defaults, a Fund's risk of loss will consist of any payments that the Fund is entitled to receive from the counterparty under the agreement (this may not be true for currency swaps that require the delivery of the entire notional amount of one designated currency in exchange for the other). Upon default by a counterparty, however, a Fund may have contractual remedies under the swap agreement.

A Fund will enter into swaps only with counterparties that SIMC or a Sub-Adviser believes to be creditworthy.

The swap market is a relatively new market for which regulations are still being developed. The Dodd-Frank Act has substantially altered and increased the regulation of swaps. Swaps are broadly defined in the Dodd-Frank Act, CFTC rules and SEC rules, and also include commodity options and NDFs. Additionally, the Dodd-Frank Act divided the regulation of swaps between commodity swaps (such as swaps on interest rates, currencies, physical commodities, broad based stock indexes, and broad based credit default swap indexes), regulated by the CFTC, and security based swaps (such as equity swaps and single name credit default swaps), regulated by the SEC. The CFTC will determine which categories of swaps will be required to be traded on regulated exchange-like platforms, such as swap execution facilities, and which will be required to be centrally cleared. Cleared swaps must be cleared through futures commission merchants registered with the CFTC, and such futures commission merchants will be required to collect margin from customers for such cleared swaps. Additionally, all swaps are subject to reporting to a swap data repository. Dealers in swaps are required to register with the CFTC as swap dealers and are required to comply with extensive regulations regarding their external and internal business conduct practices, regulatory capital requirements, and rules regarding the holding of counterparty collateral.

TRACKING ERROR—The following factors may affect the ability of a Fund that tracks the performance of a benchmark to achieve correlation with the performance of its benchmark: (i) Fund expenses, including brokerage fees (which may be increased by high portfolio turnover); (ii) the Fund holding less than all of the securities in the benchmark and/or securities not included in the benchmark; (iii) an imperfect correlation between the performance of instruments held by the Fund, such as futures contracts and options, and the performance of the underlying securities in the market; (iv) bid-ask spreads (the effect of which may be increased by portfolio turnover); (v) the Fund holding instruments traded in a market that has become illiquid or disrupted; (vi) Fund share prices being rounded to the nearest cent; (vii) changes to the index tracked that are not

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disseminated in advance; (viii) the need to conform the Fund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements. In addition, an adviser's use of hedging techniques will generally cause a Fund's performance to diverge from that of its respective index at times when hedges are employed.

U.S. GOVERNMENT SECURITIES—Examples of types of U.S. Government obligations in which a Fund may invest include U.S. Treasury obligations and the obligations of U.S. Government agencies or U.S. Government sponsored entities such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the FHA, the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, Fannie Mae, GNMA, the General Services Administration, the Student Loan Marketing Association, the Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, the Maritime Administration and other similar agencies. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. Government securities are not guaranteed against price movements due to fluctuating interest rates.

If the total public debt of the U.S. Government as a percentage of gross domestic product reaches high levels as a result of combating financial downturn or otherwise, such high levels of debt may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may increase borrowing costs and cause a government to issue additional debt, thereby increasing the risk of refinancing. A high national debt also raises concerns that a government may be unable or unwilling to repay the principal or interest on its debt when due. Unsustainable debt levels can decline the valuation of currencies, can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns, and can contribute to market volatility.

An increase in national debt levels may also necessitate the need for the U.S. Congress to negotiate adjustments to the statutory debt ceiling to increase the cap on the amount the U.S. Government is permitted to borrow to meet its existing obligations and finance current budget deficits. Future downgrades could increase volatility in domestic and foreign financial markets, result in higher interest rates, lower prices of U.S. Treasury securities and increase the costs of different kinds of debt. Any controversy or ongoing uncertainty regarding statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected. Although remote, it is at least theoretically possible that under certain scenarios the U.S. Government could default on its debt, including U.S. Treasury securities.

*U.S. Treasury Obligations.* U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry systems known as STRIPS and TRs.

*U.S. Government Zero Coupon Securities.* STRIPS and receipts are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

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*U.S. Government Agencies.* Some obligations issued or guaranteed by agencies of the U.S. Government are supported by the full faith and credit of the U.S. Treasury (*e.g.*, Treasury bills, notes and bonds, and securities guaranteed by GNMA), others are supported by the right of the issuer to borrow from the U.S. Treasury (*e.g.*, obligations of Federal Home Loan Banks), while still others are supported only by the credit of the instrumentality (*e.g.*, obligations of Fannie Mae). Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that, in the event of a default prior to maturity, there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest neither extend to the value or yield of these securities nor to the value of a Fund's shares.

VARIABLE AND FLOATING RATE INSTRUMENTS—Certain obligations may carry variable or floating rates of interest and may involve a conditional or unconditional demand feature. Such instruments bear interest at rates that are not fixed, but that vary with changes in specified market rates or indexes. The interest rates on these securities may be reset daily, weekly, quarterly, or some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

WHEN-ISSUED AND DELAYED DELIVERY SECURITIES—When-issued and delayed delivery basis, including "TBA" (to be announced) basis, transactions involve the purchase of an instrument with payment and delivery taking place in the future. Delivery of and payment for these securities may occur a month or more after the date of the purchase commitment. A TBA transaction is a method of trading mortgage-backed securities. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date. The interest rate realized on these securities is fixed as of the purchase date, and no interest accrues to a Fund before settlement. These securities are subject to market fluctuation due to changes in market interest rates, and it is possible that the market value of these securities at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of actually acquiring securities for its portfolio, the Fund may dispose of a when-issued security or forward commitment prior to settlement if SIMC or a Sub-Adviser deems it appropriate. Rule 18f-4 under 1940 Act permits a Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security does not satisfy those requirements, the Fund would need to comply with Rule 18f-4 under the 1940 Act with respect to its when issued or delayed delivery transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

YANKEE OBLIGATIONS—Yankees are U.S. dollar-denominated instruments of foreign issuers who either register with the SEC or issue securities under Rule 144A of the 1933 Act. These obligations consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed time deposits and bankers' acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government.

The Yankees selected for a Fund will adhere to the same quality standards as those utilized for the selection of domestic debt obligations.

ZERO COUPON SECURITIES—Zero coupon securities are securities that are sold at a discount to par value and securities on which interest payments are not made during the life of the security. Upon maturity, the holder is entitled to receive the par value of the security. Although interest payments are not made on such securities, holders of such securities are deemed to have received "phantom income" annually. Because a Fund will distribute its "phantom income" to shareholders, to the extent that shareholders elect to receive dividends

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in cash rather than reinvesting such dividends in additional shares, a Fund will have fewer assets with which to purchase income producing securities. Pay-in-kind securities pay interest in either cash or additional securities, at the issuer's option, for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals.

Zero coupon, pay-in-kind and deferred payment securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. STRIPS and receipts (TRs, TIGRs, LYONs and CATS) are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturities but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

Corporate zero coupon securities are: (i) notes or debentures that do not pay current interest and are issued at substantial discounts from par value; or (ii) notes or debentures that pay no current interest until a stated date one or more years into the future, after which date the issuer is obligated to pay interest until maturity, usually at a higher rate than if interest were payable from the date of issuance, and may also make interest payments in kind (*e.g.*, with identical zero coupon securities). Such corporate zero coupon securities, in addition to the risks identified above, are subject to the risk of the issuer's failure to pay interest and repay principal in accordance with the terms of the obligation. A Fund must accrete the discount or interest on high-yield bonds structured as zero coupon securities as income even though it does not receive a corresponding cash interest payment until the security's maturity or payment date. For tax purposes, original issue discount that accretes in a taxable year is treated as earned by a Fund and therefore is subject to the distribution requirements applicable to the RICs under Subchapter M of the Code. A Fund may have to dispose of its securities under disadvantageous circumstances to generate cash or may have to leverage itself by borrowing cash to satisfy distribution requirements. A Fund accrues income with respect to the securities prior to the receipt of cash payments.

INVESTMENT LIMITATIONS

The following are fundamental and non-fundamental policies of the Funds. The following percentage limitations (except for the limitation on borrowing and illiquid investments) will apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security.

Fundamental Policies

The following investment limitations are fundamental policies of each Fund, with the exception of the Dynamic Asset Allocation Fund, which cannot be changed with respect to a Fund without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

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A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase securities of an issuer if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. This investment limitation does not apply to the Large Cap Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2(a). Concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. This investment limitation does not apply to the Real Estate Fund, which as a matter of fundamental policy, concentrates its investments in securities issued by companies primarily engaged in the real estate industry. This investment limitation does not apply to the Conservative Income, Tax-Free Conservative Income, Tax-Managed International Managed Volatility or Large Cap Index Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2(b). Each of the Tax-Free Conservative Income Fund or the Tax-Managed International Managed Volatility Fund will not concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;2(c). The Large Cap Index Fund will not concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except: (i) as may be necessary to approximate the composition of its target index; and (ii) that the Fund may invest without limitation in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities and tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Conservative Income Fund, under normal circumstances, may invest at least 25% of its assets in securities issued by companies in the financial services industry, but may invest less than 25% of its assets in this industry as a temporary defensive measure. For purposes of this policy, companies in the financial services industry include companies involved in activities such as banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Tax-Free Conservative Income Fund, under normal circumstances, will invest at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in investments the income from which is exempt from federal income taxes.

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Fundamental Policies of the Dynamic Asset Allocation Fund

The following investment limitations are fundamental policies of the Fund, which cannot be changed with respect to the Fund without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

The Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell commodities, commodities contracts and real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase securities of an issuer, except if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

The Dynamic Asset Allocation Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities, as such term is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom as amended or interpreted from time to time, except as permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

Non-Fundamental Policies

The following limitations are non-fundamental policies of each Fund, with the exception of the Dynamic Asset Allocation Fund, and, other than with respect to item 4 below, may be changed by the Board without a vote of shareholders.

No Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pledge, mortgage or hypothecate assets except to secure permitted borrowings or related to the deposit of assets in escrow or the posting of collateral in segregated accounts in compliance with applicable law or as otherwise contractually required. With respect to the S&P 500 Index Fund, the Fund may not pledge, mortgage or hypothecate assets except to secure temporary borrowings as described in this SAI in aggregate amounts not to exceed 10% of the net assets of the Fund taken at current value at the time of the incurrence of such loan and in connection with stock index futures trading as provided in this SAI.

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&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase securities on margin or effect short sales, except that each Fund may: (i) obtain short-term credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving futures contracts and options on such contracts; and (iii) make short sales "against the box" or in compliance with applicable law or as otherwise contractually required. This investment limitation does not apply to the Large Cap, Large Cap Growth, Large Cap Index, S&P 500 Index, U.S. Managed Volatility, Tax-Managed Managed Volatility, Conservative Income, Tax-Free Conservative Income, Multi-Strategy Alternative or Tax-Managed International Managed Volatility Funds.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase illiquid securities, *i.e.*, any investment that the fund reasonably expects cannot be sold in current market conditions in seven calendar days without significantly changing the market value of the investment, if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities. This investment limitation does not apply to the Real Return Fund.

&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to 75% of its assets: (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer. Based on interpretive guidance from the SEC Staff, the Large Cap Index and S&P 500 Index Fund periodically may be non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its index. The Funds intend to be diversified in approximately the same proportion as each Fund's benchmark index is diversified. This investment limitation does not apply to the Large Cap Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase any securities that would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries, provided that this limitation does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities or, with respect to the Tax-Free Conservative Income and Tax-Managed International Managed Volatility Funds, tax-exempt obligations of state or municipal governments or their political subdivisions. This investment limitation does not apply to the Conservative Income, Real Estate and Large Cap Index Fund.

&nbsp;&nbsp;&nbsp;&nbsp;6(a). Borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, provided that, for purposes of this limitation, investment strategies which either obligate a Fund to purchase securities or require a Fund to segregate assets are not considered to be borrowings. To the extent that its borrowings exceed 5% of its assets: (i) all borrowings will be repaid before a Fund makes additional investments and any interest paid on such borrowings will reduce income; and (ii) asset coverage of at least 300% is required in accordance with applicable SEC or SEC staff positions. With respect to the S&P 500 Index Fund, the Fund may not borrow money except for temporary or emergency purposes and then only in an amount not exceeding 10% of the value of the total assets of the Fund. This borrowing provision is included solely to facilitate the orderly sale of portfolio securities to accommodate substantial redemption requests if they should occur, and is not for investment purposes. All borrowings will be repaid before the Fund makes additional investments and any interest paid on such borrowings will reduce the income of the Fund. This investment limitation does not apply to the Large Cap, Large Cap Index, Small Cap, Tax-Managed International Managed Volatility, Conservative Income or Tax-Free Conservative Income Funds.

&nbsp;&nbsp;&nbsp;&nbsp;6(b). With respect to the Large Cap Index, Tax-Managed International Managed Volatility, Conservative Income and Tax-Free Conservative Income Funds, borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets), provided that, for purposes of this limitation, investment strategies which either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;7. Issue senior securities (as defined in the 1940 Act) except as permitted by rule, regulation or order of the SEC or with respect to the S&P 500 Index Fund, the Fund may not issue senior securities except in connection with permitted borrowings as described in this SAI or as permitted by rule, regulation or order of the SEC. This investment limitation does not apply to the Global Managed Volatility, Tax-Managed

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International Managed Volatility, Conservative Income, Tax-Free Conservative Income, Real Return or Multi-Strategy Alternative Funds.

&nbsp;&nbsp;&nbsp;&nbsp;8. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, except that each Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; (iii) lend its securities; and (iv) participate in the SEI Funds inter-fund lending program. With respect to the S&P 500 Index Fund, the Fund may not make loans, except that the Fund: (i) may enter into repurchase agreements, provided that repurchase agreements and time deposits maturing in more than seven days, and other illiquid securities, including securities which are not readily marketable or are restricted, are not to exceed, in the aggregate, 15% of the Fund's total assets; (ii) may engage in securities lending as described in this SAI; (iii) may purchase or hold debt instruments with its investment objectives and policies; and (iv) participate in the SEI Funds inter-fund lending program.

&nbsp;&nbsp;&nbsp;&nbsp;9(a). Purchase or sell real estate, physical commodities, or commodities contracts, except that each Fund may purchase: (i) marketable securities issued by companies which own or invest in real estate (including REITs), commodities, or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts. This investment limitation does not apply to the Tax-Managed International Managed Volatility, Conservative Income or Tax-Free Conservative Income Fund.

9(b). With respect to each of the Tax-Managed International Managed Volatility, Conservative Income and Tax-Free Conservative Income Funds, invest in unmarketable interests in real estate limited partnership or invest directly in real estate, except as permitted by the 1940 Act. For the avoidance of doubt, the foregoing policy does not prevent any Fund from, among other things, purchasing marketable securities of companies that deal in real estate or interests therein (including REITs). Each of the Conservative Income and Tax-Free Conservative Income Funds may purchase or sell financial and physical commodities, commodity contracts based on (or related to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities of financial commodities.

&nbsp;&nbsp;&nbsp;&nbsp;10. With respect to the Large Cap Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of large companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;11. With respect to the Large Cap Value Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of large companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;12. With respect to the Large Cap Growth Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of large companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;13. With respect to the Large Cap Index Fund, under normal circumstances, invest less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of the index that the Fund is currently designed to track or in depositary receipts representing securities in such index. The Fund will notify its shareholders at least 60 days prior to any change to this policy. If, subsequent to an investment, the 80% requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;14. With respect to the Tax-Managed Large Cap Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of large companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;15. With respect to the S&P 500 Index Fund, make short sales of securities, maintain a short position or purchase securities on margin, except that the Fund may obtain short-term credits as necessary for the clearance of security transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;16. With respect to the Small Cap Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of small companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;17. With respect to the Small Cap Value Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of small companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;18. With respect to the Small Cap Growth Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of small companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;19. With respect to the Tax-Managed Small/Mid Cap Fund, under normal circumstances, the Fund will invest less than 80% of its net assets in equity securities of small and mid-capitalization companies, including ETFs. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;20. With respect to the Mid-Cap Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of medium-sized companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;21. With respect to the Real Estate Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of real estate companies (*e.g.*, common stocks, rights, warrants, convertible securities and preferred stocks of REITs and REOCs). The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;22. With respect to the Core Fixed Income Fund, under normal circumstances, invest less than 80% of its net assets in fixed income securities. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;23. With respect to the High Yield Bond Fund, under normal circumstances, invest less than 80% of its net assets in fixed income securities that are rated below investment grade. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

Non-Fundamental Policies of the Dynamic Asset Allocation Fund

The following limitations are non-fundamental policies of the Dynamic Asset Allocation Fund and, other than with respect to item 7 below, may be changed by the Board without a vote of shareholders.

The Dynamic Asset Allocation Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pledge, mortgage or hypothecate assets except to secure permitted borrowings or related to the deposit of assets in escrow or the posting of collateral in segregated accounts in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase illiquid securities, *i.e.*, any investment that the fund reasonably expects cannot be sold in current market conditions in seven calendar days without significantly changing the market value of the investment, if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase any securities that would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries, except that the Fund may invest without limitation in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets), provided that, for purposes of this limitation, investment strategies which either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowings.

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&nbsp;&nbsp;&nbsp;&nbsp;5. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; (iii) lend its securities; and (iv) participate in the SEI Funds inter-fund lending program.

&nbsp;&nbsp;&nbsp;&nbsp;6. Invest in unmarketable interests in real estate limited partnerships or invest directly in real estate except as permitted by the 1940 Act. For the avoidance of doubt, the foregoing policy does not prevent the Fund from, among other things; purchasing marketable securities of companies that deal in real estate or interests therein (including REITs).

&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to 75% of its assets: (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer.

The Dynamic Asset Allocation Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase or sell financial and physical commodities, commodity contracts based on (or relating to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities.

The following descriptions of the 1940 Act may assist shareholders in understanding the above policies and restrictions.

Diversification. Under the 1940 Act, a diversified investment management company, as to 75% of its total assets, may not purchase securities of any issuer (other than securities issued or guaranteed by the U.S. Government, its agents or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's outstanding voting securities would be held by the fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser or applicable Sub-Adviser might determine that it is in the best interests of a Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser or applicable Sub-Adviser makes such a determination, a Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities. Certain Funds that track an index may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the index. Shareholder approval will not be sought when a Fund crosses from diversified to non-diversified status under such circumstances.

The Large Cap Growth Fund is a non-diversified investment management company.

Concentration. The SEC has presently defined concentration as investing 25% or more of an investment company's total assets in an industry or group of industries, with certain exceptions.

With respect to the Global Managed Volatility, Tax-Managed Managed Volatility and U.S. Managed Volatility Funds, for purposes of the industry concentration limitation specified in the SAI: (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; (iii) supranational agencies, such as the World Bank or any affiliate thereof or the United Nations, or related entities, will be deemed to be issuers conducting their principal business activities in the same industry;

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and (iv) governmental issuers within a particular country will be deemed to be conducting their principal business activities in that same industry.

Borrowing. The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33<sup>1</sup>/<sub>3</sub>% of its total assets (not including temporary borrowings not in excess of 5% of its total assets). In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" and comply with Rule 18f-4 with respect to such transactions. Transactions that are treated as derivatives for purposes of Rule 18f-4, shall not be regarded as borrowings for the purposes of a fund's investment limitations.

Senior Securities. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although certain transactions are not treated as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments.

Lending. Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies. Each Fund's non-fundamental investment policy on lending is set forth above.

Underwriting. Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

Real Estate. The 1940 Act does not directly restrict a fund's ability to invest in real estate, but does require that every fund have a fundamental investment policy governing such investments. Each Fund has adopted a fundamental policy that would permit direct investment in real estate. However, each Fund has a non-fundamental investment limitation that prohibits it from investing directly in real estate. This non-fundamental policy may be changed only by vote of each Fund's Board.

THE ADMINISTRATOR AND TRANSFER AGENT

General. SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Administrator also serves as the transfer agent for the Funds (the "Transfer Agent"). SIMC, a wholly-owned subsidiary of SEI Investments Company ("SEI"), is the owner of all beneficial interest in the Administrator and Transfer Agent. SEI and its subsidiaries and affiliates, including the Administrator and Transfer Agent, are leading providers of fund evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

Administration Agreement with the Trust. The Trust and the Administrator have entered into an administration and transfer agency agreement ("the Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative and transfer agency services or employs certain other parties, including its affiliates, who provide such services. Such services generally include, but are not limited to:

• maintaining books and records related to a Fund's cash and position reconciliations, and portfolio transactions;

• preparation of financial statements and other reports for the Funds;

• calculating the NAV of the Funds in accordance with the Funds' valuation policies and procedures;

• tracking income and expense accruals and processing disbursements to vendors and service providers;

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• providing performance, financial and expense information for registration statements and board materials;

• providing certain tax monitoring and reporting;

• providing space, equipment, personnel and facilities;

• maintaining share transfer records;

• reviewing account opening documents and subscription and redemption requests;

• calculating and distributing required ordinary income and capital gains distributions; and

• providing anti-money laundering program services.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence on the part of the Administrator in the performance of its duties or from reckless disregard of its duties and obligations thereunder.

The Administration Agreement shall remain effective for the initial term of the Agreement and each renewal term thereof unless earlier terminated: (a) by a vote of a majority of the Trustees of the Trust on not less than 60 days' written notice to the Administrator; or (b) by the Administrator on not less than 90 days' written notice to the Trust.

Administration Fees. For its administrative services, the Administrator receives a fee, which is calculated based upon the average daily net assets of each Fund and paid monthly by the Trust. The annual rates are as set forth in the charts below.

For the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, Real Estate, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Multi-Strategy Alternative and Dynamic Asset Allocation Funds:

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| | |
|:---|:---|
| | Administration Fee |
| On the first $1.5 billion of Assets; | 0.300% |
| on the next $500 million of Assets; | 0.2550% |
| on the next $500 million of Assets; | 0.210% |
| on the next $500 million of Assets; | 0.1650% |
| on Assets over $3 billion. | 0.120% |

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For the S&P 500 Index Fund:

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| | |
|:---|:---|
| | Administration Fee |
| On the first $2 billion of Assets; | 0.220% |
| on the next $500 million of Assets; | 0.210% |
| on the next $500 million of Assets; | 0.1650% |
| on Assets over $3 billion. | 0.120% |

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For the Tax-Managed International Managed Volatility Fund:

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| | |
|:---|:---|
| | Administration Fee |
| On the first $1.5 billion of Assets; | 0.380% |
| on the next $500 million of Assets; | 0.340% |
| on the next $500 million of Assets; | 0.280% |
| on the next $500 million of Assets; | 0.235% |
| on Assets over $3 billion. | 0.200% |

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For the Core Fixed Income, High Yield Bond, Real Return, Conservative Income and Tax-Free Conservative Income Funds:

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| | |
|:---|:---|
| | Administration Fee |
| On the first $1.5 billion of Assets; | 0.200% |
| on the next $500 million of Assets; | 0.1775% |
| on the next $500 million of Assets; | 0.1550% |
| on the next $500 million of Assets; | 0.1325% |
| on Assets over $3 billion. | 0.110% |

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For each Fund, the following table shows: (i) the dollar amount of fees paid to the Administrator by the Fund; and (ii) the dollar amount of the Administrator's voluntary fee waivers and or/reimbursements for the fiscal years ended September 30, 2023, 2024 and 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Administration Fees Paid | Administration Fees Paid | Administration Fees Paid | Administration Fees Waived | Administration Fees Waived | Administration Fees Waived |
| | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Large Cap Fund | $5004 | $4882 | $4600 | $740 | $761 | $791 |
| Large Cap Value Fund | $3995 | $3910 | $4002 | $166 | $185 | $446 |
| Large Cap Growth Fund | $4148 | $4347 | $4505 | $182 | $206 | $241 |
| Large Cap Index Fund | $3037 | $3319 | $3445 | $2012 | $2330 | $2451 |
| Tax-Managed Large Cap Fund | $8741 | $8971 | $8985 | $384 | $291 | $377 |
| S&P 500 Index Fund | $1824 | $2160 | $2212 | $640 | $791 | $838 |
| Small Cap Fund | $1643 | $1688 | $1434 | $65 | $77 | $213 |
| Small Cap Value Fund | $1105 | $1064 | $876 | $34 | $48 | $201 |
| Small Cap Growth Fund | $975 | $1007 | $870 | $29 | $35 | $109 |
| Tax-Managed Small/Mid Cap Fund | $2451 | $2495 | $2133 | $97 | $113 | $116 |
| Mid-Cap Fund | $227 | $247 | $219 | $1 | $1 | $3 |
| U.S. Managed Volatility Fund | $2452 | $2012 | $1771 | $539 | $422 | $— |
| Global Managed Volatility Fund | $2538 | $2447 | $2372 | $137 | $136 | $147 |
| Tax-Managed Managed Volatility Fund | $2646 | $2437 | $2199 | $108 | $150 | $51 |
| Tax-Managed International Managed <br>Volatility Fund | $1412 | $1201 | $865 | $20 | $0 | $37 |
| Real Estate Fund | $223 | $216 | $207 | $0 | $0 | $2 |
| Core Fixed Income Fund | $5918 | $5902 | $5840 | $0 | $0 | $30 |
| High Yield Bond Fund | $2555 | $2408 | $2238 | $211 | $218 | $223 |
| Conservative Income Fund | $813 | $1246 | $1854 | $374 | $578 | $871 |
| Tax-Free Conservative Income Fund | $335 | $355 | $423 | $154 | $166 | $204 |
| Real Return Fund | $447 | $615 | $753 | $15 | $36 | $46 |
| Dynamic Asset Allocation Fund | $2062 | $2292 | $2380 | $105 | $99 | $132 |
| Multi-Strategy Alternative Fund | $1173 | $936 | $746 | $229 | $0 | $4 |

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THE ADVISER AND SUB-ADVISERS

General. SIMC is a wholly-owned subsidiary of SEI (NASDAQ: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions. The principal business address of SIMC and SEI is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI was founded in 1968, and is a leading provider of investment solutions to banks, institutional investors, investment advisers and insurance companies.

SIMC had approximately $219.46 billion in assets as of September 30, 2025.

Manager of Managers Structure. SIMC is the investment adviser to each of the Funds and operates as a "manager of managers." SIMC and the Trust have obtained an exemptive order from the SEC that permits SIMC, with the approval of the Trust's Board, to hire, retain or terminate sub-advisers unaffiliated with SIMC for the Funds without submitting the sub-advisory agreements to a vote of the Funds' shareholders. Among other things, the exemptive relief permits the disclosure of only the aggregate amount payable by SIMC under all

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such sub-advisory agreements. The Funds will notify shareholders in the event of any addition or change in the identity of their Sub-Advisers.

Subject to Board review, SIMC allocates and, when appropriate, reallocates the Funds' assets to the Sub-Advisers, monitors and evaluates the Sub-Advisers' performance and oversees Sub-Adviser compliance with the Funds' investment objectives, policies and restrictions. SIMC has the ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee Sub-Advisers and recommend their hiring, termination and replacement.

Advisory and Sub-Advisory Agreements. The Trust and SIMC have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the Funds, may directly manage a portion of the Funds' assets and may manage cash on behalf of the Funds. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC, and under the supervision of SIMC and the Board, one or more Sub-Advisers are generally responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds except for the Real Return Fund. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds.

Each Investment Advisory Agreement sets forth a standard of care, pursuant to which the Adviser or Sub-Adviser, as applicable, is responsible for performing services to the Funds, and also includes liability and indemnification provisions.

The continuance of each Investment Advisory Agreement after the first two (2) years must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. Each Investment Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Trust or, with respect to a Fund, by a majority of the outstanding shares of that Fund, on not less than 30 days' nor more than 60 days' written notice to SIMC or the Fund's Sub-Adviser, as applicable, or by SIMC or the Fund's Sub-Adviser, as applicable, on 90 days' written notice to the Trust.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

Advisory and Sub-Advisory Fees. For these advisory services, SIMC receives a fee, which is calculated daily and paid monthly, at the annual rates set forth in the table below (shown as a percentage of the average daily net assets of each Fund). SIMC then pays the Sub-Advisers out of its contractual advisory fee for sub-advisory services provided to the Funds. The rates paid to each Sub-Adviser vary. The aggregate sub-advisory fees paid by SIMC for the fiscal year ended September 30, 2025 are set forth below as a percentage of the average daily net assets of each Fund.

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| | | |
|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fee | Aggregate <br>Sub-Advisory <br>Fees Paid |
| Large Cap Fund | 0.39% | 0.14% |
| Large Cap Value Fund | 0.35% | 0.14% |
| Large Cap Growth Fund | 0.40% | 0.15% |
| Large Cap Index Fund | 0.05% | 0.01% |
| Tax-Managed Large Cap Fund | 0.40% | 0.14% |
| S&P 500 Index Fund | 0.03% | 0.01% |
| Small Cap Fund | 0.65% | 0.27% |
| Small Cap Value Fund | 0.65% | 0.33% |
| Small Cap Growth Fund | 0.65% | 0.27% |

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| | | |
|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fee | Aggregate <br>Sub-Advisory <br>Fees Paid |
| Tax-Managed Small/Mid Cap Fund | 0.65% | 0.29% |
| Mid-Cap Fund | 0.40% | 0.26% |
| U.S. Managed Volatility Fund | 0.55% | 0.11% |
| Global Managed Volatility Fund | 0.65% | 0.11% |
| Tax-Managed Managed Volatility Fund | 0.55% | 0.13% |
| Tax-Managed International Managed Volatility Fund | 0.65% | 0.22% |
| Real Estate Fund | 0.65% | 0.46% |
| Core Fixed Income Fund | 0.275% | 0.08% |
| High Yield Bond Fund | 0.4875% | 0.26% |
| Conservative Income Fund | 0.10% | 0.03% |
| Tax-Free Conservative Income Fund | 0.10% | 0.03% |
| Real Return Fund | 0.22% | 0.00% |
| Dynamic Asset Allocation Fund | 0.60% | 0.01% |
| Multi-Strategy Alternative Fund | 1.50% | 0.75% |

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SIMC pays each Sub-Adviser a fee out of its advisory fee. Sub-Advisory fees are based on a percentage of the average daily net assets managed by the applicable Sub-Adviser.

For the fiscal years ended September 30, 2023, 2024 and 2025, the following tables show: (i) the contractual advisory fees that SIMC is entitled to receive from each Fund; (ii) the dollar amount of SIMC's contractual and voluntary fee waivers; (iii) the dollar amount of fees paid to the Sub-Advisers by SIMC; and (iv) the dollar amount of the fees retained by SIMC.

For the fiscal year ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Large Cap Fund | $6016 | $424 | $2090 | $3502 |
| Large Cap Value Fund | $4669 | $319 | $1899 | $2451 |
| Large Cap Growth Fund | $6033 | $1109 | $2293 | $2631 |
| Large Cap Index Fund | $574 | $344 | $113 | $117 |
| Tax-Managed Large Cap Fund | $16458 | $0 | $5577 | $10881 |
| S&P 500 Index Fund | $302 | $101 | $99 | $102 |
| Small Cap Fund | $3108 | $360 | $1288 | $1460 |
| Small Cap Value Fund | $1898 | $228 | $971 | $699 |
| Small Cap Growth Fund | $1886 | $315 | $797 | $774 |
| Tax-Managed Small/Mid Cap <br>Fund | $4621 | $637 | $2046 | $1938 |
| Mid-Cap Fund | $293 | $0 | $191 | $102 |
| U.S. Managed Volatility Fund | $3246 | $1458 | $640 | $1148 |
| Global Managed Volatility <br>Fund | $5140 | $1138 | $891 | $3111 |
| Tax-Managed Managed <br>Volatility Fund | $4031 | $1587 | $969 | $1475 |
| Tax-Managed International <br>Managed Volatility Fund | $1480 | $583 | $497 | $400 |
| Real Estate Fund | $449 | $62 | $319 | $68 |
| Core Fixed Income Fund | $9542 | $2746 | $2781 | $4015 |
| High Yield Bond Fund | $5456 | $854 | $2927 | $1675 |
| Conservative Income Fund | $927 | $371 | $278 | $278 |
| Tax-Free Conservative Income <br>Fund | $212 | $85 | $63 | $64 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Real Return Fund | $828 | $338 | $0 | $490 |
| Dynamic Asset Allocation <br>Fund | $4759 | $3282 | $60 | $1417 |
| Multi-Strategy Alternative <br>Fund | $3731 | $1865 | $1855 | $11 |

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For the fiscal year ended September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Large Cap Fund | $6434 | $454 | $2546 | $3434 |
| Large Cap Value Fund | $4561 | $311 | $2087 | $2163 |
| Large Cap Growth Fund | $5799 | $1066 | $2666 | $2067 |
| Large Cap Index Fund | $553 | $332 | $109 | $112 |
| Tax-Managed Large Cap Fund | $16393 | $0 | $6572 | $9821 |
| S&P 500 Index Fund | $295 | $98 | $96 | $101 |
| Small Cap Fund | $3658 | $424 | $2108 | $1126 |
| Small Cap Value Fund | $2304 | $277 | $1463 | $564 |
| Small Cap Growth Fund | $2181 | $364 | $1215 | $602 |
| Tax-Managed Small/Mid Cap <br>Fund | $5406 | $639 | $3113 | $1654 |
| Mid-Cap Fund | $329 | $0 | $212 | $117 |
| U.S. Managed Volatility Fund | $4306 | $1729 | $1114 | $1463 |
| Global Managed Volatility <br>Fund | $5301 | $881 | $1453 | $2967 |
| Tax-Managed Managed <br>Volatility Fund | $5212 | $1696 | $1217 | $2299 |
| Tax-Managed International <br>Managed Volatility Fund | $1960 | $719 | $816 | $425 |
| Real Estate Fund | $467 | $63 | $332 | $72 |
| Core Fixed Income Fund | $9689 | $2680 | $3554 | $3455 |
| High Yield Bond Fund | $5868 | $918 | $3208 | $1742 |
| Conservative Income Fund | $623 | $249 | $187 | $187 |
| Tax-Free Conservative Income <br>Fund | $177 | $71 | $53 | $53 |
| Real Return Fund | $676 | $276 | $0 | $400 |
| Dynamic Asset Allocation <br>Fund | $4584 | $3161 | $61 | $1362 |
| Multi-Strategy Alternative <br>Fund | $4678 | $2327 | $2209 | $142 |

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For the fiscal year ended September 30, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees<br> Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Large Cap Fund | $6621 | $467 | $2827 | $3327 |
| Large Cap Value Fund | $4661 | $318 | $2140 | $2203 |
| Large Cap Growth Fund | $5530 | $1016 | $2618 | $1896 |
| Large Cap Index Fund | $506 | $304 | $101 | $101 |
| Tax-Managed Large Cap Fund | $15637 | $0 | $6504 | $9133 |
| S&P 500 Index Fund | $249 | $83 | $82 | $84 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees<br> Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Small Cap Fund | $3560 | $412 | $2398 | $750 |
| Small Cap Value Fund | $2393 | $287 | $1661 | $445 |
| Small Cap Growth Fund | $2113 | $353 | $1366 | $394 |
| Tax-Managed Small/Mid Cap <br>Fund | $5311 | $628 | $3507 | $1176 |
| Mid-Cap Fund | $302 | $0 | $195 | $107 |
| U.S. Managed Volatility Fund | $5312 | $2130 | $1496 | $1686 |
| Global Managed Volatility <br>Fund | $5498 | $914 | $1711 | $2873 |
| Tax-Managed Managed <br>Volatility Fund | $5733 | $1886 | $1589 | $2258 |
| Tax-Managed International <br>Managed Volatility Fund | $2098 | $870 | $876 | $352 |
| Real Estate Fund | $482 | $64 | $341 | $77 |
| Core Fixed Income Fund | $9733 | $2669 | $3680 | $3384 |
| High Yield Bond Fund | $6228 | $975 | $3392 | $1861 |
| Conservative Income Fund | $407 | $163 | $122 | $122 |
| Tax-Free Conservative Income <br>Fund | $167 | $67 | $50 | $50 |
| Real Return Fund | $492 | $201 | $0 | $291 |
| Dynamic Asset Allocation <br>Fund | $4124 | $2844 | $207 | $1073 |
| Multi-Strategy Alternative <br>Fund | $5866 | $2690 | $3176 | $0 |

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For the fiscal years ended September 30, 2023, 2024 and 2025, the following table shows: (i) the dollar amount of fees paid by SIMC to LSV, which is an affiliate of SIMC; and (ii) the dollar amount of LSV's voluntary fee waivers.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Fees Paid (000) | Fees Paid (000) | Fees Paid (000) | Fees Waived (000) | Fees Waived (000) | Fees Waived (000) |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Large Cap Fund | $287 | $356 | $330 | $0 | $0 | $0 |
| Large Cap Value Fund | $443 | $439 | $386 | $0 | $0 | $0 |
| Tax-Managed Large Cap Fund | $597 | $668 | $678 | $0 | $0 | $0 |
| Small Cap Value Fund | $764 | $719 | $342 | $0 | $0 | $0 |
| U.S. Managed Volatility Fund | $1106 | $776 | $419 | $0 | $0 | $0 |
| Tax-Managed Managed Volatility Fund | $1420 | $1064 | $582 | $0 | $0 | $0 |
| Tax-Managed International Managed <br>Volatility Fund | $405 | $373 | $229 | $0 | $0 | $0 |

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The Sub-Advisers.

ACADIAN ASSET MANAGEMENT LLC—Acadian Asset Management LLC ("Acadian") serves as a Sub-Adviser to a portion of the assets of the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Acadian was founded in 1986 and is a subsidiary of Acadian Affiliate Holdings LLC, which is an indirectly wholly-owned subsidiary of Acadian Asset Management Inc., a publicly listed company on the NYSE.

ALLSPRING GLOBAL INVESTMENTS, LLC—Allspring Global Investments, LLC ("Allspring Investments") serves as Sub-Adviser to the Core Fixed Income Fund. Allspring Investments is a Delaware limited liability company and is an SEC registered investment adviser. Allspring Investments is a direct and wholly-owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company owned by certain private funds of GTCR LLC and of Reverence Capital Partners, L.P.

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ARES CAPITAL MANAGEMENT II LLC—Ares Capital Management II LLC ("ACM II") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond Fund. ACM II is a wholly-owned subsidiary of Ares Management LLC ("Ares") and is registered with the SEC. Founded in 1997, Ares is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit real estate, private equity, and infrastructure asset classes. Ares'scale and tenure in credit markets define their platform. Ares was built upon the fundamental principle that each group benefits from being part of the broader platform. ACM II is a Delaware limited liability company, and its ultimate parent company is Ares Management Corporation, ("Ares Corp"), which is a publicly traded, global alternative investment manager. Ares Corp common units are traded on the New York Stock Exchange under the ticker symbol ARES.

AXIOM INVESTORS LLC—Axiom Investors LLC ("Axiom") serves as a Sub-Adviser to a portion of the assets of the Small Cap Growth Fund. From its origins in 1998 as an investment adviser specializing in managing international equity portfolios, Axiom has evolved into the global investment firm it is today. Axiom manages global, small cap and emerging market equities with a single guiding philosophy and consistent, disciplined investment process. Axiom's experienced, research-focused team has worked together for an average of 20 years in its sole Greenwich, Connecticut office. Axiom's senior leadership has cultivated a culture of excellence, uncompromising effort and responsive service to meet the goals of the institutional investors it serves. As a 100% employee-owned firm, Axiom maintains the independence it needs to focus on delivering alpha through its bottom-up, growth-oriented investment discipline. Equity partnership is distributed among 26 key individuals at the firm. All 10 portfolio managers at Axiom are equity partners. Andrew Jacobson, Chief Investment Officer and Portfolio Manager is the majority shareholder and will remain in that capacity.

BENEFIT STREET PARTNERS L.L.C.—Benefit Street Partners L.L.C. ("Benefit Street") serves as sub-adviser to the High Yield Bond Fund. Benefit Street is a subsidiary of Franklin Templeton. Importantly, Benefit Street operates all of its Investment Committees independently of Franklin Templeton.

BLACKROCK ADVISORS, LLC—BlackRock Advisors, LLC ("BAL") serves as a Sub-Adviser to a portion of the assets of the Conservative Income and Tax-Free Conservative Income Funds. BAL is an investment adviser registered with the SEC. BAL is a majority-owned indirect subsidiary of BlackRock, Inc. ("BlackRock"), an independent and publicly-traded corporation incorporated in Delaware and headquartered in New York, New York. As of September 30, 2025, there was no person known by BlackRock to own beneficially 10% or more of any class of outstanding voting securities of BlackRock.

BLACKSTONE CREDIT SYSTEMATIC STRATEGIES LLC—Blackstone Credit Systematic Strategies LLC ("BCBS") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond Fund. BCBS is an investment adviser that is part of the Blackstone Credit & Insurance ("BXCI") business unit, one of the world's leading credit investors. Blackstone Inc. is the ultimate parent company of BCBS (together with its affiliates, including BCBS, "Blackstone" or the "Firm") manages global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. As of September 30, 2025, Blackstone has total assets under management of more than $1.2 trillion including $321 billion of investor capital in real estate funds, $396 billion in private equity funds, $432 billion in credit & insurance businesses, and $93 billion in multi-asset investing.

BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC—Brandywine Global Investment Management, LLC ("Brandywine Global") serves as a Sub-Adviser to a portion of the assets of the Large Cap, Large Cap Value and Tax-Managed Large Cap Funds. Brandywine, founded in 1986, is a specialist investment manager of Franklin Templeton, retaining complete investment autonomy and control over management, investment, and employment decisions.

BRIGADE CAPITAL MANAGEMENT, LP—Brigade Capital Management, LP ("Brigade") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond and Multi-Strategy Alternative Funds. Brigade is a Delaware limited partnership and an SEC-registered investment adviser, and Donald E. Morgan III is the managing partner of Brigade.

CENTERSQUARE INVESTMENT MANAGEMENT LLC—CenterSquare Investment Management LLC ("CenterSquare") serves as a Sub-Adviser to a portion of the assets of the Real Estate Fund. CenterSquare,

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founded in 1987, manages real estate and infrastructure securities portfolios, as well as private equity real estate strategies. Private equity firm, Lovell Minnick Partners, has a majority ownership interest in CenterSquare and CenterSquare's management team has a significant minority interest.

COPELAND CAPITAL MANAGEMENT, LLC—Copeland Capital Management, LLC ("Copeland") serves as a Sub-Adviser to a portion of the assets of the Small Cap Fund. Copeland was founded in 2005 and is 100% employee owned.

CULLEN CAPITAL MANAGEMENT LLC—Cullen Capital Management LLC ("Cullen") serves as a Sub-Adviser to a portion of the assets of the Large Cap Value and Tax-Managed Large Cap Funds. Cullen is a registered investment adviser with the U.S. Securities and Exchange Commission and is based in New York, NY. Cullen is controlled by James Cullen, a co-founder of the firm who owns 75.1% of the voting units issued and outstanding.

EASTERLY INVESTMENT PARTNERS LLC—Easterly Investment Partners LLC ("EIP") serves as a Sub-Adviser to a portion of the assets of the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds. EIP is a Delaware limited liability company founded in 2019, but with roots dating back to 1982.

FRED ALGER MANAGEMENT, LLC—Fred Alger Management, LLC ("Alger") serves as a Sub-Adviser to a portion of the assets of the Large Cap and Large Cap Growth Funds. Alger has been in the business of providing investment advisory services since 1964 and as of September 30, 2025 had approximately $19.8 billion in mutual fund assets under management as well as $13 billion in other assets under management. Alger is directly owned by Alger Group Holdings, LLC ("AGH"), a financial services holding company. AGH and Alger are indirectly controlled by Hilary M. Alger, Nicole D. Alger and Alexandra D. Alger, who own approximately 99% of the voting rights of Alger Associates, Inc., the parent company of AGH.

GENEVA CAPITAL MANAGEMENT LLC—Geneva Capital Management LLC ("Geneva") serves as a Sub-Adviser to a portion of the assets of the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund. Geneva has furnished investment advisory services to clients since January 1987. As of March 31, 2024, Geneva managed approximately $6.2 billion of client assets on a discretionary basis.

GLOBAL CREDIT ADVISERS, LLC—Global Credit Advisers, LLC ("Global Credit Advisers") serves as a Sub-Adviser to a portion of the assets of the Multi-Strategy Alternative Fund. Global Credit Advisers, established in 2008, is a SEC-Registered Investment Adviser with no other lines of business.

HILLSDALE INVESTMENT MANAGEMENT INC.—Hillsdale Investment Management Inc. ("Hillsdale") serves as a Sub-Adviser to a portion of the assets of the Tax-Managed Small/Mid Cap Fund. Hillsdale was incorporated under the Ontario Business Corporations Act on January 5, 1996 for the purpose of providing portfolio and investment management services. Hillsdale provides investment management services to institutional and private clients through separate managed accounts and to the Hillsdale Pooled Funds. Hillsdale is controlled by its employees. Vestcor Investments Private Equity Limited Partnership holds a significant non-controlling minority interest in Hillsdale.

JENNISON ASSOCIATES LLC—Jennison Associates LLC ("Jennison") serves as a Sub-Adviser to a portion of the assets of the Core Fixed Income Fund. Jennison (including its predecessor, Jennison Associates Capital Corp.) is a registered investment adviser founded in 1969. Jennison, a Delaware limited liability company, is a direct, wholly-owned subsidiary of PGIM, Inc. (formerly Prudential Investment Management, Inc.), which is a direct, wholly-owned subsidiary of PGIM Holding Company LLC (formerly Prudential Asset Management Holding Company LLC), which is a direct, wholly-owned subsidiary of Prudential Financial, Inc.

J.P. MORGAN INVESTMENT MANAGEMENT INC.—J.P. Morgan Investment Management Inc. ("JPMIM") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond Fund. JPMIM is a registered investment adviser and an indirect, wholly owned subsidiary of JPMorgan Chase & Co ("JPMorgan").

KETTLE HILL CAPITAL MANAGEMENT, LLC—Kettle Hill Capital Management, LLC ("Kettle Hill") serves as a Sub-Adviser to a portion of the assets of the Multi-Strategy Alternative Fund. Kettle Hill, founded in 2003, is registered as an investment adviser with the SEC. Kettle Hill has operated as an adviser to long-short equity limited partnership products from 2003 to the present. Kettle Hill sub-advises for two open-end investment company products in addition to the Multi-Strategy Alternative Fund.

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LEEWARD INVESTMENTS, LLC—Leeward Investments, LLC ("Leeward") serves as a Sub-Adviser to a portion of the assets of the Small Cap, Small Cap Value and Mid-Cap Funds. Leeward is a manager-managed limited liability company that is 100% employee-owned.

LOS ANGELES CAPITAL MANAGEMENT LLC—Los Angeles Capital Management LLC ("Los Angeles Capital") serves as a Sub-Adviser to a portion of the assets of the Small Cap and Mid-Cap Funds. Los Angeles Capital is an SEC registered investment adviser. Los Angeles Capital is a California limited liability company founded in 2002, and is wholly-owned through its parent companies by its employees.

LSV ASSET MANAGEMENT—LSV Asset Management ("LSV") serves as a Sub-Adviser to a portion of the assets of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. The general partners of LSV developed a quantitative value investment philosophy that has been used to manage assets since 1994. LSV is organized as a Delaware general partnership. An affiliate of SIMC owns an interest in LSV.

MACKENZIE INVESTMENTS CORPORATION—Mackenzie Investments Corporation ("Mackenzie") serves as a Sub-Adviser to a portion of the assets of the Large Cap Growth Fund. Mackenzie is an SEC registered investment adviser and a Delaware corporation. Mackenzie was founded in 2012 and provides investment advisory services to various types of clients.

MARTINGALE ASSET MANAGEMENT, L.P.—Martingale Asset Management, L.P. ("Martingale") serves as a Sub-Adviser to a portion of the assets of the Tax-Managed Small/Mid Cap Fund. Martingale is organized under the laws of the State of Delaware and is an independent, privately held investment adviser principally owned by its employees. Martingale is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

MAR VISTA INVESTMENT PARTNERS, LLC—Mar Vista Investment Partners, LLC ("Mar Vista") serves as a Sub-Adviser to a portion of the assets of the Large Cap and Tax-Managed Large Cap Funds. Mar Vista was founded by Silas Myers, CFA, and Brian Massey, CFA, in November 2007 and is a registered investment adviser under the Investment Advisers Act of 1940. Mar Vista is controlled by Silas Myers and Brian Massey, each an employee of Mar Vista, with F/m Managers Group, LLC (f/k/a 1251 Asset Management Platform, LLC) holding a non-controlling, minority ownership stake in the firm. Silas Myers and Brian Massey jointly determine the composition of 83.3% of the Mar Vista Board with F/m Managers Group, LLC (f/k/a 1251 Asset Management Platform, LLC) assigning the remaining. Mar Vista is governed by the Mar Vista Board of Managers.

METLIFE INVESTMENT MANAGEMENT, LLC—MetLife Investment Management, LLC ("MIM") serves as a Sub-Adviser to a portion of the assets of the Core Fixed Income Fund. MIM, a Delaware limited liability company, was founded and registered with the SEC in 2006. MIM is a subsidiary of MetLife, Inc. ("MetLife"), a publicly held company. There are no 25% or greater shareholders of MetLife.

METROPOLITAN WEST ASSET MANAGEMENT, LLC—Metropolitan West Asset Management, LLC ("MetWest") serves as a Sub-Adviser to a portion of the assets of the Core Fixed Income Fund. MetWest, founded in 1996, is a wholly owned subsidiary of The TCW Group, Inc.

MOUNTAINEER PARTNERS MANAGEMENT, LLC—Mountaineer Partners Management, LLC ("Mountaineer") serves as a Sub-Adviser to a portion of the assets of the Multi-Strategy Alternative Fund. Mountaineer was founded in 2011 and is a 100% employee-owned Delaware limited liability company.

PARAMETRIC PORTFOLIO ASSOCIATES LLC—Parametric Portfolio Associates LLC ("Parametric") serves as a Sub-Adviser to a portion of the assets of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Parametric is a wholly-owned subsidiary of Morgan Stanley, a publicly held company that is traded on the New York Stock Exchange (NYSE) under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley, and owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

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PINESTONE ASSET MANAGEMENT INC.—PineStone Asset Management Inc. ("PineStone") serves as a Sub-Adviser to a portion of the assets of the Large Cap Growth and Tax-Managed Large Cap Funds. PineStone is located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the U.S. Securities & Exchange Commission. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$60.2 billion in assets under management as of September 30, 2025 and is led by Nadim Rizk, CEO & CIO, a seasoned portfolio manager with nearly three decades of industry experience.

SSGA FUNDS MANAGEMENT, INC.—SSGA Funds Management, Inc. ("SSGA FM") serves as the Sub-Adviser to a portion of the assets the Large Cap Index, S&P 500 Index and Dynamic Asset Allocation Funds. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation. The principal address of SSGA FM is One Congress Street, Boston, Massachusetts 02114.

Portfolio Management.

SIMC

*Compensation.* SIMC compensates each portfolio manager for his or her management of the Funds. Each portfolio manager's compensation consists of a fixed annual salary, plus a discretionary annual bonus determined generally as follows.

Portfolio manager compensation is a combination of both Fund performance and SEI Investments Company ("SEI") performance. A majority of each portfolio manager's compensation is determined by the performance of the Funds for which the portfolio manager is responsible for over both a short-term and long-term time horizon. A final factor is a discretionary component, which is based upon a qualitative review of the portfolio managers and their team.

With respect to the bonus, twenty percent of each portfolio manager's compensation is tied to the corporate performance of SEI (SIMC's ultimate parent company), as measured by the earnings per share earned for a particular year. This percentage is set at the discretion of SEI and not SIMC.

The remaining percentage is based upon each Fund's performance (pre-tax) versus its respective benchmark over a one and three year period.

*Ownership of Fund Shares.* As of September 30, 2025, the portfolio managers beneficially owned shares of the Funds they manage, as follows:

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| | |
|:---|:---|
| Portfolio Manager | Dollar Range of<br>Fund Shares |
| Eugene Barbaneagra, CFA | $0 |
| David L. Hintz, CFA | $0 |
| Richard A. Bamford | $0 |
| David S. Aniloff, CFA | $0 |
| Steven Treftz, CFA | $0 |
| Timothy J. Sauermelch, CFA | $0 |
| Radoslav Koitchev | $0 |
| James Smigiel | $0 |
| James Solloway, CFA | $0 |
| Michael Schafer | $0 |
| Jason Collins | $0 |
| Daniel Falkowski | $0 |
| Nilay Shah | $0 |
| Phillip Terrenzio, CFA | $0 |
| Anthony Karaminas, CFA | $0 |

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| | |
|:---|:---|
| Portfolio Manager | Dollar Range of<br>Fund Shares |
| Cory Furlong, CFA | $0 |
| Ryan McKeon, CFA | $0 |

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*Other Accounts.* As of September 30, 2025, in addition to the Funds, the portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Eugene Barbaneagra, CFA | 10 | $8851.56 | 6 | $6252.6 | 6 | $513.87 |
| David L. Hintz, CFA | 15 | $15270.27 | 7 | $3722.86 | 0 | $0 |
| Richard A. Bamford | 26 | $34834.89 | 1 | $212.62 | 0 | $0 |
| David S. Aniloff, CFA | 3 | $3837.18 | 3 | $1288.61 | 0 | $0 |
| Steven Treftz, CFA | 6 | $5325.42 | 2 | $1807.28 | 0 | $0 |
| Timothy J. Sauermelch, CFA | 4 | $3769.03 | 1 | $881.98 | 6 | $6519.55 |
| Radoslav Koitchev | 0 | $0 | 1 | $1210.95 | 0 | $0 |
| James Smigiel | 1 | $1885.3 | 42 | $6935.71 | 102 | $26215.49 |
| James Solloway, CFA | 1 | $1885.3 | 1 | $881.98 | 0 | $0 |
| Michael Schafer | 1 | $2060.6 | 3 | $1288.61 | 0 | $0 |
| Jason Collins | 21 | $30855.58 | 11 | $5698.33 | 0 | $0 |
| Daniel Falkowski | 8 | $3796.39 | 0 | $0 | 0 | $0 |
| Nilay Shah | 4 | $10630.03 | 0 | $0 | 0 | $0 |
| Phillip Terrenzio, CFA | 9 | $10349.19 | 0 | $0 | 0 | $0 |
| Anthony Karaminas, CFA | 35 | $43365.55 | 1 | $6.54 | 0 | $0 |
| Cory Furlong, CFA | 3 | $1363.29 | 2 | $1215.57 | 0 | $0 |
| Ryan McKeon, CFA | 1 | $1208.62 | 1 | $586.07 | 0 | $0 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* The portfolio managers' management of registered investment companies, other pooled investment vehicles or other accounts may give rise to actual or potential conflicts of interest in connection with their day-to-day management of the Funds' investments. The other accounts might have similar investment objectives as the Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Funds.

While the portfolio managers' management of the other accounts may give rise to the following potential conflicts of interest, SIMC does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, SIMC believes that it has designed policies and procedures that reasonably manage such conflicts in an appropriate way.

*Knowledge of the Timing and Size of Fund Trades.* A potential conflict of interest may arise as a result of the portfolio managers' day-to-day oversight of the Funds. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of the other accounts and to the possible detriment of the Funds. However, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

*Investment Opportunities.* A potential conflict of interest may arise as a result of the portfolio managers' oversight of the Funds and the other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors the other accounts over the Funds. This conflict of interest may be exacerbated to the extent that SIMC or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Funds. Notwithstanding this theoretical conflict of interest, it is SIMC's policy to manage each account based on its investment objectives and related restrictions and, as

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discussed above, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Funds, such an approach might not be suitable for the Funds given their investment objectives and related restrictions.

Acadian

*Compensation.* SIMC pays Acadian a fee based on the assets under management of the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds as set forth in an investment sub-advisory agreement between Acadian and SIMC. Acadian pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. The following information relates to the period ended September 30, 2025.

Compensation structure varies among professionals, although the basic package involves a generous base salary, strong bonus potential, profit sharing participation, various benefits and, among the majority of senior investment professionals and certain other key employees, equity ownership in the firm as part of the Acadian Key Employee Limited Partnership.

Compensation is highly incentive-driven, with Acadian often paying in excess of 100% of base pay for performance bonuses. Bonuses are tied directly to the individual's contribution and performance during the year, with members of the investment team evaluated on such factors as their contributions to the investment process, account retention, asset growth, and overall firm performance. Because portfolio management in Acadian's equity strategies is a team approach, investment team members' compensation is not linked to the performance of specific accounts, but rather to the individual's overall contribution to the success of the team and the firm's profitability. This helps to ensure an "even playing field" as investment team members are strongly incentivized to strive for the best possible portfolio performance for all clients rather than only for select accounts.

*Ownership of Fund Shares.* As of September 30, 2025, Acadian's portfolio managers did not beneficially own any shares of the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility or Tax-Managed International Managed Volatility Funds.

*Other Accounts.* As of September 30, 2025, in addition to the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, Acadian's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Brendan O. Bradley | 12 | $9619 | 96 | $43014 | 221 | $112163 |
|  | 0 | $0 | 17<br> \* | $5912 | 19<br> \* | $8360 |
| Fanesca Young | 12 | $9619 | 96 | $43014 | 221 | $112163 |
|  | 9 | $0 | 17<br> \* | $5921 | 19<br> \* | $8360 |

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<sup>†</sup> Acadian utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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For all core equity products offered by the firm, including the subject strategy, Acadian manages a single process that is custom-tailored to the objectives of its clients. The investment professionals shown above function as part of a core equity team of 24 portfolio managers, all of whom are responsible for working with the dedicated research team to develop and apply quantitative techniques to evaluate securities and markets and for final quality-control review of portfolios to ensure mandate compliance. The data shown for these managers reflect firm-level numbers of accounts and assets under management, segregated by investment vehicle type. Not reflected: $1,357M in model advisory contracts where Acadian does not have trading authority. Acadian has been appointed as adviser or sub-adviser to numerous public and private funds domiciled in the U.S. and abroad. Acadian is not an investment company and does not directly offer mutual funds. The asset data shown under "Registered Investment Companies" reflects Advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors. The asset data shown under "Other Pooled Investment Vehicles" reflects a combination of; 1) Delaware-based private funds where Acadian has been appointed adviser or sub-adviser and 2) Non-U.S.-based funds where Acadian has been appointed adviser or sub-adviser.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, which may have different investment guidelines and objectives. In addition to the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds and the other accounts. The other accounts may have similar investment objectives or strategies as the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, may track the same benchmarks or indexes as the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds track and may sell securities that are eligible to be held, sold or purchased by the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds.

To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

ACM II

*Compensation.* SIMC pays ACM II a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between ACM II and SIMC. ACM II pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended September 30, 2025.

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Similar to certain other stockholders of Ares Corp, Mr. Brufsky receives dividends that are distributed to stockholders quarterly. Mr. Mathewson's and Mr. Singh's performance is reviewed by Mr. Brufsky and other members of management, and their compensation, as well as that of other investment professionals, is determined pursuant to an annual review and is based on business and fund performance in addition to individual contributions.

Generally, compensation is determined by Ares' executive leadership, with recommendations made by the head of each applicable business unit. Investment professionals receive a base salary and are eligible for a discretionary year-end bonus based on performance. Subject to a minimum compensation threshold, a portion of year-end bonus may be paid in the form of shares of restricted units of our publicly traded parent, Ares Management Corporation, which vests over time and is intended as a retention mechanism for portfolio managers, investment professionals and other members of senior management.

Additionally, and where applicable, portfolio managers and senior investment professionals as well as other senior professionals are awarded direct carried interest and/or profit participations with respect to funds in which they are involved and may also receive similar incentive awards relating to the funds in the firm's other investment groups. This both aligns the compensation of key employees with investment performance and rewards the collaboration of senior professionals across business platforms.

Professionals receive year-end annual reviews. For the investment team, this will focus primarily on security analysis and communication, including the quality and number of investment recommendations made, the efficacy and accuracy of investment monitoring, and the contributions made to the strategy and relative value assessments prepared internally. In addition to the annual review, we also conduct mid-year performance reviews that are less formal and serve to evaluate progress against goals and specific action steps identified in the annual assessment.

For more detail on the Ares compensation philosophy and its elements of compensation, please refer to the "Compensation Discussion and Analysis" section of the firm's annual proxy as filed with the SEC, which also includes specific details on compensation for the firm's Named Executive Officers.

https://www.ares-ir.com/sec-filings/

*Ownership of Fund Shares.* As of September 30, 2025, ACM II's portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of September 30, 2025, in addition to the High Yield Bond Fund, ACM II's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| ACM II Management Team <br>(Seth Brufsky, <br>Chris Mathewson and <br>Kapil Singh) | 4 | $2884 | 2 | $2508 | 19 | $7310 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $992 |

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<sup>†</sup> ACM II utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* The management of other accounts by ACM II's portfolio managers may give rise to potential conflicts of interest in connection with their management of the High Yield Bond Fund's investments, on the one hand, and the investments of the other accounts, on the other. Other accounts might have similar investment objectives as the High Yield Bond Fund or hold, purchase or sell securities that are eligible to be

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held, purchased or sold by the High Yield Bond Fund. ACM II does not believe that these conflicts, if any, are material or, to the extent any such conflicts are material, ACM II believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of ACM II's portfolio managers' day-to-day management of the High Yield Bond Fund. Because of their positions with the High Yield Bond Fund, the portfolio managers know the size, timing and possible market impact of the High Yield Bond Fund's trades. It is possible that ACM II's portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the High Yield Bond Fund. However, ACM II has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of ACM II's portfolio managers' management of the High Yield Bond Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the High Yield Bond Fund. This conflict of interest may be exacerbated to the extent that ACM II or its portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (many of which receive a base and incentive fee) than from the High Yield Bond Fund. Notwithstanding this potential conflict of interest, it is ACM II's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, ACM II has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while ACM II's portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the High Yield Bond Fund, such securities might not be suitable for the High Yield Bond Fund given their investment objectives and related restrictions.

By reason of the various activities of the Sub-Adviser and its affiliates, the Sub-Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain investments that might otherwise have been sold at the time.

It is likely that the other advised funds may make investments in the same or similar securities at different times and on different terms than the High Yield Bond Fund. The High Yield Bond Fund and the other advised funds may make investments at different levels of a borrower's capital structure or otherwise in different classes of a borrower's securities, to the extent permitted by applicable law. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. Conflicts may also arise because portfolio decisions regarding the High Yield Bond Fund may benefit the other advised funds. For example, the sale of a long position or establishment of a short position by the High Yield Bond Fund may impair the price of the same security sold short by (and therefore benefit) one or more advised funds, and the purchase of a security or covering of a short position in a security by the High Yield Bond Fund may increase the price of the same security held by (and therefore benefit) one or more advised funds.

Applicable law, including the 1940 Act, may at times prevent the High Yield Bond Fund from being able to participate in investments that they otherwise would participate in, and may require the High Yield Bond Fund to dispose of investments at a time when they otherwise would not dispose of such investment, in each case, in order to comply with applicable law.

Ares has adopted a Code of Ethics that sets forth standards of business and fiduciary conduct. The Code of Ethics is reasonably designed to minimize actual or potential conflicts of interest between Ares and its clients and prevent violation of federal securities laws.

Alger

*Compensation.* SIMC pays Alger a fee based on the assets under management of the Large Cap and Large Cap Growth Funds as set forth in an investment sub-advisory agreement between Alger and SIMC. Alger pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned

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with respect to the Large Cap and Large Cap Growth Funds. The following information relates to the period ended September 30, 2025:

An Alger portfolio manager's compensation generally consists of salary and an annual bonus. In addition, portfolio managers are eligible for health and retirement benefits available to all Alger employees, including a 401(k) plan sponsored by Alger. A portfolio manager's base salary is typically a function of the portfolio manager's experience (with consideration given to type, investment style and size of investment portfolios previously managed), education, industry knowledge and the individual's performance in his or her role. Base salaries will grow over time for Alger's superior employees, rewarding their performance and contributions to the firm.

Cash bonus may be a significant portion of an individual's compensation and can vary from year to year. The annual bonus considers various factors, including:

• the firm's overall financial results and profitability;

• the firm's collective investment management performance;

• an individual's adherence to Alger's investment process, generating investment ideas and overall performance of our clients' portfolios (both relative and absolute);

• qualitative assessment of an individual's performance with respect to Alger's standards; and

• the individual's leadership contribution within the firm.

While the benchmarks and peer groups used in determining a portfolio manager's compensation may change from time to time, Alger may refer to benchmarks, such as those provided by Russell Investments and S&P Global Ratings, and peer groups, such as those provided by Lipper Inc. and Morningstar Inc., that are widely-recognized by the investment industry.

Alger has implemented a profit participation plan ("PPP") that gives key personnel the opportunity to have equity-like participation in the long-term growth and profitability of the firm. Members of the firm are eligible to receive awards annually in the PPP. The PPP reinforces the portfolio managers' commitment to generating superior investment performance for the firm's clients. The awards are invested in Alger mutual funds and have a four-year vesting schedule. The total award earned can increase or decrease with the firm's investment and earnings results over the four-year period.

Additionally, the Alger Partners Plan provides key investment and non-investment executives with phantom equity that allows participants pro-rata rights to growth in the firm's book value, dividend payments and participation in any significant corporate transactions (*e.g.*, partial sale, initial public offering, merger, etc.). Alger does not have a limit on the overall percentage of the firm's value it will convey through this program. Participation in this program is determined annually.

*Ownership of Fund Shares.* As of September 30, 2025, Alger's portfolio managers did not beneficially own any shares of the Large Cap or Large Cap Growth Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Large Cap and Large Cap Growth Funds, Alger's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Patrick Kelly, CFA | 8 | $15666 | 8 | $1080 | 43 | $4218 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $335 |
| Ankur Crawford, Ph.D. | 8 | $15558 | 8 | $1080 | 43 | $4218 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $335 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* Conflicts can emerge due to how Alger manages client accounts and allocates investment opportunities. To treat all clients reasonably in light of all factors relevant to managing an account, aggregated trades will generally be allocated pro rata among the accounts whenever possible. There are exceptions to this practice, however. Some of these exceptions include periods of unusual market conditions, the availability of certain investments, and differing account guidelines, objectives and time horizons. Additionally, while Alger will aggregate trades on behalf of similarly situated clients, there are instances when Alger places a trade ahead of, or contemporaneously with, trades for another account. In such cases, market impact, liquidity constraints, or other factors could result in the second account receiving less favorable trading results. The costs of implementing trades could be increased or the other account could otherwise be disadvantaged.

If Alger believes that the purchase or sale of a security is in the best interest of more than one account, it has the option (but is not obligated) to aggregate these orders. When trades are aggregated, prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices are generally averaged, and a participating account will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of an individual account. Alger maintains policies and procedures that it believes are reasonably designed to deal equitably with conflicts of interest that may arise when orders are aggregated.

Alger is under common ownership with Fred Alger & Company, LLC ("FAC"), a registered broker-dealer. FAC serves as the principal underwriter for the U.S. registered mutual funds and ETFs advised by Alger, as a placement agent for certain private funds managed by Alger and its affiliates, and as a broker-dealer for U.S. listed equity securities trades placed on behalf of certain clients of Alger, and provides distribution support to certain foreign affiliates. FAC does not conduct public brokerage business and substantially all of its transactions are for those Alger clients who authorize Alger to use FAC as a broker, provided that relevant regulations that govern their accounts allow it. FAC does not act as principal in any client trade nor does it underwrite the offering of securities (except as the principal underwriter for certain U.S. registered mutual funds and ETFs advised by Alger). On a regular basis, Alger evaluates whether the commissions, rates and fees charged by FAC are commercially reasonable. Certain employees and officers of Alger serve as registered representatives and principals of FAC.

Consistent with the "safe harbor" provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, Alger will sometimes select brokers that charge higher commissions to provide brokerage and research services than would be charged by brokers providing trade execution services only. This benefits Alger because it does not have to pay for the research, products, or services. Such benefit gives Alger an incentive to select a broker-dealer based on its interest in receiving the research products or services rather than on its clients' interest in receiving the most favorable execution.

To address and manage these potential conflicts of interest, Alger has adopted compliance policies and procedures that it believes are reasonably designed to deal equitably with these and other conflicts of interest.

Allspring Investments

*Compensation.* SIMC pays Allspring Investments a fee based on the assets under management of the Core Fixed Income Fund as set forth in an investment sub-advisory agreement between Allspring Investments and SIMC. Allspring Investments pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income Fund. The following information relates to the period ended September 30, 2025.

The compensation structure for Allspring Investment's portfolio managers includes a competitive fixed base salary plus variable incentives, payable annually and over a deferred period. Allspring Investments participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions and to ensure our compensation is aligned with the marketplace. In addition to surveys, Allspring Investments also considers prior professional experience, tenure,

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seniority, and a portfolio manager's team size, scope, and assets under management when determining his/her total compensation. In addition, portfolio managers, who meet the eligibility requirements, may participate in Allspring Investments' 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees.

Allspring Investments' investment incentive program plays an important role in aligning the interests of our portfolio managers, investment team members, clients, and shareholders. Incentive awards for portfolio managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1, 3, and 5 year performance results, with a predominant weighting on the 3- and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. Once determined, incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as deferred incentive. The long term portion of incentives generally carry a pro-rated vesting schedule over a three year period. For many of our portfolio managers, Allspring Investments further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, our investment team members who are eligible for long term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle).

As an independent firm, approximately 20% of Allspring Group Holdings, LLC (of which Allspring Investments is a subsidiary) is owned by employees, including portfolio managers.

*Ownership of Fund Shares.* As of September 30, 2025, Allspring Investment's portfolio managers did not beneficially own any shares of the Core Fixed Income Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Core Fixed Income Fund, Allspring Investment's portfolio managers were responsible for the day-to-day management of certain other accounts. These accounts and assets, excluding assets under advisement (model portfolios) are listed below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Maulik Bhansali, CFA | 7 | $15810.57 | 10 | $4712.93 | 26 | $13573.77 |
| Jared Vasquez | 7 | $15810.57 | 10 | $4712.93 | 26 | $13573.77 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interests.* Allspring Investment's portfolio managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Allspring Investments has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

The portfolio managers face inherent conflicts of interest in their day-to-day management of the Fund and other accounts because the Fund may have different investment objectives, strategies and risk profiles than the other accounts managed by the portfolio managers. For instance, to the extent that the portfolio managers manage accounts with different investment strategies than the Fund, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the portfolio managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Fund. The differences in fee structures may provide an incentive to the portfolio managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, Allspring Investments has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, believed to address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all

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accounts with similar objectives in a fair and equitable manner. Furthermore, Allspring Investments has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and any personal accounts the portfolio managers may maintain.

Axiom

*Compensation.* SIMC pays Axiom a fee based on the assets under management of the Small Cap Growth Fund as set forth in an investment sub-advisory agreement between Axiom and SIMC. Axiom pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap Growth Fund. The following information relates to the period ended September 30, 2025.

Axiom offers a comprehensive benefit package and profit-sharing plan with the added incentive of firm ownership. The ability to attain equity ownership is a key determinant in the stability of its investment team. All of Axiom's employees receive a base salary. In addition, employees are eligible to participate in a profit sharing pool. Participation in that pool is a function of overall firm performance as well as individual contribution to that performance. Individual contribution is measured through a combination of short-term and long-term factors. Long-term factors include tenure, position and scope of responsibilities. Short-term factors include recent success meeting relevant operating targets, whether they are investment performance, trade execution metrics or administrative.

Portfolio Managers' performance is viewed in the context of the entire strategy they are responsible for managing, not any one particular account. Given the variability in tax situations of Axiom's underlying clients, Axiom typically views performance on a pre-tax basis when making strategy wide assessments. Additionally, Axiom takes into consideration the performance of its strategies relative to specific benchmarks, in the case of small cap growth, the Russell 2000 Growth Index.

*Ownership of Fund Shares.* As of September 30, 2025, Axiom's portfolio managers did not beneficially own any shares of the Small Cap Growth Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Small Cap Growth Fund, Axiom's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| <br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| David Kim, CFA | 3 | $686 | 20 | $8193 | 5 | $393 |
|  | 0 | $0 | 2<br> \* | $90.1 | 0 | $0 |
| Matthew Franco, CFA | 3 | $686 | 10 | $610 | 6 | $569 |
|  | 0 | $0 | 2<br> \* | $90.1 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Small Cap Growth Fund, which may have different investment guidelines and objectives. In addition to the Small Cap Growth Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Small Cap Growth Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Small Cap Growth Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Small Cap Growth Fund, may track the same benchmarks or indexes as the Small Cap Growth Fund tracks and may sell securities that are eligible to be held, sold or purchased by the Small Cap Growth Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A

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portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Small Cap Growth Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Small Cap Growth Fund.

To address and manage these potential conflicts of interest, Axiom has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

Benefit Street

*Compensation.* SIMC pays Benefit Street a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between Benefit Street and SIMC. Benefit Street pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended September 30, 2025.

Benefit Street maintains competitive compensation policies that are in line with industry standards for similarly-sized credit funds. The portfolio managers of the High Yield Bond Fund are compensated with a base salary and performance related bonus based on both the individual's performance and the High Yield Bond Fund's performance. While certain indexes may be considered when considering a portfolio manager's compensation, specific benchmarks or periods of time are not necessarily used to calculate a portfolio manager's compensation.

Other factors considered when determining a portfolio manager's compensation include, without limitation, contribution to business results and overall business strategy, success of marketing/business development efforts and client servicing, seniority/length of service with the firm, and management and supervisory responsibilities. In addition, the portfolio managers may, directly or indirectly, have capital invested in and/or interests in carried interest or similar performance-based fees collected by the general partners, managing members, special limited partners (or equivalent of any of the foregoing) or the investment adviser of BSP-sponsored credit funds.

*Ownership of Fund Shares.* As of September 30, 2025, Benefit Street's portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of September 30, 2025, in addition to the High Yield Bond Fund, Benefit Street's portfolio managers were responsible for day-to-day management of certain other accounts (which do not include the High Yield Bond Fund), as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Thomas Gahan | 1 | $423.88 | 80 | $44991.52 | 19 | $2857.09 |
|  | 0 | $0 | 79<br> \* | $44955.43 | 17<br> \* | $2776.12 |
| Paul Karpers | 1 | $423.88 | 5 | $1421.09 | 0 | $0 |
|  | 0 | $0 | 4<br> \* | $1384.99 | 0 | $0 |

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<sup>†</sup> Benefit Street utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Benefit Street's individual portfolio managers may manage multiple client accounts. These other accounts may include separate accounts, pooled investment vehicles, other registered investment

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companies or offshore funds. Each client account may pursue investment opportunities similar to those pursued by another client account or by client accounts of Benefit Street's affiliates. The allocation of investment opportunities will be determined by Benefit Street and its affiliates in their good faith judgment and in accordance with, among other things, Benefit Street's policies and procedures regarding allocating investment opportunities, individual account investment guidelines, and the organizational documents or advisory agreements of the relevant client accounts. Allocation decisions can raise conflicts, for example, if the client accounts have different fee structures. Furthermore, Benefit Street, its affiliates, certain of its principals and employees, and their relatives may invest in and alongside client accounts, either through a general partner of a client account, as direct investors in a client account or otherwise, and may therefore participate indirectly in investments made by the client accounts in which they invest. Such interests will vary account by account and may create an incentive to allocate particularly attractive investment opportunities to the client accounts in which such personnel hold a greater interest.

Subject to applicable investment objectives, guidelines and governing documents of the client accounts, Benefit Street and its affiliates generally allocate investment opportunities on a pro-rata basis among eligible client accounts based upon the current available capital of each such investment vehicle. In addition, certain investment opportunities are allocated on a non-pro rata basis using certain factors such as risk factors and/or diversification, client account investment restrictions, currency or other exposures, current portfolio composition (including current cash available), whether the client account has an existing investment in the portfolio company, as well as the client account's phase in its life cycle (for example, certain opportunities may be over-allocated or under-allocated to a client account during the beginning or the end of its investment cycle).

From time to time, Benefit Street may also determine to refer the allocation of certain investment opportunities to Benefit Street's Allocation Committee (the "Allocation Committee"). The Allocation Committee makes recommendations as to the allocation of investment and disposition opportunities among client accounts, with the intention of fostering fair and equitable allocation over time. The Allocation Committee consists of senior officers of appropriate departments of Benefit Street.

Benefit Street, its affiliates, and officers, principals or employees of Benefit Street and its affiliates may buy or sell securities or other instruments that Benefit Street has recommended to client accounts, including the High Yield Bond Fund. In addition, such officers, principals or employees may buy securities in transactions offered to but rejected by clients. Such transactions are subject to the policies and procedures set forth in Benefit Street's Code of Ethics. Benefit Street, its affiliates, and their employees are prohibited from "front running" (*i.e.*, purchasing a security for a personal account while knowing that a client account is about to purchase the same security, and then selling the security at a profit upon the rise in the market price following the purchase by the client account). They are similarly prohibited from engaging in short selling when they have access to confidential information that a client account is about to sell a particular security. In addition, they are prohibited from "intermarket front running" (*e.g.*, trading in an option for a personal account when a client account is trading in the underlying security and vice versa). Nevertheless, if Benefit Street, its affiliates, and their employees have made large capital investments in or alongside client accounts, such persons may have conflicting interests from such client accounts with respect to these investments (for example, with respect to the availability and timing of liquidity).

Certain client accounts of Benefit Street and its affiliates may invest in bank debt and securities of companies in which other client accounts hold securities, including equity securities, including a controlling position. In the event that such investments are made by a client account, the interests of such client account may be in conflict with the interests of other client accounts of Benefit Street or its affiliates, particularly in circumstances where the underlying company is facing financial distress. The involvement of client accounts at both the equity and debt levels could inhibit strategic information exchanges among fellow creditors. In certain circumstances, client accounts of Benefit Street or its affiliates may be prohibited from exercising voting or other rights, and may be subject to claims by other creditors with respect to the subordination of their interest. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, the client accounts may or may not provide such additional capital, and if provided each client account will supply such additional capital in such amounts, if any, as determined by Benefit Street or its affiliates. Benefit Street and its affiliates may seek to address these conflicts by adopting policies and procedures

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designed to ensure that the team managing the investments make independent decisions through the enforcement of information barriers and similar procedures.

A portfolio manager may also face other potential conflicts of interest in managing the High Yield Bond Fund, and the description above is not a complete description of every conflict of interest that could arise in managing both the High Yield Bond Fund and other accounts listed above.

BAL

*Portfolio Manager Compensation Overview*

The discussion below describes the portfolio managers' compensation as of September 30, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation—Messrs. Hiatt and Ingold

Generally, discretionary incentive compensation for the Cash Management portfolio managers is not formulaic and is a function of several components, including but not limited to: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management, the individual's performance and contribution to the overall performance of these portfolios and BlackRock and the individual's non-financial goals and objectives. Among other things, a subjective determination is made with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager. The performance of Messrs. Hiatt and Ingold is not measured against a specific benchmark.

Although the framework for compensation decision-making is tied to financial performance, significant discretion is used to determine individual compensation based on achievement of strategic and operating results and other considerations such as management and leadership capabilities.

In determining specific individual compensation amounts, a number of factors are considered including non-financial goals and objectives and overall financial and investment performance. These results are viewed in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award.

Discretionary Incentive Compensation—Mses. Manidis and De Lorenzo

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmark for the Fund and other accounts are: a combination of market-based indexes (*e.g.*, Bloomberg Municipal Bond Index), certain customized indexes and certain fund industry peer groups.

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Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. With the exception of Mr. Ingold, the portfolio managers of these Funds have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans—*BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

*Ownership of Fund Shares.* As of September 30, 2025, BAL's portfolio managers did not beneficially own any shares of the Conservative Income or Tax-Free Conservative Income Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Conservative Income and Tax-Free Conservative Income Funds, BAL's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Eric Hiatt, CFA, FRM | 19 | $677.8 | 36 | $197.8 | 39 | $15.14 |
| Edward Ingold | 8 | $117.1 | 18 | $294.6 | 5 | $2.75 |
| Kristi Manidis | 34 | $24.23 | 0 | $0 | 2 | $0.72 |
| Alicia De Lorenzo | 5 | $5.58 | 0 | $0 | 0 | $0 |

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None of these accounts are subject to a performance-based advisory fee.

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*Portfolio Manager Potential Material Conflicts of Interest.* BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing hedge fund and/or long only accounts or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of these funds are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

BCBS

*Compensation.* SIMC pays BCBS a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between BCBS and SIMC. BCBS pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended September 30, 2025.

Blackstone believes that its compensation approach, which includes discretionary cash and equity bonuses, greatly aligns the goals of its investment professionals with those of its investors and is designed to attract and retain top talent. Blackstone professionals' compensation may include a base salary, a discretionary bonus, and participation in carried interest pools from other parts of Blackstone. Compensation is determined based on individual performance, overall Firm performance, the performance of the relevant Blackstone business unit and current market conditions.

*Ownership of Fund Shares.* As of September 30, 2025, BCBS's portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

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*Other Accounts.* As of September 30, 2025, in addition to the High Yield Bond Fund, BCBS's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Adam Dwinells | 0 | $0 | 5 | $4.2 | 24 | $29.4 |

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None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* Blackstone has implemented policies and processes to mitigate the effects of any potential conflicts of interest and has established a governance committee to oversee investment allocations and conflicts. Information walls (administered by Blackstone's legal and compliance personnel) exist to prevent the inappropriate flow of information between business groups within Blackstone. From time to time, BXCI co-invests alongside other Blackstone groups or in different levels of the capital structure than other Blackstone clients. Blackstone has processes in place to manage these conflicts, which may include review by firmwide or BXCI internal vetting groups or conflicts committees. Blackstone may mitigate conflicts by relying on third parties to validate price and terms for affiliated or portfolio company deals and future voting decisions. Where appropriate under the facts and circumstances of a particular investment, Blackstone may also seek client consent before committing to a transaction.

With respect to investment opportunities and BCBS's allocation policies, it is BCBS's policy and practice to allocate fairly and equitably among clients so as not to advantage one account over another. Conflicts of interest are discussed in greater detail in the BCBS Form ADV.

Brandywine Global

*Compensation.* SIMC pays Brandywine Global a fee based on the assets under management of the Large Cap, Large Cap Value and Tax-Managed Large Cap Funds as set forth in the investment sub-advisory agreement between Brandywine Global and SIMC. Brandywine Global pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap, Large Cap Value and Tax-Managed Large Cap Funds.

Portfolio managers, analysts and traders earn a base salary and bonus tied to investment performance. The performance bonus is awarded based on peer group outperformance on a one-quarter, one-year, three-year and five-year basis. The performance calculation is weighted to place more emphasis on longer-term outperformance, and less emphasis on the short-term. This emphasis on long term performance, in addition to quarterly oversight of the investment committee, serve as mechanisms to deter excessive risk-taking.

Investment professionals also receive a second quarterly bonus based on the profitability of their product group. Each investment team at Brandywine Global manages its own P&L and retains the bulk of its profits at the end of each quarter. The portion that is not retained is shared with the other investment teams in an effort to smooth income and to promote cross-team fertilization and cooperation. Brandywine Global has found that this form of compensation aligns the interests of investment professionals and clients and leads to accountability and low-turnover among Brandywine Global's staff. In essence, the portfolio management teams own all of the residual profits of Brandywine Global, which the firm believes leads to responsibility, accountability, and low turnover of people.

*Ownership of Fund Shares.* As of September 30, 2025, Brandywine Global's portfolio managers did not beneficially own any shares of the Large Cap, Large Cap Value or Tax-Managed Large Cap Funds.

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*Other Accounts.* As of September 30, 2025, in addition to the Large Cap, Large Cap Value and Tax-Managed Large Cap Funds, Brandywine Global's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Patrick S. Kaser, CFA | 1 | $194 | 5 | $253 | 13 | $3405 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $14 |
| James J. Clarke | 1 | $194 | 14 | $1083 | 16 | $3589 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $14 |
| Celia R. Hoopes, CFA | 1 | $194 | 5 | $253 | 13 | $3405 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $14 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap, Large Cap Value, or Tax-Managed Large Cap Funds, which may have different investment guidelines and objectives. In addition to the Large Cap, Large Cap Value, and Tax-Managed Large Cap Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts.

Pursuant to and subject to any limitations in the investment management agreements under which Brandywine Global provides investment management services, Brandywine Global generally has authority to determine, without obtaining specific client consent, the securities to be bought and sold for client accounts, including the amounts of such securities. Brandywine Global typically has the authority to select broker/dealers to execute transactions, determine the price at which to transact and to negotiate transaction costs. Such authority may be subject to client directions relating to trade execution.

Conflicts of interest could arise between Brandywine Global and certain clients as a result of the potential value and structure of the revenue accruing to Brandywine Global from that client's account when compared to other clients' accounts, such as favoring high fee accounts over low fee accounts, favoring performance fee paying accounts over non-performance fee paying accounts or favoring large clients over small clients.

In order to manage this conflict, Brandywine Global has adopted policies and procedures to allocate securities to its clients in a fair and equitable manner in order to ensure that no client, or group of clients, is routinely advantaged or disadvantaged over any other. Brandywine Global has further adopted implemented trade surveillance procedures to monitor select aspects of Firm trading to seek to ensure that trading of portfolio securities in client accounts is effectuated in a way that is fair and reasonable.

Brigade

*Compensation.* SIMC pays Brigade a fee based on the assets under management of the High Yield Bond and Multi-Strategy Alternative Funds as set forth in an investment sub-advisory agreement between Brigade and SIMC. Brigade pays its investment professionals out of its total revenues, including the sub-advisory fees earned with respect to the High Yield Bond and Multi-Strategy Alternative Funds. Brigade's compensation structure is designed to attract and retain high caliber investment professionals necessary to deliver high quality investment management services to its clients. The following information relates to the period ended September 30, 2025.

Brigade's compensation of Donald E. Morgan, III, Chief Investment Officer/Managing Partner, includes a fixed monthly payment and incentive components. It is expected that Mr. Morgan will receive an incentive payment based from other client accounts. It is expected that the incentive compensation component with respect to all portfolios managed by Mr. Morgan can, and typically will, represent a significant portion of Mr. Morgan's overall compensation and can vary significantly from year to year.

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Brigade's compensation of Douglas C. Pardon, the Co-Chief Investment Officer/ Head of High Yield Bond Research/Portfolio Manager of High Yield and Opportunistic Credit, includes a fixed monthly payment and incentive components. It is expected that Mr. Pardon will receive an incentive payment based from other client accounts. It is expected that the incentive compensation component with respect to all portfolios managed by Mr. Pardon can, and typically will, represent a significant portion of Mr. Pardon's overall compensation and can vary significantly from year to year.

*Ownership of Fund Shares.* As of September 30, 2025, Brigade's portfolio manager did not beneficially own any shares of the High Yield Bond or Multi-Strategy Alternative Funds.

*Other Accounts.* As of September 30, 2025, in addition to the High Yield Bond and Multi-Strategy Alternative Funds, Brigade's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Donald E. Morgan III | 4 | $1063.6 | 64 | $21423.4 | 47 | $9652.3 |
|  | 0 | $0 | 12<br> \* | $2786.8 | 14<br> \* | $4218.3 |
| Douglas C. Pardon | 4 | $1063.6 | 14 | $5673.7 | 25 | $6594.8 |
|  | 0 | $0 | 2<br> \* | $150.5 | 7<br> \* | $2657.5 |

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\* These accounts, which are a subset of the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the High Yield Bond and Multi-Strategy Alternative Funds, which may have different investment guidelines and objectives. In addition to the High Yield Bond and Multi-Strategy Alternative Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts.

In particular, this conflict of interest may arise as a result of Brigade's management of the High Yield Bond and Multi-Strategy Alternative Funds and other accounts, which, in theory, may allow Brigade to allocate investment opportunities in a way that favors other accounts over the High Yield Bond and Multi-Strategy Alternative Funds. This conflict of interest may be exacerbated to the extent that Brigade or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the High Yield Bond and Multi-Strategy Alternative Funds.

Brigade (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the High Yield Bond and Multi-Strategy Alternative Funds. To the extent a particular investment is suitable for both the High Yield Bond and Multi-Strategy Alternative Funds and the other accounts, such investments will be allocated between the High Yield Bond and Multi-Strategy Alternative Funds and the other accounts in a manner that Brigade determines is fair and equitable under the circumstances to all clients, including the High Yield Bond and Multi-Strategy Alternative Funds.

To address and manage these potential conflicts of interest, Brigade has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

CenterSquare

*Compensation.* SIMC pays CenterSquare a fee based on the assets under management of the Real Return Fund as set forth in an investment sub-advisory agreement between CenterSquare and SIMC. CenterSquare pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Real Estate Fund. The following information relates to the period ended September 30, 2025.

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CenterSquare's corporate compensation structure, including portfolio manager compensation, is comprised of base pay and annual incentive compensation. Individuals' packages are designed with the appropriate component combinations to match specific positions.

• Base pay: salary is competitive and base pay levels link pay with performance and reflect the market value of the position, individual performance and company business results.

• Annual bonus: The annual cash bonus plan is based on individual performance, including individual contribution to meeting business unit goals, career development goals and adherence to corporate values. The annual cash bonus plan pool is computed based on the profitability of the firm.

• Equity grant awards: management has reserved equity grant awards for employees based on a number of factors including exemplary performance and contributions to the company.

In addition, following the closing of the sale of CenterSquare to its management team and Lovell Minnick Partners, over 30 members of the management team, including the portfolio managers for this Fund, will have equity ownership in CenterSquare, with the right to participate in the profitability of the firm.

The compensation of the portfolio managers is not directly tied to individual account performance or assets under management.

*Ownership of Fund Shares.* As of September 30, 2025, CenterSquare's portfolio managers did not beneficially own any shares of the Real Estate Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Real Estate Fund, CenterSquare's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts\* | Total Assets<br>(in millions)\* | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Number<br>of Accounts | Total Assets<br>(in millions) |
| Dean Frankel, CFA | 4 | $578 | 6 | $678 | 44 |  | $7554 |
|  | 0 | $0 | 0 | $0 | 3 | \*\* | $507 |
| Eric Rothman, CFA | 5 | $1307 | 5 | $255 | 3 |  | $56 |

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\* Each Portfolio Manager is a listed co-manager of a Registered Investment Company account. The account and its total assets have been counted in the number and the total assets for both Portfolio Managers.

\*\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee. Each of the three accounts has a different performance hurdle due to the specificity of the underlying mandate. Performance for fee purposes is measured on a one-year period from the anniversary of account inception and is always measured pre-tax.

*Conflicts of Interest.* From time to time, potential conflicts of interest may arise between a portfolio manager's management of the investments of the Real Estate Fund, on the one hand, and the management of other accounts, on the other. The portfolio managers oversee the investment of various types of accounts in the same strategy, such as mutual funds, pooled investment vehicles and separate accounts for individuals and institutions. Investment decisions are generally applied to all accounts utilizing that particular strategy, taking into consideration client restrictions, instructions and individual needs. A portfolio manager may manage an account whose fees may be higher or lower than the fee charged to the Real Estate Fund to provide for varying client circumstances. Management of multiple funds and accounts may create potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of client trades. Additionally, the management of the Real Estate Fund and other accounts may result in a portfolio manager devoting unequal time and attention to the management of the Real Estate Fund or other accounts.

During the normal course of managing assets for multiple clients of varying types and asset levels, the portfolio managers may encounter conflicts of interest that could, if not properly addressed, be harmful to one or more of CenterSquare's clients. Those of a material nature that are encountered most frequently involve security selection, employee personal securities trading, proxy voting and the allocation of securities. To mitigate

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these conflicts and ensure its clients are not negatively impacted by the adverse actions of CenterSquare or its employees, CenterSquare has implemented a series of policies including, but not limited to, its Code of Conduct, which addresses avoidance of conflicts of interest, Personal Security Trading Policy, which addresses personal security trading and requires the use of approved brokers, Trade Allocation/Aggregation Policy, which addresses fairness of trade allocation to client accounts, and the Proxy and Trade Error Policies, which are designed to prevent and detect conflicts when they occur. CenterSquare reasonably believes that these and other policies combined with the periodic review and testing performed by its compliance professionals adequately protects the interest of its clients. A portfolio manager may also face other potential conflicts of interest in managing the Real Estate Fund, and the description above is not a complete description of every conflict of interest that could be deemed to exist in managing both the Real Estate Fund and the other accounts listed above.

Copeland

*Compensation.* SIMC pays Copeland a fee based on the assets under management of the Small Cap Fund as set forth in an investment sub-advisory agreement between Copeland and SIMC. Copeland pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap Fund. The following information relates to the period ended September 30, 2025.

There are three components used to evaluate our analysts and portfolio managers. Each of our portfolio managers also has sector specific research responsibilities so the process is the same for all. We begin by comparing their recommendations to their sector as a whole as well as to our dividend growth universe within each sector. Because our investment process is collaborative we also include the performance of each strategy to its respective benchmark and the performance of the firm as a whole in our evaluation of each analyst and portfolio manager. Every member of the investment team is compensated in three ways: 1) equity ownership of Copeland; 2) base salary; and 3) bonuses related to performance of recommendations within each sector for each sector specific analyst, strategy performance relative to benchmarks for each lead Portfolio Manager and overall firm level performance for each of our strategies.

Bonus compensation can vary year-to-year but can represent 100% to 150% of base compensation on the high end. Equity units are issued on a more long-term basis and can vary greatly from year to year. Equity is granted with long-term vesting schedules. We are trying to encourage a culture of ownership and accountability. Our compensation structure is purposefully designed to allow outstanding performance to be rewarded, but also encourages a collaborative approach in that everyone has an interest in not just seeing their sector do well, but also the strategy and the firm as a whole.

*Ownership of Fund Shares.* As of September 30, 2025, Copeland's portfolio managers did not beneficially own any shares of the Small Cap Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Small Cap Fund, Copeland's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Mark W. Giovanniello, CFA | 8 | $704 | 0 | $0 | 2149 | $3614 |
| Eric C. Brown, CFA | 8 | $704 | 0 | $0 | 2149 | $3614 |
| David McGonigle, CFA | 8 | $704 | 0 | $0 | 2149 | $3614 |
| Jeffrey Walkenhorst, CFA | 8 | $704 | 0 | $0 | 2149 | $3614 |
| John Cummings, CFA | 8 | $704 | 0 | $0 | 2149 | $3614 |

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<sup>†</sup> Copeland utilizes a team-based approach to portfolio management, and each of the portfolio managers listed in the table is jointly responsible for the management of a portion of the accounts listed in each category.

None of these accounts are subject to a performance-based advisory fee.

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*Conflicts of Interest.* 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, Copeland may receive fees from certain accounts that are higher than the fee it receives from the Small Cap Fund, or it 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 Small Cap Fund. Copeland has adopted policies and procedures designed to address these potential material conflicts. For instance, Copeland utilizes a system for allocating investment opportunities among portfolios that is designed to provide a fair and equitable allocation.

The portfolio manager's compensation is based upon their ownership share of the profits, if any, of Copeland.

To address and manage these potential conflicts of interest, Copeland has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Cullen

*Compensation.* SIMC pays Cullen a fee based on the assets under management of the Tax-Managed Large Cap and Large Cap Value Funds as set forth in an investment sub-advisory agreement between Cullen and SIMC. Cullen pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Value and Tax-Managed Large Cap Funds. The following information relates to the period ended September 30, 2025.

James Cullen owns 75.1% of the voting units of Cullen and 51% of Schafer Cullen Capital Management, an affiliated investment adviser which contributed its operations to Cullen during 2021 in exchange for non-voting units. In his ownership capacity, Mr. Cullen shares commensurately in the profits and losses of both firms. Mr. Cullen also receives a fixed base salary from Cullen and participates in its 401(k) / Profit Sharing Plan.

Jennifer Chang owns non-voting interests in Cullen which provide her a percentage of annual after-tax profits and losses and receives a fixed salary and bonus from Cullen. Bonus amounts are determined by the overall profitability of Cullen and are not directly related to the performance of any one fund or product. Ms. Chang also participates in Cullen's 401(k) / Profit Sharing plan. Ms. Chang does not own any portion of the voting equity of Cullen.

*Ownership of Fund Shares.* As of September 30, 2025, Cullen's portfolio managers did not beneficially own any shares of the Large Cap Value or Tax-Managed Large Cap Funds.

*Other Accounts.* In addition to the Large Cap Value and Tax-Managed Large Cap Funds, as of September 30, 2025, Cullen's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| James Cullen | 9 | $2836 | 10 | $787 | 8067 | $21835 |
|  | 0 | $0 | 2<br> \* | $19 | 0 | $0 |
| Jennifer Chang | 5 | $960 | 5 | $647 | 5478 | $15108 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap Value and Tax-Managed Large Cap Funds, which may have similar or different investment guidelines and objectives. In addition to the Large Cap Value and Tax-Managed Large Cap Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Cullen's management of the Large Cap Value and Tax-Managed Large Cap Funds and other accounts, which, in theory, may allow Cullen to allocate investment opportunities in a way that favors other accounts over the Large Cap Value and Tax-Managed Large Cap Funds. This conflict of interest may be exacerbated to the extent that Cullen or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Large Cap Value and Tax-Managed Large Cap Funds. Cullen (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap Value and Tax-Managed Large Cap Funds. To the extent a particular investment is suitable for both the Large Cap Value and Tax-Managed Large Cap Funds and the other accounts, such investments will be allocated between the Large Cap Value and Tax-Managed Large Cap Funds and the other accounts in a manner that Cullen determines is fair and equitable under the circumstances to all clients, including the Large Cap Value and Tax-Managed Large Cap Funds.

To address and manage these potential conflicts of interest, Cullen has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

EIP

*Compensation.* SIMC pays EIP a fee based on the assets under management of the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds as set forth in an investment sub-advisory agreement between EIP and SIMC. EIP pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds. The following information relates to the period ended September 30, 2025.

EIP's Senior Portfolio Managers and Portfolio Managers are paid a competitive base salary, a discretionary bonus, and are, or will, be equity holders of the firm. Approximately one-third to one-half of their overall compensation is tied to a subjective analysis of their respective products' performance as well as the overall profitability of the firm. EIP's Senior Analysts and Analysts are paid a competitive base salary and a discretionary bonus that is based on their individual performance relative to expectations and the overall profitability of the firm. Approximately one-third to one-half of their overall compensation is bonus.

Key EIP employees have, after meeting certain performance objectives, an option to participate in direct equity ownership. All EIP Portfolio Managers and Senior Analysts are designated as key employees. All EIP equity holders are required to enter into employment agreements, which include non-compete provisions.

EIP attempts to benchmark compensation and benefits with other firms in the industry and/or market. EIP's objective is to provide total cash compensation that is competitive on a national basis and supplement with equity awards to provide long term incentive and retention.

*Ownership of Fund Shares*. As of September 30, 2025, EIP's portfolio managers did not beneficially own any shares of the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds.

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*Other Accounts.* As of September 30, 2025, in addition to the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds, EIP's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Joshua Schachter, CFA | 1 | $32.5 | 0 | $0 | 1050 | $1103.9 |
| Philip Greenblatt, CFA | 1 | $32.5 | 0 | $0 | 820 | $543.4 |

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None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds which may have different investment guidelines and objectives. In addition to the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of EIP's management of the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds and other accounts, which, in theory, may allow EIP to allocate investment opportunities in a way that favors other accounts over the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds. This conflict of interest may be exacerbated to the extent that EIP or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds. EIP (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds. To the extent a particular investment is suitable for both the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds and the other accounts, such investments will be allocated between the Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds and the other accounts in a manner that EIP determines is fair and equitable under the circumstances to all clients, including Small Cap, Small Cap Value and Tax-Managed Small/Mid Cap Funds.

To address and manage these potential conflicts of interest, EIP has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

Geneva

*Compensation*. SIMC pays Geneva a fee based on the assets under management of the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund as set forth in an investment sub-advisory agreement between Geneva and SIMC. Geneva pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to Geneva. Geneva investment professionals receive a competitive market based salary and discretionary bonus. The size of the bonus pool is a function of firm revenues. Bonuses at the individual level will be based on a number of factors including analyst productivity, performance of coverage universe and a discretionary component. This discretionary component is meant to encourage teamwork and collaboration and reward individuals who make a positive long-term impact on the business. In addition to bonus and salary most members of the investment team are shareholders of the firm and receive profit distributions based on their ownership stake in the company. Additionally, Geneva continually evaluates ways to incent investment professionals who make a positive long term impact. This may include an opportunity to purchase equity in the Firm, which is offered on an invitation only basis. Geneva believes this compensation plan encourages investment professionals to focus on the long term success of the business.

*Ownership of Fund Shares*. As of September 30, 2025, Geneva's portfolio managers did not beneficially own any shares of the Tax-Managed Small/Mid Cap Fund or the Small Cap Growth Fund.

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*Other Accounts*. As of September 30, 2025, in addition to the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund, Geneva's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| W. Scott Priebe | 5 | $2125.3 | 2 | $269.4 | 223 | $3812.6 |
| Jose Munoz | 5 | $2125.3 | 2 | $269.4 | 199 | $3735.9 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund which may have different investment guidelines and objectives. In addition to the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Geneva's management of the Tax-Managed Small/Mid Cap Fund, the Small Cap Growth Fund and other accounts, which, in theory, may allow Geneva to allocate investment opportunities in a way that favors other accounts over the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund. This conflict of interest may be exacerbated to the extent that Geneva or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund. Geneva (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund. To the extent a particular investment is suitable for both the Tax-Managed Small/Mid Cap Fund, the Small Cap Growth Fund and the other accounts, such investments will be allocated between the Tax-Managed Small/Mid Cap Fund, the Small Cap Growth Fund and the other accounts in a manner that Geneva determines is fair and equitable under the circumstances to all clients, including the Tax-Managed Small/Mid Cap Fund and the Small Cap Growth Fund.

To address and manage these potential conflicts of interest, Geneva has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Global Credit Advisers

*Compensation.* SIMC pays Global Credit Advisers a fee based on the assets under management of the Multi-Strategy Alternative Fund as set forth in an investment sub-advisory agreement between Global Credit Advisers and SIMC. Global Credit Advisers pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Strategy Alternative Fund. The following information relates to the period ended September 30, 2025.

Global Credit Advisers compensates its investment professionals via a combination of salary, benefits, annual bonus and profit sharing. Compensation is usually paid in cash and is considered to be competitive with industry levels. Bonuses and profit sharing to its investment professionals are largely based on assets under management and performance as well as individual performance.

Investment professionals are not directly compensated based on the pre- or post-tax performance of the Multi-Strategy Alternative Fund or Global Credit Advisers' allocated portion thereof.

*Ownership of Fund Shares.* As of September 30, 2025, Global Credit Advisers' portfolio manager did not beneficially own any shares of the Multi-Strategy Alternative Fund.

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*Other Accounts.* As of September 30, 2025, in addition to the Multi-Strategy Alternative Fund, Global Credit Advisers' portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Steven S. Hornstein | 0 | $0 | 3 | $463 | 0 | $0 |
|  | 0 | $0 | 3<br> \* | $463 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest*. A conflict of interest may arise as a result of the Portfolio Manager being responsible for multiple accounts, including the Multi-Strategy Alternative Fund, which may have different investment guidelines and objectives. In addition to the Multi-Strategy Alternative Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Global Credit Advisers' management of the Multi-Strategy Alternative Fund and other accounts, which, in theory, may allow Global Credit Advisers to allocate investment opportunities in a way that favors other accounts over the Multi-Strategy Alternative Fund. This conflict of interest may be exacerbated to the extent that Global Credit Advisers or the Portfolio Manager receive, or expect to receive, greater compensation from their management of the other accounts (all of which receive both a management and incentive fee) than the Multi-Strategy Alternative Fund. Global Credit Advisers (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Multi-Strategy Alternative Fund. To the extent a particular investment is suitable for both the Multi-Strategy Alternative Fund and the other accounts, such investments will be allocated between the Multi-Strategy Alternative Fund and the other accounts in a manner that Global Credit Advisers determines is fair and equitable under the circumstances to all clients, including the Multi-Strategy Alternative Fund.

To address and manage these potential conflicts of interest, Global Credit Advisers has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Hillsdale

*Compensation.* SIMC pays Hillsdale a fee based on the assets under management of the Tax-Managed Small/Mid Cap Fund as set forth in an investment sub-advisory agreement between Hillsdale and SIMC. Hillsdale pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Tax-Managed Small/Mid Cap Fund. The following information relates to the period ended September 30, 2025.

Professionals are compensated through salary and a discretionary performance incentive bonus depending on the success of the accounts managed and on the overall success of the company. More specifically, individuals on the Research and Investment Management Team are eligible for bonuses of up to 50% of their base salary, dependent upon both their specific strategy team and the company's success. The incentive structure is aligned with each strategy's investment objectives and performance relative to a benchmark.

The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Fund managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Funds.

*Ownership of Fund Shares.* As of September 30, 2025, Hillsdale's portfolio managers did not beneficially own any shares of the Tax-Managed Small/Mid Cap Fund.

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*Other Accounts.* As of September 30, 2025, in addition to the Tax-Managed Small/Mid Cap Fund, Hillsdale's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Number<br>of Accounts | Total Assets<br>(in millions) |
| A. Christopher Guthrie, CFA | 0 | $0 | 23 | $3670.3 | 8 | \*\* | $1699.9 |
|  | 0 | $0 | 3<br> \* | $353.5 | 1 | \* | $4.8 |
| Tony Batek, CFA | 0 | $0 | 4 | $1935.9 | 5 | \*\*\* | $156.9 |
|  | 0 | $0 | 2<br> \* | $876.2 | 0 |  | $0 |
| Ted Chen | 0 | $0 | 4 | $2476.6 | 15 | \*\*\* | $619.4 |
|  | 0 | $0 | 4<br> \* | $1617 | 0 |  | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

\*\* 4 accounts are Hillsdale proprietary accounts that are non-fee paying representing AUM of $3.5 million.

\*\*\* 2 accounts are Hillsdale proprietary accounts that are non-fee paying representing AUM of $3.3 million.

*Conflicts of Interest.* In addition to their responsibilities for the Tax-Managed Small/Mid Cap Fund, our portfolio managers oversee other accounts, including those of private pooled investment vehicles and of other clients. This multiple account management can give rise to potential conflicts of interest, as variations in fee structures could provide incentive for portfolio managers to favor some accounts over others in trade allocation. To address and manage potential conflicts of interest, Hillsdale has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

Hillsdale has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that are designed to address the potential conflicts associated with managing portfolios for multiple clients and to ensure that all clients are treated fairly and equitably. Accordingly, trades are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, Hillsdale has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and the personal accounts of Access Persons of the Firm.

Jennison

*Compensation.* SIMC pays Jennison a fee based on the assets under management of the Core Fixed Income Fund as set forth in an investment sub-advisory agreement between Jennison and SIMC. Jennison pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income Fund. The following information relates to the period ended September 30, 2025.

Jennison seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals and to align the interests of investment professionals with those of clients and overall firm results. Jennison recognizes individuals for their achievements and contributions and continues to promote those who exemplify the same values and level of commitment that are hallmarks of the organization.

Jennison sponsors a profit sharing retirement plan for all eligible employees. The contribution to the profit sharing retirement plan for portfolio managers is based on a percentage of the portfolio manager's total compensation, subject to a maximum determined by applicable law. In addition to eligibility to participate in retirement and welfare plans, senior investment professionals, including portfolio managers and senior research analysts, are eligible to participate in a voluntary deferred compensation program where all or a portion of the cash bonus can be deferred. Participants in the deferred compensation plan are permitted to allocate the deferred amounts among various options that track the gross-of-fee pre-tax performance of accounts or composites of accounts managed by Jennison.

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Investment professionals are typically compensated with a combination of base salary and cash bonus. Overall firm profitability determines the size of the investment professional incentive compensation pool. In general, the cash bonus represents the majority of an investment professional's compensation.

Investment professional total compensation for Jennison's fixed income team is determined through a process that evaluates numerous qualitative factors. Not all factors are applicable to every investment professional, and there is no particular weighting or formula for considering the factors. Jennison's compensation system values both individual impact and teamwork.

The portfolio managers' compensation is expected to be derived from their impact on overall client investment performance and overall business performance of Jennison's fixed income business and not the specific investment performance or value of an account or grouping of accounts.

The qualitative factors reviewed for the portfolio managers may include:

• The quality of the portfolio manager's investment ideas and consistency of the portfolio manager's judgment;

• Qualitative factors such as teamwork and responsiveness;

• Individual factors such as years of experience and responsibilities specific to the individual's role such as being a team leader or supervisor are also factored into the determination of an investment professional's total compensation; and

• Historical and long-term business potential of the product strategies.

*Ownership of Fund Shares.* As of September 30, 2025, Jennison's portfolio managers did not beneficially own any shares of the Core Fixed Income Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Core Fixed Income Fund, Jennison's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) |
| James Gaul, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| Eric G. Staudt, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| Samuel B. Kaplan, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| Dimitri Rabin, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| David Morse, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| Natalia Glekel, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| Griffin Sullivan, CFA | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |
| Adriano Taylor-Escribano | 3 | $2178631 | 7 | $6943890 | 71 | $29576472 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $887270 |

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<sup>†</sup> Jennison utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* Jennison manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for Jennison and its investment professionals to favor one account over another. Specifically, Jennison has an incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

Other types of side-by-side management of multiple accounts create incentives for Jennison to favor one account over another. Examples are detailed below, followed by a discussion of how Jennison addresses these conflicts.

*• <u>Long only accounts/long-short accounts</u>:* Jennison manages accounts in strategies that hold only long securities positions as well as accounts in strategies that are permitted to sell securities short. As a result, Jennison may hold a long position in a security in some client accounts while selling the same security short in other client accounts. For example, Jennison permits quantitatively hedged strategies to short securities that are held long in other strategies. Jennison also permits securities that are held long by one fundamental portfolio manager to be held short by another fundamental portfolio manager. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that sell a security short held long by another strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of the security held short. By the same token, sales in a long only account can increase the value of a short position while shorting could create an opportunity to purchase a long position at a lower price. As a result, Jennison has conflicts of interest in determining the timing and direction of investments.

*• <u>Multiple strategies:</u>* Jennison may buy or sell, or may direct or recommend that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be different. Jennison may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client direction. Different strategies effecting trading in the same securities or types of securities may appear as inconsistencies in Jennison's management of multiple accounts side-by-side.

*• <u>Investments at different levels of an issuer's capital structure:</u>* To the extent different clients invest across multiple strategies or asset classes, Jennison may invest client assets in the same issuer, but at different levels in the capital structure. Interests in these positions could be inconsistent or in potential or actual conflict with each other.

*• <u>Affiliated accounts/unaffiliated accounts and seeded/non-seeded accounts and accounts receiving asset allocation assets from affiliated investment advisers:</u>* Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts.This creates an incentive to favor its affiliated accounts over unaffiliated accounts. Additionally, at times Jennison's affiliates provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides "seed capital" or other capital for a fund or account, it may do so with the intention of redeeming all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund or account. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing "seeded" accounts alongside "non-seeded" accounts creates an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product. Additionally, Jennison's affiliated investment advisers could allocate their asset allocation clients' assets to Jennison, which creates an incentive for Jennison to favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate.

*• <u>Non-discretionary accounts or models</u>:* Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. Recommendations for non-discretionary models that are derived from discretionary portfolios can be communicated before or after the

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discretionary portfolio has traded. The non-discretionary clients could be disadvantaged if Jennison delivers the model investment portfolio to them after Jennison initiates trading for the discretionary clients. Discretionary clients could be disadvantaged if the non-discretionary clients receive their model investment portfolio and start trading before Jennison has started trading for the discretionary clients.

*• <u>Higher fee paying accounts or products or strategies:</u>* In general, Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising non-discretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another.

*• <u>Personal interests:</u>* The performance of one or more accounts managed by Jennison's investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees may have personally invested alongside other accounts where there is no personal interest. These factors could create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal interest.

• *<u>Side Letters:</u>* Jennison has entered into side letters with respect to certain of the funds that Jennison manages, and will likely do so with respect to funds that Jennison manages in the future. Such side letters are agreements with investors in the funds (including affiliated investors) that grant such investors terms and conditions more advantageous than those granted to other investors. For example, some investors have side letters granting reduced fees or expenses, or access to more frequent or detailed information regarding the fund's investments to the extent permitted by applicable law. For certain investors in commingled funds managed by Jennison, Jennison rebates a portion of the management fee paid to it. The rebate is either reinvested into the fund on behalf of the investors or is paid to the investor in, as agreed with the investor. In some instances, Jennison could have multiple side letters with respect to a single fund, each with a different investor.

*How Jennison Addresses These Conflicts of Interest*

The conflicts of interest described above create incentives for Jennison to favor one or more accounts or types of accounts over others in the allocation of investment opportunities, aggregation and timing of investments. Portfolios in a particular strategy with similar objectives are managed similarly to the extent possible. Accordingly, portfolio holdings and industry and sector exposure tend to be similar across a group of accounts in a strategy that have similar objectives, which tends to minimize the potential for conflicts of interest among accounts within a product strategy. While these accounts have many similarities, the investment performance of each account will be different primarily due to differences in guidelines, individual portfolio manager's decisions, timing of investments, fees, expenses and cash flows.

Additionally, Jennison has developed policies and procedures that seek to address, mitigate and assess these conflicts of interest.

• Jennison has adopted trade aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly. These policies and procedures address the allocation of limited investment opportunities, such as IPOs and new issues, and the allocation of transactions across multiple accounts.

• Jennison has policies that limit the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long by the same portfolio manager.

• Jennison has adopted procedures to review allocations or performance dispersion between accounts with performance fees and non-performance fee based accounts and to review overlapping long and short positions among long accounts and long-short accounts.

• Jennison has adopted a code of ethics and policies relating to personal trading.

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• Jennison has adopted a conflicts of interest policy and procedures.

• Jennison provides disclosure of these conflicts as described in its Form ADV brochure.

JPMIM

*Compensation.* SIMC pays JPMIM a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between JPMIM and SIMC. JPMIM pays its portfolio managers out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended September 30, 2025.

JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation—base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

• Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indexes or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

• The scale and complexity of their investment responsibilities;

• Individual contribution relative to the client's risk and return objectives;

• Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

• Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

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For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indexes as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

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| | |
|:---|:---|
| Name of Fund | Benchmark |
| SEI Institutional Managed Trust (SIMT) <br>Mutual Fund—High Yield Bond Fund | ICE BofA US High Yield Constrained Index Total Return <br>in USD |

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*Ownership of Fund Shares.* As of September 30, 2025, JPMIM's portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of September 30, 2025, in addition to the High Yield Bond Fund, JPMIM's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) |
| Robert Cook | 11 | $23589174 | 12 | $20009389 | 43 | $20116791 |
|  | 0 | $0 | 1<br> \* | $907191 | 0 | $0 |
| Thomas Hauser | 22 | $71011882 | 20 | $41258721 | 57 | $23820296 |
|  | 0 | $0 | 2<br> \* | $15226 | 0 | $0 |
| Jeffrey Lovell | 11 | $13318588 | 13 | $19117422 | 44 | $23319431 |
|  | 0 | $0 | 2<br> \* | $15226 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the fund ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are

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likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

Acting for Multiple Clients. In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when funds or accounts managed by JPMIM ("Other Accounts") engage in short sales of the same securities held by a Fund, JPMIM could be seen as harming the performance of a Fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a Fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a Fund has also invested and these activities could have an adverse effect on the Fund. For example, if a Fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the Fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the Fund invests may use the proceeds of the Fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the Fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a Fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP Morgan or its affiliates could be viewed as having a conflict of interest to the extent that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as

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JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manages to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the fund invests, JP Morgan or its affiliates could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the fund's objectives.

The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (*e.g.*, a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMorgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMorgan so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser or its affiliates so that fair and equitable allocation will occur over time.

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Kettle Hill

*Compensation.* SIMC pays Kettle Hill a fee based on the assets under management of the Multi-Strategy Alternative Fund as set forth in an investment sub-advisory agreement between Kettle Hill and SIMC. Kettle Hill pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Strategy Alternative Fund. The following information relates to the period ended September 30, 2025.

The portfolio manager responsible for managing the portion of the assets of the Multi-Strategy Alternative Fund allocated to Kettle Hill, Andrew Y. Kurita, is also the founder of the firm. His compensation is based on the overall performance of the firm and the assets it manages, not any individual or defined subset of accounts. Kettle Hill does not charge SIMC any fees other than the agreed upon sub-advisory fees.

*Ownership of Fund Shares.* As of September 30, 2025, Kettle Hill's portfolio manager did not beneficially own any shares of the Multi-Strategy Alternative Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Multi-Strategy Alternative Fund, Kettle Hill's portfolio manager was responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Andrew Y. Kurita, CFA | 3 | $185.6 | 4 | $217.2 | 1 | $332.9 |
|  | 3<br> \* | $185.6 | 4<br> \* | $217.2 | 1<br> \* | $332.9 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Multi-Strategy Alternative Fund, which may have different investment guidelines and objectives. In addition to the Multi-Strategy Alternative Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Multi-Strategy Alternative Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Multi-Strategy Alternative Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Multi-Strategy Alternative Fund, may track the same benchmarks or indexes as the Multi-Strategy Alternative Fund tracks and may sell securities that are eligible to be held, sold or purchased by the Multi-Strategy Alternative Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Multi-Strategy Alternative Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Multi-Strategy Alternative Fund. To address and manage these potential conflicts of interest, Kettle Hill has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by the firm's Management Committee and Chief Compliance Officer.

Leeward

*Compensation.* SIMC pays Leeward a fee based on the assets under management of the Small Cap, Small Cap Value and Mid-Cap Funds as set forth in an investment sub-advisory agreement between Leeward and SIMC. Leeward pays its investment professionals out of its total revenues and other resources, including the

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sub-advisory fees earned with respect to the Small Cap, Small Cap Value and Mid-Cap Funds. The following information relates to the period ended September 30, 2025.

Portfolio managers and other investment team members at Leeward are compensated through a combination of base salary, incentive bonus and equity ownership. Leeward's base salaries are competitive within the industry. Leeward's incentive bonus plan for these investment personnel is a revenue-share model based on strategy performance relative to a peer group universe of institutional managers. Incentive bonuses are not calculated on specific client or specific fund assets. Investment team members are also equity owners at Leeward, which further aligns investment team incentives with client success.

*Ownership of Fund Shares.* As of September 30, 2025, Leeward's portfolio managers did not beneficially own any shares of the Small Cap, Small Cap Value and Mid-Cap Funds.

*Other Accounts.* As of September 30, 2025, Leeward's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| R. Todd Vingers, CFA | 5 | $953.1 | 15 | $764.1 | 30 | $952.8 |
| Jay C. Willadsen, CFA | 5 | $953.1 | 15 | $764.1 | 30 | $952.8 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* Leeward's portfolio managers are often responsible for managing one or more funds as well as other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles. A portfolio manager may also manage a separate account or other pooled investment vehicle which may have materially higher fee arrangements than the Small Cap, Small Cap Value and Mid-Cap Funds and may also have a performance-based fee. The side-by-side management of these funds and other accounts may raise potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Leeward has fiduciary responsibility to manage all client accounts in a fair and equitable manner. It seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. Similarly, trading in securities by Leeward personnel for their own accounts potentially could conflict with the interest of clients. Leeward has policies and procedures in place to detect, monitor and resolve these and other potential conflicts of interest that are inherent to its business as a registered investment adviser.

Los Angeles Capital

*Compensation.* SIMC pays Los Angeles Capital a fee based on the assets under management of the Small Cap and Mid-Cap Funds as set forth in an investment sub-advisory agreement between Los Angeles Capital and SIMC. Los Angeles Capital pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap and Mid-Cap Funds. The following information relates to the period ended September 30, 2025.

Los Angeles Capital's portfolio managers participate in a competitive compensation program that is aimed at attracting and retaining talented employees with an emphasis on disciplined risk management, ethics and compliance-centered behavior. No component of Los Angeles Capital's compensation policy or payment scheme is tied directly to the performance of one or more client portfolios or funds.

Each of Los Angeles Capital's portfolio managers receives a base salary fixed from year to year. In addition, portfolio managers participate in Los Angeles Capital's profit sharing plan. The aggregate amount of the contribution to Los Angeles Capital's profit sharing plan is based on overall firm profitability with amounts paid to individual employees based on their relative overall compensation up to applicable legal limits. Each of the portfolio managers also is an equity holder of Los Angeles Capital and receives compensation based upon Los Angeles Capital's overall profits. Certain portfolio managers are also eligible to receive a discretionary bonus from Los Angeles Capital.

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*Ownership of Fund Shares.* As of September 30, 2025, Los Angeles Capital's portfolio managers did not beneficially own any shares of the Small Cap and Mid-Cap Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Small Cap and Mid-Cap Funds, Los Angeles Capital's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Hal W. Reynolds, CFA | 18 | $10538.2 | 20 | $15851.5 | 38 | $7483.5 |
|  | 1<br> \* | $5757.5 | 6<br> \* | $2531.1 | 9<br> \* | $4484.5 |
| Daniel E. Allen, CFA | 17 | $6476.5 | 20 | $15851.5 | 32 | $7450.5 |
|  | 0 | $0 | 6<br> \* | $2531.3 | 9<br> \* | $4484.5 |
| Kristin Ceglar, CFA | 5 | $5954.6 | 3 | $238.7 | 13 | $2689.2 |
|  | 1<br> \* | $5757.5 | 1<br> \* | $150.5 | 4<br> \* | $1419.3 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Los Angeles Capital has adopted policies and procedures, including brokerage and trade allocation policies and procedures, which Los Angeles Capital believes are reasonably designed to manage, monitor and prevent the firm from inappropriately favoring one account over another. Procedures adopted by Los Angeles Capital seek to treat all clients fairly and equally over time and to mitigate conflicts among accounts. Client accounts are managed independent of one another in accordance with client specific mandates, restrictions, and instructions as outlined in the client's investment management agreement, and such restrictions and instructions are monitored for compliance with the client's investment guidelines.

Side-by-side management can result in investment positions or actions taken for one client account that differ from those taken in another client account, in situations where trades in one account closely precede transactions in the same securities in a different account, or in situations where clients receive different execution prices when trading the same security but at different times. Conversely, Los Angeles Capital could hold a long position in an account while at the same time taking a short position on the same issuer in another account. These situations occur due to differences in the risk and guideline constraints and exposures governing a client's account in comparison to the other accounts managed by Los Angeles Capital. In addition, as a result of the liquidity characteristics of the securities within certain strategies, larger accounts could require extended trading horizons and experience lower completion rates on orders, higher transaction costs, and reduced performance when compared to smaller accounts in the same strategy. Additionally, certain accounts, including Los Angeles Capital's proprietary accounts, could trade more frequently than other accounts, creating more competition between and among client accounts, which can result in increased transaction costs, decreased liquidity in an investment, and/or impacts on the security price. These positions and actions can adversely affect or benefit different clients at different times.

Los Angeles Capital manages client accounts that have different investment strategies, objectives, restrictions, constraints, launch dates, and overlapping benchmark constituents. Given these customizations and differences, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account. However, simultaneously purchasing and selling the same security in the same account without the intent to take a bona fide market position ("wash trades") is prohibited. Additionally, it is possible for Los Angeles Capital to purchase or sell the same security for different accounts during the same trading day but at differing execution prices. The order of account rebalances may work on some occasions to the account's advantage or disadvantage. Client accounts also have different account trading strategies that include, but are not limited to, varying the frequency and order of account rebalances (*e.g.*, weekly, semi-monthly, monthly, or quarterly), varying the grouping of accounts or markets to be traded within accounts on a particular day (*e.g.*, trading U.S. accounts before global accounts, or

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rotating weeks between strategies), varying account turnover, aggregating trades lists, aggregating specific names within trade lists, varying names traded as a block, using third-party algorithms, using limit-orders, and adjusting executing broker trade strategy instructions. Los Angeles Capital reserves the right to explore trade strategies, methods , and processes to further its best execution mandate for client accounts. Given these customizations and differences, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account.

The decision as to which accounts participate in an investment opportunity will take into account, among other things, the quantitative model's outlook on the account's strategy, the account's investment guidelines, and risk metrics. Global account orders are sent to the market simultaneously subject to prevailing market conditions, client flows, and liquidity.

While each client account is managed individually, with trade allocation determined prior to placing each trade with the broker, Los Angeles Capital may, at any given time, purchase or sell the same security in a block that is allocated amongst multiple accounts. Los Angeles Capital will generally execute transactions for clients on an aggregate basis when it believes that to do so would allow it to obtain best execution and remain consistent with the account's investment guidelines. As such, Los Angeles Capital, from time to time, evaluates account trade lists for sizeable or potentially illiquid transactions that may be aggregated among several concurrent account rebalances. There are a number of variables that can influence a decision to aggregate purchases or sales into a block, including but not limited to, order size, liquidity, client trading directives, regulatory limitations, round lot requirements, and cash flows. When there is decision making on whether to include or exclude certain accounts from a block transaction, there is always the potential for conflicts of interest. Furthermore, aggregation may operate on some occasions to the advantage of the account and on other occasions to the account's disadvantage. Los Angeles Capital's policies and procedures in allocating trades are structured to treat all clients fairly.

Los Angeles Capital is not required to aggregate any particular trade. For example, an account with directed brokerage may not participate in certain block trades.

The implementation of portfolio decisions is decided without consideration of Los Angeles Capital's (or any of its personnel's) pecuniary investment, or other financial interests, including without consideration of the different fees or compensation Los Angeles Capital receives from clients. Furthermore, Los Angeles Capital does not invest the assets of separately managed client accounts in commingled funds sponsored by Los Angeles Capital.

Los Angeles Capital's strategies predominantly invest in liquid common stocks. Based on a variety of factors including the strategy, guidelines, risk metrics, and turnover goals, Los Angeles Capital determines the trading frequency for each account. Most accounts currently trade at least semi-monthly and others may trade more or less frequently depending on turnover goals, market conditions and other factors unique to the strategy or markets in which they are invested.

Los Angeles Capital has designed a proprietary Brokerage Allocation Randomization system for objectively pairing which equity broker-dealer to use when executing an account's transactions based on regional market eligibility/suitability characteristics, as well as perceived execution capability of the equity broker-dealer in such regional markets. Los Angeles Capital's proprietary accounts using trading or portfolio management strategies that are utilized by other clients are primarily invested in liquid, benchmark securities, and may be traded in rotation with client accounts or on a particular day of the week depending on liquidity, size, and model constraints. The order of account rebalances may work on some occasions to the account's advantage or disadvantage.

Los Angeles Capital's portfolio managers manage accounts that are charged a performance-based fee alongside accounts in the same strategy with asset-based fee schedules. While performance-based fee arrangements may be viewed as creating an incentive to favor certain accounts over others in the allocation of investment opportunities, Los Angeles Capital has adopted policies and procedures that are reasonably designed to monitor and prevent Los Angeles Capital from inappropriately favoring one account over another.

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Management and performance fees inure to the benefit of Los Angeles Capital as a whole and not to specific individuals or groups of individuals. Further, Los Angeles Capital employs a quantitative investment process which utilizes Los Angeles Capital's proprietary investment model technology to identify securities that will be used to construct a portfolio.

Los Angeles Capital has adopted a Code of Ethics that includes procedures on ethical conduct and personal trading and requires pre-clearance authorization from both the Trading and Compliance and Regulatory Risk Departments for certain personal security transactions. Nonetheless, because the Code of Ethics in some circumstances would permit employees to invest in the same securities as clients, there is a possibility that employees might benefit from market activity by a client in a security held by an employee. Employee trading is monitored under the Code of Ethics, and is designed to reasonably identify and prevent conflicts of interest between Los Angeles Capital and its clients. Investment personnel of Los Angeles Capital or its affiliate may be permitted to be commercially or professionally involved with an issuer of securities. There is a potential risk that Los Angeles Capital personnel may place their own interests (resulting from outside employment/directorships) ahead of the interests of Los Angeles Capital clients. Before engaging in any outside business activity, employees must obtain approval of the CCO as well as other personnel. Any potential conflicts of interest from such involvement are monitored for compliance with Los Angeles Capital's Code of Ethics. The Code of Ethics also governs employees giving or accepting gifts and entertainment.

LSV

*Compensation.* SIMC pays LSV a fee based on the assets under management of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds as set forth in an investment sub-advisory agreement between LSV and SIMC. LSV pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. The following information relates to the period ended September 30, 2025.

LSV's portfolio managers' compensation consists of a fixed salary and discretionary bonus. Each of the portfolio managers is a partner of LSV and thereby receives a portion of the overall profit of the firm as part of his ownership interests. The bonus is based upon the profitability of the firm and individual performance. None of the portfolio managers' compensation is based on the performance of, or the value of assets held in, the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds.

Individual performance is subjective and may be based on a number of factors, such as the individual's leadership and contribution to the strategic planning and development of the investment group. The portfolio managers' compensation is not tied to any one account, including the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, and bonuses are not awarded or calculated based upon performance.

*Ownership of Fund Shares.* LSV's portfolio managers have the opportunity to participate in the 401(k) plan sponsored by SEI Investments. Such plan could utilize some of the funds offered by the Trust. As such, as of September 30, 2025, LSV's portfolio managers may beneficially own shares of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility or Tax-Managed International Managed Volatility Funds or, interests in SIMC-managed vehicles that follow the same investment strategy of the Funds.

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*Other Accounts.* As of September 30, 2025, in addition to the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, LSV's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Number<br>of Accounts | Total Assets<br>(in millions) |
| Josef Lakonishok, Ph.D. | 23 | $13852 | 55 | $23990 | 233 |  | $61973 |
|  | 0 | $0 | 4<br> \* | $2075 | 36 | \*\* | $15595 |
| Menno Vermeulen, CFA | 23 | $13852 | 55 | $23990 | 233 |  | $61973 |
|  | 0 | $0 | 4<br> \* | $2075 | 36 | \*\* | $15595 |
| Puneet Mansharamani, CFA | 23 | $13852 | 55 | $23990 | 233 |  | $61973 |
|  | 0 | $0 | 4<br> \* | $2075 | 36 | \*\* | $15595 |
| Greg Sleight | 23 | $13852 | 55 | $23990 | 233 |  | $61973 |
|  | 0 | $0 | 4<br> \* | $2075 | 36 | \*\* | $15595 |
| Guy Lakonishok, CFA | 23 | $13852 | 55 | $23990 | 233 |  | $61973 |
|  | 0 | $0 | 4<br> \* | $2075 | 36 | \*\* | $15595 |
| Gal Skarishevsky | 23 | $13852 | 55 | $23990 | 233 |  | $61973 |
|  | 0 | $0 | 4<br> \* | $2075 | 36 | \*\* | $15595 |
| Jason Karceski, Ph.D. | 4 | $1108 | 3 | $673 | 11 |  | $1030 |

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\* These accounts, which are a subset of the accounts in the preceding row, are Limited Partnerships and/or Group Trust Accounts to which LSV acts as General Partner and/or Investment Manager and are an aggregation of underlying investors who have negotiated a performance fee.

\*\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* The portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include separate accounts and other pooled investment vehicles. The other accounts might have similar investment objectives as the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. While the portfolio managers' management of other accounts may give rise to the following potential conflicts of interest, LSV does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, LSV believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Because of their positions with the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, the portfolio managers know the size, timing and possible market impact of Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. However, LSV has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

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A potential conflict of interest may arise as a result of the portfolio managers' management of the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. This conflict of interest may be exacerbated to the extent that LSV or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. Notwithstanding this theoretical conflict of interest, it is LSV's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, LSV has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, such an approach might not be suitable for the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds given their investment objectives and related restrictions.

The same team of portfolio managers is responsible for the day-to-day management of all of LSV's accounts. LSV uses a proprietary quantitative investment model to manage all of LSV's accounts. LSV relies extensively on its quantitative investment model regarding the advisability of investing in a particular company. Any investment decisions are generally made based on whether a buy or sell signal is received from the proprietary quantitative investment model. Accounts or funds with performance-based fees and accounts or funds in which employees may be invested could create an incentive to favor those accounts or funds over other accounts or funds in the allocation of investment opportunities. In addition, it is possible that a short position may be taken on a security that is held long in another portfolio. LSV seeks to make allocations of investment opportunities in a manner that it considers fair, reasonable and equitable without favoring or disfavoring, consistently or consciously, any particular client. LSV has procedures designed to ensure that all clients are treated fairly and to prevent these potential conflicts from influencing the allocation of investment opportunities among clients. On a quarterly basis, LSV's Forensic Testing Committee, consisting of the Chief Compliance Officer, Compliance Officer, Chief Operating Officer and Compliance Analyst, reviews, among other things, allocations of investment opportunities among clients and the allocation of partially-filled block trades, including allocations to accounts or funds with performance-based fees or in which employees may be invested, to confirm consistency with LSV's policies and procedures.

LSV provides model portfolios to a number of clients, (each a "Model Adviser" and collectively the "Model Advisers"). These model portfolios are currently utilized in relation to a managed account program and several registered investment company sub-advisory relationships and may be offered in additional ways in the future. The model portfolios utilize some of the same strategies that are offered to LSV's other accounts. After LSV has provided the model portfolio to the Model Adviser, both initially and at each rebalance of the model portfolio, the Model Adviser or its delegates determine the timing and manner of purchase or sale with respect to the model portfolio recommendations. Some Model Advisers may generally implement the model portfolio recommendations as provided by LSV, while others may retain complete discretion as to the extent to which the model recommendations are implemented. The portfolio management team maintains a calendar of rebalance dates for the model portfolios similar to other LSV portfolios. In order to seek to ensure the fair treatment of all clients, LSV provides model portfolios to the Model Advisers on a staggered schedule relative to our other portfolios, so that the Portfolio Management team delivers the model portfolios on a rebalance schedule that differs from the rebalance schedule of the other portfolios. As a result, the model portfolios may experience different account performance, including potentially less favorable prices, than LSV's accounts that it trades directly. However, the same software and procedures that are used for other LSV portfolios are also used with respect to the model portfolios. In addition, the model portfolios are constructed based on the most

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up-to-date rankings in LSV's quantitative investment model. LSV's policies require that the Chief Compliance Officer be made aware of any changes to this process. On a quarterly basis, LSV's Forensic Testing Committee reviews a report which shows the timing of the submission of the model portfolios with respect to the rebalancing of certain portfolios in applicable strategies actively managed by LSV and the timing of the submission of model portfolios in the same strategies sent to the Model Advisers to be used to rebalance the applicable model portfolios.

LSV or its funds may contract for services with an entity or person with whom LSV or its employees has a relationship or from which LSV or its employees otherwise derives financial or other benefits. The existence of and nature of such relationships raises conflicts of interest between LSV and/or its employees, on the one hand, and LSV's clients and funds, on the other hand, in determining whether to engage such service providers and, if engaged, on what terms and conditions. LSV or its employees may, because of its or such person's financial or other benefits, have an incentive to engage a service provider even if a different entity or person is more qualified to provide the applicable services and/or can provide such services at a lesser cost. These entities are subject to the same vendor management policies and procedures that apply to all third party vendors, which are designed to manage any such conflict, including an annual review by persons at LSV that do not have such a conflict. For example, LSV currently has a relationship with a data services provider in which certain of LSV's employees have a minority investment. The services are provided directly to and paid for by LSV and not any client or fund. LSV believes the services offered by the provider are at least as good as or better than the services provided by the provider's competitors and that the provider's services have comparable (or in some cases, more desirable) terms and conditions. In addition, the provider's services are subject to an annual review by persons as LSV that do not have such conflict. Further, employees of LSV may also hold other personal investments in other outside businesses that may interact with LSV from time to time. Such investments are subject to pre-clearance under LSV's Code of Ethics and Personal Trading Policy.

Mackenzie

*Compensation.* SIMC pays Mackenzie a fee based on the assets under management of the Large Cap Growth Fund as set forth in an investment sub-advisory agreement between Mackenzie and SIMC. Mackenzie pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Growth Fund. The following information relates to the period ended September 30, 2025.

Mackenzie's portfolio managers are paid fixed and variable compensation. Such variable compensation is calculated by reference to: (i) a peer relative ranking that the portfolio managers achieve in the relevant strategy, and (ii) sales related factors. The peer relative ranking element is determined by comparing the performance (net of non-reclaimable withholdings taxes) of a representative account in the relevant strategy against the investment performance generated by peer investment managers in similar strategies.

*Ownership of Fund Shares.* As of September 30, 2025, Mackenzie's portfolio managers did not beneficially own any shares of the Large Cap Growth Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Large Cap Growth Fund, Mackenzie's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Arup Datta, CFA | 1 | $379.06 | 62 | $15900.90 | 0 | $0 |
| Nicholas Tham, CFA | 1 | $379.06 | 62 | $15900.90 | 0 | $0 |

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&nbsp;&nbsp;&nbsp;&nbsp;None of the accounts listed above are subject to a performance-based advisory fee.

<sup>†</sup> Mackenzie utilizes a team-based approach to portfolio management, and each of the portfolio managers listed in the table is jointly responsible for the management of a portion of the accounts listed in each category.

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*Conflicts of Interest.* Conflicts may arise in situations where the interests of Mackenzie and those of the Large Cap Growth Fund are inconsistent. For example, a conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap Growth Fund, which may have different investment guidelines and objectives. In addition to the Large Cap Growth Fund, these accounts may include accounts of private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Mackenzie's management of the Large Cap Growth Fund and other accounts, which, in theory, may allow Mackenzie to allocate investment opportunities in a way that favors other accounts over the Large Cap Growth Fund. This conflict of interest may be exacerbated to the extent that Mackenzie or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts than the Large Cap Growth Fund. Mackenzie (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap Growth Fund. To the extent a particular investment is suitable for both the Large Cap Growth Fund and the other accounts, such investments will be allocated between the Large Cap Growth Fund and the other accounts on a pro rata basis. If a pure pro-rata allocation is not feasible, allocations are made on an otherwise fair and equitable basis.

Generally, Mackenzie takes steps to identify all existing material conflicts of interest and those that are reasonably expected to arise. To address and manage these conflicts, Mackenzie maintains policies and procedures to ensure that the firm manages all accounts in a manner consistent with the fiduciary duties Mackenzie owes its clients and with all applicable laws.

Martingale

*Compensation.* SIMC pays Martingale a fee based on the assets under management of the Tax-Managed Small/Mid Cap Fund as set forth in an investment sub-advisory agreement between Martingale and SIMC. Martingale pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Tax-Managed Small/Mid Cap Fund. The following information relates to the period ended September 30, 2025.

Martingale's compensation approach aims to foster team building and promote collaboration among employees to best serve Martingale's clients. Firmwide, Martingale's compensation structure includes annual base salary and attractive employee benefits, plus opportunities to receive additional compensation in the form of an annual bonus, a tax-deferred SEP retirement plan and participation in the firm's profitability through equity ownership. Changes in salary and bonuses are based on traditional employee performance evaluation criteria that consider an individual's performance and contributions within his/her immediate area of responsibility as well as broader contributions to Martingale's overall success. In addition, attractive non-financial benefits are provided to all employees. Within the Investment Team, compensation considerations include contributions to investment research, product development, implementation, and the success of Martingale's investment strategies.

*Ownership of Fund Shares.* As of September 30, 2025, Martingale's portfolio managers did not beneficially own any shares of the Tax-Managed Small/Mid Cap Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Tax-Managed Small/Mid Cap Fund, Martingale's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| James M. Eysenbach, CFA | 0 | $0 | 11 | $1738.01 | 13 | $2453.8 |
|  | 0 | $0 | 3<br> \* | $718.35 | 1<br> \* | $202.41 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* The portfolio manager's management of other accounts may give rise to potential conflicts of interest in connection with the management of the Tax-Managed Small/Mid Cap Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include all other Martingale accounts. The other accounts might have similar investment objectives as the Tax-Managed Small/Mid Cap Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Tax-Managed Small/Mid Cap Fund. While the portfolio manager's management of other accounts may give rise to the following potential conflicts of interest, Martingale does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, Martingale believes that it has designed policies and procedures to manage conflicts in an appropriate way.

A potential conflict of interest may arise as a result of the portfolio manager's day-to-day management of the Tax-Managed Small/Mid Cap Fund. Because of the position with the Tax-Managed Small/Mid Cap Fund, the portfolio manager knows the size, timing and possible market impact of Tax-Managed Small/Mid Cap Fund trades. It is theoretically possible that the portfolio manager could use this information to the advantage of other accounts managed and to the possible detriment of the Tax-Managed Small/Mid Cap Fund. However, Martingale has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

Mar Vista

*Compensation.* SIMC pays Mar Vista a fee based on the assets under management of the Large Cap and Tax-Managed Large Cap Funds as set forth in an investment sub-advisory agreement between Mar Vista and SIMC. Mar Vista pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap and Tax-Managed Large Cap Funds. The following information relates to the period ended September 30, 2025.

The investment team receives compensation consisting of salary, bonus and equity distributions. Mar Vista is majority employee owned and the investment team is therefore rewarded based on annual profit distributions. The investment team is evaluated based on the overall performance of the strategies rather than individual contributions. Mar Vista believes equity ownership by the investment team is a unique and powerful attribute in an investment management firm.

*Ownership of Fund Shares.* As of September 30, 2025, Mar Vista's portfolio managers did not beneficially own any shares of the Large Cap or Tax-Managed Large Cap Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Large Cap and Tax-Managed Large Cap Funds, Mar Vista's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Silas Myers, CFA | 1 | $231.9 | 3 | $123.6 | 194 | $2204.1 |
| Brian Massey, CFA | 1 | $231.9 | 3 | $123.6 | 194 | $2204.1 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap and Tax-Managed Large Cap Funds, which may have different investment guidelines and objectives. In addition to the Large Cap and Tax-Managed Large Cap Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Mar Vista's management of the Large Cap and Tax-Managed Large Cap Funds and other accounts, which, in theory, may allow Mar Vista to allocate investment opportunities in a way that favors other accounts over the Large Cap and Tax-Managed Large Cap Funds. This conflict of interest may be exacerbated to the extent that Mar Vista or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts

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than the Large Cap and Tax-Managed Large Cap Funds. Mar Vista may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap and Tax-Managed Large Cap Funds. To the extent a particular investment is suitable for both the Large Cap Fund and the other accounts, such investments will be allocated between the Large Cap and Tax-Managed Large Cap Funds and the other accounts in a manner that Mar Vista determines is fair and equitable under the circumstances to all clients, including the Large Cap and Tax-Managed Large Cap Funds.

To address and manage these potential conflicts of interest, Mar Vista has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Mar Vista is dedicated to providing effective and professional investment advisory services to its clients and is dependent upon a high level of public and client confidence for its success. That confidence can only be maintained if Mar Vista's supervised persons observe the highest standards of ethical behavior in the performance of their duties. Mar Vista has the obligation to exercise its authority for the benefit of its clients, to place the interest of its clients before its own and to refrain from having outside interests that conflict with the interests of its clients. Mar Vista and its supervised persons must avoid any circumstances that might adversely affect or appear to affect Mar Vista's duty of complete loyalty to clients.

MetWest

*Compensation.* SIMC pays MetWest a fee based on the assets under management of the Core Fixed Income Fund as set forth in an investment sub-advisory agreement between MetWest and SIMC. MetWest pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income Fund. The following information relates to the period ended September 30, 2025.

Because MetWest is a subsidiary of The TCW Group, Inc. ("TCW"), MetWest's investment professionals are compensated under the TCW compensation structure as detailed below.

The overall objective of TCW's compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, bonus and equity incentive participation in TCW's parent company ("equity incentives"). Bonus and equity incentives generally represent most of the portfolio managers' compensation.

*Salary.* Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

*Discretionary Bonus/Guaranteed Minimums.* Discretionary bonuses are paid by the applicable TCW Advisor. Also, pursuant to contractual arrangements, some portfolio managers may receive minimum bonuses.

*Equity Incentives.* Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW's key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of TCW's parent company.

*Other Plans and Compensation Vehicles.* Portfolio managers may also elect to participate in the applicable TCW Advisor's 401(k) plan, to which they may contribute a portion of their pre—and post-tax compensation to the plan for investment on a tax-deferred basis.

*Ownership of Fund Shares.* As of September 30, 2025, MetWest's portfolio managers did not beneficially own any shares of the Core Fixed Income Fund.

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*Other Accounts.* As of September 30, 2025, in addition to the Core Fixed Income Fund, MetWest's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Bryan Whalen, CFA | 25 | $73127.1 | 31 | $11914.2 | 294 | $71063.6 |
|  | 0 | $0 | 4<br> \* | $493.6 | 10<br> \* | $7053.0 |
| Jerry Cudzil | 24 | $71744.3 | 39 | $16547.2 | 162 | $57624.5 |
|  | 0 | $0 | 10<br> \* | $3976.9 | 5<br> \* | $3094.9 |
| Ruben Hovhannisyan, CFA | 25 | $71559.5 | 18 | $9064.3 | 143 | $46701.9 |
|  | 0 | $0 | 1<br> \* | $197.4 | 5<br> \* | $3094.9 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* TCW's approach to handling conflicts of interest is multi-layered starting with its policies and procedures, the maintenance of a conflicts of interest matrix, reporting and pre-clearance of personal trading and oversight by various committees. On an annual basis TCW reviews its conflicts of interests across its products and businesses, and may update and add specific conflicts of interests pertaining to new products, regulatory priorities, market events, etc. TCW has policies and controls to avoid and/or mitigate conflicts of interest across its businesses. The policies and procedures in TCW's Code of Ethics (the "Code") serve to address or mitigate both conflicts of interest and the appearance of any conflict of interest. The Code contains several restrictions and procedures designed to eliminate conflicts of interest relating to personal investment transactions, including (i) reporting account openings, changes, or closings (including accounts in which an Access Person has a "beneficial interest"), (ii) pre-clearance of non-exempt personal investment transactions (make a personal trade request for Securities) and (iii) the completion of timely required reporting (Initial Holdings Report, Quarterly Transactions Report, Annual Holdings Report and Annual Certificate of Compliance).

In addition, the Code addresses potential conflicts of interest through its policies on insider trading, anti-corruption, an employee's outside business activities, political activities and contributions, confidentiality and whistleblower provisions.

Conflicts of interest may also arise in the management of accounts and investment vehicles. These conflicts may raise questions that would allow TCW to allocate investment opportunities in a way that favors certain accounts or investment vehicles over other accounts or investment vehicles, or incentivize a TCW portfolio manager to receive greater compensation with regard to the management of certain account or investment vehicles. TCW may give advice or take action with certain accounts or investment vehicles that could differ from the advice given or action taken on other accounts or investment vehicles.

When an investment opportunity is suitable for more than one account or investment vehicle, such investments will be allocated in a manner that is fair and equitable under the circumstances to all TCW clients. As such, TCW has adopted policies and procedures around portfolio management and trading and brokerage to address most of these potential conflicts. In addition, TCW has created various committees to review trading and brokerage, the allocation of investment opportunities, performance dispersion, allocation dispersion, cross trades, performance fees and address other issues generally associated with side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis.

The respective Equity and Fixed Income Trading and Allocation Committees review trading activities on behalf of client accounts, including the allocation of investment opportunities and address any issues with regard to side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis. Further, the Portfolio Analytics Committee reviews TCW's investment strategies, evaluates various analytics to facilitate risk assessment, changes to performance composites and benchmarks and monitors the implementation and maintenance of the Global Investment Performance Standards or GIPS<sup>®</sup> compliance.

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MIM

*Compensation.* SIMC pays MIM a fee based on the assets under management of the Core Fixed Income Fund as set forth in an investment sub-advisory agreement between MIM and SIMC. MIM pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income Fund. The following information relates to the fiscal year ended September 30, 2025.

MIM is a wholly owned subsidiary of MetLife, and as such, its compensation program is the same as MetLife's. The program is a combination of short- and long-term elements to compensate investment professionals, and non-investment professionals, based on the overall financial success of the firm. The incentive program is primarily comprised of three elements:

(i) Base salary: Base salaries are generally reviewed annually and are based on market competitiveness.

(ii) Short term awards: Individual awards in the form of an annual cash bonus are discretionary and non-formulaic based on firm as well as individual performance. Bonus compensation for senior investment professionals comprises a majority of their total compensation. This portion of compensation is determined subjectively based on qualitative and quantitative factors. Compensation is impacted by the performance of investments under management (*i.e.*, delivering investment performance to clients consistent with portfolio objectives, guidelines and risk parameters) as well as an individual's qualitative contributions to the organization.

(iii) Long term awards: Senior level employees are eligible to receive long term equity incentives. These create the motivation for strong individual and business performance over time and the opportunity for long-term alignment with shareholder return and employee retention.

An investment professional's short- and long-term awards and compensation are not tied to any pre-determined or specified level of investment performance.

*Ownership of Fund Shares.* As of September 30, 2025, MIM's portfolio manager did not beneficially own any shares of the Core Fixed Income Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Core Fixed Income Fund, MIM's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Stephen Mullin, CFA | 1 | $497 | 7 | $7095 | 50 | $26594 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $448 |
| Joseph Hondros, CFA | 4 | $3849 | 0 | $0 | 25 | $5012 |
| Joshua Lofgren, CFA | 11 | $6588 | 4 | $730 | 25 | $5209 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $904 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account. MIM is wholly owned by MetLife and is part of MetLife Investment Management, MetLife's institutional investment management business, and is affiliated with many types of U.S. and non-U.S. financial service providers, including other investment advisers, broker-dealers and insurance companies.

MetLife affiliates also invest their own capital in a broad range of investments. These investments may give rise to numerous situations where interests may conflict, including issues arising out of the investments of MetLife affiliates in entities or assets in which the Core Fixed Income Fund may invest or MIM may be prohibited from pursuing certain investment opportunities for the Core Fixed Income Fund due to regulatory or legal restrictions or constraints that may not have been applicable had MetLife affiliates not also invested in the same entity.

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MIM has adopted procedures that it believes are reasonably designed to detect and prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect portfolio management decisions; however, there can be no assurance that all conflicts will be identified or that all procedures will be effective in mitigating the potential for such risks.

MIM and/or its affiliates manage certain accounts subject to performance-based fees or may have proprietary investments in certain accounts. The side-by-side management of the Core Fixed Income Fund and these other accounts may raise potential conflicts of interest with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions. The performance of the Core Fixed Income Fund's investments could be adversely affected by the manner in which MIM and/or its affiliates enter particular orders for all such accounts. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited supply and allocation of investment opportunities generally, could raise a potential conflict of interest, as MIM and/or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price.

MIM and its affiliates have adopted a policy to allocate investment opportunities in a fair and equitable manner among client accounts. Orders for the same security on the same day are generally aggregated consistent with MIM's duty of best execution; however, purchases of fixed income securities cannot always be allocated pro rata across all client accounts with similar investment strategies and objectives. MIM will attempt to mitigate any potential unfairness using an objective methodology that in the good faith judgment of MIM permits a fair and equitable allocation over time.

MIM will manage the Core Fixed Income Fund and other client accounts in accordance with their respective investment objectives and guidelines. As a result, MIM and/or its affiliates may give advice, and take action with respect to any current or future other client accounts that may be opposed to or conflict with the advice MIM may give to the Core Fixed Income Fund, or may involve a different timing or nature of action than with respect to the Core Fixed Income Fund. Where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increases the holding in such security. The results of the investment activities of the Core Fixed Income Fund may differ significantly from the results achieved by MIM and/or its affiliates for other client accounts.

Mountaineer

*Compensation.* SIMC pays Mountaineer a fee based on the assets under management of the Multi-Strategy Alternative Fund as set forth in an investment sub-advisory agreement between Mountaineer and SIMC. Mountaineer pays its professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Strategy Alternative Fund. The following information relates to the period ended September 30, 2025.

Mountaineer's investment professionals receive a fair salary. Bonuses, when issued, are determined based on the overall performance of the firm. Mr. Lee has as his primary form of long term compensation equity interests in Mountaineer Partners Management, LLC. No compensation is paid based on the pre-tax or after-tax performance of any single account or group of accounts.

*Ownership of Fund Shares.* As of September 30, 2025, Mountaineer's portfolio manager did not beneficially own any shares of the Multi-Strategy Alternative Fund.

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*Other Accounts.* As of September 30, 2025, in addition to the Multi-Strategy Alternative Fund, Mountaineer's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Mark Lee | 0 | $0 | 3 | $58.0 | 1 | $99.4 |
|  | 0 | $0 | 3<br> \* | $58.0 | 1<br> \* | $99.4 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Multi-Strategy Alternative Fund, which may have different investment guidelines and objectives. In addition to the Multi-Strategy Alternative Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, hedge funds, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Multi-Strategy Alternative Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Multi-Strategy Alternative Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Multi-Strategy Alternative Fund, may track the same benchmarks or indexes as the Multi-Strategy Alternative Fund tracks and may sell securities that are eligible to be held, sold or purchased by the Multi-Strategy Alternative Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Multi-Strategy Alternative Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Multi-Strategy Alternative Fund. To address and manage these potential conflicts of interest, Mountaineer has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

Mountaineer has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. The Code of Ethics seeks to establish broader principles of good conduct and fiduciary responsibility in all aspects of Mountaineer's business, including personal trading. Access Persons are required to obtain pre-clearance before engaging in personal securities transactions and are restricted from engaging in discretionary personal trading of individual equities and corporate bonds, in unmanaged accounts. Notwithstanding the foregoing, Access Persons may (but will not be obligated to) sell existing positions in unmanaged personal accounts subject to applicable restrictions and approval requirements.

Parametric

*Compensation.* SIMC pays Parametric a fee based on the assets under management of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds as set forth in an investment sub-advisory agreement between Parametric and SIMC. Parametric pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. The following information relates to the period ended September 30, 2025.

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*Compensation Structure.* 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

• Discretionary bonus

° This 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 and Deferred Cash awards.

° Deferred awards vest after 3 years.

Parametric employees also receive certain 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.

Parametric also maintains the following arrangements:

• Employment contracts for key investment professionals and senior leadership.

• Notice and Non-Solicit agreements for Managing Directors and Executive Directors of the company.

*Method to Determine Compensation.* 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.

*Ownership of Fund Shares.* As of September 30, 2025, Parametric's portfolio managers did not beneficially own any shares of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility or Tax-Managed International Managed Volatility Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds, Parametric's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Paul Bouchey | 9 | $14093.59 | 4 | $402.26 | 173039283 | $360421.01 |
| Robert Osborne | 2 | $968.96 | 0 | $0 | 138163 | $360421.01 |
| Jennifer Mihara | 54 | $29879.78 | 5 | $789.17 | 138201 | $364092.77 |

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None of the accounts listed above are subject to a performance-based advisory fee.

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Please note that at Parametric, accounts are managed on a team basis. Paul Bouchey, Robert Osborne and Jennifer Mihara are responsible for the management of the Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds in accordance with the guidelines and restrictions as defined in the prospectus. Under their supervision and direction are portfolio management teams consisting of Senior Portfolio Managers and Portfolio Managers, who are tasked with the day-to-day management of accounts.

*Conflicts of Interest.* 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 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

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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. For more information about these and other conflicts of interest of Parametric, please see Parametric's Form ADV Part 2A.

PineStone

*Compensation.* SIMC pays PineStone a fee based on the assets under management of the Large Cap Growth and Tax-Managed Large Cap Funds as set forth in an investment sub-advisory agreement between PineStone and SIMC. PineStone pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Growth and Tax-Managed Large Cap Funds. The following information relates to the period ended September 30, 2025.

The Investment Team's compensation structure comprises a competitive base salary and a performance-based incentive plan.

Base salaries generally align with the market median and are complemented by a target bonus above the industry average. This ensures continuity and the achievement of higher goals in line with our client objectives. Both portfolio managers and analysts are compensated on the performance of the total funds they manage instead of the performance of specific investment ideas or sectors. PineStone believes that this better aligns analysts' interests with those of portfolio managers and clients as they are incentivized to focus on the good of the Investment Team and its overall performance generated on behalf of clients.

To better align our Investment Team's interests with those of our clients, performance-based compensation is measured primarily in terms of the Investment Team's ability to meet and exceed their performance objective (based either on the value-added target or a universe of peers) in accordance with certain thresholds.

While the incentive compensation of portfolio managers is entirely based on quantitative metrics, analyst incentive compensation will vary based on the experience level of the analysts. As such, more junior analysts are qualitatively assessed and compensated on their overall work ethic and the quality of their work outputs. A quantitative performance-based component is introduced throughout time and becomes an increasing portion of variable compensation until it is entirely quantitative and performance-based.

*Ownership of Fund Shares.* As of September 30, 2025 PineStone's portfolio managers did not beneficially own any shares of the Large Cap Growth or Tax-Managed Large Cap Funds.

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*Other Accounts.* As of September 30, 2025, in addition to the Large Cap Growth and Tax-Managed Large Cap Funds, PineStone's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>PineStone Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Nadim Rizk, CFA and <br>Andrew Chan, CIM | 6 | $2050 | 68 | $39890 | 47 | $17618 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $997 |

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<sup>†</sup> PineStone utilizes a team-based approach to portfolio management, and each of the portfolio managers listed in the table is jointly responsible for the management of a portion of the accounts listed in each category.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap Growth and Tax-Managed Large Cap Funds, which may have different investment guidelines and objectives. In addition to the Large Cap Growth and Tax-Managed Large Cap Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of PineStone's management of the Large Cap Growth and Tax-Managed Large Cap Funds and other accounts, which, in theory, may allow PineStone to allocate investment opportunities in a way that favors other accounts over the Large Cap Growth and Tax-Managed Large Cap Funds. This conflict of interest may be exacerbated to the extent that PineStone or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Large Cap Growth and Tax-Managed Large Cap Funds. PineStone (or its members, employees, and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap Growth and Tax-Managed Large Cap Funds. To the extent a particular investment is suitable for both the Large Cap Growth and Tax-Managed Large Cap Funds and the other accounts, such investments will be allocated between the Large Cap Growth and Tax-Managed Large Cap Funds and the other accounts in a manner that PineStone determines is fair and equitable under the circumstances to all clients, including the Large Cap Growth and Tax-Managed Large Cap Funds.

To address and manage these potential conflicts of interest, PineStone has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each client is treated on a fair and equitable basis.

SSGA FM

*Compensation.* SIMC pays SSGA FM a fee based on the assets under management of the Large Cap Index, S&P 500 Index and Dynamic Asset Allocation Funds as set forth in the respective investment sub-advisory agreements between SSGA FM and SIMC. SSGA FM pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Index, S&P 500 Index and Dynamic Asset Allocation Funds. The following information relates to the period ended September 30, 2025.

SSGA FM and its affiliates' (together, "State Street Investment Management") culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, and performance both at the business and individual level. State Street Investment Management's Global Human Resources department regularly participates in compensation surveys in order to provide State Street Investment Management with market-based compensation information that helps support individual pay decisions.

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Additionally, subject to State Street Corporation and State Street Investment Management business results, an incentive pool is allocated to State Street Investment Management to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most State Street Investment Management investment teams, State Street Investment Management recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is deferred over a four-year period into the State Street Investment Management Long-Term Incentive ("State Street Investment Management LTI") program. For these teams, the State Street Investment Management LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align our investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the State Street Investment Management LTI program.

For the index equity investment team, incentive pool funding is driven in part by the post-tax 1 and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

The discretionary allocation of the incentive pool to the business units within State Street Investment Management is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street Corporation stock), which typically vest over a four-year period. This helps to retain staff and further aligns State Street Investment Management employees' interests with State Street Investment Management clients' and shareholders' long-term interests.

Street Investment Management recognizes and rewards outstanding performance by:

• Promoting employee ownership to connect employees directly to the company's success.

• Using rewards to reinforce mission, vision, values and business strategy.

• Seeking to recognize and preserve the firm's unique culture and team orientation.

• Providing all employees the opportunity to share in the success of State Street Investment Management.

*Ownership of Fund Shares.* As of September 30, 2025, SSGA FM's portfolio managers did not beneficially own any shares of the Large Cap Index, S&P 500 Index or Dynamic Asset Allocation Funds.

*Other Accounts.* As of September 30, 2025, in addition to the Large Cap Index, S&P 500 Index and Dynamic Asset Allocation Funds, SSGA FM's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number <br>of Accounts | Total Assets <br>(in billions) | Number <br>of Accounts | Total Assets <br>(in billions) | Number <br>of Accounts | Total Assets <br>(in billions) |
| Emiliano Rabinovich, CFA | 130 | $1475.95 | 370 | $1149.60 | 466 | $630.23 |
| Mark Krivitsky | 130 | $1475.95 | 370 | $1149.60 | 466 | $630.23 |
| Karl Schneider, CAIA | 130 | $1475.95 | 370 | $1149.60 | 466 | $630.23 |
| Xianhang Wu | 130 | $1475.95 | 370 | $1149.60 | 466 | $630.23 |
| Michael Finocchi | 130 | $1475.95 | 370 | $1149.60 | 466 | $630.23 |

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No account listed above is subject to a performance-based advisory fee.

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*Conflicts of Interest.* A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Funds. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities.

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). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. A potential conflict of interest may arise as a result of a portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally allocate to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Large Cap Index, S&P 500 Index and Dynamic Asset Allocation Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while a Fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees—the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. This conflict may be heightened if an account is subject to a performance-based fee, as applicable. Another potential conflict may arise when the portfolio manager has a personal investment in one or more accounts that participate in transactions with other accounts. His or her personal investment(s) may create an incentive for the portfolio manager to favor one account over another. SSGA FM has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers are normally responsible for all accounts within a certain investment discipline, and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, SSGA FM and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation. With respect to conflicts arising from personal investments, all employees, including portfolio managers, must comply with personal trading controls mandated by a Code of Ethics established by SSGA FM and the registrants for which SSGA FM serves as the investment adviser.

DISTRIBUTION AND SHAREHOLDER SERVICING

General. SEI Investments Distribution Co. (the "Distributor"), serves as each Fund's distributor. The Distributor, a wholly-owned subsidiary of SEI, has its principal business address at One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Distribution Agreement, Shareholder Service and Administrative Service Plans. The Distributor serves as each Fund's distributor pursuant to a distribution agreement (the "Distribution Agreement") with the Trust.

For the fiscal year ended September 30, 2025, the Funds did not incur any 12b-1 expenses.

Pursuant to a Shareholder Service Plan (the "Shareholder Service Plan"), various classes of Shares are authorized to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such Shares at the annual rate of up to 0.25% of the value of the average daily net assets attributable to each of the Class F and I Shares of the Fund, which is calculated daily and payable monthly.

The service fees payable under the Shareholder Service Plan are intended to compensate service providers for the provision of shareholder services and may be used to provide compensation to financial intermediaries for ongoing service and/or maintenance of shareholder accounts with respect to Fund shares of the applicable

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Funds. Shareholder services under the Shareholder Service Plan may include: (i) maintaining accounts relating to clients; (ii) arranging for bank wires; (iii) responding to client inquiries relating to the services performed by service providers; (iv) responding to inquiries from clients concerning their investment in shares; (v) assisting clients in changing dividend options, account designations and addresses; (vi) providing information periodically to clients showing their position in Fund shares; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to clients; (viii) processing purchase, exchange and redemption requests from clients and placing orders with the Funds or their service providers; (ix) providing sub-accounting with respect to Fund shares beneficially owned by clients; (x) processing dividend payments from the Funds on behalf of clients; and (xi) providing such other similar services as a Fund may reasonably request to the extent the service provider is permitted to do so under applicable statutes, rules and regulations.

Pursuant to an Administrative Service Plan, Class I Shares are authorized to pay administrative service providers a fee in connection with the ongoing provision of administrative services at the annual rate of up to 0.25% of the value of the average daily net assets attributable to the Class I Shares of the applicable Funds, which is calculated daily and payable monthly.

The administrative service fees payable under the Administrative Service Plan are intended to compensate administrative service providers for the provision of administrative services and may be used to provide compensation to other service providers for the provision of administrative services with respect to Class I Shares of the applicable Funds. Administrative services under the Administrative Service Plan may include: (i) providing subaccounting with respect to shares beneficially owned by clients; (ii) providing information periodically to clients showing their positions in Fund shares; (iii) forwarding shareholder communications to clients (such as proxies, shareholder reports, annual and semi-annual financial statements and dividend, distribution and tax notices); (iv) processing purchase, exchange and redemption orders; (v) processing dividend payments on behalf of its clients; and (vi) providing such other similar services as a Fund may, through the Distributor, reasonably request to the extent that the service provider is permitted to do so under applicable laws or regulations.

Distribution Expenses Incurred by Adviser. The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors ("Financial Advisors") who provide their clients with advice and services in connection with their investments in the SEI Funds. SEI Funds are typically combined into complete investment portfolios and strategies using asset allocation techniques to serve investor needs. In connection with its distribution activities, SIMC and its affiliates may provide Financial Advisors, without charge, asset allocation models and strategies, custody services, risk assessment tools, and other investment information and services to assist the Financial Advisor in providing advice to investors.

SIMC may hold conferences, seminars and other educational and informational activities for Financial Advisors for the purpose of educating Financial Advisors about the Funds and other investment products offered by SIMC or its affiliates. SIMC may pay for lodging, meals and other similar expenses incurred by Financial Advisors in connection with such activities. SIMC also may pay expenses associated with joint marketing activities with Financial Advisors, including, without limitation, seminars, conferences, client appreciation dinners, direct market mailings and other marketing activities designed to further the promotion of the Funds. In certain cases, SIMC may make payments to Financial Advisors or their employer in connection with their solicitation or referral of investment business, subject to any regulatory requirements for disclosure to and consent from the investor. All such marketing expenses and solicitation payments are paid by SIMC or its affiliates out of their past profits or other available resources, and are not charged to the Funds.

Many Financial Advisors may be affiliated with broker-dealers. SIMC and its affiliates may pay compensation to broker-dealers or other financial institutions for services such as, without limitation, providing the Funds with "shelf space" or a higher profile for the firm's associated Financial Advisors and their customers, placing the Funds on the firm's preferred or recommended fund list, granting the Distributor access to the firm's associated Financial Advisors, providing assistance in training and educating the firm's personnel, allowing sponsorship of seminars or informational meetings, and furnishing marketing support and other specified

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services. These payments may be based on the average net assets of SEI Funds attributable to that broker-dealer, gross or net sales of SEI Funds attributable to that broker-dealer, a negotiated lump sum payment, or other appropriate compensation for services rendered.

Payments may also be made by SIMC or its affiliates to financial institutions to compensate or reimburse them for administrative or other client services provided such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, account set-up, recordkeeping and other shareholder services. These fees may be used by the financial institutions to offset or reduce fees that would otherwise be paid directly to them by certain account holders, such as retirement plans.

The payments discussed above may be significant to the financial institutions receiving them, and may create an incentive for the financial institutions or their representatives to recommend or offer shares of the SEI Funds to their customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of its past profits or other available resources.

Although the Funds may use broker-dealers that sell Fund shares to effect transactions for the Funds' portfolios, the Funds, SIMC and the Funds' Sub-Advisers will not consider the sale of Fund shares as a factor when choosing broker-dealers to effect those transactions and will not direct brokerage transactions to broker-dealers as compensation for the sales of Fund shares.

SECURITIES LENDING ACTIVITY

During the most recent fiscal year, the Funds did not engage in securities lending.

TRUSTEES AND OFFICERS OF THE TRUST

Board Responsibilities. The management and affairs of the Trust and its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as SIMC, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Funds. The Funds and their service providers employ a variety of processes, procedures and controls to identify risks, to lessen the probability of their occurrence and/or to mitigate the effects of such risks if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.*, SIMC is responsible for the investment performance of the Funds and, along with the Board, is responsible for the oversight of the Funds' Sub-Advisers, which, in turn, are responsible for the day-to-day management of the Funds' portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a Fund, at which time SIMC presents the Board with information concerning the investment objectives, strategies and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, each Sub-Adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of SIMC and other service providers such as a Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Funds may be exposed.

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The Board is responsible for overseeing the nature, extent and quality of the services provided to the Funds by the Adviser and Sub-Advisers and receives information about those services at its regular meetings. In addition, in connection with its consideration of whether to annually renew the Advisory Agreement between the Trust, on behalf of the Funds, and SIMC, and the various Sub-Advisory Agreements between SIMC and the Sub-Advisers with respect to the Funds, the Board annually meets with SIMC and, at least every other year, meets with the Sub-Advisers to review such services. Among other things, the Board regularly considers the Sub-Advisers' adherence to the Funds' investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations.

The Trust's Chief Compliance Officer regularly reports to the Board to review and discuss compliance issues and Fund, Adviser and Sub-Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser and Sub-Advisers. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Valuation Designee and the Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Trust's Valuation Designee provides quarterly reports to the Board concerning investments for which market prices are not readily available or may be unreliable. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Funds' financial statements, focusing on major areas of financial statement risk encountered by the Funds and noting any significant deficiencies or material weaknesses that were identified in the Funds' internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their respective reviews of these reports and discussions with SIMC, the Sub-Advisers, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn about the material risks of the Funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Funds' investment management and business affairs are carried out by or through SIMC, the Sub-Advisers and the Funds' other service providers, each of which has an independent interest in risk management and each of which has policies and methods by which one or more risk management functions are carried out. These risk management policies and methods may differ in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

Members of the Board. There are ten members of the Board, eight of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Robert A. Nesher, an interested person of the Trust, serves as Chairman of the Board. James M. Williams, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust, and the number of Funds (and classes of shares) overseen by

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the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from Fund management.

The Board has three standing committees: the Audit Committee, Governance Committee, and the Compliance and Operations Committee. The Audit Committee, Governance Committee, and the Compliance and Operations Committee are each chaired by an independent Trustee and composed of all of the independent Trustees. In addition, the Board has a lead independent Trustee.

In his role as lead independent Trustee, Mr. Williams, among other things: (i) presides over board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates dealings and communications between the independent Trustees and management, and among the independent Trustees; and (v) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust, the year in which the Trustee was elected, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust. There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be a presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote of the Governance Committee and majority vote of the full Board, extend the term of such Trustee for successive periods of one year. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Interested Trustees.

ROBERT A. NESHER (Born: 1946)—Chairman of the Board of Trustees\* (since 1989)—President and Chief Executive Officer of the Trust since December 2005. SEI employee since 1974; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Winton Diversified Opportunities Fund from 2014 to 2018. Vice Chairman of The Advisors' Inner Circle Fund III from 2014 to 2018. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Director of SEI Alpha Strategy Portfolios, LP, from 2007 to 2013.

DENNIS J. MCGONIGLE (Born: 1960)—Trustee\* (since 2024)—Adviser to SEI Investments Company, Inc. since April 2024. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI

\* Messrs. Nesher and McGonigle are Trustees deemed to be "interested persons" (as that term is defined in the 1940 Act) of the Funds by virtue of their relationships with SEI.

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Exchange Traded Funds and SEI Alternative Income Fund. Chief Financial Officer of SEI Investments Company, Inc. from 2002 to April 2024. Executive Vice President of SEI Investments Company, Inc. from 1985 to 1998. Senior Auditor of Arthur Andersen and Company from 1982 to 1985.

Independent Trustees.

NINA LESAVOY (Born: 1957)—Trustee (since 2003)—Founder and Managing Director, Avec Capital (strategic fundraising firm), since April 2008. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Managing Director, Cue Capital (strategic fundraising firm) from March 2002 to March 2008.

JAMES M. WILLIAMS (Born: 1947)—Trustee (since 2004)—Retired since June 2024. Vice President and Chief Investment Officer, J. Paul Getty Trust, Non Profit Foundation for Visual Arts, from December 2002 to June 2024. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee/Director of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President of Harbor Capital Advisors and Harbor Mutual Funds from 2000 to 2002. Manager of Pension Asset Management for Ford Motor Company from 1997 to 1999.

SUSAN C. COTE (Born: 1954)—Trustee (since 2016)—Retired since July 2015. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2015 to 2020. Treasurer and Chair of Finance of the Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee from 2009 to 2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006 to 2015. Partner of Ernst & Young LLP from 1997 to 2015. Americas Director of Asset Management of Ernst & Young LLP from 2006 to 2013. Employee of Prudential from 1983 to 1997.

JAMES B. TAYLOR (Born: 1950)—Trustee (since 2018)—Retired since December 2017. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2018 to 2020. Chief Investment Officer, Georgia Tech Foundation from 2008 to 2017. Director, Assistant Vice President, and Chief Investment Officer, Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.

CHRISTINE REYNOLDS (Born: 1958)-Trustee (since 2019)—Retired since December 2016. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2019 to 2020. Executive Vice President at Fidelity Investments from 2014 to 2016. President at Fidelity Pricing and Cash Management Services ("FPCMS") and Chief Financial Officer of Fidelity Funds from 2008 to 2014. Chief Operating Officer of FPCMS from 2007 to 2008. President, Treasurer at Fidelity Funds from 2004 to 2007. Anti-Money Laundering Officer at Fidelity Funds in 2004. Executive Vice President at Fidelity Funds from 2002 to 2004. Audit Partner at PricewaterhouseCoopers from 1992 to 2002.

THOMAS MELENDEZ (Born: 1959)—Trustee (since 2021)—Retired since April 2019. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International

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Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Exchange Traded Funds, SEI Catholic Values Trust, New Covenant Funds and SEI Alternative Income Fund. Trustee of Boston Children's Hospital, The Partnership Inc. (non-profit organizations) and Brae Burn Country Club. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.

ELI POWELL NIEPOKY (Born: 1966)—Trustee (since 2024)—Treasurer of The Robert W. Woodruff Foundation since May 2021. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Vice President and Chief Investment Officer of Berman Capital Advisors from March 2018 to May 2021. Independent Consultant from January 2017 to February 2018. Principal and Chief Investment Officer of Diversified Trust Company from January 2003 to April 2015. Information Analyst and Director of Delta Air Lines from January 1990 to December 2002.

KIMBERLY WALKER (Born: 1958)—Trustee (since 2024)—General Partner at 1809 Capital since 2022. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Advisory Committee Member of NISA Investment Advisors since 2018. Chief Investment Officer of Washington University in St. Louis from 2006 to 2016. President of Qwest Asset Management Company from 1998 to 2006. Director of Equity Strategy for General Motors Corporation from 1994 to 1998.

There are currently 27 Funds in the Trust and 103 Funds in the Fund Complex.

Individual Trustee Qualifications. The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds and to exercise their business judgment in a manner that serves the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, which he joined in 1974, his knowledge of and experience in the financial services industry and the experience he has gained serving as Trustee of the various SEI Trusts since 1989.

The Trust has concluded that Mr. McGonigle should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, his knowledge of the financial services industry, and the experience he gained serving as a director on various company boards.

The Trust has concluded that Ms. Lesavoy should serve as Trustee because of the experience she gained as a Director of several private equity fundraising firms and marketing and selling a wide range of investment products to institutional investors, her experience in and knowledge of the financial services industry and the experience she has gained serving as Trustee of the various SEI Trusts since 2003 and the various SEI Trusts' Governance Chair since 2014.

The Trust has concluded that Mr. Williams should serve as Trustee because of the experience he gained as Chief Investment Officer of a non-profit foundation, the President of an investment management firm, the President of a registered investment company and the Manager of a public company's pension assets, his experience in and knowledge of the financial services industry and the experience he has gained serving as Trustee of the various SEI Trusts since 2004.

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The Trust has concluded that Ms. Cote should serve as Trustee because of her education, knowledge of financial services and investment management, and the experience she has gained as a partner at a major accounting firm, where she served as both the Global Asset Management Assurance Leader and the Americas Director of Asset Management, and other professional experience gained through her prior employment and directorships.

The Trust has concluded that Mr. Taylor should serve as Trustee because of his education, knowledge of financial services and investment management, and the experience he has gained as a Chief Investment Officer at an endowment of a large university, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Reynolds should serve as Trustee because of the experience she has gained in her various roles with Fidelity, which she joined in 2002, including Chief Financial Officer of Fidelity Funds, her experience as a partner of a major accounting firm, and her experience in and knowledge of the financial services industry.

The Trust has concluded that Mr. Melendez should serve as Trustee because of the experience he has gained as an executive and portfolio manager of an investment management firm, his experience in and knowledge of the financial services industry, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Niepoky should serve as Trustee because of her education, her knowledge of public and private markets gained through her institutional and private wealth management roles, and her other professional experience.

The Trust has concluded that Ms. Walker should serve as Trustee because of her extensive knowledge of institutional asset management, experience she gained serving as Chief Investment Officer of a large university, and other professional experience gained through her prior employment.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Funds. Moreover, references to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Trustee as having any special expertise or experience and shall not be deemed to impose any greater responsibility or liability on any such person or on the Board by reason thereof.

Board Standing Committees. The Board has established the following standing committees:

• Audit Committee. The Board has a standing Audit Committee that is composed of each of the independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: (i) recommending which firm to engage as the Trust's independent auditor and whether to terminate this relationship; (ii) reviewing the independent auditor's compensation, the proposed scope and terms of its engagement and the firm's independence; (iii) pre-approving audit and non-audit services provided by the Trust's independent auditor to the Trust and certain other affiliated entities; (iv) serving as a channel of communication between the independent auditor and the Trustees; (v) reviewing the results of each external audit, including any qualifications in the independent auditor's opinion, any related management letter, management's responses to recommendations made by the independent auditor in connection with the audit, reports submitted to the Audit Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; (vi) reviewing the Trust's audited financial statements and considering any significant disputes between the Trust's management and the independent auditor that arose in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent auditor and the Trust's senior internal accounting executive, if any, the independent auditor's report on the adequacy of the Trust's internal financial controls;

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(viii) reviewing, in consultation with the Trust's independent auditor, major changes regarding auditing and accounting principles and practices to be followed when preparing the Trust's financial statements; and (ix) other audit related matters. In addition, the Audit Committee is responsible for the oversight of the Trust's compliance program. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4) times during the Trust's most recently completed fiscal year.

• Governance Committee. The Board has a standing Governance Committee that is composed of each of the Independent Trustees of the Trust. The Governance Committee operates under a written charter approved by the Board. The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self assessment of the Board's operations; (iii) selecting and nominating all persons to serve as independent Trustees and evaluating the qualifications of "interested" (as that term is defined under the 1940 Act) Trustee candidates; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Governance Committee at the applicable Trust's offices. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Governance Committee. The Governance Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Governance Committee shall meet at least once each year and shall conduct at least one meeting in person. The Governance Committee met four (4) times during the Trust's most recently completed fiscal year.

• Compliance and Operations Committee. The Board has a standing Compliance and Operations Committee that is composed of each of the Independent Trustees of the Trust. The Compliance and Operations Committee operates under a written charter approved by the Board. The principal responsibilities of the Compliance and Operations Committee include: (i) serving as a liaison between the Board and the Trust's Chief Compliance Officer; (ii) recommending policies and procedures concerning the Trust's compliance with applicable law; (iii) reviewing the Chief Compliance Officer's procedures for compliance testing plans; (iv) coordinating the Board's approval of the Chief Compliance Officer's compensation; and (v) coordinating with SIMC's chief compliance officer and chief risk officer on material compliance and operations matters. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Compliance and Operations Committee. The Compliance and Operations Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Compliance and Operations Committee shall meet at least once each year and shall conduct at least one meeting in person. The Compliance and Operations Committee is new and met one (1) time during the Trust's most recently completed fiscal year.

Fund Shares Owned by Board Members. The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds and shares of funds in the Fund Complex (as described below) as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC.

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"Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities and Exchange Act of 1934, as amended (the "1934 Act"). The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| Name | Dollar Range of<br>Fund Shares<br>(Fund)\* | Aggregate Dollar<br>Range of Shares<br>(Fund Complex)\* |
| **Interested**  | **Interested**  | **Interested**  |
| Mr. Nesher |  | Over $100,000 |
| Mr. McGonigle<sup>^</sup> | Over $100,000 (S&P 500 Index Fund) | Over $100,000 |
|  | Over $100,000 (Small Cap Growth Fund) |  |
| **Independent** | **Independent** | **Independent** |
| Ms. Lesavoy | $50,001-$100,000 (Small Cap Value Fund) | Over $100,000 |
| Mr. Williams |  | Over $100,000 |
| Ms. Cote |  | Over $100,000 |
| Mr. Taylor | $50,001-$100,000 (Core Fixed Income Fund) | Over $100,000 |
|  | $50,001-$100,000 (Dynamic Asset Allocation Fund) |  |
| Ms. Reynolds | Over $100,000 (High Yield Bond Fund) | Over $100,000 |
|  | Over $100,000 (Core Fixed Income Fund) |  |
| Mr. Melendez | $50,001-$100,000 (High Yield Bond Fund) | Over $100,000 |
| Ms. Niepoky<sup>^</sup> |  | $10001-$50000 |
| Ms. Walker<sup>^</sup> |  |  |

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\* Valuation date is December 31, 2025. The Fund Complex currently consists of 103 portfolios of the following trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

<sup>^</sup> Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective February 26, 2025.

Board Compensation. The Trust and the Fund Complex paid the following fees to the Trustees during its most recently completed fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name | Aggregate<br>Compensation | Pension or<br>Retirement<br>Benefits Accrued<br>as Part of<br>Fund Expenses | Estimated<br>Annual<br>Benefits Upon<br>Retirement | Total Compensation<br>From the Trust<br>and Fund<br>Complex\* |
| Interested | Interested | Interested | Interested | Interested |
| Mr. Nesher | $0 | $0 | $0 | $0 |
| Mr. Doran<sup>†</sup> | $0 | $0 | $0 | $0 |
| Mr. McGonigle<sup>^</sup> | $0 | $0 | $0 | $0 |
| Independent | Independent | Independent | Independent | Independent |
| Ms. Lesavoy | $22942 | $0 | $0 | $353750 |
| Mr. Williams | $23973 | $0 | $0 | $370000 |
| Ms. Cote | $22942 | $0 | $0 | $353750 |
| Mr. Taylor | $21703 | $0 | $0 | $335000 |
| Ms. Reynolds | $22085 | $0 | $0 | $341250 |
| Mr. Melendez | $22085 | $0 | $0 | $341250 |
| Ms. Niepoky<sup>^</sup> | $16013 | $0 | $0 | $252500 |
| Ms. Walker<sup>^</sup> | $16013 | $0 | $0 | $252500 |

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\* The Fund Complex currently consists of 103 portfolios of the following trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

<sup>†</sup> Mr. William M. Doran retired from the Board of Trustees effective May 31, 2025, after having dutifully served on the SEI Funds' Board since 1982.

<sup>^</sup> Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective February 26, 2025.

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Trust Officers. Set forth below are the names, dates of birth, position with the Trust, length of term of office, and the principal occupations for at least the last five years of each of the persons currently serving as officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. None of the officers, except for Stephen Panner, the Chief Compliance Officer of the Trust, receives compensation from the Trust for his or her services. The Trust's Chief Compliance Officer serves in the same capacity for the other SEI trusts included in the Fund Complex, and the Trust pays its pro-rata share of the aggregate compensation payable to the Chief Compliance Officer for his services.

Certain officers of the Trust also serve as officers to one or more mutual funds to which SEI or its affiliates act as investment adviser, administrator or distributor.

The officers of the Trust have been elected by the Board. Each officer shall hold office until the election and qualification of his or her successor, or until earlier resignation or removal.

ROBERT A. NESHER (Born: 1946)—President and Chief Executive Officer (since 2005)—See biographical information above under the heading "Interested Trustees."

TIMOTHY D. BARTO (Born: 1968)—Vice President, Secretary and Chief Legal Officer (since 2002)—General Counsel and Secretary of SIMC since 2004. Vice President and Assistant Secretary of SEI since 2001. Vice President of SIMC since 1999. Vice President and Secretary of SEI Institutional Transfer Agent, Inc. from 2009 to 2024. Vice President of the Administrator from 1999 to 2024.

GLENN R. KURDZIEL (Born: 1974)—Controller and Chief Financial Officer (since 2023)—Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager of Funds Accounting of SEI Investments Global Funds Services from 2005 to 2023.

STEPHEN G. MACRAE (Born: 1967)—Vice President (since 2012)—Director of Global Investment Product Management, January 2004 to present. Vice President of SEI Insurance Products Trust from 2013 to 2020.

STEPHEN F. PANNER (Born: 1970)—Chief Compliance Officer (since 2022)—Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, The Advisors' Inner Circle Fund III, Gallery Trust, Wilshire Private Assets Fund, Wilshire Private Assets Master Fund and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.

KATHERINE MASON (Born: 1979)—Vice President and Assistant Secretary (since 2022)—Consulting Attorney at Hirtle, Callaghan & Co. (investment company) from October 2021 to June 2022. Attorney at Stradley Ronon Stevens & Young, LLP (law firm) from September 2007 to July 2012.

DAVID F. MCCANN (Born: 1976)—Vice President and Assistant Secretary (since 2009)—General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. from 2020 to 2023. Vice President and Assistant Secretary of SIMC since 2008. Vice President and Assistant Secretary of SEI Insurance Products Trust from 2013 to 2020. Attorney at Drinker Biddle & Reath, LLP (law firm) from May 2005 to October 2008.

MARCI M. MORGAN (Born: 1971)—Anti-Money Laundering Compliance Officer and Privacy Officer (since 2025—Director of Anti-Money Laundering Compliance at SEI since May 2025. Director of Global Due Diligence

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at SEI from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023.

PROXY VOTING POLICIES AND PROCEDURES

The Funds have delegated proxy voting responsibilities to SIMC, subject to the Board's general oversight. As required by applicable regulations, SIMC must vote proxies in a manner consistent with the best interest of each investment advisory client who delegates voting responsibility to SIMC, which includes the Funds (each a "Client") and must not place its own interests above those of its Clients. SIMC has adopted its own written proxy voting policies, procedures and guidelines that are reasonably designed to meet this purpose (the "Procedures"). The Procedures may be changed as necessary to remain current with regulatory requirements and internal policies and procedures.

SIMC has elected to retain an independent proxy voting service (the "Service") to vote proxies with respect to its Clients. The Service votes proxies in accordance with guidelines (the "Proxy Guidelines") approved by SIMC's Proxy Voting Committee (the "Proxy Committee") with certain limited exceptions as outlined below. The Proxy Guidelines set forth the manner in which SIMC will vote, or the manner in which SIMC shall determine how to vote, with respect to matters that may come up for shareholder vote. The Service will review each matter on a case-by-case basis and, in most cases, vote the proxies in accordance with the Proxy Guidelines.

Prior to voting a proxy, the Service makes available to SIMC its recommendation on how to vote in light of the Proxy Guidelines. SIMC retains the authority to overrule the Service's recommendation in certain scenarios (as listed below) and instruct the Service to vote in a manner in variance with the Service's recommendation:

a. <u>Requests by Sub-Advisers to Direct Proxy Votes</u>. Sub-Advisers retained by SIMC to manage the Funds may contact SIMC with requests that SIMC direct a proxy vote in a particular solicitation which would differ from the Service's recommendation.

b. <u>Recommendations by Engagement Vendor</u>. In addition to retaining the Service, SIMC has also engaged a third party vendor to assist with engagement services (the "Engagement Service"). The Engagement Service strives to help investors manage reputational risk and increase corporate accountability through proactive, professional and constructive engagement. It does so by collaborating with investors, facilitating avenues of active ownership (including direct, constructive dialogue with companies) and assisting with shareholder resolutions and proxy voting decisions. As a result of this process, the Engagement Service will at times provide SIMC with proxy voting recommendations that may conflict with the Proxy Guidelines. Recommendations from the Engagement Service to potentially override the Service's recommendation are expected to be limited to companies with which the Engagement Service is engaged on SIMC's behalf, and limited to proxy matters that bear on the subject of the engagement with that issuer.

In all circumstances identified above, the Proxy Committee shall convene and adhere to the conflicts provisions of the Procedures. For any proposal where the Proxy Committee determines that SIMC does not have a material conflict of interest, the Proxy Committee may overrule the Service's recommendation if the Proxy Committee reasonably determines that doing so is in the best interest of the Clients. For any proposal where the Proxy Committee determines that SIMC has a material conflict of interest, SIMC must vote in accordance with the Service's recommendation unless it has first fully disclosed to each Client holding the security at issue the nature of the conflict and obtained each Client's consent as to how SIMC will vote on the proposal. If the Proxy Committee decides to overrule the Service's recommendation, the Proxy Committee shall maintain a written record setting forth the basis of its decision.

In some circumstances, SIMC may determine it is in the best interest of its Clients to abstain from voting certain proxies. These include (but are not necessarily limited to) the following circumstances:

a. Proxy Guidelines do not cover an issue;

b. The Service does not make a recommendation on the issue;

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c. SIMC determines that the costs of voting exceed the expected benefits to Clients;

d. The accounts engage in securities lending;

e. The vote is subject to "share blocking," which requires investors who intend to vote to surrender the right to dispose of their shares until after the shareholder meeting, potentially creating liquidity issues; and

f. The Proxy Committee is unable to convene to determine whether the proposal would be in the Client's best interests.

With respect to proxies of an affiliated investment company or series thereof, SIMC will vote such proxies in the same proportion as the vote of all other shareholders of the investment company or series thereof (*i.e.*, "echo vote" or "mirror vote").

With respect to proxies in foreign jurisdictions, certain countries or issuers may require SIMC to have a duly executed power of attorney in place with such country or issuer in order to vote a proxy. The Service may execute, on behalf of SIMC, power of attorney requirements in order to satisfy these requirements. Under circumstances where the issuer, not the jurisdiction, requires an issuer-specific, shareholder-specific or other limited power of attorney in order to vote a proxy, the Service will coordinate with SIMC in order to execute such power of attorney. In these instances, it may not be convenient or practicable to execute a power of attorney in sufficient time to vote proxies in that meeting, and SIMC may abstain from voting.

For each proxy, SIMC maintains all related records as required by applicable law. The Trust is required to file how all proxies were voted with respect to portfolio securities held by the Funds. A Client may obtain, without charge, a copy of SIMC's Procedures and Proxy Guidelines, or information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, by calling SIMC at 1-800-DIAL-SEI, by writing to SIMC at One Freedom Valley Drive, Oaks, Pennsylvania 19456 or on the SEC's website at http://www.sec.gov.

PURCHASE AND REDEMPTION OF SHARES

Shares of a Fund may be purchased in exchange for securities included in the Fund subject to the Administrator's determination that the securities are acceptable. Securities accepted in an exchange will be valued at the market value. All accrued interest and subscription of other rights which are reflected in the market price of accepted securities at the time of valuation become the property of the Trust and must be delivered by the shareholder to the Trust upon receipt from the issuer. A shareholder may recognize a gain or a loss for federal income tax purposes in making the exchange.

The Administrator will not accept securities for a Fund unless: (1) such securities are appropriate for the Fund at the time of the exchange; (2) such securities are acquired for investment and not for resale; (3) the shareholder represents and agrees that all securities offered to the Trust for the Fund are not subject to any restrictions upon their sale by the Fund under the 1933 Act, or otherwise; (4) such securities are traded on the American Stock Exchange, the New York Stock Exchange ("NYSE") or on NASDAQ in an unrelated transaction with a quoted sales price on the same day the exchange valuation is made or, if not listed on such exchanges or on NASDAQ, have prices available from an independent pricing service approved by the Board; and (5) the securities may be acquired under the investment restrictions applicable to the Fund.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for any period during which trading on the NYSE is restricted, or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which disposal or evaluation of the portfolio securities is not reasonably practicable, or for such other periods as the SEC may by order permit. The Trust also reserves the right to suspend sales of shares of the Funds for any period during which the NYSE, the Administrator, SIMC or the Funds' Sub-Advisers, the Distributor and/or the custodian are not open for business. Currently, the following holidays are observed by the Trust: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day,

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Labor Day, Thanksgiving Day and Christmas Day. Additionally, the NYSE closes early on the following days: the day before Independence Day, the day after Thanksgiving and Christmas Eve.

It is currently the Trust's policy to pay for all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in kind of securities held by a Fund in lieu of cash. Shareholders may incur brokerage charges in connection with the sale of such securities. However, a shareholder will at all times be entitled to aggregate cash redemptions from a Fund of the Trust during any 90-day period of up to the lesser of $250,000 or 1% of the Trust's net assets in cash.

A gain or loss for federal income tax purposes would be realized by a shareholder subject to taxation upon an in-kind redemption depending upon the shareholder's basis in the shares of the Fund redeemed.

Fund securities may be traded on foreign markets on days other than a Business Day or the net asset value of a Fund may be computed on days when such foreign markets are closed. In addition, foreign markets may close at times other than 4:00 p.m. Eastern Time. As a consequence, the net asset value of a share of a Fund may not reflect all events that may affect the value of the Fund's foreign securities unless SIMC or the Funds' Sub-Advisers determines that such events materially affect net asset value in which case net asset value will be determined by consideration of other factors.

Certain shareholders in one or more of the Funds may obtain asset allocation services from SIMC and other financial intermediaries with respect to their investments in such Funds. If a sufficient amount of a Fund's assets are subject to such asset allocation services, the Fund may incur higher transaction costs and a higher portfolio turnover rate than would otherwise be anticipated as a result of redemptions and purchases of Fund shares pursuant to such services. Further, to the extent that SIMC is providing asset allocation services and providing investment advice to the Funds, it may face conflicts of interest in fulfilling its responsibilities because of the possible differences between the interests of its asset allocation clients and the interest of the Funds.

REDEMPTIONS IN-KIND

Each Fund reserves the right, under certain conditions, to honor any request for redemption by making payment in whole or in part in securities valued as described in the prospectus, except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund, in its discretion, may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of Funds that hold securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

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TAXES

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Funds and their shareholders that is intended to supplement the discussion contained in the Funds' prospectuses. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussion here and in the Funds' prospectuses is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Qualification as a Regulated Investment Company. Each Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code. By following such a policy, each Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. A Fund that qualifies as a RIC will generally not be subject to federal income taxes on the net investment income and net realized capital gains that the Fund timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which a Fund owns a 20% or more voting stock interest, in the securities (other than U.S. Government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that a Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Funds intend to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Funds will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. A Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available,

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such Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of a Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining such Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. Thus, if a Fund has a "net capital loss" (that is, capital losses in excess of capital gains) the excess of such Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

Federal Excise Tax. Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax). The Funds intend to make sufficient distributions to avoid liability for federal excise tax, but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as a RIC.

Distributions to Shareholders. The Funds receive income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by a Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by a Fund will be eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Funds receive qualified dividend income on the securities they hold and the Funds report the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established

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securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from each Fund's assets before it calculates the net asset value) with respect to such dividend, (ii) each Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. Certain Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

Distributions by the Funds of their net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders currently set at a maximum rate of 20% regardless of how long you have held your shares in such Fund. Distributions from capital gains are generally made after applying any available capital loss carryforwards.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits for the taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable

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to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions. This is known as "buying a dividend" and generally should be avoided by taxable investors.

The Funds (or their administrative agents) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Funds may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Funds.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

Sales, Exchanges or Redemptions. Sales and redemptions of Fund shares may be taxable transactions for federal and state income tax purposes. Any gain or loss recognized on a sale, exchange, or redemption of shares of a Fund by a shareholder who holds Fund shares as a capital asset will generally be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution or disallowed to the extent of the exempt interest dividend. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired.

Each Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, each Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of Fund shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, each Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by shareholders (or the cost basis method applied by default) for each sale of a Fund's shares may not be changed after the settlement date of each such sale of a Fund's shares. If your shares are held in a brokerage account, your broker may use a different method and you should contact your broker to determine which method it will use. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Net Investment Income Tax. U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale or exchange of shares of a Fund).

Tax Treatment of Complex Securities. The Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect the Funds' ability to qualify as RICs, affect whether gains and losses recognized by the Funds are treated as ordinary income or capital gain, accelerate the recognition of income to the Funds and/or defer the Funds'

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ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. These rules could affect the amount, timing or character of the income distributed to shareholders.

Certain derivative investment by the Funds, such as ETPs and OTC derivatives may not produce qualifying income for purposes of the "Qualifying Income Test" described above, which must be met in order for a Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the "Asset Test" described above. The Funds intend to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that they are adequately diversified under the Asset Test. The Funds, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Funds' determination of the "Asset Test" with respect to such derivatives.

The Dynamic Asset Allocation Fund may invest up to 25% of its total assets in a Subsidiary, which the Fund expects to be treated as a CFC under the Code. The Dynamic Asset Allocation Fund's investment in a 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 for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Dynamic Asset Allocation Fund attributable to its investment in a Subsidiary is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Dynamic Asset Allocation Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income." The Adviser will carefully monitor the Dynamic Asset Allocation Fund's investments in a Subsidiary to ensure that no more than 25% of the Fund's assets are invested in a Subsidiary.

Subpart F income and NCTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent the Dynamic Asset Allocation Fund invests in its Subsidiary and recognizes "Subpart F" income or NCTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

The Dynamic Asset Allocation Fund's recognition of any "Subpart F" income or NCTI from an investment in its Subsidiary will increase the Fund's tax basis in the Subsidiary. Distributions by the Subsidiary to the Dynamic Asset Allocation Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or NCTI, and will correspondingly reduce the Fund's tax basis in its Subsidiary, and any distributions in excess of the Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to the Dynamic Asset Allocation Fund's shares of its Subsidiary will not be currently recognized. The Dynamic Asset Allocation Fund's investment in its Subsidiary will potentially have the effect of accelerating the Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by the Subsidiary, such loss is generally not available to offset the income earned by the Dynamic Asset Allocation Fund. In addition, the net losses incurred during a taxable year by the Subsidiary cannot be carried forward by the Subsidiary to offset gains realized by it in subsequent taxable years. The Dynamic Asset Allocation Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the CFC provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured

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by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, the Dynamic Asset Allocation Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, the Dynamic Asset Allocation Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any NCTI for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. NCTI generally includes the active operating profits of the CFC.

Certain of the Dynamic Asset Allocation Fund's and the Multi-Strategy Alternative Fund's investments, such as commodity futures contracts, other commodity-related derivative instruments and commodities, when made directly, may not produce qualifying income to the Fund. To the extent the Dynamic Asset Allocation Fund or the Multi-Strategy Alternative Fund invest in such investments directly, the Fund will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income).

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Funds to mark-to-market certain types of positions in their portfolios (*i.e.*, treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

With respect to investments in STRIPS, Treasury Receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Fund may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be original interest discount, which is taxable as ordinary income and is required to be distributed, even though the Fund will not receive the principal, including any increase thereto, until maturity. As noted above, if a Fund invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Fund level.

In general, for purposes of the Qualifying Income Test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Fund. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the

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substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in Code section 7704(d), and (iii) that, in general, derives less than 90% of its income from the qualifying income described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

A Fund may invest in certain MLPs which may be treated as "qualified publicly traded partnerships." Income from qualified publicly traded partnerships is qualifying income for purposes of the Qualifying Income Test, but a Fund's investment in one or more of such "qualified publicly traded partnerships" is limited under the Asset Test to no more than 25% of the value of the Fund's assets. The Funds will monitor their investments in such qualified publicly traded partnerships in order to ensure compliance with the Qualifying Income and Asset Tests. MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not necessarily the same as a "qualified publicly traded partnership" as defined for the purpose of the immediately preceding paragraphs. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not.

A Fund may invest in U.S. REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in a Fund's receipt of cash in excess of the REIT's earnings; if a Fund distributes these amounts, these distributions could constitute a return of capital to such Fund's shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long-term capital gains by such Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend

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holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs", such Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the Distribution Requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. The Funds intend to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by a Fund arising from a QEF election will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to a Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

Certain Foreign Currency Tax Issues. A Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (*i.e.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (*i.e.*, treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Funds intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of a Fund as a RIC and minimize the imposition of income and excise taxes. Accordingly, a Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

Foreign Taxes. Dividends and interest received by a Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of a Fund's total assets at the close of their taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to and intends to file an election with the IRS that may enable shareholders, in effect to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, such Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income

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received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to their shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by the Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund.

Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund of funds" under the Code. If a Fund is a "qualified fund of funds" it will be eligible to file an election with the IRS that will enable the Fund to pass along these foreign tax credits to its shareholders. A Fund will be treated as a "qualified fund of funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

The Funds' shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from a Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

Backup Withholding. A Fund will be required in certain cases to withhold at a rate of 24% and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund

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either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien).

Non-U.S. Investors. Any non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Funds. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. This 30% withholding tax generally will not apply to exempt-interest dividends, distributions of the excess of net long-term capital gains over net short-term capital losses, or to redemption proceeds. A Fund may also, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Fund will need to provide such Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

Tax Shelter Reporting Regulations. Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

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Tax-Free Conservative Income Fund. The following paragraphs only apply to the Tax-Free Conservative Income Fund. Shares of the Tax-Free Conservative Income Fund may not be suitable for tax-exempt shareholders since such shareholders generally would not benefit from the tax-exempt status of distributions from the Fund. Tax-exempt shareholders should contact their tax advisors and financial planners regarding the tax consequences to them of an investment in the Fund.

If at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable years consists of debt obligations that generate interest exempt from U.S. federal income tax, then the Fund may qualify to pass through to its shareholders the tax-exempt character of its income from such debt obligations by paying tax-exempt interest dividends. The Fund intends to qualify and to provide shareholders with income exempt from U.S. federal income tax in the form of exempt-interest dividends. "Tax exempt-interest dividends" are dividends (other than capital gain dividends) paid by a RIC that are properly reported as such in a written statement furnished to shareholders.

The Fund will report to its shareholders the portion of the distributions for the taxable year that constitutes tax-exempt interest dividends. The reported portion generally cannot exceed the excess of the amount of interest excludable from gross income under the Code received by the Fund during the taxable year over any amounts disallowed with respect to deductions for interest expense incurred to purchase or carry tax-exempt obligations. Similarly, interest on indebtedness incurred to purchase or carry shares of the Fund by shareholders will not be deductible to the extent that the Fund's distributions are exempt from the U.S. federal income tax.

Exempt-interest dividends are excludable from a shareholder's gross income for regular federal income tax purposes. The percentage of income that constitutes "exempt-interest dividends" will be determined for each year for the Fund and will be applied uniformly to all dividends declared with respect to the Fund during that year. This percentage may differ from the actual percentage for any particular day. The Fund (or its administrative agent) will inform you of the amount of your distributions at the time they are paid, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. The reported portion generally cannot exceed the excess of the amount of interest excludable from gross income under the Code received by the Fund during the taxable year over any amounts disallowed with respect to deductions for interest expense incurred to purchase or carry tax-exempt obligations.

An investment in the Fund may result in liability for U.S. federal alternative minimum tax ("AMT") for certain shareholders. Certain deductions and exemptions have been designated "tax preference items" which must be added back to taxable income for purposes of calculating the AMT. Tax preference items include tax-exempt interest on certain "private activity bonds." To the extent the Fund invests in certain private activity bonds, its shareholders will be required to report that portion of the Fund's distributions attributable to income from the bonds as a tax preference item in determining their AMT, if any. The Funds intend, when possible, to avoid investing in private activity bonds. In addition, exempt-interest dividends may be subject to the federal corporate AMT for certain corporations. Shareholders will be notified of the tax status of distributions made by the Fund.

Entities or persons who are "substantial users" (or persons related to "substantial users") of facilities financed by industrial development bonds or private activity bonds should consult their tax advisors before purchasing shares of the Fund. "Substantial user" is defined generally as including a "non-exempt person" who regularly uses in a trade or business a part of a facility financed from the proceeds of industrial development bonds or private activity bonds. Furthermore, non-corporate shareholders subject to the federal AMT will not be permitted to deduct any of their share of the Fund 's expenses in computing their federal AMT.

Shareholders with questions or concerns about the AMT should consult their own tax advisors.

The IRS is paying increased attention to whether debt obligations intended to produce interest exempt from U.S. federal income tax in fact meet the requirements for such exemption. Ordinarily, the Fund relies on opinions from the issuer's bond counsel that interest on the issuer's debt obligation will be exempt from U.S. federal income tax. However, no assurance can be given that the IRS will not successfully challenge such exemption, which could cause interest on the debt obligation to be taxable and could jeopardize the Fund's ability to pay any tax-exempt interest dividends. Similar challenges may occur as to state specific exemptions.

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The IRS has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction or become taxable by reason of refinancing irregularities or the misuse of proceeds from the bond offering. While the Fund endeavors to purchase only bona fide tax-exempt securities, there is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income for the Fund. In this case, such Fund might be required to send to you and file with the IRS information returns for the current or prior calendar years classifying (or reclassifying) some of its exempt-interest dividends as taxable dividends. On prior year dividends, you might need to file amended income tax returns and pay additional tax and interest to avoid additional penalties and to limit interest charges on these taxable dividends.

Insurance proceeds received by the Fund under any insurance policies in respect of scheduled interest payments on defaulted municipal securities will generally be excludable from federal gross income. In the case of non-appropriation by a political subdivision, however, there can be no assurance that payments made by the insurer representing interest on non-appropriation lease obligations will be excludable from gross income for federal income tax purposes.

A shareholder who receives Social Security or railroad retirement benefits should consult the shareholder's own tax advisor to determine what effect, if any, an investment in the Fund may have on the U.S. federal taxation of such benefits. Tax-exempt interest dividends are included in income for purposes of determining the amount of benefits that are taxable.

Distributions of the Fund's income other than tax-exempt interest dividends generally will be taxable to shareholders. Gains realized by the Fund on the sale or exchange of investments that generate tax-exempt income will also be taxable to shareholders.

Although tax-exempt interest dividends are generally exempt from U.S. federal income tax, there may not be a similar exemption under the laws of a particular state or local taxing jurisdiction. Thus, tax-exempt interest dividends may be subject to state and local taxes. You should consult your own tax advisor to discuss the tax consequences of your investment in the Fund.

State Taxes. Depending upon state and local law, distributions by a Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that a Fund will not be liable for any corporate excise, income or franchise tax in Massachusetts if it qualifies as a RIC for federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in GNMA or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in a Fund.

PORTFOLIO TRANSACTIONS

Brokerage Transactions. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark-up or reflect a dealer's mark-down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

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Brokerage Selection. The Trust has no obligation to deal with any broker-dealer or group of brokers or dealers in the execution of transactions in portfolio securities. Subject to policies established by the Trustees, SIMC and the Funds' Sub-Advisers are responsible for placing orders to execute Fund transactions. In placing orders, it is the Trust's policy to seek to obtain the best net results taking into account such factors as price (including the applicable dealer spread), size, type and difficulty of the transaction involved, the firm's general execution and operational facilities, and the firm's risk in positioning the securities involved. While SIMC and the Sub-Advisers generally seek reasonably competitive spreads or brokerage commissions, the Trust will not necessarily be paying the lowest spread or commission available. The Trust will not purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations of the SEC.

The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, SIMC or a Sub-Adviser, as applicable, may select a broker based upon brokerage or research services provided to SIMC or a Sub-Adviser. SIMC or a Sub-Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act ("Section 28(e)") permits SIMC or a Sub-Adviser, under certain circumstances, to cause the Funds to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement and custody). In the case of research services, SIMC and the Sub-Advisers believe that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Funds. In addition to agency transactions, SIMC or a Sub-Adviser may receive brokerage and research services in connection with certain riskless principal transactions, as defined by Financial Industry Regulatory Authority Rules ("FINRA") and in accordance with applicable SEC guidance.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which SIMC or a Sub-Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. SIMC or a Sub-Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by SIMC or a Sub-Adviser will be in addition to and not in lieu of the services required to be performed by SIMC or a Sub-Adviser under their Investment Advisory Agreements. Any advisory or other fees paid to SIMC or a Sub-Adviser are not reduced as a result of the receipt of research services.

In some cases SIMC or a Sub-Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, SIMC or a Sub-Adviser, as applicable, makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while SIMC or a Sub-Adviser will use their own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, SIMC and the Sub-Advisers face a potential conflict of interest, but SIMC and the Sub-Advisers believe that their respective allocation procedures are reasonably designed to ensure that they appropriately allocate the anticipated use of such services to their research and non-research uses.

From time to time, the Funds may purchase new issues of securities for clients in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide SIMC or a Sub-Adviser with research services. FINRA has adopted rules expressly permitting these

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types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

SIMC also from time to time executes trades with the Distributor, acting as introducing broker, in connection with the transition of the securities and other assets included in a Fund's portfolio when there is a change in Sub-Advisers in the Fund or a reallocation of assets among the Fund's Sub-Advisers. An unaffiliated third-party broker selected by SIMC or the relevant Sub-Adviser provides execution and clearing services with respect to such trades, and is compensated for such services out of the commission paid to the Distributor on the trades. All such transactions effected using the Distributor as introducing broker must be accomplished in a manner that is consistent with the Trust's policy to achieve best net results, and must comply with the Trust's procedures regarding the execution of Fund transactions through affiliated brokers. The Funds do not direct brokerage to brokers in recognition of, or as compensation for, the promotion or sale of Fund shares.

For the fiscal years ended September 30, 2023, 2024 and 2025, the Funds paid the following brokerage fees:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total $ Amount <br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount <br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount <br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage <br>Commissions<br>Paid to <br>Affiliated Brokers <br>(000) | Total $ Amount<br>of Brokerage <br>Commissions<br>Paid to <br>Affiliated Brokers <br>(000) | Total $ Amount<br>of Brokerage <br>Commissions<br>Paid to <br>Affiliated Brokers <br>(000) | % of Total <br>Brokerage<br>Commissions<br>Paid to <br>Affiliated<br>Brokers | % of Total <br>Brokerage<br>Transactions<br>Effected Through <br>Affiliated Brokers |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2025 | 2025 |
| Large Cap Fund | $86 | $105 | $101 | $— | $— | $— | 0% | 0% |
| Large Cap Value Fund | $64 | $58 | $78 | $— | $— | $— | 0% | 0% |
| Large Cap Growth Fund | $164 | $210 | $142 | $— | $— | $— | 0% | 0% |
| Large Cap Index Fund | $11 | $12 | $8 | $— | $— | $— | 0% | 0% |
| Tax-Managed Large Cap Fund | $105 | $165 | $209 | $— | $— | $— | 0% | 0% |
| S&P 500 Index Fund | $5 | $8 | $6 | $— | $— | $— | 0% | 0% |
| Small Cap Fund | $436 | $457 | $356 | $— | $— | $— | 0% | 0% |
| Small Cap Value Fund | $73 | $91 | $91 | $— | $— | $— | 0% | 0% |
| Small Cap Growth Fund | $237 | $258 | $172 | $— | $— | $— | 0% | 0% |
| Tax-Managed Small/Mid Cap Fund | $296 | $253 | $168 | $— | $— | $— | 0% | 0% |
| Mid-Cap Fund | $21 | $20 | $22 | $— | $— | $— | 0% | 0% |
| U.S. Managed Volatility Fund | $92 | $92 | $98 | $— | $20 | $76 | 78% | 74% |
| Global Managed Volatility Fund | $194 | $228 | $245 | $— | $— | $— | 0% | 0% |
| Tax-Managed Managed Volatility Fund | $42 | $48 | $58 | $— | $— | $— | 0% | 0% |
| Tax-Managed International Managed Volatility <br>Fund | $180 | $150 | $129 | $— | $— | $— | 0% | 0% |
| Real Estate Fund | $52 | $41 | $50 | $— | $— | $— | 0% | 0% |
| Core Fixed Income Fund | $422 | $479 | $99 | $— | $— | $— | 0% | 0% |
| High Yield Bond Fund | $4 | $3 | $8 | $— | $— | $— | 0% | 0% |
| Conservative Income Fund | $— | $— | $— | $— | $— | $— | 0% | 0% |
| Tax-Free Conservative Income Fund | $— | $— | $— | $— | $— | $— | 0% | 0% |
| Real Return Fund | $— | $— | $— | $— | $— | $— | 0% | 0% |
| Dynamic Asset Allocation Fund | $8 | $11 | $11 | $— | $— | $— | 0% | 0% |
| Multi-Strategy Alternative Fund | $693 | $685 | $553 | $— | $— | $— | 0% | 0% |

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Brokerage with Fund Affiliates. Certain Funds may execute brokerage or other agency transactions through the Distributor, a registered broker-dealer, for a commission, in conformity with the 1940 Act, the 1934 Act and rules, or any orders of the SEC. These provisions require that commissions paid to the Distributor by the Trust for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." In addition, the Funds may direct commission business to one or more designated broker-dealers, including the Distributor, in connection with payment of certain of the Funds' expenses by such

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broker-dealers. The Trustees, including those who are not "interested persons" of the Trust, have adopted procedures for evaluating the reasonableness of commissions paid to the Distributor and will review these procedures periodically. The Trust will not purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations or any orders of the SEC.

The portfolio turnover rate for the Funds for the fiscal years ending September 30, 2024 and 2025 was as follows:

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| | | |
|:---|:---|:---|
| | Turnover Rate | Turnover Rate |
| Fund | 2024 | 2025 |
| Large Cap Fund | 34% | 42% |
| Large Cap Value Fund | 15% | 28% |
| Large Cap Growth Fund | 65% | 63% |
| Large Cap Index Fund | 4% | 4% |
| Tax-Managed Large Cap Fund | 15% | 14% |
| S&P 500 Index Fund | 3% | 3% |
| Small Cap Fund | 106% | 80% |
| Small Cap Value Fund | 57% | 48% |
| Small Cap Growth Fund | 192% | 155% |
| Tax-Managed Small/Mid Cap Fund | 57% | 36% |
| Mid-Cap Fund | 61% | 62% |
| U.S. Managed Volatility Fund | 54% | 68% |
| Global Managed Volatility Fund | 85% | 78% |
| Tax-Managed Managed Volatility Fund | 24% | 43% |
| Tax Managed International Managed Volatility Fund | 59% | 66% |
| Real Estate Fund | 46% | 72% |
| Core Fixed Income Fund | 333% | 394% |
| High Yield Bond Fund | 63% | 66% |
| Conservative Income Fund | 0% | 0% |
| Tax-Free Conservative Income Fund | 0% | 0% |
| Real Return Fund | 41% | 29% |
| Dynamic Asset Allocation Fund | 14% | 8% |
| Multi-Strategy Alternative Fund | 277% | 358% |

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Pursuant to its investment strategy, the Dynamic Asset Allocation Fund seeks to implement a relatively small number of high confidence themes over a reasonable time horizon. The turnover experience in the Fund can differ substantially from year to year based on variations in the overall number of themes implemented in the portfolio (which can typically vary anywhere from 1 to 10) and the time horizon of each theme (which can typically vary from 3 months to 2 years).

The Trust is required to identify any securities of its "regular brokers or dealers" (as such term is defined in the 1940 Act) that the Trust has acquired during its most recent fiscal year. As of September 30, 2025, the Trust held the following securities:

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| | | | |
|:---|:---|:---|:---|
| Fund | Name of Issuer | Type of Security | Amount (000) |
| Large Cap Fund | Bank of America Merrill Lynch | Equity | $8354 |
|  | Citigroup | Equity | $24477 |
|  | Goldman, Sachs & Co. | Equity | $6064 |
|  | JP Morgan Securities | Equity | $8353 |
| Large Cap Value Fund | Bank of America Merrill Lynch | Equity | $22015 |
|  | Citigroup | Equity | $44492 |
|  | JP Morgan Securities | Equity | $18043 |
|  | Morgan Stanley & Co, Inc | Equity | $10501 |
| Large Cap Growth Fund | Citigroup | Equity | $1034 |
|  | Goldman, Sachs & Co. | Equity | $9122 |

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| | | | |
|:---|:---|:---|:---|
| Fund | Name of Issuer | Type of Security | Amount (000) |
| Large Cap Index Fund | Bank of America Merrill Lynch | Equity | $6838 |
|  | Citigroup | Equity | $3693 |
|  | Goldman, Sachs & Co. | Equity | $4762 |
|  | JP Morgan Securities | Equity | $17218 |
|  | Morgan Stanley & Co, Inc | Equity | $3598 |
| Tax-Managed Large Cap Fund | Bank of America Merrill Lynch | Equity | $56457 |
|  | Citigroup | Equity | $40002 |
|  | Goldman, Sachs & Co. | Equity | $17236 |
|  | JP Morgan Securities | Equity | $53855 |
|  | Morgan Stanley & Co, Inc | Equity | $39412 |
| S&P 500 Index Fund | Bank of America Merrill Lynch | Equity | $6537 |
|  | Citigroup | Equity | $3465 |
|  | Goldman, Sachs & Co. | Equity | $4476 |
|  | JP Morgan Securities | Equity | $16159 |
|  | Morgan Stanley & Co, Inc | Equity | $3577 |
| U.S. Managed Volatility Fund | Citigroup | Equity | $1797 |
| Tax-Managed Managed Volatility<br>Fund | Citigroup | Equity | $3056 |
| Core Fixed Income Fund | Bank of America Merrill Lynch | Debt | $23508 |
|  | Goldman, Sachs & Co. | Debt | $21479 |
|  | JP Morgan Securities | Debt | $25336 |
|  | Morgan Stanley & Co, Inc. | Debt | $25048 |
|  | UBS Securities | Debt | $4228 |
| Conservative Income Fund | Bank of America Merrill Lynch | Debt | $5000 |
|  | Citigroup | Debt | $4926 |
|  | UBS Securities | Debt | $2502 |
| Dynamic Asset Allocation Fund | Bank of America Merrill Lynch | Equity | $3736 |
|  | Citigroup | Equity | $1982 |
|  | Goldman, Sachs & Co. | Equity | $2579 |
|  | JP Morgan Securities | Equity | $9211 |
|  | Morgan Stanley & Co, Inc. | Equity | $2064 |
| Multi-Strategy Alternative Fund | Goldman, Sachs & Co. | Equity | $535 |

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DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). The Board has approved a policy that provides that portfolio holdings may not be made available to any third party until after such information has been posted on the Portfolio Holdings Website, with limited exceptions noted below. This policy seeks to ensure that the disclosure of information regarding the Funds' portfolio securities is in the best interests of Fund shareholders, and includes procedures to address conflicts of interest.

Except as set forth below, five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

On the Monday following each week end, a list of all portfolio holdings in the SEI Institutional Managed Trust Dynamic Asset Allocation Fund as of the end of such week shall be made available on the Portfolio Holdings

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Website. The portfolio holdings shall remain on the Portfolio Holdings Website until the following Monday at which time it will be permanently removed from the site.

Sixty calendar days after the end of each quarter, a list of all portfolio holdings in the Multi-Strategy Alternative Fund as of the end of such quarter shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website with respect to the Multi-Strategy Alternative Fund shall remain there until the sixtieth calendar day following the twelfth month after the date to which the data relates, at which time it will be permanently removed from the site.

Portfolio holdings information may be provided to independent third-party fund reporting services (*e.g.*, Broadridge Lipper or Morningstar) for a legitimate business purpose, but will be delivered no earlier than the date such information is posted on the Portfolio Holdings Website, unless the reporting service executes a confidentiality agreement with the Trust that is satisfactory to the Trust's officers and that provides that the reporting service will keep the information confidential and will not trade on the information.

Portfolio holdings information may also be provided at any time and as frequently as daily to the Funds' Trustees, SIMC, the Sub-Advisers, the Distributor, the Administrator and certain other service providers, as well as additional contractors and vendors that may include, but are not limited to: the custodian and sub-custodian, the transfer agent, attorneys, independent auditors, securities lending agents, tax filing and reclamation vendors, class-action monitoring and filing vendors, printing and filing vendors, proxy vendors and providers of portfolio monitoring and analytical tools. Service providers will be subject to a duty of confidentiality with respect to any portfolio holdings information, whether imposed by a confidentiality agreement, the provisions of the service provider's contract with the Trust, or by the nature of its relationship with the Trust, and such service providers will be prohibited from trading on the information.

Portfolio holdings of a Fund may also be provided to a prospective service provider for that Fund, so long as the prospective service provider executes a confidentiality agreement with the Fund in such form as deemed acceptable by an officer of the Fund. Additionally, a Sub-Adviser may provide portfolio holdings information to third-party service providers in connection with its duties as a Sub-Adviser, provided that the Sub-Adviser is responsible for such third-party's confidential treatment of such data. The Sub-Adviser is also obligated, pursuant to its fiduciary duty to the relevant Fund, to ensure that any third-party service provider will keep the information confidential and has a duty not to trade on any portfolio holdings information it receives other than subject to the Sub-Adviser's instruction.

The Board exercises on-going oversight of the disclosure of Fund portfolio holdings by overseeing the implementation of the Funds' policies and procedures by the Chief Compliance Officer.

Neither the Funds, SIMC, nor any other service provider to the Funds may receive compensation or other consideration for providing portfolio holdings information.

The Trust files a complete schedule of the Funds' investments within 60 days after the end of the Fund's first and third fiscal quarter pursuant to Form N-CSR and/or as exhibits to Form N-PORT.

DESCRIPTION OF SHARES

The Agreement and Declaration of Trust authorizes the issuance of an unlimited number of shares of each Fund, each of which represents an equal proportionate interest in that Fund. Each share upon liquidation entitles a shareholder to a pro rata share in the net assets of that Fund. Shareholders have no preemptive rights. The Agreement and Declaration of Trust provides that the Trustees of the Trust may create additional series of shares or separate classes of portfolios. Share certificates representing the shares will not be issued.

Any series of the Trust may reorganize or merge with one or more other series of the Trust or another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote

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of a majority of the Trustees then in office and, to the extent permitted by applicable law, without the approval of shareholders of any series.

LIMITATION OF TRUSTEES' LIABILITY

The Agreement and Declaration of Trust provides that a Trustee shall be liable only for his or her own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or administrators, shall not be liable for any neglect or wrongdoing of any such person. The Agreement and Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Agreement and Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties.

CODES OF ETHICS

The Board has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, SIMC, the Funds' Sub-Advisers and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are reasonably designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons at most Sub-Advisers are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Funds, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Access persons at certain Sub-Advisers may be prohibited from engaging in personal securities transactions entirely. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

VOTING

Each share held entitles the shareholder of record to one vote. Shareholders of each Fund or class will vote separately on matters pertaining solely to that Fund or class, such as any distribution plan. As a Massachusetts business trust, the Trust is not required to hold annual meetings of shareholders, but approval will be sought for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Where the Prospectuses for the Funds or SAI state that an investment limitation or a fundamental policy may not be changed without shareholder approval, such approval means the vote of: (i) 67% or more of the affected Fund's shares present at a meeting if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the affected Fund's outstanding shares, whichever is less.

SHAREHOLDER LIABILITY

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a business trust could, under certain circumstances, be held personally liable as partners for the obligations of the Trust. Even if, however, the Trust were held to be a partnership, the possibility of the shareholders incurring financial loss for that reason appears remote because the Trust's Agreement and Declaration of Trust contains an express disclaimer of shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument

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entered into or executed by or on behalf of the Trust or the Trustees, and because the Agreement and Declaration of Trust provides for indemnification out of the Trust property for any shareholders held personally liable for the obligations of the Trust.

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES

As of January 20, 2026, the following persons were the only persons who were record owners (or to the knowledge of the Trust, beneficial owners) of 5% and 25% or more of the shares of a Fund. Persons who owned of record or beneficially more than 25% of a Fund's outstanding shares may be deemed to control the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund could have the ability to vote a majority of the shares of the Fund on any matter requiring the approval of shareholders of the Fund. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency, or custodial customers.

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Large Cap Fund—Class F Shares  | Large Cap Fund—Class F Shares  | Large Cap Fund—Class F Shares  |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 90418422.56 | 88.70% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7346763.54 | 7.21% |
| Large Cap Fund—Class Y Shares | Large Cap Fund—Class Y Shares | Large Cap Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2080643.89 | 45.45% |
| SEI Asset Allocation Trust<br>Aggressive Strategy Fund <br>Attn Jack McCue—IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 971180.04 | 21.21% |
| SEI Asset Allocation Trust<br>Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 571736.37 | 12.49% |
| 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 | 253540.85 | 8.04% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 253540.85 | 5.54% |
| Large Cap Value Fund—Class I Shares | Large Cap Value Fund—Class I Shares | Large Cap Value Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn: NPIO Trading Desk <br>717 High Street <br>Des Moines, Iowa 50392-0001 | 20961.53 | 75.42% |
| Maril & Co FBO JH<br>c/o Reliance Trust Company WI <br>Attn: MF <br>4900 W Brown Deer Road <br>Milwaukee, WI 53223-2422 | 5497.96 | 19.78% |
| Large Cap Value Fund—Class F Shares | Large Cap Value Fund—Class F Shares | Large Cap Value Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 41050964.84 | 85.44% |
| Large Cap Value Fund—Class Y Shares | Large Cap Value Fund—Class Y Shares | Large Cap Value Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3681679.84 | 90.09% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 213462.33 | 5.22% |
| Large Cap Growth Fund—Class F Shares | Large Cap Growth Fund—Class F Shares | Large Cap Growth Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 27695637.71 | 83.81% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Large Cap Growth Fund—Class I Shares | Large Cap Growth Fund—Class I Shares | Large Cap Growth Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn NPIO Trading Desk <br>711 High Street <br>Des Moines, Iowa 50392-0001 | 18754.33 | 61.31% |
| Nationwide Trust Co FSB<br>c/o IPO Portfolio Accounting <br>PO Box 182029 <br>Columbus, OH 43218-2029 | 8396.66 | 27.45% |
| Maril & Co FBO JH<br>c/o Reliance Trust Company WI <br>Attn: MF <br>4900 W Brown Deer Road <br>Milwaukee, WI 53223-2422 | 3401.48 | 11.12% |
| Large Cap Growth Fund—Class Y Shares | Large Cap Growth Fund—Class Y Shares | Large Cap Growth Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3328057.33 | 90.18% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 187235.64 | 5.07% |
| Large Cap Index Fund—Class F Shares | Large Cap Index Fund—Class F Shares | Large Cap Index Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 51826620.490 | 93.97% |
| Tax-Managed Large Cap Fund—Class F Shares | Tax-Managed Large Cap Fund—Class F Shares | Tax-Managed Large Cap Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 56371706.78 | 62.14% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 12282669.94 | 13.54% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Charles Schwab & Co Inc.<br>Attn: Mutual Funds <br>211 Main St. <br>San Francisco, CA 94105-1901 | 7114051.50 | 7.84% |
| Tax-Managed Large Cap Fund—Class Y Shares | Tax-Managed Large Cap Fund—Class Y Shares | Tax-Managed Large Cap Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3911356.77 | 25.12% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2886024.09 | 18.54% |
| SEI Asset Allocation Trust<br>Tax-Managed Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1825124.12 | 11.72% |
| Raymond James<br>Omnibus for Mutual Funds <br>House Acct Firm <br>880 Carillon Pkwy <br>St Petersburg, FL 3316-1102 | 1603513.16 | 10.30% |
| SEI Asset Allocation Trust<br>Tax-Managed Aggressive Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1208333.07 | 7.76% |
| S&P 500 Index Fund—Class F Shares | S&P 500 Index Fund—Class F Shares | S&P 500 Index Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2963964.49 | 28.05% |
| Nationwide Life Insurance Company<br>NACO c/o IPO Portfolio Accounting <br>P.O. 182029 <br>Columbus, OH 43218-2029 | 1556887.88 | 14.74% |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main St <br>San Francisco, CA 94105-1905 | 1216194.68 | 11.51% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company c/o GWP US Advisors<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 899076.71 | 8.51% |
| Pershing Division of DLJ<br>Attn: Mutual Funds <br>P.O. 2052 <br>Jersey City, NJ 07303-2052 | 831981.74 | 7.87% |
| Charles Schwab & Co Inc<br>Attn: Mutual Funds <br>211 Main St <br>San Francisco, CA 94105-1905 | 701384.22 | 6.64% |
| S&P 500 Index Fund—Class I Shares | S&P 500 Index Fund—Class I Shares | S&P 500 Index Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn NPIO Trading Desk <br>717 High Street <br>Des Moines, Iowa 50392-0001 | 53324.74 | 69.41% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 17701.88 | 23.04% |
| Maril & Co FBO JH<br>c/o Reliance Trust Company WI <br>Attn: MF <br>4900 W Brown Deer Road <br>Milwaukee, WI 53223-2422 | 4469.82 | 5.82% |
| Small Cap Fund—Class F Shares | Small Cap Fund—Class F Shares | Small Cap Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 29983499.18 | 90.40% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2035410.63 | 6.14% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Small Cap Fund—Class Y Shares | Small Cap Fund—Class Y Shares | Small Cap Fund—Class Y Shares |
| Charles Schwab & Co. Inc.<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, California 94105-1905 | 1165063.72 | 52.85% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 641755.93 | 29.11% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 191737.02 | 8.70% |
| Small Cap Value Fund—Class F Shares | Small Cap Value Fund—Class F Shares | Small Cap Value Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 9182248.76 | 82.92% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 725391.72 | 6.55% |
| Small Cap Value Fund—Class I Shares | Small Cap Value Fund—Class I Shares | Small Cap Value Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn: NPIO Trade Desk <br>711 High Street Des Moines, Iowa 50392-0001 | 7150.13 | 65.27% |
| Maril & Co FBO JH<br>c/o Reliance Trust Company WI <br>Attn: MF <br>4900 W Brown Deer Road <br>Milwaukee, WI 53223-2422 | 1898.35 | 17.33% |
| Frontier Trust Company<br>FBO Swartzbaugh-Farber & Associates, IN <br>PO Box 10758 <br>Fargo, ND 58106-0758 | 1258.15 | 11.48% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Nationwide Trust Co FSB<br>c/o IPO Portfolio Accounting <br>PO Box 182029 <br>Columbus, OH 43218-2029 | 648.70 | 5.92% |
| Small Cap Value Fund—Class Y Shares | Small Cap Value Fund—Class Y Shares | Small Cap Value Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1484904.96 | 79.50% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 321241.71 | 17.20% |
| Small Cap Growth Fund—Class F Shares | Small Cap Growth Fund—Class F Shares | Small Cap Growth Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 5872372.70 | 80.59% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 514019.83 | 7.05% |
| Small Cap Growth Fund—Class I Shares | Small Cap Growth Fund—Class I Shares | Small Cap Growth Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn NPIO Trading Desk <br>717 High Street <br>Des Moines, Iowa 50392-0001 | 6147.69 | 82.10% |
| Maril & Co FBO JH<br>c/o Reliance Trust Company WI <br>Attn: MF <br>4900 W Brown Deer Road <br>Milwaukee, WI 53223-2422 | 1340.62 | 17.90% |
| Small Cap Growth Fund—Class Y Shares | Small Cap Growth Fund—Class Y Shares | Small Cap Growth Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 884693.71 | 83.81% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 124549.06 | 11.80% |
| Tax-Managed Small/Mid Cap Fund—Class F Shares | Tax-Managed Small/Mid Cap Fund—Class F Shares | Tax-Managed Small/Mid Cap Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 17083029.81 | 70.67% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3536018.64 | 14.63% |
| Tax-Managed Small/Mid Cap Fund—Class Y Shares | Tax-Managed Small/Mid Cap Fund—Class Y Shares | Tax-Managed Small/Mid Cap Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1255369.36 | 28.48% |
| SEI Asset Allocation Trust<br>Tax-Managed Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 760797.55 | 17.26% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 739182.01 | 16.77% |
| SEI Asset Allocation Trust<br>Tax-Managed Aggressive Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 503387.42 | 11.42% |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 271498.51 | 6.16% |
| Mid-Cap Fund—Class F Shares | Mid-Cap Fund—Class F Shares | Mid-Cap Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1350524.70 | 80.86% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Mid-Cap Fund—Class I Shares | Mid-Cap Fund—Class I Shares | Mid-Cap Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn: NPIO Trade Desk <br>711 High Street Des Moines, Iowa 50392-0001 | 1664.46 | 100.00% |
| Mid Cap Fund—Class Y Shares | Mid Cap Fund—Class Y Shares | Mid Cap Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 93418.13 | 39.76% |
| U.S. Managed Volatility Fund—Class F Shares | U.S. Managed Volatility Fund—Class F Shares | U.S. Managed Volatility Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 23250147.550 | 78.98% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3767304.64 | 12.80% |
| U.S. Managed Volatility Fund—Class Y Shares | U.S. Managed Volatility Fund—Class Y Shares | U.S. Managed Volatility Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4788128.25 | 51.92% |
| Raymond James<br>Omnibus for Mutual Funds <br>House Account Firm <br>880 Carillon Parkway <br>St. Petersburg, Florida 33716-1102 | 1626797.24 | 17.64% |
| SEI Asset Allocation Trust<br>Tax-Managed Moderate Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1343612.00 | 14.57% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Global Managed Volatility Fund—Class F Shares | Global Managed Volatility Fund—Class F Shares | Global Managed Volatility Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 47573350.56 | 82.15% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 8029055.84 | 13.86% |
| Global Managed Volatility Fund—Class I Shares | Global Managed Volatility Fund—Class I Shares | Global Managed Volatility Fund—Class I Shares |
| LPL Financial Omnibus Customer Account<br>Attn: Mutual Fund Trading <br>4707 Executive Drive <br>San Diego, CA 92121-3091 | 1136.31 | 100.00% |
| Global Managed Volatility Fund—Class Y Shares | Global Managed Volatility Fund—Class Y Shares | Global Managed Volatility Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4223527.79 | 46.33% |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 1717520.37 | 18.84% |
| SEI Asset Allocation Trust<br>Moderate Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 902814.67 | 9.90% |
| Tax-Managed Managed Volatility Fund—Class F Shares | Tax-Managed Managed Volatility Fund—Class F Shares | Tax-Managed Managed Volatility Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 23937060.22 | 68.83% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4010894.35 | 11.53% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Charles Schwab & Co Inc<br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 2208462.07 | 6.35% |
| Tax-Managed Managed Volatility Fund—Class Y Shares | Tax-Managed Managed Volatility Fund—Class Y Shares | Tax-Managed Managed Volatility Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1650377.17 | 35.97% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 674830.02 | 14.71% |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 419058.53 | 9.13% |
| Raymond James<br>Omnibus for Mutual Funds <br>House Account Firm <br>880 Carillon Parkway | 387011.61 | 8.44% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 313692.85 | 6.84% |
| Tax-Managed International Managed Volatility Fund—Class F Shares | Tax-Managed International Managed Volatility Fund—Class F Shares | Tax-Managed International Managed Volatility Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 9300392.69 | 74.74% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2192336.61 | 17.62% |
| Tax-Managed International Managed Volatility Fund—Class Y Shares | Tax-Managed International Managed Volatility Fund—Class Y Shares | Tax-Managed International Managed Volatility Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2368208.81 | 53.40% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 822268.36 | 18.54% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 622390.71 | 14.03% |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive | 412450.45 | 9.30% |
| Real Estate Fund—Class F Shares | Real Estate Fund—Class F Shares | Real Estate Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1753444.58 | 47.72% |
| SEI Private Trust Company<br>Attn: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 853368.41 | 23.23% |
| SEI Private Trust Company<br>Attn: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 315602.46 | 8.59% |
| Real Estate Fund—Class I Shares | Real Estate Fund—Class I Shares | Real Estate Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn NPIO Trading Desk <br>717 High Street <br>Des Moines, Iowa 50392-0001 | 2865.90 | 100.00% |
| Real Estate Fund—Class Y Shares | Real Estate Fund—Class Y Shares | Real Estate Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 961702.43 | 73.64% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Asset Allocation Trust<br>Tax-Managed Conservative Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 144272.39 | 11.05% |
| SEI Asset Allocation Trust<br>Tax-Managed Moderate Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 143147.97 | 10.96% |
| Core Fixed Income Fund—Class F Shares | Core Fixed Income Fund—Class F Shares | Core Fixed Income Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 287748528.26 | 89.17% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 22249077.91 | 6.89% |
| Core Fixed Income Fund—Class I Shares | Core Fixed Income Fund—Class I Shares | Core Fixed Income Fund—Class I Shares |
| DCGT AS TTEE AND/OR CUST<br>FBO PLIC Various Retirement Plans <br>OMNIBUS <br>Attn NPIO Trading Desk <br>717 High Street <br>Des Moines, Iowa 50392-0001 | 138929.68 | 60.38% |
| Maril & Co FBO JH<br>c/o Reliance Trust Company WI <br>Attn: MF <br>4900 W Brown Deer Road <br>Milwaukee, WI 53223-2422 | 45708.97 | 19.86% |
| SEI Private Trust Company<br>c/o M & T BAML <br>Attn: Mutual Funds <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 34625.34 | 15.05% |
| Core Fixed Income Fund—Class Y Shares | Core Fixed Income Fund—Class Y Shares | Core Fixed Income Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 22158005.50 | 51.61% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 6566025.68 | 15.30% |
| Empower Trust<br>FBO Capital Hlth Ret Sav & Invst Pl <br>C/O Fascore LLC <br>8515 E Orchard Rd 2T2 <br>Greenwood Village, CO 80111-5002 | 3115558.70 | 7.26% |
| SEI Private Trust Company<br>c/o S&T Bank <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2851775.51 | 6.64% |
| High Yield Bond Fund—Class F Shares | High Yield Bond Fund—Class F Shares | High Yield Bond Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 153468739.52 | 84.25% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 15505640.17 | 8.51% |
| High Yield Bond Fund—Class I Shares | High Yield Bond Fund—Class I Shares | High Yield Bond Fund—Class I Shares |
| LPL Financial<br>9785 Towne Centre Dr. <br>San Diego, CA 92121-196 | 561.62 | 95.97% |
| High Yield Bond Fund—Class Y Shares | High Yield Bond Fund—Class Y Shares | High Yield Bond Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 22306672.45 | 67.33% |
| SEI Asset Allocation Trust<br>Tax-Managed Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2014267.02 | 6.08% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Conservative Income Fund—Class F Shares | Conservative Income Fund—Class F Shares | Conservative Income Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 86224636.31 | 81.55% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 18329744.41 | 17.34% |
| Conservative Income Fund—Class Y Shares | Conservative Income Fund—Class Y Shares | Conservative Income Fund—Class Y Shares |
| SEI Private Trust Company<br>Attn: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 639649.08 | 43.63% |
| SEI Asset Allocation Trust<br>Conservative Strategy Fund <br>Attn: Jack McCue <br>SEI Investment Management Unit <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 286034.60 | 19.51% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 235187.16 | 16.04% |
| SEI Asset Allocation Trust<br>Defensive Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 143045.04 | 9.76% |
| Tax-Free Conservative Income Fund—Class F Shares | Tax-Free Conservative Income Fund—Class F Shares | Tax-Free Conservative Income Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 15304242.82 | 77.89% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3886900.61 | 19.78% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Tax-Free Conservative Income Fund—Class Y Shares | Tax-Free Conservative Income Fund—Class Y Shares | Tax-Free Conservative Income Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 178026.98 | 28.62% |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 132936.88 | 21.37% |
| SEI Private Trust Company<br>c/o Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 113052.05 | 18.17% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 49425.25 | 7.94% |
| Cetera Investment SVCS (FBO)<br>Patricia A La Force <br>400 First St., Suite 300, <br>St. Cloud, MN 56301 | 35769.27 | 5.75% |
| Real Return Fund—Class F Shares | Real Return Fund—Class F Shares | Real Return Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 31221065.02 | 86.19% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3901135.16 | 10.77% |
| Real Return Fund—Class Y Shares | Real Return Fund—Class Y Shares | Real Return Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1233315.64 | 39.75% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| DCGT AS TTEE AND/OR CUST<br>FBO SEI Capital Accumulation Plan <br>Attn: NPIO Trade Desk <br>711 High Street <br>Des Moines, IA 50392-0001 | 449204.03 | 14.48% |
| SEI Private Trust Company<br>c/o S&T Bank <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 438457.04 | 14.13% |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street | 361620.38 | 11.66% |
| SEI Asset Allocation Trust<br>Moderate Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 234959.70 | 7.57% |
| Dynamic Asset Allocation Fund—Class F Shares | Dynamic Asset Allocation Fund—Class F Shares | Dynamic Asset Allocation Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 39419136.24 | 90.36% |
| Dynamic Asset Allocation Fund—Class Y Shares | Dynamic Asset Allocation Fund—Class Y Shares | Dynamic Asset Allocation Fund—Class Y Shares |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 1859666.30 | 38.69% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Share <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 972468.45 | 20.23% |
| SEI Asset Allocation Trust<br>Aggressive Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 600057.06 | 12.48% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Asset Allocation Trust<br>Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 414879.30 | 8.63% |
| UBS WM USA<br>OMNI Account M/F <br>Attn: Department Manager <br>1000 Harbor Blvd, <br>Weehawken, NJ 07086-6761 | 276884.01 | 5.76% |
| Multi-Strategy Alternative Fund—Class F Shares | Multi-Strategy Alternative Fund—Class F Shares | Multi-Strategy Alternative Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 19389485.900 | 84.16% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2648510.77 | 11.50% |
| Multi-Strategy Alternative Fund—Class Y Shares | Multi-Strategy Alternative Fund—Class Y Shares | Multi-Strategy Alternative Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 431450.04 | 73.80% |
| Charles Schwab & Co Inc<br>Special Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1905 | 74024.81 | 12.66% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 39025.85 | 6.70% |

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MASTER/FEEDER OPTION

Certain Funds may, in the future, seek to achieve their investment objectives by investing all of their assets in another investment company having the same investment objective and substantially the same investment policies and restrictions as those applicable to the Funds. It is expected that any such investment company would be managed by SIMC in substantially the same manner as the Funds. The initial shareholder(s) of the Funds voted to vest such authority in the sole discretion of the Trustees and such investment may be made without further approval of the shareholders of the Funds. However, shareholders of the Funds will be given 30 days' prior notice of any such investment. Such investment would be made only if the Trustees determine it to be in the best interests of the Funds and their shareholders. In making that determination, the Trustees will consider, among other things, the benefits to shareholders and/or the opportunity to reduce costs and achieve operational efficiencies. Although the Funds believe that the Trustees will not approve an arrangement that is likely to result in higher costs, no assurance is given that costs will be materially reduced if this option is implemented.

CUSTODIANS

U.S. Bank National Association ("U.S. Bank"), located at 425 Walnut Street, Cincinnati, Ohio 45202, acts as wire agent and custodian for the assets of the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, Real Estate, U.S. Managed Volatility, Tax-Managed Managed Volatility, Core Fixed Income, High Yield Bond, Conservative Income, Tax-Free Conservative Income, and Multi-Strategy Alternative Funds. Brown Brothers Harriman & Co. ("BBH"), located at 50 Post Office Square, Boston, Massachusetts, 02110-1548, acts as wire agent and custodian for the assets of the Global Managed Volatility, Tax-Managed International Managed Volatility, Real Return and Dynamic Asset Allocation Funds. U.S. Bank and BBH hold cash, securities and other assets of the respective Funds for which they act as custodian as required by the 1940 Act.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP, located at 1735 Market Street, Philadelphia, Pennsylvania 19103, serves as the Trust's independent registered public accounting firm.

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP, located at 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust.

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APPENDIX A

DESCRIPTION OF RATINGS

Description of Ratings

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

Description of Moody's Global Ratings

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Description of Moody's Global Long-Term Ratings

Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high credit risk.

Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Hybrid Indicator (hyb)

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

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Description of Moody's Global Short-Term Ratings

P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Description of Moody's U.S. Municipal Short-Term Obligation Ratings

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Description of Moody's Demand Obligation Ratings

For variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

SG This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

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Description of S&P's Issue Credit Ratings

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

Description of S&P's Long-Term Issue Credit Ratings\*

AAA An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

BB; B; CCC; Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative

CC; and C characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

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BB An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

C An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

D An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Description of S&P's Short-Term Issue Credit Ratings

A-1 A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3 A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

B A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

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C A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

Description of S&P's Municipal Short-Term Note Ratings

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity to pay principal and interest.

D 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

Description of Fitch's Credit Ratings

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

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Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (*i.e.* rate to a higher or lower standard than that implied in the obligation's documentation).

Description of Fitch's Long-Term Corporate Finance Obligations Ratings

AAA Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B Highly speculative. 'B' ratings indicate that material default risk is present.

CCC Substantial credit risk. 'CCC' ratings indicate that substantial default risk is present.

CC Very high levels of credit risk. 'CC' ratings indicate very high levels of default risk.

C Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Description of Fitch's Short-Term Ratings

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

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Fitch's short-term ratings are as follows:

F1 Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C High short-term default risk. Default is a real possibility.

RD Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

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STATEMENT OF ADDITIONAL INFORMATION

SEI INSTITUTIONAL MANAGED TRUST

Multi-Asset Accumulation Fund

Ticker Symbol: Class F—SAAAX, Class Y—SMOYX

Multi-Asset Income Fund

Ticker Symbol: Class F—SIOAX, Class Y—SLIYX

Multi-Asset Inflation Managed Fund

Ticker Symbol: Class F—SIFAX, Class Y—SLFYX

Multi-Asset Capital Stability Fund

Ticker Symbol: Class F—SCLAX, Class Y—SMLYX

Administrator:

SEI Investments Global Funds Services

Distributor:

SEI Investments Distribution Co.

Adviser:

SEI Investments Management Corporation

Sub-Advisers:

AllianceBernstein L.P.

AQR Capital Management, LLC

Barings LLC

Franklin Advisers, Inc.

Goldman Sachs Asset Management, L.P.

Janus Henderson Investors US LLC

This Statement of Additional Information is not a prospectus. It is intended to provide additional information regarding the activities and operations of SEI Institutional Managed Trust (the "Trust") and should be read in conjunction with the Trust's prospectuses relating to Class F and Class Y Shares of the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds (the "Prospectuses"), each dated January 31, 2026. The Prospectuses may be obtained upon request and without charge by writing the Trust's distributor, SEI Investments Distribution Co., at One Freedom Valley Drive, Oaks, Pennsylvania 19456, or by calling 1-800-342-5734.

[The Trust's financial statements for the fiscal year ended September 30, 2025, including notes thereto and the report of the Independent Registered Public Accounting Firm thereon are included in the most recent Form N-CSR for the Funds and are incorporated herein by reference to this SAI.](https://www.sec.gov/ix?doc=/Archives/edgar/data/804239/000139834425022111/fp0096367-1_ncsrixbrl.htm) Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements free of charge online or by calling 1-800-DIAL-SEI. Unless you have elected to receive paper copies of the shareholder reports, you will be notified by mail each time a report is posted on the Funds' website and provided with a link to access the report online.

January 31, 2026

SEI-F-115 (1/26)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| GLOSSARY OF TERMS | S-1 |
| THE TRUST | S-3 |
| INVESTMENT OBJECTIVES AND POLICIES | S-3 |
| DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS | S-10 |
| Alternative Strategies | S-10 |
| American Depositary Receipts | S-11 |
| Artificial Intelligence Technology | S-12 |
| Asset-Backed Securities | S-13 |
| Bank Loans | S-13 |
| Commercial Paper | S-14 |
| Commodity Investments | S-14 |
| Construction Loans | S-15 |
| Credit-Linked Notes | S-16 |
| Current Market Conditions Risk | S-16 |
| Demand Instruments | S-16 |
| Derivatives | S-17 |
| Distressed Securities | S-18 |
| Equity-Linked Warrants | S-18 |
| Equity Securities | S-19 |
| Eurobonds | S-20 |
| Exchange-Traded Products | S-20 |
| Fixed Income Securities | S-22 |
| Foreign Securities and Emerging and Frontier Markets | S-24 |
| Forward Foreign Currency Contracts | S-33 |
| Futures Contracts and Options on Futures Contracts | S-36 |
| Government National Mortgage Association Securities | S-37 |
| High Yield Foreign Sovereign Debt Securities | S-37 |
| Illiquid Securities | S-38 |
| Insurance Funding Agreements | S-38 |
| Interfund Lending and Borrowing Arrangements | S-38 |
| Investment Companies | S-38 |
| Investment in a Subsidiary | S-40 |
| Loan Participations and Assignments | S-41 |
| Master Limited Partnerships | S-42 |
| Money Market Securities | S-42 |
| Mortgage-Backed Securities | S-42 |
| Mortgage Dollar Rolls | S-45 |
| Municipal Securities | S-45 |
| Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks | S-46 |
| Obligations of Supranational Entities | S-46 |
| Options | S-47 |
| Pay-In-Kind Bonds | S-48 |
| Privatizations | S-48 |
| Put Transactions | S-49 |
| Quantitative Investing | S-49 |
| Real Estate Investment Trusts | S-49 |
| Real Estate Operating Companies | S-50 |
| Receipts | S-50 |
| Repurchase Agreements | S-50 |
| Restricted Securities | S-50 |
| Reverse Repurchase Agreements and Sale-Buybacks | S-51 |
| Risks of Cyber Attacks | S-51 |

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| | |
|:---|:---|
| Securities Lending | S-52 |
| Short Sales | S-53 |
| Sovereign Debt | S-53 |
| Structured Securities | S-53 |
| Swaps, Caps, Floors, Collars and Swaptions | S-54 |
| U.S. Government Securities | S-56 |
| Variable and Floating Rate Instruments | S-57 |
| When-Issued and Delayed Delivery Securities | S-57 |
| Yankee Obligations | S-58 |
| Zero Coupon Securities | S-58 |
| INVESTMENT LIMITATIONS | S-59 |
| THE ADMINISTRATOR AND TRANSFER AGENT | S-61 |
| THE ADVISER AND SUB-ADVISERS | S-63 |
| DISTRIBUTION AND SHAREHOLDER SERVICING | S-83 |
| SECURITIES LENDING ACTIVITY | S-84 |
| TRUSTEES AND OFFICERS OF THE TRUST | S-84 |
| PROXY VOTING POLICIES AND PROCEDURES | S-93 |
| PURCHASE AND REDEMPTION OF SHARES | S-94 |
| REDEMPTIONS IN-KIND | S-95 |
| TAXES | S-96 |
| PORTFOLIO TRANSACTIONS | S-106 |
| DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION | S-109 |
| DESCRIPTION OF SHARES | S-109 |
| LIMITATION OF TRUSTEES' LIABILITY | S-110 |
| CODES OF ETHICS | S-110 |
| VOTING | S-110 |
| SHAREHOLDER LIABILITY | S-110 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | S-111 |
| CUSTODIAN | S-114 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-114 |
| LEGAL COUNSEL | S-114 |
| APPENDIX A—DESCRIPTION OF RATINGS | A-1 |

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January 31, 2026

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GLOSSARY OF TERMS

The following terms are used throughout this SAI, and have the meanings set forth below. Because the following is a combined glossary of terms used for all the SEI Funds, certain terms below may not apply to your fund. Any terms used but not defined herein have the meaning ascribed to them in the applicable Fund's prospectus or as otherwise defined in this SAI.

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| | |
|:---|:---|
| *Term* | *Definition* |
| 1933 Act | Securities Act of 1933, as amended |
| 1940 Act | Investment Company Act of 1940, as amended |
| ADRs | American Depositary Receipts |
| ARMS | Adjustable Rate Mortgage Securities |
| BHCA | Bank-Holding Company Act |
| Bank Loan <br>Rate | The rate of interest that would be charged by a <br>bank for short-term borrowings |
| Board | The Trust's Board of Trustees |
| CATS | Certificates of Accrual on Treasury Securities |
| CDOs | Collateralized Debt Obligations |
| CDRs | Continental Depositary Receipts |
| CFTC | Commodity Futures Trading Commission |
| CLCs | Construction Loan Certificates |
| CLOs | Collateralized Loan Obligations |
| CMBS | Commercial Mortgage-Backed Securities |
| CMOs | Collateralized Mortgage Obligations |
| Code | Internal Revenue Code of 1986, as amended |
| Confidential <br>Information | Material, non-public information |
| Dodd-Frank <br>Act | Dodd-Frank Wall Street Reform and Consumer <br>Protections Act |
| EDRs | European Depositary Receipts |
| ETFs | Exchange-Traded Funds |
| ETNs | Exchange-Traded Notes |
| ETPs | Exchange-Traded Products |
| EU | European Union |
| Fannie Mae | Federal National Mortgage Association |
| FHA | Federal Housing Administration |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| GDRs | Global Depositary Receipts |
| GNMA | Government National Mortgage Association |
| IFA | Insurance Funding Agreement |
| IO | Interest-Only Security |
| IRS | Internal Revenue Service |
| LYONs | Liquid Yield Option Notes |
| MLPs | Master Limited Partnerships |
| Moody's | Moody's Investors Service, Inc. |
| NAV | Net Asset Value |
| NDFs | Non-Deliverable Forwards |
| NRSRO | Nationally Recognized Statistical Rating <br>Organization |
| OTC | Over-the-Counter |
| PAC Bonds | Planned Amortization Class CMOs |
| PIPEs | Private Investments in Public Equity |
| PLC | Permanent Loan Certificate |

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| | |
|:---|:---|
| *Term* | *Definition* |
| P-Notes | Participation Notes |
| PO | Principal-Only Security |
| Program | SEI Funds' interfund lending program |
| QFII | Qualified Foreign Institutional Investor |
| QPTPs | Qualified Publicly Traded Partnerships |
| REITs | Real Estate Investment Trusts |
| REMIC Certificates | REMIC pass-through certificates |
| REMICs | Real Estate Mortgage Investment Conduits |
| REOCs | Real Estate Operating Companies |
| Repo Rate | rate of interest for an investment in overnight<br>repurchase agreements |
| RIC | Regulated Investment Company |
| S&P | Standard & Poor's Rating Group |
| SEC | U.S. Securities and Exchange Commission |
| SEI Funds | The existing or future investment companies <br>registered under the 1940 Act that are advised <br>by SIMC |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separately Traded Registered Interest and Principal Securities |
| Subsidiary | A wholly-owned subsidiary organized under the <br>laws of the Cayman Islands |
| TIGRs | Treasury Investment Growth Receipts |
| TRs | Treasury Receipts |
| UK | United Kingdom |
| World Bank | International Bank of Reconstruction and Development |
| Yankees | Yankee Obligations |

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THE TRUST

SEI Institutional Managed Trust (the "Trust") is an open-end management investment company that offers shares of diversified and non-diversified portfolios. Each of the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds are diversified. The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated October 17, 1986. The Agreement and Declaration of Trust permits the Trust to offer separate series ("portfolios") of units of beneficial interest ("shares") and separate classes of shares of such portfolios. Currently, the Trust offers two classes of shares of the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds, although the Trust offers Class I Shares of other series of the Trust. Additional share classes of the Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed and Multi-Asset Capital Stability Funds may be offered in the future, which may provide for variations in distribution fees, transfer agent fees, shareholder servicing fees, administrative servicing fees, dividends and certain voting rights. Except for differences among the classes pertaining to distribution, shareholder servicing, administrative servicing, voting rights, dividends and transfer agent expenses, each share of each portfolio represents an equal proportionate interest in that portfolio with each other share of that portfolio.

The management and affairs of the Trust are supervised by a Board of Trustees (each member, a "Trustee" and collectively, the "Trustees" or the "Board") under the laws of the Commonwealth of Massachusetts. The Trustees have approved contracts under which, as described in this Statement of Additional Information ("SAI"), certain companies provide essential management services to the Trust. All consideration received by the Trust for shares of any portfolio, all assets of such portfolio, belong to that portfolio and would be subject to the liabilities related thereto. The Trust pays its expenses, including, among others, the fees of its service providers, audit and legal expenses, expenses of preparing prospectuses, proxy solicitation materials and report to shareholders, costs of custodial services and registering the shares under federal and state securities laws, pricing, insurance expenses, litigation and other extraordinary expenses, brokerage costs, interest charges, taxes and organizational expenses. This SAI relates to Class F and Class Y Shares of the Multi-Asset Inflation Strategy, Multi-Asset Accumulation, Multi-Asset Income and Multi-Asset Capital Stability Funds (each, a "Fund" and together, the "Funds").

The investment adviser to the Funds, SEI Investments Management Corporation, is herein referred to as "SIMC" or the "Adviser," and the investment sub-advisers are each a "Sub-Adviser" and, together, the "Sub-Advisers".

INVESTMENT OBJECTIVES AND POLICIES

MULTI-ASSET ACCUMULATION FUND—The investment objective of the Multi-Asset Accumulation Fund is to generate total return, including capital appreciation and income. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SIMC's or the Sub-Advisers' expectations of risk and return. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Advisers' views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance risk across all capital market exposures, which may result in asset classes with lower perceived risk having a greater notional allocation within the Fund's portfolio than asset classes with higher perceived risk.

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Notional allocation refers to the Fund's use of one or more derivative contracts to attempt to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (*e.g.*, a security, currency or commodity (or a basket or index)). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. In addition, the Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of volatility with the goal of managing the Fund's volatility. This may result in the Fund increasing capital market exposures during periods of perceived falling risk and decreasing capital market exposures during periods of perceived rising risk.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, ETNs, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include obligations of U.S. and foreign banks, such as certificates of deposit and time deposits, U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities ("TIPS") and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the 1940 Act. Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary. The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivatives). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. Due to the Fund's structure and level of turnover, derivative instruments

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may be an efficient method of obtaining exposure to various types of markets. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Securities index swaps may be used to obtain exposure to different U.S. and foreign equity markets. Futures and swaps on futures may be used to gain exposure to U.S. and foreign sovereign bond markets, equity markets and commodities markets. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

MULTI-ASSET INCOME FUND—The investment objective of the Multi-Asset Income Fund is to generate total return with an emphasis on current income. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will seek to achieve its investment objective by selecting investments from among a broad range of asset classes based upon SIMC's or the Sub-Adviser's expectations for income and, to a lesser extent, capital appreciation. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including asset-backed securities, mortgage-backed securities, CDOs and CLOs, corporate and municipal bonds and debentures, structured notes, construction loans, commercial paper, ETNs, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and TIPS and other inflation-linked debt securities.

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The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

The Fund may invest up to 25% of its assets in MLP units and may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the 1940 Act. Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes, including currency or interest rate exposure. Futures contracts and forward contracts may be used to synthetically obtain exposure to securities or baskets of securities. The Fund may use total return swaps to efficiently obtain exposure to segments of the equity or fixed income markets when other means of obtaining exposure, such as through an ETF, are suboptimal. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. The Fund may write (sell) or purchase call options or put options on a security or a basket of securities, and such options may be covered or uncovered (or "naked"). The purchaser of a call option will pay the Fund a premium for undertaking the obligations under the option contract. Options may also provide a partial hedge to another position of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

MULTI-ASSET INFLATION MANAGED FUND—The investment objective of the Multi-Asset Inflation Managed Fund is to generate total return exceeding the rate of inflation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will seek to generate "real return" (*i.e.*, total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions) by selecting investments from among a broad range of asset classes, including fixed income and equity securities and commodity investments. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Advisers' views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments.

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The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the Fund's portfolio.

Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, closed-end funds and ETFs. The Fund may also invest in REITs and U.S. and non-U.S. real estate companies.

The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the 1940 Act. Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, U.S. and foreign corporate debt securities, including commercial paper, and fully collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better) and securitized issues such as mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities and collateralized debt obligations. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and TIPS and other inflation-linked debt securities, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may also enter into repurchase or reverse repurchase agreements with respect to its investment in the fixed income securities listed above and may use the cash received to enter into a short position on U.S. Treasury bonds.

A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary. The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Interest rate futures contracts are primarily used to hedge interest rate risk in the Fund's U.S. bond holdings. Commodity futures contracts are primarily used to obtain exposure to a diversified set of commodity markets. Interest rate swaps and swaps on indexes may further be used to manage the Fund's interest rate risk or may be used to manage the inflation-adjusted return of the Fund. The

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Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. Options may be used to gain exposure to or hedge exposures in the equity and commodity markets. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

The Sub-Advisers may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

MULTI-ASSET CAPITAL STABILITY FUND—The investment objective of the Multi-Asset Capital Stability Fund is to manage the risk of loss while providing current income and an opportunity for capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will attempt to manage the risk of loss while still seeking to generate some growth by selecting investments from among a broad range of asset classes. Managing the risk of loss does not mean preventing losses, but rather managing the Fund in a manner intended to limit the level of losses that the Fund could incur over any particular period. The Fund's investments are expected to include U.S. debt obligations and investment grade bonds, and, to a lesser extent, riskier asset classes as detailed below, such as equities and non-investment grade securities (also known as junk bonds). The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies.

The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance anticipated drawdown risk (peak-to-trough decline in asset value) across all capital market exposures in the Fund. This approach may result in asset classes with lower perceived drawdown risk, *e.g.* high-quality government bonds, having a greater notional allocation within the Fund's portfolio than they would otherwise receive in a non-risk parity approach. Notional allocation generally refers to the Fund's use of one or more derivative

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contracts to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (*e.g.*, a security, basket of securities or index). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts.

The Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of drawdown risk with the goal of managing the Fund's total drawdown risk. This may result in the Fund increasing capital market exposures during periods of perceived falling drawdown risk and decreasing capital market exposures during periods of perceived rising drawdown risk.

The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities and warrants, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries.

The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, ETNs, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, as well as entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, TIPS and other inflation-linked debt securities and obligations of U.S. and foreign commercial banks, such as certificates of deposit and time deposits. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.

The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties.

In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the 1940 Act. Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps, including single security swaps, to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Futures contracts may be used to gain exposure to U.S. and foreign sovereign bond markets. Index futures and securities index swaps may be used to gain exposure to U.S. and foreign equity markets. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. Options may be used to gain exposure to or hedge risks in U.S. and foreign equity and fixed income markets. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities.

The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (*i.e.*, take long or short positions) using futures contracts, foreign currency forward contracts and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign

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currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

Subject to Section 12 of the 1940 Act and the regulations promulgated thereunder, the Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS

The following are descriptions of the permitted investments and investment practices of the Funds, including those discussed in the applicable Prospectus and the Funds' "Investment Objectives and Policies" section of this SAI and the associated risk factors. A Fund may purchase any of these instruments and/or engage in any of these investment practices if, in the opinion of SIMC or the Sub-Advisers, such investments or investment practices will be advantageous to the Fund. A Fund is free to reduce or eliminate its activity in any of these areas. An adviser may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by a Fund's stated investment policies, including those stated below. There is no assurance that any of these strategies or any other strategies and methods of investment available to a Fund will result in the achievement of the Fund's investment objective.

References to "Fund," where applicable, also refer to the underlying funds in which the Funds may invest.

ALTERNATIVE STRATEGIES—The Funds employ a diversified investment approach using various strategies simultaneously to realize short- and long-term gains. Such strategies are primarily designed to reduce fluctuations in the value of traditional assets and are distinguishable from traditional strategies (*i.e.*, strategies generally investing in long only equity, fixed-income securities or money market instruments) employed by mutual funds. The following alternative strategies can be implemented by the Funds.

*Directional (Tactical) Strategies.* Directional trading strategies are based upon speculating on the direction of market prices of currencies, commodities, equities and bonds in the futures and cash markets. A Sub-Adviser may rely on model-based systems to generate buy and sell signals. Others use a more subjective approach, ultimately using their own discretionary judgment in implementing trades. Strategies include long/short equity, long/short credit and global tactical asset allocation.

Long/Short Equity Strategy invests in securities believed to be undervalued or offer high growth opportunities while also attempting to take advantage of an anticipated decline in the price of an overvalued company or index by using short sales or options on common stocks or indexes. A Sub-Adviser may also use leverage and derivatives, including options, financial futures and options on futures contracts. The Sub-Adviser seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated. The primary risk in this strategy is that the Sub-Adviser may exhibit poor security selection, losing money on both the long and short sides.

Long/Short Credit Strategy focuses on short positions by utilizing credit default swaps to anticipate the decline in the price of an overvalued security or by utilizing treasury futures to hedge interest rate risk. Strategies may also involve leverage and hedging through the use of ETFs or various derivatives, such as futures contracts, credit default swaps or total return swaps or committed term reverse repurchase facilities or other financings in order to enhance total return. The Funds may use certain derivatives to obtain greater leverage than would otherwise be achievable.

Global Tactical Asset Allocation is an investment strategy that attempts to exploit short-term market inefficiencies by taking positions in various markets with a view to profit from relative movements across those markets. The strategy focuses on general movements in the markets rather than on performance of individual

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securities. Generally, the strategy implements long and short positions in highly liquid futures and forward contracts across an investment universe of equity indexes, fixed income and currencies.

Event-Driven Strategies seek to exploit pricing inefficiencies that may occur before or after a corporate event, such as a bankruptcy, merger, acquisition or spinoff. A Sub-Adviser will analyze the potential event and determine the likelihood of the event actually occurring and purchase the stock of the target company with a view of selling it after its price has risen in connection with that event. Many corporate events, however, do not occur as planned. If a Sub-Adviser fails to accurately assess whether a corporate event will actually occur, it can ultimately reduce the price of a company's stock and cause the Funds to lose their investments.

Arbitrage Strategies focus on relative pricing discrepancies between instruments including equities, debt, futures contracts and options. A Sub-Adviser may employ mathematical, technical or fundamental analysis to determine incorrectly valued investments. Investments may be mispriced relative to an underlying security, related securities, groups of securities or the overall market. Positions are frequently hedged to isolate the discrepancy and to minimize market risk. Investments may represent either short-term trading opportunities or longer-term fundamental judgment on the relative performance of a security.

Fixed income or interest rate arbitrage aims to profit from price anomalies between related interest rate securities. This strategy includes interest rate swap arbitrage, U.S. and non-U.S. government bond arbitrage, forward yield curve arbitrage and mortgage-backed securities arbitrage, offsetting long and short positions in financial instruments likely to be affected by changes in interest rates.

Convertible arbitrage involves buying convertible bonds (bonds that are convertible into common stock) or shares of convertible preferred stock (stock that is convertible into common stock) that are believed to be undervalued. In addition to taking "long" positions (*i.e.*, owning the security) in convertible bonds or convertible preferred stock, a Sub-Adviser may take "short" positions (*i.e.*, borrowing and later selling the security) in the underlying common stock into which the convertible securities are exchangeable in order to hedge against market risk. The strategy is intended to capitalize on relative pricing inefficiencies between the related securities. This strategy may be employed with a directional bias (the Sub-Adviser anticipates the direction of the market) or on a market neutral basis (the direction of the market does not have a significant impact on returns). The source of return from this strategy arises from the fact that convertible bonds may be undervalued relative to other securities due to the complexity of investing in these securities. The primary risk associated with this strategy is that, in the event of an issuer bankruptcy, the short position may not fully cover the loss on the convertible security. Convertible bond hedging strategies may also be adversely affected by changes in the level of interest rates, downgrades in credit ratings, credit spread fluctuations, defaults and lack of liquidity.

Pairs trading combines a long position in a particular security with a short position in a similar security in the same or related industry or sector. A Sub-Adviser identifies a pair of securities that are correlated (*i.e.*, the price of one security moves in the same direction of the price of the other security) and looks for divergence of correlation between shares of a pair. When a divergence is noticed, the Sub-Adviser takes the opposite position for securities in a pair. For stocks, currencies and futures, the Sub-Adviser would take a long position for the underperforming security and a short position for the over-performing security. For options, the Sub-Adviser would write a put option for underperforming stock and a call option for outperforming stock. A profit can be realized when the divergence is corrected and the securities are brought to original correlation by market forces. Although the strategy does not have much downside risk, there is a scarcity of opportunities.

Equity value neutral seeks to buy an undervalued stock and, essentially simultaneously, short a similar overvalued stock against it, thereby taking advantage of pricing differences between the related equity securities. The strategy is designed to neutralize sector risks and will generally seek to have low correlation to major market indexes. The strategy is based on the relative difference between such companies, not whether the companies are overvalued or undervalued in absolute terms. The primary risk inherent in the strategy is that weaker companies may gain value or stronger companies may lose value relative to their peers and it is possible to lose money on both the long position and the short position.

AMERICAN DEPOSITARY RECEIPTS—ADRs, as well as other "hybrid" forms of ADRs, including EDRs, CDRs and GDRs, are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts may be

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sponsored or unsponsored. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

Although the two types of depositary receipt facilities (unsponsored and sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depositary may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer. Typically, however, the depositary requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights to depositary receipt holders with respect to the underlying securities.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depositary and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depositary and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request.

ARTIFICIAL INTELLIGENCE TECHNOLOGY—The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning models and generative artificial intelligence (collectively "AI"), may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund. To the extent a Fund invests in companies that are involved in various aspects of AI, the Fund will be affected by the risks of those types of companies, including changes in business cycles, world economic growth, technological progress, and changes in government regulation. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Companies that are extensively involved in AI also may rely heavily on a combination of patents, copyrights, trademarks, and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Further, because of the innovative nature of the AI market, outpaced advancement by one company or increasing market share by one company could result in rapid and substantial declines in the value of competing companies. In addition, market reaction to the potential impact of AI could result in excess demand for access to AI-related

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investments, thereby resulting in accelerated growth in the market value of such companies, which may then be subject to sharp resets in the wake of news or other information that tempers expectations of AI or of particular AI-related companies, thus potentially resulting in periods of high volatility in the price of such securities, which could negatively affect the Funds' performance.

ASSET-BACKED SECURITIES—Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized risk obligations, CLOs and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities, because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and the Funds, as securityholders, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Funds must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

BANK LOANS—Bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. A Fund can invest in a bank loan either as a direct lender or through an assignment or participation.

When a Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by a Fund may differ from and be more limited than those held by the assigning lender.

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A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When a Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, a Fund will generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, a Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by SIMC or a Sub-Adviser based on criteria approved by the Board.

SIMC or a Sub-Adviser may from time to time have the opportunity to receive Confidential Information about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, SIMC or a Sub-Adviser may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of a Fund and other clients to which such Confidential Information relates (*e.g.*, publicly traded securities issued by the borrower). In such circumstances, a Fund (and other clients of SIMC or a Sub-Adviser) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, SIMC or a Sub-Adviser's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. SIMC or a Sub-Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If SIMC or a Sub-Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

COMMERCIAL PAPER—Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

COMMODITY INVESTMENTS—Certain Funds may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked instruments, which are designed to provide this exposure without direct investment in physical commodities or commodities futures contracts. Real assets are assets such as oil, gas, industrial and precious metals, livestock, agricultural or meat products or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The Sub-Advisers and, to the extent it directly manages the assets of a Fund, SIMC, seek to provide exposure to various commodities and commodity sectors. The value of commodity-linked instruments may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. The prices of commodity-linked instruments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. For example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and

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metals, have historically tended to increase in value. Of course, there cannot be any guarantee that these investments will perform in the same manner in the future, and at certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity securities. In general, commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodity prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits.

Commodity-linked instruments in which a Fund invests may not produce "qualifying income" for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. To the extent a Fund invests in commodity-linked instruments directly, such Fund will seek to restrict the resulting income from such instruments so that, when combined with its other non-qualifying income, such Fund's non-qualifying income is less than 10% of its gross income. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the Qualifying Income Test, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Fund invests in commodities or commodity-linked instruments directly may be limited by the Qualifying Income Test, which a Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with the Qualifying Income Test could negatively affect a shareholder's return from a Fund. Under certain circumstances, a Fund may be able to cure a failure to meet the Qualifying Income Test, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns.

CONSTRUCTION LOANS—In general, construction loans are mortgages on multifamily homes that are insured by the FHA under various federal programs of the National Housing Act of 1934 and its amendments. Several FHA programs have evolved to insure the construction financing and permanent mortgage financing on multifamily residences, nursing homes, elderly residential facilities and health care units. Project loans typically trade in two forms: either as FHA-insured or GNMA insured pass-through securities. In this case, a qualified issuer issues the pass-through securities while holding the underlying mortgage loans as collateral. Regardless of form, all projects are government-guaranteed by the U.S. Department of Housing and Urban Development through the FHA insurance fund. The credit backing of all FHA and GNMA projects derives from the FHA insurance fund, so projects issued in either form enjoy the full faith and credit backing of the U.S. Government.

Most project pools consist of one large mortgage loan rather than numerous smaller mortgages, as is typically the case with agency single-family mortgage securities. As such, prepayments on projects are driven by the incentives most mortgagors have to refinance and are very project-specific in nature. However, to qualify for certain government programs, many project securities contain specific prepayment restrictions and penalties.

Under multifamily insurance programs, the government insures the construction financing of projects as well as the permanent mortgage financing on the completed structures. This is unlike the single-family mortgage market, in which the government only insures mortgages on completed homes. Investors purchase new projects by committing to fund construction costs on a monthly basis until the project is built. Upon project completion, an investor's construction loan commitments are converted into a proportionate share of the final permanent project mortgage loan. The construction financing portion of a project trades in the secondary market as an insured CLC. When the project is completed, the investor exchanges all the monthly CLCs for an insured PLC. The PLC is an insured pass-through security backed by the final mortgage on the completed property. As such, PLCs typically have a thirty-five to forty year maturity, depending on the type of final project. There are vastly more PLCs than CLCs in the market, owing to the long economic lives of the project structures. While neither CLCs nor PLCs are as liquid as agency single-family mortgage securities, both are traded on the secondary market and would generally not be considered illiquid. The benefit to owning these securities is a relatively high yield combined with significant prepayment protection, which generally makes these types of securities more attractive when prepayments are expected to be high in the mortgage market. CLCs typically offer a higher yield due to the fact that they are somewhat more administratively burdensome.

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CREDIT-LINKED NOTES—Credit-linked notes and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Additional information about derivatives and the risks associated with them is provided under "Swaps, Caps, Floors, Collars and Swaptions." Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event.

CURRENT MARKET CONDITIONS RISK—Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. In particular, the imposition of tariffs on foreign countries has led to retaliatory tariffs by certain foreign countries and could lead to retaliatory tariffs imposed by additional foreign countries, as well as increased and prolonged market volatility, and sector-specific downturns in industries reliant on international trade. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Additionally, advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

DEMAND INSTRUMENTS—Certain instruments may entail a demand feature that permits the holder to demand payment of the principal amount of the instrument. Demand instruments may include variable amount master demand notes. Demand instruments with demand notice periods exceeding seven days are considered

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to be illiquid securities. Additional information about illiquid securities is provided under "Illiquid Securities" below.

DERIVATIVES—In an attempt to reduce systemic and counterparty risks associated with OTC derivative transactions, the Dodd-Frank Act requires that a substantial portion of OTC derivatives be executed in regulated markets and submitted for clearing to regulated clearinghouses. The CFTC also requires a substantial portion of derivative transactions that have historically been executed on a bilateral basis in the OTC markets to be executed through a regulated swap execution facility or designated contract market. The SEC has and is expected to continue to impose similar requirements with respect to security-based swaps. Such requirements could limit the ability of the Funds to invest or remain invested in derivatives and may make it more difficult and costly for investment funds, including the Funds, to enter into highly tailored or customized transactions. They may also render certain strategies in which a Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

OTC trades submitted for clearing will be subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as may be adjusted to a higher amount by the Fund's Futures Commission Merchant, as well as SEC- or CFTC-mandated margin requirements. With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be required to collect initial margin from a Fund pursuant to the CFTC's or the Prudential Regulators' uncleared swap margin rules. Both initial and variation margin must be in the form of eligible collateral, and may be composed of cash and/or securities, subject to applicable regulatory haircuts. These rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions for certain entities, which may include the Funds. In the event a Fund is required to post collateral in the form of initial margin in respect of its uncleared swap transactions, all such collateral will be posted with a third-party custodian pursuant to a triparty custody agreement between the Fund, its dealer counterparty and an unaffiliated custodian.

Swap dealers and major swap participants that are registered with the CFTC and with whom a Fund may trade are subject to minimum capital and margin requirements. These requirements may apply irrespective of whether the OTC derivatives in question are traded bilaterally or cleared. OTC derivatives dealers are subject to business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory burdens. These requirements may increase the overall costs for OTC derivative dealers, which are likely to be passed along, at least partially, to market participants in the form of higher fees or less advantageous dealer marks.

Rule 18f-4 under the 1940 Act governs a Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule 18f-4 permits a Fund to enter into

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Derivative Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including a Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivative Transactions and certain financial instruments.

Under Rule 18f-4, "Derivative Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as Derivative Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (*e.g.*, firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transactions and the transaction will settle within 35 days of its trade date.

Rule 18f-4 requires that a Fund that invests in Derivative Transactions above a specified amount adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the Funds' Board, and comply with an outer limit on Fund leverage risk based on value at risk. A Fund that uses Derivative Transactions in a limited amount are considered "limited derivatives users," as defined in Rule 18f-4, will not be subject to the full requirements of Rule 18f-4, but will have to adopt and implement policies and procedures reasonably designed to manage the Funds' derivatives risk. A Fund will be subject to reporting and recordkeeping requirements regarding its use of Derivative Transactions.

The requirements of Rule 18f-4 may limit a Fund's ability to engage in Derivative Transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund. The rule also 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. There may be additional regulation of the use of Derivative Transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of Derivative Transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

More information about particular types of derivatives instruments is included below in the sections titled "Forward Foreign Currency Contracts," "Futures Contracts and Options on Futures Contracts," "Options" and "Swaps, Caps, Floors, Collars and Swaptions."

DISTRESSED SECURITIES—Distressed securities are securities of issuers that are in transition, out of favor, financially leveraged or troubled or potentially troubled, and may be, or have recently been, involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. Distressed securities are considered risky investments, although they may also offer the potential for correspondingly high returns.

Such issuers' securities may be considered speculative, and the ability of such issuers to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such issuers.

EQUITY-LINKED WARRANTS—Equity-linked warrants provide a way for investors to access markets where entry is difficult and time consuming due to regulation. Typically, a broker issues warrants to an investor and then purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the investor exercises his call and closes his position, the shares are sold and the warrant is redeemed with the proceeds.

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Each warrant represents one share of the underlying stock. Therefore, the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrant can be redeemed for 100% of the value of the underlying stock (less transaction costs). As American-style warrants, they can be exercised at any time. The warrants are U.S. dollar-denominated and priced daily on several international stock exchanges.

There are risks associated with equity-linked warrants. The investor will bear the full counterparty risk to the issuing broker; however, SIMC or a Sub-Adviser may select to mitigate this risk by only purchasing from issuers with high credit ratings. Equity-linked warrants also have a longer settlement period because they go through the same registration process as the underlying shares (about three weeks) and during this time the shares cannot be sold. There is currently no active trading market for equity-linked warrants. Certain issuers of such warrants may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in such warrants may be limited by certain investment restrictions contained in the 1940 Act.

EQUITY SECURITIES—Equity securities represent ownership interests in a company and include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock.

In general, investments in equity securities are subject to market risks, which may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. The Funds purchase and sell equity securities in various ways, including through recognized foreign exchanges, registered exchanges in the United States or the OTC market. Equity securities are described in more detail below:

*Common Stock.* Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

*Preferred Stock.* Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. A Fund may purchase preferred stock of all ratings as well as unrated stock.

*Warrants.* Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

*Convertible Securities.* Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged by the holder or by the issuer into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields that are higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of

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convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk and are often lower-quality securities. The Funds that invest in convertible securities may purchase convertible securities of all ratings, as well as unrated securities.

*Small and Medium Capitalization Issuers.* Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management associated with small and medium capitalization companies. The securities of small and medium capitalization companies typically have lower trading volumes than large capitalization companies and consequently are often less liquid. Such securities may also have less market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

*Initial Public Offerings ("IPOs").* Certain Funds may purchase securities of companies that are offered pursuant to an IPO. An IPO is a company's first offering of stock to the public in the primary market, typically to raise additional capital. Like all equity securities, IPO securities are subject to market risk and liquidity risk, but those risks may be heightened for IPO securities. The market value of IPO securities may fluctuate considerably due to factors such as the absence of a prior public market for the security, unseasoned trading of the security, the small number of shares available for trading, limited information about the issuer, and aberrational trading activity and market interest surrounding the IPO. There is also the possibility of losses resulting from the difference between the issue price and potential diminished value of the security once it is traded in the secondary market. In addition, the purchase of IPO securities may involve high transaction costs. The Funds' investment in IPO securities may have a significant positive or negative impact on the Funds' performance and may result in significant capital gains.

EUROBONDS—A Eurobond is a fixed income security denominated in U.S. dollars or another currency and sold to investors outside of the country whose currency is used. Eurobonds may be issued by government or corporate issuers and are typically underwritten by banks and brokerage firms from numerous countries. Although Eurobonds typically pay principal and interest in Eurodollars or U.S. dollars held in banks outside of the United States, they may pay principal and interest in other currencies.

EXCHANGE-TRADED PRODUCTS—Certain Funds may directly purchase shares of or interests in ETPs (including ETFs, ETNs and exchange-traded commodity pools). A Fund will only invest in ETPs to the extent consistent with its investment objectives, policies, strategies and limitations.

The risks of owning interests of ETPs generally reflect the risks of owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the NAV of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked instruments, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

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*ETFs.* ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An "index-based ETF" seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

*ETNs.* ETNs are generally senior, unsecured, unsubordinated debt securities issued by a sponsor. ETNs are designed to provide investors with a different way to gain exposure to the returns of market benchmarks, particularly those in the natural resource and commodity markets. An ETN's returns are based on the performance of a market index minus fees and expenses. ETNs are not equity investments or investment companies, but they do share some characteristics with those investment vehicles. As with equities, ETNs can be shorted, and as with ETFs and index funds, ETNs are designed to track the total return performance of a benchmark index. Like ETFs, ETNs are traded on an exchange and can be bought and sold on the listed exchange. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. The market value of an ETN is determined by supply and demand, the current performance of the market index to which the ETN is linked and the credit rating of the ETN issuer.

The market value of ETN shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the securities/commodities/instruments underlying the index that the ETN seeks to track. The value of an ETN may also change due to a change in the issuer's credit rating. As a result, there may be times when an ETN share trades at a premium or discount to its NAV.

Certain ETNs may not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. The Funds intend to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Funds may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

*Exchange-Traded Commodity Pools.* Exchange-traded commodity pools are similar to ETFs in some ways, but are not structured as registered investment companies. Shares of exchange-traded commodity pools trade on an exchange and are registered under the 1933 Act. Unlike mutual funds, exchange-traded commodity pools generally will not distribute dividends to shareholders. There is a risk that the changes in the price of an exchange-traded commodity pool's shares on the exchange will not closely track the changes in the price of the underlying commodity or index that the pool is designed to track. This could happen if the price of shares does not correlate closely with the pool's NAV, the changes in the pool's NAV do not correlate closely with the changes in the price of the pool's benchmark, or the changes in the benchmark do not correlate closely with the changes in the cash or spot price of the commodity that the benchmark is designed to track. Exchange-traded commodity pools are often used as a means of investing indirectly in a particular commodity or group of commodities, and there are risks involved in such investments. Commodity prices are inherently volatile, and the market value of a commodity may be influenced by many unpredictable factors which interrelate in complex ways, such that the effect of one factor may offset or enhance the effect of another. Supply and demand for certain commodities tends to be particularly concentrated. Commodity markets are subject to temporary distortions or other disruptions due to various factors, including periodic illiquidity in the markets for certain positions, the participation of speculators, and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These and other risks and hazards that are inherent in a commodity or group of commodities may cause the price of that commodity or group of commodities to fluctuate widely, which will, in turn, affect the price of the exchange-traded commodity pool that invests in that commodity or group of commodities. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable

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regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in exchange-traded commodity pools or the ability of an exchange-traded commodity pool to continue to implement its investment strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on exchange-traded commodity pools is impossible to predict, but could be substantial and adverse.

Exchange-traded commodity pools generally do not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. The Funds intend to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Funds may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

FIXED INCOME SECURITIES—Fixed income securities consist primarily of debt obligations issued by governments, corporations, municipalities and other borrowers, but may also include structured securities that provide for participation interests in debt obligations. The market value of the fixed income securities in which a Fund invests will change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments. Changes in the value of these securities will not necessarily affect cash income derived from these securities, but will affect a Fund's NAV.

Securities held by a Fund that are guaranteed by the U.S. Government, its agencies or instrumentalities guarantee only the payment of principal and interest and do not guarantee the yield or value of the securities or the yield or value of the Fund's shares.

There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates.

Additional information regarding fixed income securities is described below:

*Duration.* Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investment Grade Fixed Income Securities.* Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by a NRSRO, or, if not rated, are determined to be of comparable quality by SIMC or a Sub-Adviser, as applicable. See "Appendix A-Description of Ratings" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments, not the market risk, of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Securities rated Baa3 or higher by Moody's or BBB- or higher by S&P are considered by those rating agencies to be "investment grade" securities, although securities rated Baa3 or BBB- lack outstanding investment characteristics and have speculative characteristics. Although issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest

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and principal for debt in this category than debt in higher-rated categories. In the event a security owned by a Fund is downgraded below investment grade, SIMC or a Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the security.

*Lower-Rated Securities.* Lower-rated bonds or non-investment grade bonds are commonly referred to as "junk bonds" or high yield/high-risk securities. Lower-rated securities are defined as securities rated below the fourth highest rating category by an NRSRO. Such obligations are speculative and may be in default.

Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (known as "credit risk") and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (known as "market risk"). Lower-rated or unrated (*i.e.*, high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Yields and market values of high yield securities will fluctuate over time, reflecting not only changing interest rates but also the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium- to lower-rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates.

Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high yield securities and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. In addition, the secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. As a result, it may be more difficult for a Fund to sell these securities, or a Fund may only be able to sell the securities at prices lower than if such securities were highly liquid. Furthermore, a Fund may experience difficulty in valuing certain high yield securities at certain times. Under these circumstances, prices realized upon the sale of such lower-rated or unrated securities may be less than the prices used in calculating the Fund's NAV. Prices for high yield securities may also be affected by legislative and regulatory developments.

Lower-rated or unrated fixed income obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, a Fund may have to replace the security with a lower-yielding security, resulting in a decreased return for investors. If a Fund experiences unexpected net redemptions, it may be forced to sell its higher-rated securities, resulting in a decline in the overall credit quality of the Fund's investment portfolio and increasing the Fund's exposure to the risks of high yield securities.

A Fund may invest in securities rated as low as "C" by Moody's or "D" by S&P and may invest in unrated securities that are of comparable quality as "junk bonds."

Sensitivity to Interest Rate and Economic Changes. Lower-rated bonds are very sensitive to adverse economic changes and corporate developments. During an economic downturn, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. If the issuer of a bond defaulted on its obligations to pay interest or principal or entered into bankruptcy proceedings, a Fund may incur losses or expenses in seeking recovery of amounts owed to it. In addition, periods of economic uncertainty and change can be expected to result in increased volatility of market prices of high-yield, high-risk bonds and a Fund's NAV.

Payment Expectations. High-yield, high-risk bonds may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund would have to replace the security with a lower-yielding security, resulting in a decreased return for investors. Conversely, a high-yield, high-risk bond's value may decrease in a rising interest rate market, as will the value of a Fund's assets. If a Fund experiences significant unexpected net redemptions, it may be forced to sell high-yield, high-risk bonds without

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regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing the Fund's rate of return.

Liquidity and Valuation. There may be little trading in the secondary market for particular bonds, which may adversely affect a Fund's ability to value accurately or dispose of such bonds. Adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the value and liquidity of high-yield, high-risk bonds, especially in a thin market.

Taxes. A Fund may purchase debt securities (such as zero coupon or pay-in-kind securities) that contain original issue discount. Original issue discount that accretes in a taxable year is treated as earned by a Fund and is therefore subject to the distribution requirements applicable to RICs under Subchapter M of the Code. Because the original issue discount earned by a Fund in a taxable year may not be represented by cash income, the Fund may have to dispose of other securities and use the proceeds to make distributions to shareholders.

FOREIGN SECURITIES AND EMERGING AND FRONTIER MARKETS—Foreign securities are securities issued by non-U.S. issuers. Investments in foreign securities may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuations in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices that differ from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally, subject to less government supervision and regulation and different accounting treatment than those in the United States. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks.

The value of a Fund's investments denominated in foreign currencies will depend on the relative strengths of those currencies and the U.S. dollar, and a Fund may be affected favorably or unfavorably by changes in the exchange rates or exchange or currency control regulations between foreign currencies and the U.S. dollar. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and gains, if any, to be distributed to shareholders by a Fund. Such investments may also entail higher custodial fees and sales commissions than domestic investments.

A Fund's investments in emerging and frontier markets can be considered speculative and therefore may offer higher potential for gains and losses than investments in developed markets. With respect to an emerging market country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war), which could adversely affect the economies of such countries or investments in such countries. "Frontier market countries" are a subset of emerging market countries with even smaller national economies, so these risks may be magnified further. The economies of emerging and frontier countries are generally heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although

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all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

In addition to the risks of investing in debt securities of emerging and frontier markets, a Fund's investment in government or government-related securities of emerging and frontier market countries and restructured debt instruments in emerging and frontier markets are subject to special risks, including the inability or unwillingness to repay principal and interest, requests to reschedule or restructure outstanding debt and requests to extend additional loan amounts. A Fund may have limited recourse in the event of default on such debt instruments.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Funds. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Funds' investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

<u>Investments in the United Kingdom</u>—On January 31, 2020, the UK officially withdrew from the EU (commonly known as "Brexit"). Following a transition period, the United Kingdom's post-Brexit trade agreement with the European union passed into law in December 2020, became effective on a provisional basis on January 1, 2021, and formally entered into force on May 1, 2021.

The impact of Brexit on the UK, the EU and global markets remains unclear and will depend largely upon the UK's ability to negotiate favorable terms with the EU with respect to trade and market access. Brexit may also impact each of these markets should it lead to the creation of divergent national laws and regulations that produce new legal regimes and unpredictable tax consequences. As a result of the uncertain consequences of Brexit, the economies of the UK and EU as well as the broader global economy could be significantly impacted, which may result in increased volatility and illiquidity, and potentially lower economic growth on markets in the UK, EU and globally that could potentially have an adverse effect on the value of a Fund's investments.

<u>Investments in China</u>—China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. While progress has been made in aligning audit oversight between China and the United States, including the PCAOB's recent inspections of certain Chinese companies, significant differences remain in accounting, auditing, and financial reporting standards. Therefore, foreign investors may face challenges in accessing reliable and transparent financial information, and disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund to obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. For example, Executive Orders have been issued prohibiting U.S. persons from purchasing or investing in publicly-traded securities of certain companies identified by the U.S. Government because of their ties to the Chinese military or China's surveillance technology sector. These restrictions have also applied to instruments that are derivative of, or are designed to provide investment exposure to, those companies. The list of affected securities is subject to change and has expanded over time. As a result, these restrictions may reduce the liquidity of designated securities, impact their market prices, and potentially create broader market effects for other Chinese-based issuers. As a result of an increase in the number of investors looking to sell such securities, or because of an inability to participate in an investment that the Adviser or a Sub-Adviser otherwise believes is attractive, a Fund may incur losses. Certain investments that are or become designated as prohibited investments may have less liquidity as a result of such designation and the market price of such prohibited investments may decline, potentially causing losses to a Fund. In addition, the market for securities and other investments of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

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*Investments in the China A-Shares.* A Fund may invest in equity securities of certain Chinese companies or ETFs in the People's Republic of China ("PRC") (such securities, collectively referred to as "PRC A-shares") through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, the "Stock Connect") subject to any applicable laws, rules and regulations. PRC A-shares traded through the Stock Connect are referred to as "Stock Connect Securities," which include those listed on the SSE market ("SSE Securities") and the SZSE market ("SZSE Securities"). The Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between PRC and Hong Kong. This program allows foreign investors to trade eligible SSE-listed or SZSE-listed PRC A-Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in the Stock Connect will trade and settle SSE or SZSE Securities in the offshore Renminbi ("CNH") only. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of the PRC via the Stock Connect a Fund is subject to the following additional risks:

*General Risks.* The relevant regulations governing the Stock Connect program have become more established through years of implementation. However, they remain subject to change and may have potential retrospective effect. Regulatory or policy adjustments could adversely affect a Fund's investment in PRC A-Shares. The program requires the use of new information technology systems which may be subject to operational risk due to the program's cross-border nature. Additionally, increasing cybersecurity risks, including potential cyberattacks on cross-border trading systems, could adversely impact the program's operations and a Fund's ability to trade PRC A-Shares.

Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Stock Connect is not trading. As a result, a Fund may be subject to the risk of price fluctuations in PRC A-Shares when the Fund cannot carry out any PRC A-Shares trading.

Each of the Hong Kong Stock Exchange ("SEHK"), SSE and SZSE reserves the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. In case of a suspension, the Fund's ability to access the PRC market will be adversely affected.

PRC regulations impose restrictions on selling and buying certain Stock Connect securities from time to time. In the event that a Stock Connect security is recalled from the scope of eligible securities for trading via Stock Connect, the ability of the Fund to invest in Stock Connect Securities will be adversely affected.

*Clearing and Settlement Risk.* HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house.

In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. However, there is no guarantee that full recovery will be achieved, and investors may suffer losses as a result. As ChinaClear does not contribute to the HKSCC guarantee fund, HKSCC will not use the HKSCC guarantee fund to cover any residual loss as a result of closing out any of ChinaClear's positions. HKSCC will in turn distribute the Stock Connect Securities and/or monies recovered to clearing participants on a pro-rata basis. The relevant broker through whom a Fund trades shall in turn distribute Stock Connect Securities and/or monies to the extent recovered directly or indirectly from HKSCC. As such, a Fund may not fully recover their losses or their Stock Connect Securities and/or the process of recovery could be delayed.

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*Legal/Beneficial Ownership.* The Stock Connect Securities purchased by a Fund will be held by the relevant sub-custodian in accounts in the Hong Kong Central Clearing and Settlement System ("CCASS") maintained by the HKSCC, as central securities depositary in Hong Kong. The HKSCC will be the "nominee holder" of the Funds' Stock Connect Securities traded through Stock Connect. The Stock Connect regulations as promulgated by the China Securities Regulatory Commission ("CSRC") expressly provide that HKSCC acts as nominee holder and that the Hong Kong and overseas investors (such as the Funds) enjoy the rights and interests with respect to the Stock Connect Securities acquired through Stock Connect in accordance with applicable laws. The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. Therefore, although the Funds' ownership may be ultimately recognised, it may suffer difficulties or delays in enforcing its rights over its Stock Connect Securities.

To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that a Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that the Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Consequently, the value of the Fund's investment in PRC A-Shares and the amount of its income and gains could be adversely affected.

*Participation in corporate actions and shareholder meetings.* Hong Kong and overseas investors (including the Fund) are holding Stock Connect Securities traded via the Stock Connect through their brokers or custodians, and they need to comply with the arrangement and deadline specified by their respective brokers or custodians (*i.e.* CCASS participants). The time for them to take actions for some types of corporate actions of Stock Connect Securities may be as short as one business day only. Therefore, the Fund may not be able to participate in some corporate actions in a timely manner. According to existing mainland practice, multiple proxies are not available. Therefore, the Fund may not be able to appoint proxies to attend or participate in shareholders' meetings in respect of the Stock Connect Securities.

*Operational Risk.* The HKSCC provides clearing, settlement, nominee functions and other related services in respect of trades executed by Hong Kong market participants. PRC regulations impose certain restrictions on the buying and selling of A-Shares, including pre-trade checking requirements. For investors not using SPSA (Special Segregated Account) or Master SPSA accounts (Master Special Segregated Account), pre-delivery of shares to the broker may be required, which could increase counterparty risk. Consequently, a Fund may face delays or operational challenges in purchasing or disposing of PRC A-Shares in a timely manner.

*Quota Limitations.* The Stock Connect program is subject to daily quota limitations which require that buy orders for A-shares be rejected once the daily quota is exceeded. These limitations may restrict a Fund from investing in A-shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change.

*Investor Compensation.* A Fund will not benefit from the China Securities Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy, and administrative takeover by the China Securities Regulatory Commission). Because the Fund is carrying out trading of PRC A-Shares through securities brokers in Hong Kong, but not mainland China brokers, it is not protected by the China Securities Investor Protection Fund.

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That said, if the Fund suffers losses due to default matters of its securities brokers in Hong Kong in relation to the investment of PRC A-Shares through the Stock Connect program, it would be compensated by Hong Kong's Investor Compensation Fund.

<u>Investments in the China Interbank Bond Market</u>—A Fund may invest in the China Interbank Bond Market (the "CIBM") through the Bond Connect program (the "Bond Connect") subject to any applicable regulatory limits. Bond Connect is a bond trading and settlement linked program developed by the People's Bank of China ("PBOC"), the Hong Kong Monetary Authority ("HKMA"), China Foreign Exchange Trade System & National Interbank Funding Centre ("CFETS"), China Central Depository & Clearing Co., Ltd. ("CCDC"), Shanghai Clearing House ("SHCH"), HKEx and Central Moneymarkets Unit ("CMU"), with the aim of achieving mutual bond market access between the PRC and Hong Kong. For the time being, this program allows eligible Hong Kong and overseas investors to invest in the bonds traded in the CIBM through the northbound trading of Bond Connect (the "Northbound Trade Link") only.

Starting July 3, 2017, eligible Hong Kong and overseas investors may use their own sources of Renminbi in the PRC offshore market CNH or convert foreign currencies into the Renminbi to invest in CIBM bonds under Bond Connect. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and Renminbi in respect of such investments. Currently, there is no investment quota for the Northbound Trade Link.

By seeking to invest in the CIBM via Bond Connect, a Fund is subject to the following additional risks:

*General Risk.* Although there is no quota limitation regarding investment via the Bond Connect, a Fund is required to make further filings with the PBOC if it wishes to increase its anticipated investment size or if there is any material change to the filed information. There is no guarantee the PBOC will accept such further filings. In the event any further filings for an increase in the anticipated investment size are not accepted by the PBOC, a Fund's ability to invest in the CIBM will be limited and the performance of the Fund may be unfavourably affected as a result. The PBOC will exercise on-going supervision of the onshore settlement agent and the Fund's trading under the CIBM rules. The PBOC may take relevant administrative actions such as suspension of trading and mandatory exit against the Fund in the event of non-compliance with the CIBM Rules.

*Market Risk.* A Fund investing in the CIBM is subject to liquidity and volatility risks. Market volatility and potential lack of liquidity due to possible low trading volume of certain bonds in the CIBM may result in prices of certain bonds traded in the CIBM fluctuating significantly. The bid and offer spreads of the prices of such bonds may be large, and the Fund may therefore incur significant trading and realization costs and may even suffer losses when selling such investments.

To the extent that a Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by failing to deliver relevant securities or to make payment.

*Third Party Agent Risk.* Under the Northbound Trading Link, CFETS or other institutions recognized by PBOC (as the registration agents) shall apply for registration with PBOC for the eligible Hong Kong and overseas investors. In addition, CMU (as the offshore custody agent recognized by the HKMA) shall open a nominee account with CCDC/SHCH (as the onshore custody agent) as nominee holder of the CIBM bonds purchased by Hong Kong and overseas investors through Bond Connect.

As the relevant filings, registration with PBOC, and account opening have to be carried out by an onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be), a Fund is subject to the risks of default or errors on the part of such third parties.

*Operational Risk.* Bond Connect provides a relatively new channel for investors from Hong Kong and overseas to access the CIBM directly. It is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant authorities.

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The "connectivity" in Bond Connect requires routing of orders across the border. This requires the development of new information technology systems. There is no assurance that the systems of market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted. A Fund's ability to access the CIBM (and hence to pursue its investment strategy) will be adversely affected.

*Regulatory Risk.* The PBOC Bond Connect rules are departmental regulations having legal effect in the PRC. However, the application of such rules is untested, and there is no assurance that PRC courts will recognize such rules.

Bond Connect is novel in nature and is subject to regulations promulgated by regulatory authorities and implementation rules made by the relevant authorities in the PRC and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Bond Connect.

The regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change which may have potential retrospective effect. In the event that the relevant PRC authorities suspend account opening or trading under the Bond Connect, the ability of the Fund to invest in the CIBM and the ability of the Fund to achieve its investment objective will be adversely affected. In addition, there can be no assurance that Bond Connect will not be abolished. A Fund which may invest in the CIBM through Bond Connect may be adversely affected as a result of such changes.

*Legal/Beneficial Ownership Risk.* CIBM bonds will be held by CMU as a nominee holder of the bonds purchased by foreign investors through Bond Connect. The PBOC has made it clear that the ultimate investors are the beneficial owners of the relevant bonds and shall exercise their rights against the bond issuer through CMU as the nominee holder. The PBOC also made various references to Stock Connect and indicated the position is essentially the same. Please refer to the Investments in the China A-Shares section for more information. While the distinct concepts of nominee holder and beneficial owner are referred to under PBOC rules or regulations, as well as other laws and regulations in the PRC, the application of such rules is untested, and there is no assurance that PRC courts will recognize such concepts. Therefore, although the Funds' ownership may be ultimately recognized, it may suffer difficulties or delays in enforcing its rights over CIMB bonds.

<u>Tax within the PRC</u>. Uncertainties in the PRC tax rules governing taxation of income and gains from investments in PRC securities could result in unexpected tax liabilities for a Fund. A Fund's investments in securities, including A-Shares and CIBM bonds, issued by PRC companies may cause the Fund to become subject to withholding and other taxes imposed by the PRC.

If a Fund were considered to be a tax resident enterprise of the PRC, it would be subject to PRC corporate income tax at the rate of 25% on its worldwide taxable income. If a Fund were considered to be a non-tax resident enterprise with a "permanent establishment" in the PRC, it would be subject to PRC corporate income tax on the profits attributable to the permanent establishment. SIMC and the Funds' Sub-Advisers intend to operate the Funds in a manner that will prevent them from being treated as tax resident enterprises of the PRC and from having a permanent establishment in the PRC. It is possible, however, that the PRC could disagree with that conclusion, or that changes in PRC tax law could affect the PRC corporate income tax status of a Fund.

Unless reduced or exempted by the applicable tax treaties, the PRC generally imposes withholding income tax at the rate of 10% on dividends, premiums, interest and capital gains originating in the PRC and paid to a company that is not a resident of the PRC for tax purposes and that has no permanent establishment in China.

SIMC, the Funds' Sub-Advisers or a Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares, CIBM bonds and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed

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based on value added tax liabilities, so if SIMC, the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

*Taxation of A-Shares.* The Ministry of Finance of the PRC, the State Administration of Taxation of the PRC and the CSRC (collectively, the "PRC Authorities") issued the "Notice on the Pilot Program of Shanghai-Hong Kong Stock Connect" Caishui [2014] No.81 ("Notice 81") on October 31, 2014, which states that the capital gain from disposal of A-Shares by foreign investors enterprises via the Shanghai-Hong Kong Stock Connect program will be temporarily exempt from withholding income tax. Notice 81 also states that the dividends derived from A-Shares by foreign investors enterprises are subject to 10% withholding income tax, unless a lower rate is applicable under a relevant tax treaty.

The PRC Authorities issued the "Notice on the Pilot Program of Shenzhen-Hong Kong Stock Connect" Caishui [2016] No.127 ("Notice 127") on November 5, 2016, which states that the capital gain from disposal of A-Shares by foreign investors enterprises via the Shenzhen-Hong Kong Stock Connect program will be temporarily exempt from withholding income tax. Notice 127 also states that the dividends derived from A-Shares by foreign investors enterprises are subject to 10% withholding income tax, unless a lower rate is applicable under a relevant tax treaty.

Because there is no indication of how long the temporary exemption will remain in effect, the Funds may be subject to such withholding tax in the future. If in the future China begins applying tax rules regarding the taxation of income from A-Shares investment through the Stock Connect, and/or begins collecting capital gains taxes on such investments, a Fund could be subject to withholding tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The negative impact of any such tax liability on a Fund's return could be substantial.

SIMC or the Funds' Sub-Advisers or a Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, the Funds may be subject to such value added tax in the future. In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

Stamp duty under the PRC laws generally applies to the execution and receipt of taxable documents, which includes contracts for the sale of China A-shares traded on stock exchanges in China. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by the adviser of China A-shares will accordingly be subject to PRC stamp duty, but a Fund will not be subject to PRC stamp duty when it acquires China A-shares. A Fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SZSE-listed ETFs for Northbound Trading Link under the Stock Connect.

The PRC rules for taxation of Stock Connect are evolving, and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to a Fund and its shareholders.

*Taxation of CIBM Bonds.* The Ministry of Finance of the PRC and the State Administration of Taxation of the PRC issued Caishui No. 108 on November 7, 2018 ("Notice 108"), which states that foreign institutional investors will be temporarily exempt from the withholding income tax and value added tax on their bond interest income derived from CIBM bond interest. The temporary exemption of withholding tax and value added tax remained in effect until November 6, 2021. According to the Announcement on Continuation of Corporate Income Tax and Value-added Tax Policies for Overseas Institutions Investing in the Domestic Bond Market (Announcement [2021] No. 34), which was jointly made by the Ministry of Finance of the PRC and the State Taxation Administration of the PRC on November 22, 2021, the temporary exemption under Notice 108 will continue during the period from November 7, 2021 to December 31, 2025. However, this temporary measure has now expired, as no new regulation has been issued to further extend the exemption as of the date of this SAI.

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In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on the Funds and their shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in the Funds.

The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as the Funds.

*Political Tension Risk.* Recently there have been heightened tensions in international economic relations and rising political tensions. Notably, political tensions between the United States and China have escalated due to a series of trade, international treaty, tax, and sanctions actions taken by the United States against China, among other things, imposition of tariffs on a substantial quantity of Chinese imports; the imposition of sanctions on an expanded number of Chinese companies for their support of China's military industrial complex or alleged human rights violations; enhanced reviews by Committee on Foreign Investment in the United States of foreign direct investments in the United States by Chinese companies; the detention by US Customs and Border Protection of products made in Xinjiang involving alleged human rights violations; and the enhancement of extensive export controls on the semiconductor industry, as well as countersanctions or countermeasures from the PRC government that have been triggered or expected to be triggered. Rising political tensions could reduce levels of trade, investments and other economic activities between the two major economies, and any escalation thereof may have a negative impact on the general, economic, political, and social conditions in China and, in turn, adversely impact the Funds' portfolio securities.

<u>Investments in Variable Interest Entities ("VIEs")</u>—In seeking exposure to Chinese companies, a Fund may invest in VIE structures. Investments in companies that utilize VIE structures involve significant legal, regulatory, and operational risks that are distinct from, and may be greater than, the risks associated with direct equity ownership in the operating company.

*Mechanism of VIEs.* VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to exercise control over and obtain economic benefits from the Chinese company. Although the U.S.-listed company in a VIE structure has no equity ownership in the underlying Chinese company, the VIE contractual arrangements permit the VIE structure to consolidate its financial statements with those of the underlying Chinese company. Investors in the listed entity's securities do not hold equity interests in the China-based operating company; they hold interests in an offshore entity whose value is derived from contractual rights.

The VIE structure enables foreign investors, such as a Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted the non-Chinese ownership of such company. As a result, an investment in a VIE structure subjects a Fund to the risks associated with the underlying Chinese company. In its efforts to monitor, regulate and/or control foreign investment and participation in the ownership and operation of Chinese companies, including in particular those within the technology, telecommunications and education industries, the Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including VIEs, to the disadvantage of foreign investors, such as a Fund.

The emergence and proliferation of these U.S.-listed companies in recent years implicate a range of investor protection issues, including concerns over the extent of intervention or control by the PRC government over the Chinese operating, the enforceability of contractual arrangements, limitations on shareholder rights, the reliability of VIEs' financial reporting, and the quality of their disclosures. VIE is one of several objectives for the SEC's Office of the Investor Advocate (OIAD) in fiscal 2026.

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*Risks Associated with Investments in VIEs.* The contractual arrangements in the VIE structure may not be as effective as direct ownership and are subject to substantial uncertainty and risk of unenforceability.

*PRC Government Intervention.* PRC regulators could determine that the VIE structure, the underlying contracts, or related control arrangements violate applicable law or public policy, or could otherwise prohibit, modify, or require unwinding of such structures.

PRC regulators could determine that the VIE structure, the underlying contracts, or related control arrangements violate applicable law or public policy, or could otherwise prohibit, modify, or require unwinding of such structures. Intervention by the Chinese government with respect to VIE structures may adversely affect both the operations of the underlying Chinese company and the enforceability of the contractual arrangements. If these risks materialize simultaneously, a Fund could face severe losses with no legal recourse.

*Change of Chinese Law.* Authorities in the PRC have broad discretion to interpret and enforce laws and regulations, which may change without notice. In particular, changes in PRC foreign investment, cybersecurity, data, national security, industry access, or listing rules, or actions by securities regulators, exchanges, or other governmental bodies in any relevant jurisdiction, could materially impair the viability of VIE structures.

*Enforceability of Contractual Arrangements.* A Fund's investment in a VIE structure is also subject to risks related to the enforceability of contractual arrangements. For example, the underlying Chinese company (or its officers, directors, or Chinese equity owners) may breach these arrangements, or changes in Chinese law may render them unenforceable. Courts in the PRC may decline to enforce some or all of the relevant contracts, or counterparties may fail or refuse to perform. If these risks materialize, the Fund could suffer significant losses on its VIE investments with little or no recourse.

If any of the foregoing occurs, investors of VIEs could experience severe adverse outcomes, including but not limited to: loss of economic exposure to the underlying operating company; significant declines in the market value or liquidity of the listed securities; inability to repatriate cash flows; subordination to onshore creditors; or forced restructuring on unfavorable terms. If these risks materialize simultaneously, a Fund could face severe losses with no legal recourse. In an extreme scenario, if the VIE structure is disallowed, invalidated, or otherwise rendered inoperative, the securities issued by the offshore listed entity could become worthless, and investors could lose their entire investment.

VIE-related risks may also interact with other risks, such as those outlined below, and may be difficult to anticipate, quantify, or mitigate.

*Limitations on Shareholder Rights.* Shareholder rights in a VIE structure are significantly limited because foreign investors do not directly own the operating company. Instead, they hold shares in an offshore shell company, relying on complex contracts that provide economic benefits but often lack real voting control. This makes rights subject to PRC law risks, potential conflicts of interest, and a lack of direct corporate governance, meaning investors lack typical equity protections and have few avenues to enforce decisions against onshore operating team.

*Reliability of Financial Reporting.* Financial reporting for VIEs is inherently complex due to opaque structures, relying heavily on subjective judgments, such as primary beneficiary evaluation, limited transparency, and potential conflicts between China's control and investor rights. Investors must scrutinize VIE disclosures, auditor reports, and legal risks, as standard GAAP/IFRS cannot fully capture off-balance sheet realities, demanding deep diligence beyond typical financial analysis.

*Quality of Disclosure.* The risk to disclosure quality under a VIE structure arises from inherent opacity and conflicts between the offshore listed entity and the onshore operating company. This can lead to potential misrepresentation of true financial health, control, and legal standing, especially concerning Chinese regulations, increasing information asymmetry and making it difficult for investors to gauge real value.

A Fund may have exposure to securities of companies that utilize VIE structures. The Fund's exposure may be concentrated in particular sectors where VIE structures are prevalent, which may amplify these risks.

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To address the risks associated with investments in securities of companies employing VIE structures, a Fund and the Adviser may maintain policies and procedures reasonably designed to identify and assess which investments are subject to VIE-related risks, determine overall exposure to such risks and ensure that external materials reflect those risks. However, investors should carefully consider these risks before investing. A Fund and the Adviser may not be able to eliminate or fully mitigate VIE-related risks. There can be no assurance that a Fund's policies and procedures will be effective in preventing losses arising from VIE structures, and adverse developments could result in substantial or total loss of the value of a Fund's affected holdings.

<u>Investments in Russia</u>—Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Russia's actions and the resulting responses by the United States and other countries could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions or future escalation of such hostilities, and the extent and impact of the resulting sanctions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber-attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could have a significant impact on a Fund's performance and the value of the Fund's investments, even though the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

<u>Investments in the Middle East.</u> Armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to affected issuers.

FORWARD FOREIGN CURRENCY CONTRACTS—A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date or range of future dates (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are generally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are charged at any stage for trades.

Forward contracts generally may not be liquidated prior to the stated maturity date, although the parties to a contract may agree to enter into a second offsetting transaction with the same maturity, thereby fixing each party's profit or loss on the two transactions. Nevertheless, each position must still be maintained to maturity unless the parties separately agree on an earlier settlement date. As a result, a party to a forward contract must be prepared to perform its obligations under each such contract in full. Parties to a forward contract may also separately agree to extend the contract by "rolling" it over prior to the originally scheduled settlement date. A Fund may use forward contracts for cash equitization purposes, which allows a Fund to invest consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

The Funds may use currency instruments as part of a hedging strategy, as described below.

*Transaction Hedging.* Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of a Fund, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. A Fund may enter into transaction hedging out of a desire to preserve the U.S. dollar price of a security when it enters into a contract for the purchase or sale of a security

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denominated in a foreign currency. A Fund may be able to protect itself against possible losses resulting from changes in the relationship between the U.S. dollar and foreign currencies during the period between the date the security is purchased or sold and the date on which payment is made or received by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of the foreign currency involved in the underlying security transactions.

*Position Hedging.* A Fund may sell a non-U.S. currency and purchase U.S. currency to reduce exposure to the non-U.S. currency (called "position hedging"). A Fund may use position hedging when SIMC or a Sub-Adviser reasonably believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar. A Fund may enter into a forward foreign currency contract to sell, for a fixed amount of U.S. dollars, the amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. The forward foreign currency contract amount and the value of the portfolio securities involved may not have a perfect correlation because the future value of the securities hedged will change as a consequence of the market between the date the forward contract is entered into and the date it matures.

*Cross Hedges.* A Fund may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has, or in which the Fund expects to have, portfolio exposure.

*Proxy Hedges.* Proxy hedging is often used when the currency to which a Fund's portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of a Fund's portfolio securities are, or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Fund's securities denominated in linked currencies.

In addition to the hedging transactions described above, the Funds may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

Unless consistent with and permitted by its stated investment policies, a Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging, described above. If consistent with and permitted by its stated investment policies, a Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. Certain Funds may engage in currency transactions for hedging purposes as well as to enhance the Fund's returns.

A non-deliverable forward transaction is a transaction that represents an agreement between a Fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed-upon foreign exchange rate on an agreed upon future date. The non-deliverable forward transaction position is closed using a fixing rate, as defined by the central bank in the country of the currency being traded, that is generally publicly stated within one or two days prior to the settlement date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, a Fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed-upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed-upon forward exchange rate and the actual exchange rate when the transaction is completed. Although forward foreign currency transactions are exempt from the definition of "swap" under the Commodity Exchange Act, non-deliverable forward transactions are not, and, thus, are subject to the CFTC's regulatory framework applicable to swaps.

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An option on a currency provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, a stated quantity of the underlying currency at a fixed exchange rate up to a stated expiration date (or, in the case of certain options, on such date). The holder generally pays a nonrefundable fee for the option, referred to as the "premium," but cannot lose more than this amount, plus related transaction costs. Thus, where a Fund is a holder of options contracts, such losses will be limited in absolute amount. In contrast to a forward contract, an option imposes a binding obligation only on the seller, or "writer." If the holder exercises the option, the writer is obligated to complete the transaction in the underlying currency. An option generally becomes worthless to the holder when it expires. In addition, in the context of an exchange-traded option, the writer is often required to deposit initial margin and may be required to increase the margin on deposit if the market moves against the writer's position. Options on currencies may be purchased in the OTC market between commercial entities dealing directly with each other as principals. In purchasing an OTC currency option, the holder is subject to the risk of default by the writer and, for this reason, purchasers of options on currencies may require writers to post collateral or other forms of performance assurance.

Buyers and sellers of currency futures contracts are subject to the same risks that apply to the use of futures contracts generally, which are described elsewhere in this SAI. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation, which may subject a Fund to additional risk.

*Risks.* Currency transactions are subject to risks that are different from those of other portfolio transactions. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy. Although forward foreign currency contracts and currency futures tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they may limit any potential gain which might result should the value of such currency increase. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchase and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to a Fund if it is unable to deliver or receive currency or funds in the settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available.

The Funds may take active positions in currencies, which involve different techniques and risk analyses than the Funds' purchase of securities. Active investment in currencies may subject the Funds to additional risks, and the value of the Funds' investments may fluctuate in response to broader macroeconomic risks than if the Funds invested only in fixed income securities. The Funds may take long and short positions in foreign currencies in excess of the value of the Funds' assets denominated in a particular currency or when the Funds do not own assets denominated in that currency. If a Fund enters into currency transactions when it does not own assets denominated in that currency, the Fund's volatility may increase and losses on such transactions will not be offset by increases in the value of the Fund's assets.

Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to a Fund if the currency being hedged fluctuates in value to a degree in a direction that is not anticipated. Furthermore, there is a risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a Fund is engaging in proxy hedging. Suitable hedging transactions may not be available in all circumstances. Hedging transactions may also eliminate any chance for a Fund to benefit from favorable fluctuations in relevant foreign currencies.

Risks associated with entering into forward foreign currency contracts include the possibility that the market for forward foreign currency contracts may be limited with respect to certain currencies and, upon a contract's maturity, the inability of a Fund to negotiate with the dealer to enter into an offsetting transaction.

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As mentioned above, forward foreign currency contracts may be closed out only by the parties entering into an offsetting contract. This creates settlement risk in forward foreign currency contracts, which is the risk of loss when one party to the forward foreign currency contract delivers the currency it sold but does not receive the corresponding amount of the currency it bought. Settlement risk arises in deliverable forward foreign currency contracts where the parties have not arranged to use a mechanism for payment-versus-payment settlement, such as an escrow arrangement. In addition, the correlation between movements in the prices of those contracts and movements in the price of the currency hedged or used for cover will not be perfect. There is no assurance an active forward foreign currency contract market will always exist. These factors will restrict a Fund's ability to hedge against the risk of devaluation of currencies in which the Fund holds a substantial quantity of securities and are unrelated to the qualitative rating that may be assigned to any particular security. In addition, if a currency devaluation is generally anticipated, the Fund may not be able to contract to sell currency at a price above the devaluation level it anticipates. The successful use of forward foreign currency contracts as a hedging technique draws upon special skills and experience with respect to these instruments and usually depends on the ability of SIMC or a Sub-Adviser to forecast interest rate and currency exchange rate movements correctly. Should interest or exchange rates move in an unexpected manner, the Fund may not achieve the anticipated benefits of forward foreign currency contracts or may realize losses and thus be in a worse position than if those strategies had not been used. Many forward foreign currency contracts are subject to no daily price fluctuation limits so adverse market movements could continue with respect to those contracts to an unlimited extent over a period of time.

FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS—Futures contracts (also called "futures") provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made, and generally contracts are closed out prior to the expiration date of the contract.

A Fund may also invest in Treasury futures, interest rate futures, interest rate swaps, and interest rate swap futures. A Treasury futures contract involves an obligation to purchase or sell Treasury securities at a future date at a price set at the time of the contract. The sale of a Treasury futures contract creates an obligation by the Fund to deliver the amount of certain types of Treasury securities called for in the contract at a specified future time for a specified price. A purchase of a Treasury futures contract creates an obligation by the Fund to take delivery of an amount of securities at a specified future time at a specific price. Interest rate futures can be sold as an offset against the effect of expected interest rate increases and purchased as an offset against the effect of expected interest rate declines. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period.

A Fund will reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on national futures exchanges regulated by the CFTC (generally, futures must be traded on such exchanges). Subject to their permitted investment strategies, certain Funds may use futures contracts and related options for either hedging purposes or risk management purposes, or to gain exposure to currencies, as well as to enhance the Fund's returns. Instances in which a Fund may use futures contracts and related options for risk management purposes include: (i) attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; (ii) attempting to minimize fluctuations in foreign currencies; (iii) attempting to gain exposure to a particular market, index or instrument; or (iv) other risk management purposes. A Fund may use futures contracts for cash equitization purposes, which allows a Fund to invest

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consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

There are significant risks associated with a Fund's use of futures contracts and options on futures contracts, including: (i) the success of a hedging strategy may depend on SIMC or a Sub-Adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of futures and options on futures; (iii) there may not be a liquid secondary market for a futures contract or option; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations or exchange requirements may restrict trading in futures contracts and options on futures contracts. In addition, some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SECURITIES—Certain Funds may invest in securities issued by GNMA, a wholly owned U.S. Government corporation that guarantees the timely payment of principal and interest. However, any premiums paid to purchase these instruments are not subject to GNMA guarantees.

GNMA securities represent ownership in a pool of federally insured mortgage loans. GNMA certificates consist of underlying mortgages with a maximum maturity of 30 years. However, due to scheduled and unscheduled principal payments, GNMA certificates have a shorter average maturity and, therefore, less principal volatility than a comparable 30-year mortgage-backed bond. Because prepayment rates vary widely, it is not possible to accurately predict the average maturity of a particular GNMA pool. The scheduled monthly interest and principal payments relating to mortgages in the pool will be "passed through" to investors. GNMA securities differ from conventional bonds in that principal is paid back to the certificate holders over the life of the loan rather than at maturity. As a result, a Fund will receive monthly scheduled payments of principal and interest. In addition, a Fund may receive unscheduled principal payments representing prepayments on the underlying mortgages. Any prepayments will be reinvested at the then-prevailing interest rate.

Although GNMA certificates may offer yields higher than those available from other types of U.S. Government securities, GNMA certificates may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. The market value and interest yield of these instruments can vary due to market interest rate fluctuations and early prepayments of underlying mortgages. Due to this prepayment feature, GNMA certificates tend not to increase in value as much as most other debt securities when interest rates decline.

HIGH YIELD FOREIGN SOVEREIGN DEBT SECURITIES—Investing in fixed and floating rate high yield foreign sovereign debt securities will expose a Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. The ability of a foreign sovereign obligor to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. Countries such as those in which a Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate or trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors that may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other international agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others

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to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds, which may further impair the obligor's ability or willingness to timely service its debts.

ILLIQUID SECURITIES—Illiquid securities are investments that cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If, subsequent to purchase, a security held by a Fund becomes illiquid, the Fund may continue to hold the security. Because of their illiquid nature, illiquid securities must be priced at fair value as determined in good faith pursuant to procedures approved by the Board. Despite such good faith efforts to determine fair value prices, a Fund's illiquid securities are subject to the risk that the security's fair value price may differ from the actual price that the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Fund. Under the supervision of the Board, SIMC or the Sub-Adviser, as applicable, determines the liquidity of a Fund's investments. In determining the liquidity of a Fund's investments, SIMC or the Sub-Adviser, as applicable, may consider various factors, including: (i) the frequency and volume of trades and quotations; (ii) the number of dealers and prospective purchasers in the marketplace; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

INSURANCE FUNDING AGREEMENTS—An IFA is normally a general obligation of the issuing insurance company and not a separate account. The purchase price paid for an IFA becomes part of the general assets of the insurance company, and the obligation is repaid from the company's general assets. Generally, IFAs are not assignable or transferable without the permission of the issuing insurance company, and an active secondary market in IFAs may not exist. Therefore, IFAs will be subject to the Fund's limitation on investment in illiquid securities when the Fund may not demand payment of the principal amount within seven days and a reliable trading market is absent. Additional information about illiquid securities is provided under "Illiquid Securities."

INTERFUND LENDING AND BORROWING ARRANGEMENTS—The SEC has granted an exemption that permits the Funds to participate in the Program with the SEI Funds. The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than the Repo Rate and more favorable to the borrowing fund than the Bank Loan Rate. The Bank Loan Rate will be determined using a formula approved by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

All interfund loans and borrowings must comply with the conditions set forth in the exemption, which are designed to ensure fair and equitable treatment of all participating funds. Each Fund's participation in the Program must be consistent with its investment policies and limitations and is subject to certain percentage limitations. SIMC administers the Program according to procedures approved by the SEI Funds' Board of Trustees. In addition, the Program is subject to oversight and periodic review by the SEI Funds' Board of Trustees.

INVESTMENT COMPANIES—Securities of other investment companies, including shares of closed-end investment companies, unit investment trusts, open-end investment companies and REITs, represent interests in professionally managed portfolios that may invest in various types of instruments. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. When a Fund invests in an affiliated or unaffiliated investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their

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NAV. Others are continuously offered at NAV, but may also be traded in the secondary market at a premium or discount to their NAV.

Because of restrictions on direct investment by U.S. entities in certain countries, investment in other investment companies may be the most practical or the only manner in which an international and global fund can invest in the securities markets of those countries. A Fund also may be subject to adverse tax consequences to the extent it invests in the stock of a foreign issuer that constitutes a "passive foreign investment company."

Generally, federal securities laws limit the extent to which investment companies can invest in securities of other investment companies, subject to certain statutory, regulatory and other exceptions. For example an investment company is generally prohibited under Section 12(d)(1)(A) of the 1940 Act from acquiring the securities of another investment company if, as a result of such acquisition: (i) the acquiring investment company would own more than 3% of the total voting stock of the other company; (ii) securities issued by any one investment company represent more than 5% of the acquiring investment company's total assets; or (iii) securities (other than treasury stock) issued by all investment companies represent more than 10% of the total assets of the acquiring investment company, subject to certain statutory, regulatory or other exceptions. Pursuant to Rule 12d1-1 under the 1940 Act and the conditions set forth therein, a Fund may invest in one or more affiliated or unaffiliated investment companies that operate in compliance with Rule 2a-7 under the 1940 Act, in excess of the limits of Section 12(d)(1)(A). A Fund may invest in investment companies managed by SIMC or the Fund's Sub-Adviser to the extent permitted by any rule or regulation of the SEC or any order or interpretation thereunder. A Fund may invest in such Rule 2a-7 compliant investment companies for cash management purposes, including as discussed in the "Securities Lending" section below, and to serve as collateral for derivatives positions.

In addition, Rule 12d1-4 under the 1940 Act permits an investment company to invest in other investment companies beyond the statutory limits of Section 12(d)(1)(A), subject to certain conditions. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of other investment companies beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4.

*Exchange-Traded Funds.* ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An index-based ETF seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk and other risks associated with derivatives and will be subject to the requirements of Rule 18f-4 under the 1940 Act. The more these ETFs invest in derivative instruments that give rise to leverage, the more this leverage will magnify any losses on those investments. Because leverage tends to exaggerate the effect of any increase or decrease in the value of an ETF's portfolio securities or other investments, leverage will cause the value of an ETF's shares to be more volatile than if the ETF did not use leverage. A leveraged ETF will engage in transactions and purchase instruments that give rise to forms of leverage, including, among others, the use of reverse repurchase agreements and other borrowings, the investment of collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment transactions or short sales. Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a leveraged ETF, for any reason, is unable to close out the transaction. In addition, to the extent a leveraged ETF borrows money, interest costs on such borrowed money may not be recovered by any appreciation of the securities purchased with the borrowed funds and could exceed the ETF's investment income, resulting in greater losses. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the

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performance (or inverse of the performance) of their underlying index or benchmark during the same period of time, which may be enhanced during the periods of increased market volatility. Consequently, leveraged ETFs may not be suitable as long-term investments.

Leveraged inverse ETFs contain all of the risks that regular ETFs present. Additionally, to the extent a Fund invests in ETFs that seek to provide investment results that match a negative multiple of the performance of an underlying index, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises-a result that is the opposite from traditional mutual funds. Leveraged inverse ETFs contain all of the risks that regular ETFs present, but also pose all of the risks associated with other leveraged ETFs as well as other inverse ETFs. These investment vehicles may be extremely volatile and can potentially expose an investing Fund to theoretically unlimited losses.

An investment company may invest in ETFs in excess of the limitations prescribed by Section 12(d)(1)(A), provided that such investment company otherwise complies with certain conditions imposed through Rule 12d1-4. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of an ETF beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4. Neither the ETFs nor their investment advisers make any representations regarding the advisability of investing in the ETFs.

Certain ETFs that in general do not register as investment companies under the 1940 Act may not produce qualifying income for purposes of the "Qualifying Income Test" or the shares of such ETFs may not be considered "securities" for purposes of the "Asset Test" (as defined below under the heading "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. If one or more ETFs generate more non-qualifying income for purposes of the Qualifying Income Test or if a Fund is not considered to be holding sufficient amounts of "securities" than SIMC or the Funds' Sub-Advisers expect, it could cause a Fund to inadvertently fail the Qualifying Income Test or Asset Test, thereby causing the Fund to inadvertently fail to qualify as a RIC under the Code, unless certain relief provisions (described in more detail under the heading "Taxes") are available to the Fund.

INVESTMENT IN A SUBSIDIARY—Each of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds (each, a "Commodity Fund" and, collectively, the "Commodity Funds") may seek to gain exposure to the commodity markets, in whole or in part, through investments in a Subsidiary. Each Subsidiary, unlike the applicable Commodity Fund, may invest to a significant extent in commodity-linked securities and derivative instruments. A Commodity Fund may invest up to 25% of its total assets in the applicable Subsidiary. The derivative instruments in which a Subsidiary primarily intends to invest are instruments linked to certain commodity indexes and instruments linked to the value of a particular commodity or commodity futures contract or a subset of commodities or commodity futures contracts.

With respect to its investments, a Subsidiary will generally be subject to the same fundamental, non-fundamental and certain other investment restrictions as the applicable Commodity Fund; however, each Subsidiary (unlike the applicable Commodity Fund) may invest significantly in commodity-linked swap agreements and other commodity-linked derivative instruments.

Each Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Thus, each Commodity Fund, as an investor in its Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Commodity Funds and the Subsidiaries, respectively, are organized, could result in the inability of the Commodity Funds and/or the Subsidiaries to operate as intended and could negatively affect the Commodity Funds and their shareholders.

A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares 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 Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its

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investment in the Subsidiary, each Commodity Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, each Commodity Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any "net CFC tested income" or (NCTI) for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. NCTI generally includes the active operating profits of the CFC.

In order for each of the Commodity Funds to qualify as a RIC under the Code, the Commodity Funds must, among other requirements, derive at least 90% of their gross income for each taxable year from sources generating "qualifying income" for purposes of the Qualifying Income Test (as defined in the section titled "Taxes"). The Commodity Funds' investment in their respective Subsidiary is expected to provide the Commodity Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Commodity Funds attributable to their investment in a Subsidiary is "qualifying income" to the Commodity Funds to the extent that such income is derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Each Commodity Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Commodity Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income." The Adviser will carefully monitor the Commodity Funds' investments in their respective Subsidiary to ensure that no more than 25% of the Commodity Fund's assets are invested in its Subsidiary.

Subpart F income and NCTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent a Commodity Fund invests in its Subsidiary and recognizes "Subpart F" income or NCTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

A Commodity Fund's recognition of any "Subpart F" income or NCTI from an investment in its Subsidiary will increase the Commodity Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to a Commodity Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or NCTI, and will correspondingly reduce the Commodity Fund's tax basis in its Subsidiary, and any distributions in excess of the Commodity Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to a Commodity Fund's shares of its Subsidiary will not be currently recognized. A Commodity Fund's investment in its Subsidiary will potentially have the effect of accelerating the Commodity Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by a Commodity Fund. In addition, the net losses incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. A Commodity Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

LOAN PARTICIPATIONS AND ASSIGNMENTS—Loan participations are interests in loans to corporations or governments that are administered by the lending bank or agent for a syndicate of lending banks and sold by the lending bank, financial institution or syndicate member (so-called "intermediary bank"). In a loan participation, the borrower will be deemed to be the issuer of the participation interest, except to the extent that a Fund derives its rights from the intermediary bank. Because the intermediary bank does not guarantee a loan participation in any way, a loan participation is subject to the credit risks generally associated with the underlying borrower. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be

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subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the intermediary bank. In addition, in the event the underlying borrower fails to pay principal and interest when due, a Fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the Fund had purchased a direct obligation of such borrower. Under the terms of a loan participation, a Fund may be regarded as a creditor of the intermediary bank (rather than of the underlying borrower), so that the Fund may also be subject to the risk that the intermediary bank may become insolvent.

Loan assignments are investments in assignments of all or a portion of certain loans from third parties. When a Fund purchases assignments from lenders, it will acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and assignors, however, the rights and obligations acquired by the Fund may differ from, and be more limited than, those held by the assigning lender. Loan participations and assignments may be considered liquid, as determined by SIMC or the Funds' Sub-Advisers based on criteria approved by the Board.

MASTER LIMITED PARTNERSHIPS—Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Code provides that a Fund is permitted to invest up to 25% of its assets in one or more QPTPs, which includes certain MLPs, and treat the income distributed by such QPTPs as qualifying income for purposes of the RIC annual qualifying income requirements described in the "Taxes" section below.

MONEY MARKET SECURITIES—Money market securities include: (i) short-term U.S. Government securities; (ii) custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (iii) commercial paper determined by SIMC or a Sub-Adviser to be of the highest short-term credit quality at the time of purchase; (iv) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (v) repurchase agreements involving such securities. For a description of ratings, see Appendix A to this SAI.

MORTGAGE-BACKED SECURITIES—Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by the Funds could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as GNMA, which are backed by the "full faith and credit" of the United States, (ii) securities issued by Fannie Mae and Freddie Mac, which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) CMBS, which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Funds of the principal and interest on such obligations. In

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addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Funds and affect their share prices.

A Fund may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent the beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior. Beginning in late 2006, delinquencies, defaults and foreclosures on residential and commercial mortgage loans increased significantly, and they may again increase in the future. In addition, beginning in late 2006, numerous originators and servicers of residential mortgage loans experienced serious financial difficulties and, in many cases, went out of business or were liquidated in bankruptcy proceedings. Those difficulties resulted, in part, from declining markets for their mortgage loans as well as from claims for repurchases of mortgage loans previously sold under provisions that require repurchase in the event of early payment defaults or for breaches of representations and warranties regarding loan characteristics.

Since mid-2007, the residential mortgage market has been subject to extensive litigation and legislative and regulatory scrutiny. The result has been extensive reform legislation and regulations including with respect to loan underwriting, mortgage loan servicing, foreclosure practices and timing, loan modifications, enhanced disclosure and reporting obligations and risk retention. Numerous laws, regulations and rules related to residential mortgage loans generally, and foreclosure actions particularly, have been proposed or enacted by federal, state and local governmental authorities, which may result in delays in the foreclosure process, reduced payments by borrowers, modification of the original terms of mortgage loans, permanent forgiveness of debt, increased prepayments due to the availability of government-sponsored refinancing initiatives and/or increased reimbursable servicing expenses. Any of these factors could result in delays and reductions in distributions to residential mortgage-backed securities and may reduce the amount of investment proceeds to which a Fund would be entitled.

The conservatorship of Fannie Mae and Freddie Mac and the current uncertainty regarding the future status of these organizations may also adversely affect the mortgage market and the value of mortgage-related assets. It remains unclear to what extent the ability of Fannie Mae and Freddie Mac to act as the primary sources of liquidity in the residential mortgage markets, both by purchasing mortgage loans for their own portfolios and by guaranteeing mortgage-backed securities, may be curtailed. Legislators have repeatedly unveiled various plans to reduce and reform the role of Fannie Mae and Freddie Mac in the mortgage market and, possibly, wind down both institutions. Although it is unclear whether, and if so how, those plans may be implemented or how long any such wind-down or reform of Fannie Mae and Freddie Mac, if implemented, would take, a reduction in the ability of mortgage loan originators to access Fannie Mae and Freddie Mac to sell their mortgage loans may adversely affect the financial condition of mortgage loan originators. In addition, any decline in the value of agency securities may affect the value of residential mortgage-backed securities as a whole.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by a Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls

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may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Funds' actual yield to maturity, even if the average rate of principal payments is consistent with a Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Collateralized Mortgage Obligations.* CMOs are securities collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment) and mortgage-backed bonds (general obligations of the issuers payable out of the issuers' general funds and additionally secured by a first lien on a pool of single family detached properties). To the extent a Fund invests in CMOs, the Fund typically will seek to invest in CMOs rated in one of the two highest categories by S&P or Moody's. Many CMOs are issued with a number of classes or series that have different expected maturities. Investors purchasing such CMOs are credited with their portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal based on a predetermined priority schedule. Accordingly, the CMOs in the longer maturity series are less likely than other mortgage pass-through securities to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance and some CMOs may be backed by GNMA certificates or other mortgage pass-through securities issued or guaranteed by U.S. Government agencies or instrumentalities, the CMOs themselves are not generally guaranteed.

*Real Estate Mortgage Investment Conduits.* REMICs are private entities formed for the purpose of holding a fixed pool of mortgages secured by interests in real property. REMIC Certificates issued by Fannie Mae or Freddie Mac represent beneficial ownership interests in a REMIC trust consisting principally of mortgage loans or Fannie Mae, Freddie Mac or GNMA-guaranteed mortgage pass-through certificates. For Freddie Mac REMIC Certificates, Freddie Mac guarantees the timely payment of interest. GNMA REMIC Certificates are backed by the full faith and credit of the U.S. Government.

*Parallel Pay Securities; Planned Amortization Class CMOs.* Parallel pay CMOs and REMICs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which must be retired by its stated maturity date or final distribution date but may be retired earlier. PAC Bonds generally require payments of a specified amount of principal on each payment date. PAC Bonds are always parallel pay CMOs, with the required principal payment on such securities having the highest priority after interest has been paid to all classes.

*Adjustable Rate Mortgage Securities.* ARMS are a form of pass-through security representing interests in pools of mortgage loans whose interest rates are adjusted from time to time. The adjustments are usually determined in accordance with a predetermined interest rate index and may be subject to certain limits. Although the value of ARMS, like other debt securities, generally varies inversely with changes in market interest rates (increasing in value during periods of declining interest rates and decreasing in value during periods of increasing interest rates), the value of ARMS should generally be more resistant to price swings than other debt securities because the interest rates of ARMS move with market interest rates. The adjustable rate feature of ARMS will not, however, eliminate fluctuations in the prices of ARMS, particularly during periods of extreme fluctuations in interest rates. Also, because many adjustable rate mortgages only reset on an annual basis, it can be expected that the prices of ARMS will fluctuate to the extent that changes in prevailing interest rates are not immediately reflected in the interest rates payable on the underlying adjustable rate mortgages.

*Stripped Mortgage-Backed Securities.* Stripped mortgage-backed securities are securities that are created when a U.S. Government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The holder of the PO receives the principal payments made by the underlying mortgage-backed security, while the holder of the IO receives interest payments from the same underlying security. The prices of stripped mortgage-backed securities may be

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particularly affected by changes in interest rates. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect.

*Estimated Average Life.* Due to the possibility of prepayments of the underlying mortgage instruments, mortgage-backed securities generally do not have a known maturity. In the absence of a known maturity, market participants generally refer to an "average life estimate." An average life estimate is a function of an assumption regarding anticipated prepayment patterns and is based upon current interest rates, current conditions in the relevant housing markets and other factors. The assumption is necessarily subjective, and thus different market participants can produce different average life estimates with regard to the same security. There can be no assurance that the estimated average life will be a security's actual average life.

MORTGAGE DOLLAR ROLLS—Mortgage dollar rolls, or "covered rolls," are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase, typically in 30 or 60 days, substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, a Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and initially may involve only a firm commitment agreement by the Fund to buy a security. A "covered roll" is a specific type of mortgage dollar roll for which there is an offsetting cash position or cash equivalent securities position that matures on or before the forward settlement date of the mortgage dollar roll transaction. As used herein, the term "mortgage dollar roll" refers to mortgage dollar rolls that are not "covered rolls." If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security a Fund is required to repurchase may be worth less than the security that the Fund originally held.

MUNICIPAL SECURITIES—Municipal securities consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, refunding outstanding obligations, general operating expenses and lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities. Additional information regarding municipal securities is described below:

*Municipal Bonds.* Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Certificates of participation represent an interest in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement. The payment of principal and interest on private activity and industrial development bonds is generally dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. A Fund may purchase private activity or industrial development bonds if, in the opinion of counsel for the issuers, the interest paid is exempt from federal income tax. Municipal bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking, sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full faith and credit of the state, but are generally backed by the agreement of the issuing authority to request appropriations from the state legislative body.

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*Municipal Leases.* Municipal leases are instruments, or participations in instruments, issued in connection with lease obligations or installment purchase contract obligations of municipalities (so-called "municipal lease obligations"). Although municipal lease obligations do not constitute general obligations of the issuing municipality, a lease obligation may be backed by the municipality's covenant to budget for, appropriate funds for and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose in the relevant years. Municipal lease obligations are a form of financing, and the market for such obligations is still developing. Municipal leases will be treated as liquid only if they satisfy criteria set forth in guidelines established by the Board, and there can be no assurance that a market will exist or continue to exist for any municipal lease obligation. Information regarding illiquid securities is provided under the section "Illiquid Securities" above.

*Municipal Notes.* Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

SIMC and/or the Sub-Adviser, as applicable, may rely on the opinion of the issuer's counsel, which is rendered at the time the security is issued, to determine whether the security is fit, with respect to its validity and tax status, to be purchased by a Fund. SIMC, the Sub-Advisers and the Funds do not guarantee this opinion is correct, and there is no assurance that the IRS will agree with such counsel's opinion.

OBLIGATIONS OF DOMESTIC BANKS, FOREIGN BANKS AND FOREIGN BRANCHES OF U.S. BANKS—Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

*Bankers' Acceptances.* Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

*Bank Notes.* Bank notes are notes used to represent debt obligations issued by banks in large denominations.

*Certificates of Deposit.* Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and can normally be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

*Time Deposits.* Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, a time deposit earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

OBLIGATIONS OF SUPRANATIONAL ENTITIES—Supranational entities are entities established through the joint participation of several governments, including the Asian Development Bank, the Inter-American

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Development Bank, the World Bank, the African Development Bank, the European Economic Community, the European Investment Bank and the Nordic Investment Bank. The governmental members, or "stockholders," usually make initial capital contributions to the supranational entity and, in many cases, are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments.

OPTIONS—A Fund may purchase and write put and call options on indexes and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

A Fund may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or OTC markets) to manage its exposure to exchange rates.

Put and call options on indexes are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally rather than the price movements in individual securities. Options on indexes may, depending on circumstances, involve greater risk than options on securities. Because stock index options are settled in cash, when a Fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

Each Fund may trade put and call options on securities, securities indexes and currencies, as SIMC or a Sub-Adviser determines is appropriate in seeking to achieve the Fund's investment objective, unless otherwise restricted by the Fund's investment limitations.

The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, a Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If a Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

A Fund may purchase put and call options on securities for any lawful purpose, including to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. A Fund purchasing put and call options pays a premium for such options. If price movements in the underlying securities are such that exercise of the options would not be profitable for the Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of the acquisition of securities by the Fund.

A Fund may write (*i.e.*, sell) call options on securities for any lawful purpose, including as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. Certain Funds may engage in writing (selling) uncovered (or "naked") options for hedging purposes, including currency or interest rate exposure. A call option is uncovered if the Fund does not own the underlying instrument or have a right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such uncovered call options may consist of fixed income securities. Certain Funds may engage in a "covered" call option writing (selling) program in an attempt to generate additional income or provide a partial hedge to another position of the Fund. A call option is "covered" if the Fund either owns the

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underlying instrument or has a right to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indexes.

The writing of covered call options is a more conservative investment technique than writing of uncovered options, but capable of enhancing the Fund's total return. When a Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Fund retains the risk of loss from a decline in the value of the underlying security during the option period. Although the Fund may terminate its obligation by executing a closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Fund. If such an option expires unexercised, the Fund realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Fund.

When a Fund writes an option, if the underlying securities do not increase or decrease, as applicable, to a price level that would make the exercise of the option profitable to the holder thereof, the option will generally expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which a Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price and will not participate in any increase in the price of such securities above the strike price. When a put option of which a Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities.

A Fund may purchase and write options on an exchange or OTC. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation or futures commission merchant, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is normally done by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid. The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

*Risks.* Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) though a Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

PAY-IN-KIND BONDS—Pay-in-kind bonds are securities that, at the issuer's option, pay interest in either cash or additional securities for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment.

Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

PRIVATIZATIONS—Privatizations are foreign government programs for selling all or part of the interests in government owned or controlled enterprises. The ability of a U.S. entity to participate in privatizations in certain foreign countries may be limited by local law, or the terms on which a Fund may be permitted to participate may be less advantageous than those applicable for local investors. There can be no assurance that foreign governments will continue to sell their interests in companies currently owned or controlled by them or that privatization programs will be successful.

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PUT TRANSACTIONS—A Fund may purchase securities at a price that would result in a yield to maturity lower than generally offered by the seller at the time of purchase when the Fund can simultaneously acquire the right to sell the securities back to the seller, the issuer or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity to permit a Fund to meet redemptions and remain as fully invested as possible in municipal securities. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. A Fund would limit its put transactions to institutions that SIMC or a Sub-Adviser believes present minimum credit risks, and SIMC or a Sub-Adviser would use its best efforts to initially determine and continue to monitor the financial strength of the sellers of the options by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers because adequate current financial information may not be available. In the event that any writer is unable to honor a put for financial reasons, a Fund would be a general creditor (*i.e.*, on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between a Fund and the writer may excuse the writer from repurchasing the securities; for example, a change in the published rating of the underlying municipal securities or any similar event that has an adverse effect on the issuer's credit or a provision in the contract that the put will not be exercised except in certain special cases, such as to maintain Fund liquidity. A Fund could, however, at any time sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

The securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Therefore, the put would have value only to that particular Fund. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put option, a Fund could seek to negotiate terms for the extension of such an option. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the portfolio security. The maturity of the underlying security will generally be different from that of the put. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar-weighted average maturity of a Fund including such securities, the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the writer of the put (although the final maturity of the security is later than such date).

QUANTITATIVE INVESTING—A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization.

REAL ESTATE INVESTMENT TRUSTS—REITs are entities that invest primarily in commercial real estate or real estate-related loans. A U.S. REIT is not taxed on income distributed to its shareholders or unitholders if it complies with certain requirements under the Code relating to its organization, ownership, assets and income, as well as with a requirement that it distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. By investing in REITs indirectly through a Fund, shareholders will bear not only the proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of underlying REITs.

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A Fund may be subject to certain risks associated with the direct investments of REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs generally depend on their ability to generate cash flow to make distributions to shareholders or unitholders and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

REAL ESTATE OPERATING COMPANIES—REOCs are real estate companies that engage in the development, management or financing of real estate. Typically, REOCs provide services such as property management, property development, facilities management and real estate financing. REOCs are publicly traded corporations that have not elected to be taxed as REITs. The three primary reasons for such an election are: (i) availability of tax loss carryforwards, (ii) operation in non-REIT-qualifying lines of business, and (iii) the ability to retain earnings.

REPURCHASE AGREEMENTS—A repurchase agreement is an agreement in which one party sells securities to another party in return for cash, with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by SIMC or a Sub-Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement at all times. SIMC and the applicable Sub-Advisers monitor compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty.

Under all repurchase agreements entered into by a Fund, the Fund's custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Fund could suffer a loss. A Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. At times, the investments of a Fund in repurchase agreements may be substantial when, in the view of SIMC or the Sub-Adviser(s), liquidity or other considerations so warrant.

RESTRICTED SECURITIES—Restricted securities are securities that may not be sold freely to the public without registration under the 1933 Act or an exemption from registration. Restricted securities, including securities eligible for re-sale under Rule 144A of the 1933 Act, that are determined to be liquid are not subject to a Fund's limitation on investing in illiquid securities. The determination of whether a restricted security is

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illiquid is to be made by SIMC or a Sub-Adviser pursuant to guidelines adopted by the Board. Under these guidelines, SIMC or a Sub-Adviser will consider the frequency of trades and quotes for the security, the number of dealers in, and potential purchasers for, the security, dealer undertakings to make a market in the security, and the nature of the security and of the marketplace trades. In purchasing such restricted securities, SIMC and each Sub-Adviser intends to purchase securities that are exempt from registration under Rule 144A under the 1933 Act and Section 4(a)(2) commercial paper issued in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act, including, but not limited to, Rules 506(b) or 506(c) under Regulation D.

*Private Investments in Public Equity*—A Fund may purchase PIPEs, which are equity securities in a private placement that are issued by issuers that have outstanding publicly-traded equity securities of the same class. Shares in PIPEs generally are not publicly registered until after a certain time period from the date the private sale is completed, which can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and cannot be freely traded. Generally, such restrictions cause PIPEs to be illiquid during this restricted period. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered or that the registration will remain in effect.

REVERSE REPURCHASE AGREEMENTS AND SALE-BUYBACKS—Reverse repurchase agreements are transactions in which a Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by a Fund. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Rule permits a Fund to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the Act, or as a Derivative Transactions under Rule 18f-4. The Funds have elected to treat all reverse repurchase agreements as Derivative Transactions. See "Derivatives" above.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

In a sale-buyback transaction, a Fund sells an underlying security for settlement at a later date. A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

RISKS OF CYBER-ATTACKS—As with any entity that conducts business through electronic means in the modern marketplace, the Funds, and their service providers, may be susceptible to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Funds and their service providers use to service the Funds' operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Funds and their service providers, or various other forms of cyber security breaches. Cyber-attacks affecting a Fund, SIMC or any of the Sub-Advisers, a Fund's distributor, custodian, transfer agent, or any other of a Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the

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Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber-attacks. Such costs may be ongoing because threats of cyber-attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber-attacks or other information security breaches in the future. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions.

SECURITIES LENDING—Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33<sup>1</sup>/<sub>3</sub>% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to SIMC nor its Sub-Advisers or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund.

A Fund may pay a part of the interest earned from the investment of collateral or other fee to an unaffiliated third party for acting as the Fund's securities lending agent.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities, as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government securities or letters of credit are used as collateral. Each Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which may include fees payable to the lending agent, the borrower, the administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

A Fund may invest the cash received as collateral through loan transactions in other eligible securities, which may include shares of an affiliated or unaffiliated registered money market fund or of an affiliated or unaffiliated unregistered money market fund that complies with the requirements of Rule 2a-7 under the 1940 Act to the extent required by the 1940 Act (see the "Investment Companies" section above). Money market funds may or may not seek to maintain a stable NAV of $1.00 per share. Investing the cash collateral subjects the Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be

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borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan.

SHORT SALES—Short sales may be used by a Fund as part of its overall portfolio management strategies or to offset (hedge) a potential decline in the value of a security. A Fund may engage in short sales that are either "against the box" or "uncovered." A short sale is "against the box" if, at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to a Fund with respect to the securities that are sold short. Uncovered short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

When a Fund sells securities short, it may use the proceeds from the sales to purchase long positions in additional equity securities that it believes will outperform the market or its peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Leverage can amplify the effects of market volatility on a Fund's share price and make a Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

A Fund must comply with Rule 18f-4 under the 1940 Act with respect to its short sale borrowings, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

SOVEREIGN DEBT—The cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates that are adjusted based upon international interest rates. The ability to service external debt will also depend on the level of the relevant government's international currency reserves and its access to a foreign exchange. Currency devaluations may affect the ability of a sovereign obligor to obtain sufficient foreign exchange to service its external debt.

As a result of the foregoing or other factors, a governmental obligor may default on its obligations. If such an event occurs, a Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.

STRUCTURED SECURITIES—Certain Funds may invest a portion of their assets in entities organized and operated solely for the purpose of restructuring the investment characteristics of sovereign debt obligations of emerging market issuers. This type of restructuring involves the deposit with, or purchase by, an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans or Brady Bonds) and the issuance by that entity of one or more classes of securities ("Structured Securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued Structured Securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to Structured Securities is dependent on the extent of the cash flow on the underlying instruments. Because

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Structured Securities of the type in which the Funds anticipate they will invest typically involve no credit enhancement, their credit risk will generally be equivalent to that of the underlying instruments. A Fund is permitted to invest in a class of Structured Securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated Structured Securities typically have higher yields and present greater risks than unsubordinated Structured Securities. Structured Securities are typically sold in private placement transactions, and there currently is no active trading market for Structured Securities. Certain issuers of such Structured Securities may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in such securities may be limited by certain investment restrictions contained in the 1940 Act.

SWAPS, CAPS, FLOORS, COLLARS AND SWAPTIONS—Swaps are centrally-cleared or OTC derivative products in which two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities (referred to as the "underlying") and a predetermined amount (referred to as the "notional amount"). The underlying for a swap may be an interest rate (fixed or floating), a currency exchange rate, a commodity price index, a security, group of securities or a securities index, a combination of any of these, or various other rates, securities, instruments, assets or indexes. Swap agreements generally do not involve the delivery of the underlying or principal, and a party's obligations are generally equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the swap agreement.

A great deal of flexibility is possible in the way swaps may be structured. For example, in a simple fixed-to-floating interest rate swap, one party makes payments equivalent to a fixed interest rate, and the other party makes payments calculated with reference to a specified floating interest rate, such as SOFR or the prime rate. In a currency swap, the parties generally enter into an agreement to pay interest streams in one currency based on a specified rate in exchange for receiving interest streams denominated in another currency. Currency swaps may involve initial and final exchanges of the currency that correspond to the agreed upon notional amount. The use of currency swaps is a highly specialized activity which involves special investment techniques and risks, including settlement risk, non-business day risk, the risk that trading hours may not align, and the risk of market disruptions and restrictions due to government action or other factors.

A Fund may engage in simple or more complex swap transactions involving a wide variety of underlying assets for various reasons. For example, a Fund may enter into a swap (i) to gain exposure to investments (such as an index of securities in a market) or currencies without actually purchasing those stocks or currencies; (ii) to make an investment without owning or taking physical custody of securities or currencies in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable; (iii) to hedge an existing position; (iv) to obtain a particular desired return at a lower cost to the Fund than if it had invested directly in an instrument that yielded the desired return; or (v) for various other reasons.

Certain Funds may enter into credit default swaps as a buyer or a seller. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. If an event of default occurs, the seller must pay the buyer the full notional value ("par value") of the underlying in exchange for the underlying. If a Fund is a buyer and no event of default occurs, the Fund will have made a stream of payments to the seller without having benefited from the default protection it purchased. However, if an event of default occurs, the Fund, as a buyer, will receive the full notional value of the underlying that may have little or no value following default. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, provided there is no default. If an event of default occurs, the Fund would be obligated to pay the notional value of the underlying in return for the receipt of the underlying. The value of the underlying received by the Fund, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve different risks than if a Fund invests in the underlying directly. For example, credit default swaps would increase credit risk by providing the Fund with exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap. Credit default swaps may in some cases be illiquid. Furthermore, the definition of a "credit event" triggering the seller's payment obligations under a credit default swap may not encompass all of the circumstances in which the buyer may suffer credit-related losses on an obligation of a referenced entity.

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The Funds may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market.

Total return swap agreements may effectively add leverage to a Fund's portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically, no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to the Fund thereunder. Swap agreements also entail the risk that a Fund will not be able to meet its obligation to the counterparty. Generally, a Fund will enter into total return swaps on a net basis (*i.e.*, the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments). Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above.

Caps, floors, collars and swaptions are privately-negotiated option-based derivative products. Like a put or call option, the buyer of a cap or floor pays a premium to the writer. In exchange for that premium, the buyer receives the right to a payment equal to the differential if the specified index or rate rises above (in the case of a cap) or falls below (in the case of a floor) a pre-determined strike level. Like swaps, obligations under caps and floors are calculated based upon an agreed notional amount, and, like most swaps (other than foreign currency swaps), the entire notional amount is not exchanged. A collar is a combination product in which one party buys a cap from and sells a floor to another party. Swaptions give the holder the right to enter into a swap. A Fund may use one or more of these derivative products in addition to or in lieu of a swap involving a similar rate or index.

Under current market practice, swaps, caps, collars and floors between the same two parties are generally documented under a "master agreement." In some cases, options and forward contracts between the parties may also be governed by the same master agreement. In the event of a default, amounts owed under all transactions entered into under, or covered by, the same master agreement would be netted, and only a single payment would be made.

Generally, a Fund would calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, a Fund's current obligation (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each counterparty to the swap agreement (the "net amount"). A Fund's current obligation under a swap agreement will be accrued daily (offset against any amounts owed to the Fund).

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap agreements. As a result, the use of swaps has become more prevalent in comparison with the markets for other similar instruments that are also traded in OTC markets.

Swaps and other derivatives involve risks. One significant risk in a swap, cap, floor, collar or swaption is the volatility of the specific interest rate, currency or other underlying that determines the amount of payments due to and from a Fund. This is true whether these derivative products are used to create additional risk exposure for a Fund or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement a Fund is obligated to make a payment to the counterparty, the Fund must be prepared to make the payment when due. A Fund could suffer losses with respect to such an agreement if the Fund is unable to terminate the agreement or reduce its exposure through offsetting transactions. Further, the risks of caps, floors and collars, like put and call options, may be unlimited for the seller if the cap or floor is not hedged or covered, but is limited for the buyer.

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Because under swap, cap, floor, collar and swaption agreements a counterparty may be obligated to make payments to a Fund, these derivative products are subject to risks related to the counterparty's creditworthiness, in addition to other risks discussed in this SAI. If a counterparty defaults, a Fund's risk of loss will consist of any payments that the Fund is entitled to receive from the counterparty under the agreement (this may not be true for currency swaps that require the delivery of the entire notional amount of one designated currency in exchange for the other). Upon default by a counterparty, however, a Fund may have contractual remedies under the swap agreement.

A Fund will enter into swaps only with counterparties that SIMC or a Sub-Adviser believes to be creditworthy.

The swap market is a relatively new market for which regulations are still being developed. The Dodd-Frank Act has substantially altered and increased the regulation of swaps. Swaps are broadly defined in the Dodd-Frank Act, CFTC rules and SEC rules, and also include commodity options and NDFs. Additionally, the Dodd-Frank Act divided the regulation of swaps between commodity swaps (such as swaps on interest rates, currencies, physical commodities, broad based stock indexes, and broad based credit default swap indexes), regulated by the CFTC, and security based swaps (such as equity swaps and single name credit default swaps), regulated by the SEC. The CFTC will determine which categories of swaps will be required to be traded on regulated exchange-like platforms, such as swap execution facilities, and which will be required to be centrally cleared. Cleared swaps must be cleared through futures commission merchants registered with the CFTC, and such futures commission merchants will be required to collect margin from customers for such cleared swaps. Additionally, all swaps are subject to reporting to a swap data repository. Dealers in swaps are required to register with the CFTC as swap dealers and are required to comply with extensive regulations regarding their external and internal business conduct practices, regulatory capital requirements, and rules regarding the holding of counterparty collateral.

U.S. GOVERNMENT SECURITIES—Examples of types of U.S. Government obligations in which a Fund may invest include U.S. Treasury obligations and the obligations of U.S. Government agencies or U.S. Government sponsored entities such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the FHA, the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, Fannie Mae, GNMA, the General Services Administration, the Student Loan Marketing Association, the Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, the Maritime Administration and other similar agencies. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. Government securities are not guaranteed against price movements due to fluctuating interest rates.

If the total public debt of the U.S. Government as a percentage of gross domestic product reaches high levels as a result of combating financial downturn or otherwise, such high levels of debt may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may increase borrowing costs and cause a government to issue additional debt, thereby increasing the risk of refinancing. A high national debt also raises concerns that a government may be unable or unwilling to repay the principal or interest on its debt when due. Unsustainable debt levels can decline the valuation of currencies, can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns, and can contribute to market volatility.

An increase in national debt levels may also necessitate the need for the U.S. Congress to negotiate adjustments to the statutory debt ceiling to increase the cap on the amount the U.S. Government is permitted to borrow to meet its existing obligations and finance current budget deficits. Future downgrades could increase volatility in domestic and foreign financial markets, result in higher interest rates, lower prices of U.S. Treasury securities and increase the costs of different kinds of debt. Any controversy or ongoing uncertainty regarding statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected. Although remote, it is at least theoretically possible that under certain scenarios the U.S. Government could default on its debt, including U.S. Treasury securities.

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Government obligations into a special account at a custodian bank. The custodian holds the interest and principal payments for the benefit of the registered owners of the certificates or receipts. The custodian arranges for the issuance of the certificates or receipts evidencing ownership and maintains the register. TRs and STRIPS are interests in accounts sponsored by the U.S. Treasury. Receipts are sold as zero coupon securities, which means that they are sold at a substantial discount and redeemed at face value at their maturity date without interim cash payments of interest or principal.

*U.S. Treasury Obligations.* U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry systems known as STRIPS and TRs.

*U.S. Government Zero Coupon Securities.* STRIPS and receipts are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

*U.S. Government Agencies.* Some obligations issued or guaranteed by agencies of the U.S. Government are supported by the full faith and credit of the U.S. Treasury (*e.g.*, Treasury bills, notes and bonds, and securities guaranteed by GNMA), others are supported by the right of the issuer to borrow from the U.S. Treasury (*e.g.*, obligations of Federal Home Loan Banks), while still others are supported only by the credit of the instrumentality (*e.g.*, obligations of Fannie Mae). Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that, in the event of a default prior to maturity, there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest neither extend to the value or yield of these securities nor to the value of a Fund's shares.

VARIABLE AND FLOATING RATE INSTRUMENTS—Certain obligations may carry variable or floating rates of interest and may involve a conditional or unconditional demand feature. Such instruments bear interest at rates that are not fixed, but that vary with changes in specified market rates or indexes. The interest rates on these securities may be reset daily, weekly, quarterly, or some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

WHEN-ISSUED AND DELAYED DELIVERY SECURITIES—When-issued and delayed delivery basis, including "TBA" (to be announced) basis, transactions involve the purchase of an instrument with payment and delivery taking place in the future. Delivery of and payment for these securities may occur a month or more after the date of the purchase commitment. A TBA transaction is a method of trading mortgage-backed securities. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date. The interest rate realized on these securities is fixed as of the purchase date, and no interest accrues to a Fund before settlement. These securities are subject to market fluctuation due to changes in market interest rates, and it is possible that the market value of these securities at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of actually acquiring securities for its portfolio, the Fund may dispose of a when-issued security or forward commitment prior to settlement if SIMC or a Sub-Adviser deems it appropriate. Rule 18f-4 under 1940 Act permits a Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and

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the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security does not satisfy those requirements, the Fund would need to comply with Rule 18f-4 under the 1940 Act with respect to its when issued or delayed delivery transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

YANKEE OBLIGATIONS—Yankees are U.S. dollar-denominated instruments of foreign issuers who either register with the SEC or issue securities under Rule 144A of the 1933 Act. These obligations consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed time deposits and bankers' acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government.

The Yankees selected for a Fund will adhere to the same quality standards as those utilized for the selection of domestic debt obligations.

ZERO COUPON SECURITIES—Zero coupon securities are securities that are sold at a discount to par value and securities on which interest payments are not made during the life of the security. Upon maturity, the holder is entitled to receive the par value of the security. Although interest payments are not made on such securities, holders of such securities are deemed to have received "phantom income" annually. Because a Fund will distribute its "phantom income" to shareholders, to the extent that shareholders elect to receive dividends in cash rather than reinvesting such dividends in additional shares, a Fund will have fewer assets with which to purchase income producing securities. Pay-in-kind securities pay interest in either cash or additional securities, at the issuer's option, for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals.

Zero coupon, pay-in-kind and deferred payment securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. STRIPS and receipts (TRs, TIGRs, LYONs and CATS) are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturities but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

Corporate zero coupon securities are: (i) notes or debentures that do not pay current interest and are issued at substantial discounts from par value; or (ii) notes or debentures that pay no current interest until a stated date one or more years into the future, after which date the issuer is obligated to pay interest until maturity, usually at a higher rate than if interest were payable from the date of issuance, and may also make interest payments in kind (*e.g.*, with identical zero coupon securities). Such corporate zero coupon securities, in addition to the risks identified above, are subject to the risk of the issuer's failure to pay interest and repay principal in accordance with the terms of the obligation. A Fund must accrete the discount or interest on high-yield bonds structured as zero coupon securities as income even though it does not receive a corresponding cash interest payment until the security's maturity or payment date. For tax purposes, original issue discount that accretes in a taxable year is treated as earned by a Fund and therefore is subject to the distribution

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requirements applicable to the RICs under Subchapter M of the Code. A Fund may have to dispose of its securities under disadvantageous circumstances to generate cash or may have to leverage itself by borrowing cash to satisfy distribution requirements. A Fund accrues income with respect to the securities prior to the receipt of cash payments.

INVESTMENT LIMITATIONS

The following are fundamental and non-fundamental policies of the Funds. The percentage limitations (except for the limitation on borrowing and illiquid investments) set forth below will apply at the time of the purchase of a security and shall not be violated unless an excess or deficiency occurs, immediately after or as a result of a purchase of such security.

Fundamental Policies

The following investment limitations are fundamental policies of the Funds, which cannot be changed with respect to a Fund without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% or more of a Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

A Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell commodities, commodities contracts and real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase securities of an issuer, except if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that each Fund may invest without limitation in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities, as such term is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom as amended or interpreted from time to time, except as permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

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Non-Fundamental Policies

The following limitations are non-fundamental policies of the Funds and may be changed by the Board without a vote of shareholders.

A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pledge, mortgage or hypothecate assets except to secure permitted borrowings or related to the deposit of assets in escrow or the posting of collateral in segregated accounts in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase or hold illiquid investments, *i.e.*, any investment that the fund reasonably expects cannot be sold in current market conditions in seven calendar days without significantly changing the market value of the investment, if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase any securities that would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries, except that each Fund may invest without limitation in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets), provided that, for purposes of this limitation, investment strategies which either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;5. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) lend its securities.

&nbsp;&nbsp;&nbsp;&nbsp;6. Invest in unmarketable interests in real estate limited partnerships or invest directly in real estate except as permitted by the 1940 Act. For the avoidance of doubt, the foregoing policy does not prevent a Fund from, among other things; purchasing marketable securities of companies that deal in real estate or interests therein (including REITs).

&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to 75% of its assets: (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer.

Each Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase or sell financial and physical commodities, commodity contracts based on (or relating to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities.

The following descriptions of the 1940 Act may assist shareholders in understanding the above policies and restrictions.

Diversification. Under the 1940 Act, a diversified investment management company, as to 75% of its total assets, may not purchase securities of any issuer (other than securities issued or guaranteed by the U.S. Government, its agents or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's outstanding voting securities would be held by the fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser or applicable Sub-Adviser might determine that it is in the best interests of a Fund's shareholders not to reduce one or more of the Fund's

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holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser or applicable Sub-Adviser makes such a determination, a Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

Concentration. The SEC has presently defined concentration as investing 25% or more of an investment company's net assets in an industry or group of industries, with certain exceptions.

Borrowing. The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33<sup>1</sup>/<sub>3</sub>% of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets). In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" and comply with Rule 18f-4 with respect to such transactions. Transactions that are treated as derivatives for purposes of Rule 18f-4, shall not be regarded as borrowings for the purposes of a fund's investment limitations.

Senior Securities. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although certain transactions are not treated as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments.

Lending. Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies. Each Fund's non-fundamental investment policy on lending is set forth above.

Underwriting. Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

Real Estate. The 1940 Act does not directly restrict a fund's ability to invest in real estate, but does require that every fund have a fundamental investment policy governing such investments. The Funds have adopted a fundamental policy that would permit direct investment in real estate. However, the Funds have a non-fundamental investment limitation that prohibits them from investing directly in real estate. This non-fundamental policy may be changed only by vote of the Board.

THE ADMINISTRATOR AND TRANSFER AGENT

General. SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Administrator also serves as the transfer agent for the Funds (the "Transfer Agent"). SIMC, a wholly owned subsidiary of SEI Investments Company ("SEI"), is the owner of all beneficial interest in the Administrator and Transfer Agent. SEI and its subsidiaries and affiliates, including the Administrator, are leading providers of fund evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

Administration Agreement with the Trust. The Trust and the Administrator have entered into an administration and transfer agency agreement (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative and transfer agency services or employs

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certain other parties, including its affiliates, who provide such services. Such services generally include, but are not limited to:

• maintaining books and records related to a Fund's cash and position reconciliations, and portfolio transactions;

• preparation of financial statements and other reports for the Funds;

• calculating the NAV of the Funds in accordance with the Funds' valuation policies and procedures;

• tracking income and expense accruals and processing disbursements to vendors and service providers;

• providing performance, financial and expense information for registration statements and board materials;

• providing certain tax monitoring and reporting;

• providing space, equipment, personnel and facilities;

• maintaining share transfer records;

• reviewing account opening documents and subscription and redemption requests;

• calculating and distributing required ordinary income and capital gains distributions; and

• providing anti-money laundering program services.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence on the part of the Administrator in the performance of its duties or from reckless disregard of its duties and obligations thereunder.

The Administration Agreement shall remain effective for the initial term of the Agreement and each renewal term thereof unless earlier terminated: (i) by a vote of a majority of the Trustees of the Trust on not less than 60 days' written notice to the Administrator; or (ii) by the Administrator on not less than 90 days' written notice to the Trust.

Administration Fees. For its administrative services, the Administrator receives a fee, which is calculated based upon the average daily net assets of each Fund and paid monthly by the Trust at the following annual rates:

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| | |
|:---|:---|
| | Administration Fee |
| On the first $1.5 billion of Assets; | 0.300% |
| on the next $500 million of Assets; | 0.2550% |
| on the next $500 million of Assets; | 0.210% |
| on the next $500 million of Assets; | 0.1650% |
| on Assets over $3 billion. | 0.120% |

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For the fiscal years ended September 30, 2023, 2024 and 2025, the following table shows: (i) the dollar amount of fees paid to the Administrator by each Fund; and (ii) the dollar amount of the Administrator's voluntary fee waivers and/or reimbursements.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Administration Fees Paid | Administration Fees Paid | Administration Fees Paid | Administration Fees<br>Waived | Administration Fees<br>Waived | Administration Fees<br>Waived |
|  | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Multi-Asset Accumulation Fund | $5830 | $4611 | $3553 | $741 | $728 | $705 |
| Multi-Asset Income Fund | $2094 | $1786 | $1591 | $556 | $486 | $419 |
| Multi-Asset Inflation Managed Fund | $2270 | $1868 | $1630 | $164 | $140 | $174 |
| Multi-Asset Capital Stability Fund | $1880 | $1619 | $1402 | $1065 | $926 | $807 |

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THE ADVISER AND SUB-ADVISERS

General. SIMC is a wholly owned subsidiary of SEI (NASDAQ: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions. The principal business address of SIMC and SEI is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI was founded in 1968 and is a leading provider of investment solutions to banks, institutional investors, investment advisers and insurance companies. SIMC had approximately $219.46 billion in assets as of September 30, 2025.

Manager of Managers Structure. SIMC is the investment adviser to each of the Funds and operates as a "manager of managers." SIMC and the Trust have obtained an exemptive order from the SEC that permits SIMC, with the approval of the Trust's Board, to hire, retain or terminate sub-advisers unaffiliated with SIMC for the Funds without submitting the sub-advisory agreements to a vote of the Funds' shareholders. Among other things, the exemptive relief permits the disclosure of only the aggregate amount payable by SIMC under all such sub-advisory agreements. The Funds will notify shareholders in the event of any addition or change in the identity of their Sub-Advisers.

Subject to Board review, SIMC allocates and, when appropriate, reallocates the Funds' assets to the Sub-Advisers, monitors and evaluates the Sub-Advisers' performance and oversees Sub-Adviser compliance with the Funds' investment objectives, policies and restrictions. SIMC has the ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee Sub-Advisers and recommend their hiring, termination and replacement.

Advisory and Sub-Advisory Agreements. The Trust and SIMC have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the Funds, may directly manage a portion of the Funds' assets and may manage cash on behalf of the Funds. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC, and under the supervision of SIMC and the Board, one or more Sub-Advisers are generally responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds.

Each Investment Advisory Agreement sets forth a standard of care, pursuant to which the Adviser or Sub-Adviser, as applicable, is responsible for performing services to the Funds, and also includes liability and indemnification provisions.

The continuance of each Investment Advisory Agreement after the first two (2) years must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. Each Investment Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Trust or, with respect to a Fund, by a majority of the outstanding shares of that Fund, on not less than 30 days' nor more than 60 days' written notice to SIMC or the Fund's Sub-Adviser, as applicable, or by SIMC or the Fund's Sub-Adviser, as applicable, on 90 days' written notice to the Trust.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

Advisory and Sub-Advisory Fees. For these advisory services, SIMC receives a fee, which is calculated daily and paid monthly, at the annual rates set forth in the table below (shown as a percentage of the average daily net assets of each Fund). SIMC then pays the Sub-Advisers out of its contractual advisory fee for sub-advisory services provided to the Funds. The rates paid to each Sub-Adviser vary. The aggregate sub-advisory fees paid by SIMC for the fiscal year ended September 30, 2025 are set forth below as a percentage of the average daily net assets of each Fund.

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Contractual<br>Advisory Fee | Aggregate<br>Sub-Advisory <br>Fees Paid | Aggregate<br>Sub-Advisory <br>Fees Paid |
| Multi-Asset Accumulation Fund | 0.75% | 0.18 | % |
| Multi-Asset Income Fund | 0.60% | 0.27 | % |
| Multi-Asset Inflation Managed Fund | 0.55% | 0.19 | %^ |
| Multi-Asset Capital Stability Fund | 0.40% | 0.13 | % |

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<sup>^</sup> Includes sub-advisory fees paid in connection with the Subsidiary. For the fiscal year ended September 30, 2025, aggregate sub-advisory fees paid with respect to the Multi-Asset Inflation Managed Fund excluding the Subsidiary were 0.14% of the average daily net assets of the Fund.

SIMC pays each Sub-Adviser a fee out of its advisory fee. Sub-Advisory fees are based on a percentage of the average daily net assets managed by the applicable Sub-Adviser.

For the fiscal years ended September 30, 2023, 2024 and 2025, the following tables show: (i) the contractual advisory fees that SIMC is entitled to receive from each Fund; (ii) the dollar amount of SIMC's contractual and voluntary fee waivers; (iii) the dollar amount of fees paid to the Sub-Advisers by SIMC; and (iv) the dollar amount of the fees retained by SIMC.

For the fiscal year ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained<br>by SIMC (000) |
| Multi-Asset Accumulation Fund | $8883 | $1302 | $2151 | $5430 |
| Multi-Asset Income Fund | $3182 | $957 | $1425 | $800 |
| Multi-Asset Inflation Managed Fund | $2988 | $1184 | $1050<br> \* | $754 |
| Multi-Asset Capital Stability Fund | $1870 | $187 | $592 | $1091 |

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\* Includes sub-advisory fees paid in connection with the Subsidiary. For the fiscal year ended September 30, 2025, investment sub-advisory fees paid with respect to the Multi-Asset Inflation Managed Fund excluding the Subsidiary were $779,822.

For the fiscal year ended September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained<br>by SIMC (000) |
| Multi-Asset Accumulation Fund | $11699 | $1714 | $4997 | $4988 |
| Multi-Asset Income Fund | $3571 | $1074 | $1802 | $695 |
| Multi-Asset Inflation Managed Fund | $3425 | $1357 | $1140<br> \* | $928 |
| Multi-Asset Capital Stability Fund | $2159 | $216 | $1533 | $410 |

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\* Includes sub-advisory fees paid in connection with the Subsidiary. For the fiscal year ended September 30, 2024, investment sub-advisory fees paid with respect to the Multi-Asset Inflation Managed Fund excluding the Subsidiary were $651,108.

For the fiscal year ended September 30, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Contractual<br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained<br>by SIMC (000) |
| Multi-Asset Accumulation Fund | $15212 | $2229 | $6901 | $6082 |
| Multi-Asset Income Fund | $4188 | $1259 | $2208 | $721 |
| Multi-Asset Inflation Managed Fund | $4162 | $1650 | $1414<br> \* | $1098 |
| Multi-Asset Capital Stability Fund | $2507 | $251 | $1775 | $481 |

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\* Includes sub-advisory fees paid in connection with the Subsidiary. For the fiscal year ended September 30, 2023, investment sub-advisory fees paid with respect to the Multi-Asset Inflation Managed Fund excluding the Subsidiary were $800,465.

The Sub-Advisers.

ALLIANCEBERNSTEIN L.P.—AllianceBernstein L.P. ("AllianceBernstein") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Inflation Managed Fund (and its Subsidiary). AllianceBernstein is a Delaware limited partnership, the majority limited partnership units in which are held, directly and indirectly, by its parent company Equitable Holdings, Inc. ("EQH"), a publicly traded holding company for a diverse group of financial services companies. AllianceBernstein Corporation, an indirect wholly-owned subsidiary of EQH, is the general partner of both AllianceBernstein and AllianceBernstein Holding L.P., a publicly traded partnership. As of September 30, 2025, AllianceBernstein Holding L.P. owned approximately 30.8% of the issued and outstanding AllianceBernstein Units and Equitable Holdings, Inc. and its subsidiaries had an approximate 68.5% economic interest in AllianceBernstein (including both the general partnership and limited partnership interests in AllianceBernstein Holding L.P. and AllianceBernstein), and unaffiliated holders held approximately 0.7%.

AQR CAPITAL MANAGEMENT, LLC—AQR Capital Management, LLC ("AQR") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Accumulation Fund (and its Subsidiary). AQR, a Delaware limited liability company founded in 1998 and registered investment adviser under the Investment Advisers Act of 1940, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

BARINGS LLC—Barings LLC ("Barings") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Income Fund. Barings is a leading provider of investment advice to institutional clients, registered investment companies, and other pooled investment vehicles. Barings and its predecessor organizations have been providing investment advice since 1940. As of September 30, 2025, Barings and its subsidiaries managed a total of $470 billion in client assets. Barings, a Delaware limited liability company, is an indirect, wholly owned subsidiary of Massachusetts Mutual Life Insurance Company. It has been registered as an investment adviser with the SEC since November 1, 1940.

FRANKLIN ADVISERS, INC.—Franklin Advisers, Inc. ("FAV") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Inflation Managed Fund. FAV is a California corporation with its principal offices at One Franklin Parkway, San Mateo, California 94403-1906. It is a wholly owned subsidiary of Franklin Resources, Inc. (referred to as "Franklin Templeton"). Franklin Templeton managed approximately $1,679 billion in assets worldwide as of September 30, 2024.

GOLDMAN SACHS ASSET MANAGEMENT, L.P.—Goldman Sachs Asset Management, L.P. ("GSAM") serves as a Sub-Adviser to a portion of the assets to the Multi-Asset Income Fund.

JANUS HENDERSON INVESTORS US LLC—Janus Henderson Investors US LLC ("Janus") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Capital Stability Fund. Janus (together with its predecessors) has served as an investment adviser since 1969 and currently serves as investment adviser, or sub-adviser, to separately managed accounts, mutual funds, as well as commingled pools or private funds, and wrap fee accounts. Janus is registered as an investment adviser with the U.S. Securities and Exchange Commission, and as a commodity pool operator and a commodity trading advisor with the Commodity Futures Trading Commission. Janus is a wholly owned indirect subsidiary of Janus Henderson Group plc ("JHG"), a publicly traded independent asset management firm incorporated in Jersey, Channel Islands, which does business as Janus Henderson Investors ("Janus Henderson"). The firm is listed on the New York Stock Exchange (NYSE: JHG).

UBS ASSET MANAGEMENT (AMERICAS) LLC—UBS Asset Management (Americas) LLC ("UBS AM LLC") serves as a Sub-Adviser to a portion of the assets of the Inflation Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Inflation Managed Fund. UBS AM LLC is the New York-based Registered

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Investment Advisor of UBS Asset Management ("UBS AM"). UBS AM is a global large-scale and diversified global asset manager, with a presence in 25 locations. UBS AM offers investment capabilities and styles across all major traditional and alternative asset classes—from active to passive—as well as advisory support to institutions, wholesale intermediaries and Global Wealth Management clients.

WELLINGTON MANAGEMENT COMPANY LLP—Wellington Management Company LLP ("Wellington Management"), a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to a portion of the assets of the Inflation Commodity Strategy Subsidiary Ltd., which is organized under the laws of the Cayman Islands, and is a wholly-owned subsidiary of the Multi-Asset Inflation Managed Fund. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

Portfolio Management.

SIMC

*Compensation.* SIMC compensates each portfolio manager for his or her management of the Funds. Each portfolio manager's compensation consists of a fixed annual salary, plus a discretionary annual bonus determined generally as follows.

Portfolio manager compensation is a combination of both Fund performance and SEI Investments Company ("SEI") performance. A majority of each portfolio manager's compensation is determined by the performance of the Funds for which the portfolio manager is responsible for over both a short-term and long-term time horizon. A final factor is a discretionary component, which is based upon a qualitative review of the portfolio managers and their team.

With respect to the bonus, twenty percent of each portfolio manager's compensation is tied to the corporate performance of SEI (SIMC's ultimate parent company), as measured by the earnings per share earned for a particular year. This percentage is set at the discretion of SEI and not SIMC.

The remaining percentage is based upon each Fund's performance (pre-tax) versus its respective benchmark over a one and three year period.

*Ownership of Fund Shares.* As of September 30, 2025, the portfolio managers beneficially owned shares of the Funds they manage, as follows:

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| | |
|:---|:---|
| Portfolio Manager | Dollar Range of<br>Fund Shares |
| Steve Treftz, CFA | $0 |
| Eugene Barbaneagra, CFA | $0 |
| Anthony Karaminas, CFA | $0 |
| Timothy J. Sauermelch, CFA | $0 |

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*Other Accounts.* As of September 30, 2025, in addition to the Funds, the portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Steven Treftz, CFA | 3 | $3483.28 | 2 | $1807.28 | 0 | $0 |
| Eugene Barbaneagra, CFA | 20 | $20999.46 | 6 | $6252.60 | 6 | $513.87 |
| Anthony Karaminas, CFA | 35 | $46562.82 | 1 | $6.54 | 0 | $0 |
| Timothy J. Sauermelch, CFA | 4 | $3357.56 | 1 | $881.98 | 6 | $6519.55 |

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No account listed above is subject to a performance-based advisory fee.

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*Conflicts of Interest.* The portfolio managers' management of registered investment companies, other pooled investment vehicles or other accounts may give rise to actual or potential conflicts of interest in connection with their day-to-day management of the Funds' investments. The other accounts might have similar investment objectives as the Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Funds.

While the portfolio managers' management of the other accounts may give rise to the following potential conflicts of interest, SIMC does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, SIMC believes that it has designed policies and procedures that reasonably manage such conflicts in an appropriate way.

*Knowledge of the Timing and Size of Fund Trades.* A potential conflict of interest may arise as a result of the portfolio managers' day-to-day oversight of the Funds. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of the other accounts and to the possible detriment of the Funds. However, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

*Investment Opportunities.* A potential conflict of interest may arise as a result of the portfolio managers' oversight of the Funds and the other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors the other accounts over the Funds. This conflict of interest may be exacerbated to the extent that SIMC or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Funds. Notwithstanding this theoretical conflict of interest, it is SIMC's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Funds, such an approach might not be suitable for the Funds given their investment objectives and related restrictions.

AllianceBernstein

AllianceBernstein's compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for AllianceBernstein's clients, including the funds. AllianceBernstein also strives to ensure that compensation is competitive and effective in attracting and retaining the highest caliber employees.

Portfolio managers receive a base salary, incentive compensation and contributions to AllianceBernstein's 401(k) plan. Part of the annual incentive compensation is generally paid in the form of a cash bonus, and part through an award under AllianceBernstein's Incentive Compensation Award Plan ("ICAP"). The ICAP awards vest over a three-year period. Deferred awards are paid in the form of restricted grants of AllianceBernstein's Master Limited Partnership Units, and award recipients have the ability to receive a portion of their awards in deferred cash. The amount of contributions to the 401(k) plan is determined at the sole discretion of AllianceBernstein. On an annual basis, AllianceBernstein endeavors to combine all of the foregoing elements into a total compensation package that considers industry compensation trends and is designed to retain its best talent.

The incentive portion of total compensation is determined by quantitative and qualitative factors. Quantitative factors, which are weighted more heavily, are driven by investment performance. Qualitative factors are driven by contributions to the investment process and client success.

The quantitative component includes measures of absolute, relative and risk-adjusted investment performance. Relative and risk-adjusted returns are determined based on the benchmark in the Multi-Asset Inflation Managed Fund's prospectus and versus peers over one-, three-and five-year calendar periods, with more weight given to longer-time periods. Peer groups are chosen by Chief Investment Officers, who consult with the product management team to identify products most similar to our investment style and most relevant

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within the asset class. Portfolio managers of the Multi-Asset Inflation Managed Fund do not receive any direct compensation based upon the investment returns of any individual client account, and compensation is not tied directly to the level or change in level of assets under management.

Among the qualitative components considered, the most important include thought leadership, collaboration with other investment colleagues, contributions to risk-adjusted returns of other portfolios within AllianceBernstein, efforts in mentoring and building a strong talent pool and being a good corporate citizen. Other factors can play a role in determining portfolio managers' compensation, such as the complexity of investment strategies managed, volume of assets managed and experience.

AllianceBernstein applies a leadership framework to clarify expectations and define how performance is measured. Assessments of investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and AllianceBernstein.

*Ownership of Fund Shares.* As of September 30, 2025, AllianceBernstein's portfolio managers did not beneficially own any shares of the Multi-Asset Inflation Managed Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Multi-Asset Inflation Managed Fund, AllianceBernstein's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Michael Canter, PhD | 13 | $10845 | 23 | $3144 | 235 | $6531 |
| Matthew Sheridan | 18 | $21314 | 99 | $46103 | 262 | $20688 |
| Serena Zhou | 14 | $10727 | 19 | $673 | 242 | $7706 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* As an investment adviser and fiduciary, AllianceBernstein owes its investment advisory client's duty of loyalty. AllianceBernstein recognizes that conflicts of interest are inherent in its business and accordingly has developed policies and procedures (including oversight monitoring) reasonably designed to detect, manage and mitigate the effects of actual or potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight monitoring to ensure that all clients are treated equitably. AllianceBernstein places the interests of its clients first and expects all of its employees to meet their fiduciary duties.

*Approach to Handling Conflicts of Interest.* When acting as a fiduciary, AllianceBernstein owes its investment advisory clients a duty of loyalty. This includes the duty to address—or at least disclose—conflicts of interest which may exist between different clients, between AllianceBernstein and clients, or between AllianceBernstein's employees and clients. Where potential conflicts arise from AllianceBernstein's fiduciary activities, AllianceBernstein takes steps to mitigate, or at least disclose, them. Where AllianceBernstein's activities do not involve fiduciary obligations—such as the level of client servicing offered through each client channel—AllianceBernstein reserves the right to act in accordance with its business judgment. Conflicts arising from fiduciary activities that AllianceBernstein cannot avoid (or choose not to avoid) are mitigated through written policies that AllianceBernstein believe protect the interests of its clients as a whole. In these cases—which include issues such as personal trading and client entertainment—regulators have generally prescribed detailed rules or principles for investment firms to follow. By complying with these rules and using robust compliance practices, AllianceBernstein believes it addresses these conflicts appropriately. Some potential conflicts are outside the scope of compliance monitoring. Identifying these conflicts requires careful and continuing consideration of the interaction of different products, business lines, operational processes and incentive structures. These interactions are not static; changes in AllianceBernstein's activities can lead to new potential conflicts. Potential conflicts may also arise from new products or services, operational changes, new reporting lines and market developments.

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<u>Conflicts Committee</u>: To assist in this area, AllianceBernstein has appointed a Conflicts Committee, which is chaired by AllianceBernstein's Conflicts Officer. The Committee is comprised of compliance directors, AllianceBernstein counsel and experienced business leaders, who review areas of change and assess the adequacy of controls. The work of AllianceBernstein's Conflicts Committee is overseen by its Code of Ethics Oversight Committee.

<u>Written Policies and Procedures</u>: AllianceBernstein has an "Approach to Potential Conflicts" disclosure which summarizes AllianceBernstein's conflicts management plan. It is meant to provide our employees, clients, and prospective clients with a summary description of the conflicts and potential conflicts AllianceBernstein may encounter, and outlines the policies and procedures AllianceBernstein maintains for managing those conflicts. For a more detailed account of the conflicts and AllianceBernstein's approaches to handling those conflicts please refer to AllianceBernstein Form ADV Part 2A. Both AllianceBernstein's Form ADV Part 2A and the Code of Ethics are available at www.alliancebernstein.com.

*Employee Personal Trading.* AllianceBernstein has adopted a Code of Business Conduct and Ethics (the "Code") that is designed to detect and prevent conflicts of interest amongst investment professionals and other personnel of AllianceBernstein. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client or recommended for purchase or sale by an employee to a client. Subject to the reporting requirements and other limitations of AllianceBernstein's Code, AllianceBernstein permits its employees to engage in personal securities transactions, including acquisition of AllianceBernstein's proprietary Mutual Funds and ETFs, though the Code generally discourages employees from engaging in personal trading of individual securities. AllianceBernstein's Code requires disclosure of all personal and dependent accounts and maintenance of brokerage accounts must be with designated broker-dealers approved by AllianceBernstein. AllianceBernstein's Code also requires preclearance of all securities transactions including AllianceBernstein's proprietary funds (except transactions in U.S. Treasuries and non-AllianceBernstein open-end mutual funds), as well as imposes a limit of twenty (20) personal trades per rolling 30 days and a 60-day holding period for securities purchased by employees to discourage short-term trading. Subject to reporting and certain controls, AllianceBernstein may allow its employees to hire discretionary investment advisers to manage their personal accounts. Employees must confirm annually that they have disclosed any potential conflicts of interest and that they are in compliance with the requirements associated with AllianceBernstein's Policy and Procedures.

The Code's personal trading procedures are administered by AllianceBernstein's Legal and Compliance Department. AllianceBernstein has established a Code of Ethics Oversight Committee, which is comprised of senior AllianceBernstein personal and who are responsible for reviewing exceptions to and violations of the Code, as well as establishing new or amending rules as necessary.

*Managing Multiple Accounts for Multiple Clients.* AllianceBernstein has compliance policies and oversight monitoring in place to address conflicts of interest relating to the management of multiple accounts for multiple clients. Conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each account. The investment professional or investment professional teams for each client may have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Among other things, AllianceBernstein's policies and procedures provide for the prompt dissemination to investment professionals of initial or changed investment recommendations by analysts so that investment professionals are better able to develop investment strategies for all accounts they manage. In addition, investment decisions by investment professionals are reviewed for the purpose of maintaining uniformity among similar accounts and ensuring that accounts are treated equitably. Investment professional compensation reflects a broad contribution in multiple dimensions to long-term investment success for our clients and is generally not tied specifically to the performance of any particular client's account, nor is it generally tied directly to the level or change in level of assets under management.

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*Allocating Investment Opportunities.* The investment professionals at AllianceBernstein routinely are required to select and allocate investment opportunities among accounts. AllianceBernstein has policies and procedures intended to address conflicts of interest relating to the allocation of investment opportunities. These policies and procedures are designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. AllianceBernstein's policies and procedures require, among other things, objective allocation for limited investment opportunities (*e.g.*, on a rotational basis) and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts which minimizes the potential for conflicts of interest relating to the allocation of investment opportunities. Nevertheless, access to portfolio funds or other investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

AllianceBernstein's procedures are also designed to address potential conflicts of interest that may arise when AllianceBernstein has a particular financial incentive, such as a performance-based management fee, relating to an account. An investment professional may perceive that he or she has an incentive to devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to accounts for which AllianceBernstein could share in investment gains.

*Aggregation of Trades.* Where possible when trading, AllianceBernstein aggregates contemporaneous orders transacted on behalf of more than one client to facilitate best execution and achieve economies of scale. When possible, securities bought or sold in execution of an aggregated order will be allocated on a pro-rata basis among the participating client accounts in proportion to the size of the orders placed for each account.

Having said this, AllianceBernstein also notes that if a trade in a single security is executed with more than one dealer at different prices, it is not always possible to ensure that all accounts who are trading in that security receive the same execution price. In such cases, our trading desk is responsible for ensuring that the order of allocation to clients is fair and equitable over time.

*Policy on Non-Pro Rata Allocations.* In certain situations, other methods of trade allocation are permissible provided that the approach is based on objective criteria, all accounts receive fair and equitable treatment over time, and the reason for the different allocation is explained and approved in writing by a Head of Investment and the Chief Compliance Officer (or a designee) prior to the completion of the order.

AQR

*Compensation.* SIMC pays AQR a fee based on the assets under management of the Multi-Asset Accumulation Fund (and its Subsidiary) as set forth in an investment sub-advisory agreement between AQR and SIMC. AQR pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Asset Accumulation Fund (and its Subsidiary). The following information relates to the period ended September 30, 2025.

As Principals of AQR, AQR's portfolio managers are compensated in the form of distributions based on the net income generated by AQR and each Principal's relative ownership in AQR. A Principal's relative ownership in AQR is based on a number of factors including contribution to the research process, leadership and other contributions to AQR. There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income allocable to the Principal. Each portfolio manager is also eligible to participate in AQR's 401(k) retirement plan which is offered to all employees of AQR.

*Ownership of Fund Shares.* As of September 30, 2025, AQR's portfolio managers did not beneficially own any shares of the Multi-Asset Accumulation Fund (or its Subsidiary).

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*Other Accounts.* As of September 30, 2025, in addition to the Multi-Asset Accumulation Fund (and its Subsidiary), AQR's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Clifford S. Asness, Ph.D., M.B.A. | 28 | $24.297 | 89 | $36.090 | 18 | $9.833 |
|  | 0 | $0 | 45<br> \* | $18.559 | 18<br> \* | $5.308 |
| John M. Liew, Ph.D., M.B.A. | 14 | $7.423 | 88 | $35.553 | 8 | $4.267 |
|  | 0 | $0 | 44<br> \* | $18.427 | 3<br> \* | $1.723 |
| John J. Huss | 32 | $21.580 | 165 | $63.730 | 130 | $73.046 |
|  | 1<br> \* | $0.156 | 59<br> \* | $29.331 | 18<br> \* | $11.292 |
| Jordan Brooks, Ph.D., M.A | 16 | $11.223 | 173 | $64.002 | 130 | $73.046 |
|  | 0 | $0 | 62<br> \* | $29.387 | 18<br> \* | $11.292 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Each of the portfolio managers is also responsible for managing other accounts in addition to the Multi-Asset Accumulation Fund (and its Subsidiary), including other accounts of AQR or its affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as "hedge funds"); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity ("Proprietary Accounts"). Management of other accounts in addition to the Multi-Asset Accumulation Fund (and its Subsidiary) can present certain conflicts of interest, as described below.

From time to time, potential conflicts of interest may arise between a portfolio manager's management of the investments of the Multi-Asset Accumulation Fund (and/or its Subsidiary), on the one hand, and the management of other accounts (including for purpose of this discussion, other funds and Proprietary Accounts), on the other. The other accounts might have similar investment objectives or strategies as the Multi-Asset Accumulation Fund (and its Subsidiary), or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Multi-Asset Accumulation Fund (and/or its Subsidiary). Because of their positions with the Multi-Asset Accumulation Fund (and its Subsidiary), the portfolio managers know the size, timing and possible market impact of the Multi-Asset Accumulation Fund's (and its Subsidiary's) trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Multi-Asset Accumulation Fund (and/or its Subsidiary's).

A number of potential conflicts of interest may arise as a result of AQR's or the portfolio manager's management of a number of accounts with similar investment strategies. Often, an investment opportunity may be suitable for the Multi-Asset Accumulation Fund (and/or its Subsidiary) and other accounts managed by AQR, but may not be available in sufficient quantities for the Multi-Asset Accumulation Fund (and/or its Subsidiary) and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Multi-Asset Accumulation Fund (and/or its Subsidiary) and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of AQR, capacity constrained, the availability of the strategy or investment type for the Multi-Asset Accumulation Fund (and/or its Subsidiary) and other accounts may be reduced in AQR's discretion. The Multi-Asset Accumulation Fund (and/or its Subsidiary) may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Multi-Asset Accumulation Fund's return. AQR is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Multi-Asset Accumulation Fund (and/or its Subsidiary) and other accounts.

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Another conflict could arise where different account guidelines and/or differences within particular investment strategies lead to the use of different investment practices for portfolios with a similar investment strategy. AQR will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management by AQR, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although AQR manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. AQR may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Multi-Asset Accumulation Fund (and/or its Subsidiary). Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain circumstances, investment opportunities that are in limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (*e.g.*, IPOs) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach.

Whenever decisions are made to buy or sell investments by the Multi-Asset Accumulation Fund (and/or its Subsidiary) and one or more other accounts simultaneously, AQR or the portfolio managers may aggregate the purchases and sales of the investments and will allocate the investment transactions in a manner that it believes to be equitable under the circumstances. To this end, AQR has adopted policies and procedures that are intended to ensure that investment opportunities are allocated equitably among accounts over time. As a result of the allocations, there may be instances where the Multi-Asset Accumulation Fund (and/or its Subsidiary) will not participate in a transaction that is allocated among other accounts or the Multi-Asset Accumulation Fund (and/or its Subsidiary) may not be allocated the full amount of the investments sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to the Multi-Asset Accumulation Fund (and/or its Subsidiary) from time to time. Subject to applicable laws and/or account restrictions, AQR may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for the Multi-Asset Accumulation Fund (and/or its Subsidiary).

To the extent that the Multi-Asset Accumulation Fund (and/or its Subsidiary) holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, AQR may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limited to, an account investing in a different security of an issuer's capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of AQR, accounts in which AQR has an interest, or accounts which pay AQR higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When AQR, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, AQR, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account.

In addition, when the Multi-Asset Accumulation Fund (and/or its Subsidiary) and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Multi-Asset Accumulation Fund (and/or its Subsidiary) may be prohibited by applicable law from participating in restructurings, work- outs or other activities related to its investment in the issuer. As a result, the Multi-Asset

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Accumulation Fund (and/or its Subsidiary) may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if AQR believes it would be in the Multi-Asset Accumulation Fund's (and/or its Subsidiary) best economic interests to do so. The Multi-Asset Accumulation Fund (and/or its Subsidiary) may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if AQR believes it would be in the best economic interests of the Multi-Asset Accumulation Fund (and/or its Subsidiary) to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that AQR considers to be at risk of default and restructuring or work-outs with debt holders, which may include the Multi-Asset Accumulation Fund (and/or its Subsidiary) and other accounts. In some cases, to avoid the potential of future prohibited transactions, AQR may avoid allocating an investment opportunity to the Multi-Asset Accumulation Fund (and/or its Subsidiary) that it would otherwise recommend, subject to AQR's then-current allocation policy and any applicable exemptions. In certain circumstances, AQR may be restricted from transacting in a security or instrument because of material non-public information received in connection with an investment opportunity that is offered to an affiliate of AQR. In other circumstances, AQR may not participate in an investment opportunity to avoid receiving material non-public information that would restrict AQR from transacting in a security or instrument. These restrictions may adversely impact the performance of the Multi-Asset Accumulation Fund (and/or its Subsidiary).

AQR and the Multi-Asset Accumulation Fund's portfolio managers may also face a conflict of interest where some accounts pay higher fees to AQR than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for AQR to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward AQR for performance in accounts which are subject to such fees, AQR may have an incentive to favor these accounts over those that have only fixed asset-based fees with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities.

AQR has implemented specific policies and procedures (*e.g.*, a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in connection with the management of the Multi-Asset Accumulation Fund (and its Subsidiary) and other accounts and that are designed to ensure that all accounts, including the Multi-Asset Accumulation Fund (and/or its Subsidiary), are treated fairly and equitably over time.

Barings

*Compensation.* SIMC pays Barings a fee based on the assets under management of the Multi-Asset Income Fund as set forth in an investment sub-advisory agreement between Barings and SIMC. Barings pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Asset Income Fund. The following information relates to the period ended November 30, 2025.

Barings' compensation framework provides for total compensation opportunities that align to market intelligence, job function and level, and scope and complexity of the work performed. In addition to base salary, Barings provides each role a total incentive target expressed as a percentage of base salary. Incentives are awarded to individuals based on company, business unit, and individual performance.

Guidelines are established to determine the allocation of the total incentive award to short-term incentive ("STI") and long-term incentive ("LTI"). The allocation of the total incentive provides for a mix that reflects the level of each role and individual, with the amount allocated to LTI increasing in alignment to factors such as level of seniority, business impact and decision making.

For investment teammates, performance may include overall participation in the investment process including ideas and generation of positive relative investment performance to predefined benchmarks/indexes. Barings' research analysts may be assessed based on the quality, timeliness, and return attribution of research,

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which is closely evaluated by its investment team and used to formulate feedback which is tied to performance reviews. Although the framework for compensation decision-making is tied to achievement of goals, compensation is not determined by formula. Barings' compensation programs are designed to reward for intangible, as well as tangible contributions to its success, including corporate integrity, service quality, customer loyalty, risk management, corporate reputation, and the quality of its team of professionals and the collaboration within that team.

*Ownership of Fund Shares.* As of November 30, 2025, Barings' portfolio managers did not beneficially own any shares of the Multi-Asset Income Fund.

*Other Accounts.* As of November 30, 2025, in addition to the Multi-Asset Income Fund, Barings' portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Rishi Kapur | 7 | $2269.58 | 1 | $99.97 | 28 | $21999.17 |
| Matt Schavey | 0 | $0 | 0 | $0 | 3 | $568.71 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* The potential for material conflicts of interest may exist when a portfolio manager has responsibilities for the day-to-day management of multiple accounts. These conflicts may be heightened to the extent a portfolio manager, Barings, and/or an affiliate has an investment in one or more of such accounts or an interest in the performance of one or more such accounts. Barings has identified (and summarized below) areas where material conflicts of interest are most likely to arise, and have adopted policies and procedures that it believes are reasonably designed to address such conflicts.

It is possible that an investment opportunity may be suitable for both a fund and other accounts managed by a portfolio manager, but may not be available in sufficient quantities for both the fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a fund and another account. A conflict may arise where the portfolio manager may have an incentive to treat an account preferentially as compared to a fund because the account pays Barings a performance-based fee or the portfolio manager, Barings, or an affiliate has an interest in the account. Barings has adopted an investment allocation policy and trade allocation procedures to address allocation of portfolio transactions and investment opportunities across multiple clients. These policies are designed to achieve fair and equitable treatment of all clients over time, and specifically prohibit allocations based on performance of an account, the amount or structure of the management fee, performance fee or profit sharing allocations, participation or investment by an employee, Barings, or an affiliate, and whether the account is public, private, proprietary or third party.

Potential material conflicts of interest may also arise related to the knowledge and timing of a fund's trades, investment opportunities and broker selection. Portfolio managers may have information about the size, timing and possible market impact of a fund's trades. It is theoretically possible that portfolio managers could use this information for their personal advantage and/or the advantage of other accounts they manage, or to the possible detriment of a fund. For example, a portfolio manager could front run a fund's trade or short sell a security for an account immediately prior to a fund's sale of that security. To address these conflicts, Barings has adopted policies and procedures governing employees' personal securities transactions, the use of short sales, and trading between the fund and other accounts managed by the portfolio manager or accounts owned by Barings or its affiliates.

With respect to securities transactions for the fund, Barings determines which broker to use to execute each order, consistent with their duty to seek best execution of the transaction. Barings manages certain other accounts, however, where Barings may be limited by the client with respect to the selection of brokers or directed to trade such client's transactions through a particular broker. In these cases, trades for a fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Placing separate transaction orders for a security may temporarily affect the market price of the security or otherwise

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affect the execution of the transaction to the possible detriment of a fund or the other account(s) involved. Barings has policies and procedures that address best execution and directed brokerage.

A portfolio manager may also face other potential conflicts of interest in managing a fund, and the above is not a complete description of every conflict of interest that could be deemed to exist in managing both a fund and the other accounts listed above.

FAV

*Compensation.* SIMC pays FAV a fee based on the assets under management of the Multi-Asset Inflation Managed Fund as set forth in an investment sub-advisory agreement between FAV and SIMC. FAV pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Asset Inflation Managed Fund. The following information relates to the period ended September 30, 2025.

Franklin Compensation. The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

Base Salary. Each portfolio manager is paid a base salary.

Annual Bonus. Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

• Investment performance. Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

• Non-investment performance. The more qualitative contributions of the portfolio manager to the investment manager's business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

• Responsibilities. The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager's appraisal. Additional long-term equity-based compensation. Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

Benefits. Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

*Ownership of Fund Shares.* As of September 30, 2025, FAV's portfolio managers did not beneficially own any shares of the Multi-Asset Inflation Managed Fund.

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*Other Accounts.* As of September 30, 2025, in addition to the Multi-Asset Inflation Managed Fund, FAV's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Chris Floyd, CFA | 42 | $17016.9 | 3 | $1484.1 | 11 | $845 |
| Jose Maldonado, CFA | 14 | $7008.1 | 1 | $67.3 | 6 | $738.5 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the Multi-Asset Inflation Managed Fund which may have different investment guidelines and objectives. In addition to the Multi-Asset Inflation Managed Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of FAV's management of the Multi-Asset Inflation Managed Fund and other accounts, which, in theory, may allow FAV to allocate investment opportunities in a way that favors other accounts over the Multi-Asset Inflation Managed Fund. This conflict of interest may be exacerbated to the extent that FAV or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Multi-Asset Inflation Managed Fund. FAV (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Multi-Asset Inflation Managed Fund. To the extent a particular investment is suitable for both the Multi-Asset Inflation Managed Fund and the other accounts, such investments will be allocated between the Multi-Asset Inflation Managed Fund and the other accounts in a manner that FAV determines is fair and equitable under the circumstances to all clients, including the Multi-Asset Inflation Managed Fund.

To address and manage these potential conflicts of interest, FAV has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

GSAM

*Compensation.* SIMC pays GSAM a fee based on the assets under management of the Multi-Asset Income Fund as set forth in an investment sub-advisory agreement between GSAM and SIMC. GSAM pays its investment professionals out its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Asset Income Fund. The following information relates to the period ended September 30, 2025.

Compensation for GSAM portfolio managers is comprised of a base salary and year-end discretionary variable compensation. The base salary is fixed from year to year. Year-end discretionary variable compensation is primarily a function of each portfolio manager's individual performance; his or her contribution to the overall team performance; the performance of GSAM and Goldman Sachs; the team's net revenues for the past year which in part is derived from advisory fees, and for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms. Portfolio managers are rewarded in part for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of: excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over 1-, 3-, and 5-year time horizons.

For compensation purposes, the benchmark for the Multi-Asset Income Fund is a blended benchmark index, which consists of the 33.34% Bloomberg US Intermediate Corporate Index, 33.33% JP Morgan EMBI Global Diversified Index and 33.33% ICE BofA US High Yield Master Constrained Index.

The discretionary variable compensation for portfolio managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objective of the fund. Other factors may also be considered, including: (1) general client/shareholder orientation and (2) teamwork and leadership.

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As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, portfolio managers may receive deferred equity-based and similar awards, in the form of: (1) shares of The Goldman Sachs Group, Inc. (together with its affiliates, directors, partners, trustees, managers, members, officers and employees, "Goldman Sachs") (restricted stock units); and, (2) for certain portfolio managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s).

Other Compensation—In addition to base salary and year-end discretionary variable compensation, the Firm has a number of additional benefits in place including (1) a 401(k) program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

*Ownership of Fund Shares.* As of September 30, 2025, GSAM's portfolio managers did not beneficially own any shares of the Multi-Asset Income Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Multi-Asset Income Fund, GSAM's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number <br>of Accounts | Total Assets<br>(in millions) | Number <br>of Accounts | Total Assets<br>(in millions) | Number <br>of Accounts | Total Assets<br>(in millions) |
| Aakash Thombre, CFA | 98 | $470731 | 512 | $438168 | 52814 | $783236 |
|  | 0 | $0 | 25<br> \* | $2181 | 15<br> \* | $7120 |
| Lindsay Rosner, CFA | 98 | $470731 | 512 | $438168 | 52814 | $783236 |
|  | 0 | $0 | 25<br> \* | $2181 | 15<br> \* | $7120 |
| Paul Seary, CFA | 30 | $10675 | 35 | $8869 | 3042 | $203706 |
|  | 0 | $0 | 6<br> \* | $395 | 2<br> \* | $2407 |
| John McClain, CFA† | 0 | $0 | 0 | $0 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

<sup>†</sup> Mr. McClain was appointed a portfolio manager to the Fund after September 30, 2025 and therefore did not manage any other accounts as of September 30, 2025.

*Conflicts of Interest.* GSAM is part of Goldman Sachs, a financial holding company. The involvement of GSAM, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs will present conflicts of interest with respect to the Multi-Asset Income Fund and will, under certain circumstances, limit the Multi-Asset Income Fund's investment activities. Goldman Sachs is a worldwide, full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals. Goldman Sachs acts as a broker-dealer, investment adviser, investment banker, underwriter, research provider, administrator, financier, adviser, market maker, trader, prime broker, derivatives dealer, clearing agent, lender, custodian, counterparty, agent, principal, distributor, investor or in other commercial capacities (including portfolio companies) for accounts or companies or affiliated or unaffiliated investment funds (including pooled investment vehicles and private funds) in which one or more accounts, including the Multi-Asset Fund, may invest. In those and other capacities, Goldman Sachs and its affiliates advise and deal with clients and third parties in all markets and transactions and purchase, sell, hold and recommend a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indexes, baskets and

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other financial instruments and products for their own accounts or for the accounts of their customers and have other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets and the securities and issuers in which the Multi-Asset Income Fund may directly and indirectly invest. Thus, it is expected that the Multi-Asset Income Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. As a manager of the Fund, GSAM receives management fees from the Fund. In addition, GSAM's affiliates may earn fees from relationships with the Multi-Asset Income Fund. Although these fees are generally based on asset levels, the fees are not directly contingent on Multi-Asset Income Fund performance, and Goldman Sachs would still receive significant compensation from the Multi-Asset Income Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Multi-Asset Income Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Multi-Asset Income Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Multi-Asset Income Fund. The results of the Multi-Asset Income Fund's investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the Multi-Asset Income Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Multi-Asset Income Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the Multi-Asset Income Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by GSAM or its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs—advised clients may, individually or in the aggregate, adversely impact the Fund. In some cases, such adverse impacts may result from differences in timing of transactions by accounts relative to when the Fund executes transactions in the same securities. Transactions by one or more Goldman Sachs—advised clients or GSAM may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Multi-Asset Income Fund. The Multi-Asset Income Fund's activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the Multi-Asset Income Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Multi-Asset Income Fund or who engage in transactions with or for the Multi-Asset Income Fund.

Janus

*Compensation.* SIMC pays Janus a fee based on the assets under management of the Multi-Asset Capital Stability Fund as set forth in an investment sub-advisory agreement between Janus and SIMC.

The following describes the structure and method of calculating portfolio management's compensation as of September 30, 2025.

Portfolio management is compensated for managing the Fund and any other funds, portfolios, or accounts for which they have exclusive or shared responsibilities through two components: fixed annual base salary and a variable performance component. Compensation (both fixed and variable) is determined on a pre-tax basis.

Since there are no set targets/percentages for variable compensation, the pay mix will vary for each portfolio manager based on individual performance. On average, total compensation is weighted more heavily in the form of variable compensation, typically split between cash and deferral.

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Base Salary

Base salary is determined by the individual's manager.

The base salary is based on factors such as performance, complexity of managing portfolios, scope of responsibility (including assets under management), skills, knowledge, experience, ability, and market competitiveness.

Variable Compensation

Individuals' awards, if any, are discretionary and given based on company, department, and individual performance. These awards are funded from a profit pool.

The overall investment team variable compensation pool is based on Janus Henderson profitability and is fully discretionary.

Both quantitative and qualitative factors will be used to determine these awards. Such factors include, among other things:

• consistent short-term and long-term performance (*i.e.*, one-, three-, and five-year performance);

• client support; and

• investment team support through the sharing of ideas, leadership development, mentoring, and teamwork.

Deferrals

All employees are subject to Janus Henderson's deferral arrangements which apply to variable incentive awards. Deferral rates apply to awards that exceed a minimum threshold, rates of deferral increase for larger incentive awards or as appropriate under certain regulations. Deferred awards vest in three equal installments over a 3-year period. Forfeiture provisions apply to employees who cease employment with Janus Henderson during the vesting period, other than in prescribed circumstances. Deferrals are awarded in JHG restricted stock and/or fund units.

Deferral arrangements are reviewed periodically to ensure they remain aligned with:

• Janus Henderson's business strategy, associated time horizons and risk appetite;

• competitive practice in the sectors and jurisdictions in which Janus Henderson operates; and

• emerging regulatory practice.

Portfolio management may be eligible to defer payment of a designated percentage of their fixed compensation and/or up to all of their variable compensation in accordance with JHG's Executive Income Deferral Program.

*Ownership of Fund Shares.* As of September 30, 2025, Janus' portfolio managers did not beneficially own any shares of the Multi-Asset Capital Stability Fund.

*Other Accounts.* As of September 30, 2025, in addition to the Multi-Asset Capital Stability Fund, Janus' portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Ashwin Alankar, Ph.D. | 4 | $1202.73 | 1 | $24.22 | 15 | $2317.29 |

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*Conflicts of Interest.* Portfolio management generally manages other accounts, including accounts that may hold the same securities as or pursue investment strategies similar to the Fund. Those other accounts may include separately managed accounts, model or emulation accounts, Janus Henderson mutual funds, and ETFs,

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private-label funds for which Janus or an affiliate serves as sub-adviser, or other Janus Henderson pooled investment vehicles, such as hedge funds, which may have different fee structures or rates than a Fund or may have a performance-based management fee. Janus or an affiliate may also proprietarily invest in or provide seed capital to some but not all of these accounts. In addition, portfolio management may personally invest in or provide seed capital to some but not all of these accounts, and certain of these accounts may have a greater impact on their compensation than others. Further, portfolio management (or their family members) may beneficially own or transact in the same securities as those held in a Fund's portfolio. Moreover, portfolio management may also have other roles at Janus (*e.g.*, research analyst) and receive compensation attributable to the other roles. Portfolio management may also have roles with an affiliate of Janus, and provide advice on behalf of Janus through participating affiliate agreements, and receive compensation attributable to other roles. These factors could create conflicts of interest between portfolio management and the Fund because portfolio management may have incentives to favor one or more accounts over others or one role over another in the allocation of time, resources, or investment opportunities and the sequencing of trades, resulting in the potential for the Fund to be disadvantaged relative to one or more other accounts. A conflict of interest between the Fund and other clients, including one or more Funds, may arise if portfolio management identifies a limited investment opportunity that may be appropriate for a Fund, but the Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among other accounts also managed by such portfolio management. A conflict may also arise if portfolio management executes transactions in one or more accounts that adversely impact the value of securities held by the Fund. Investments made by the Fund and results achieved by the Fund at any given time are not expected to be the same as those made by other Funds for which the Adviser acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund. Janus believes that these and other conflicts are mitigated by policies, procedures, and practices in place, including those governing personal trading, proprietary trading and seed capital deployment, aggregation and allocation of trades, allocation of limited offerings, cross trades, and best execution. In addition, Janus generally requires portfolio management to manage accounts with similar investment strategies in a similar fashion, subject to a variety of exceptions, including, but not limited to, investment restrictions or policies applicable only to certain accounts, certain portfolio holdings that may be transferred in-kind when an account is opened, differences in cash flows and account sizes, and similar factors. Janus monitors accounts with similar strategies for any holdings, risk, or performance dispersion or unfair treatment. Janus (and its affiliates) generate trades throughout the day, depending on the volume of orders received from investment personnel, for all of its clients using trade system software. Trades are pre-allocated to individual clients and submitted to selected brokers via electronic files, in alignment with Janus' best execution policy. If an order is not completely filled, executed shares are allocated to client accounts in proportion to the order. In addition, Janus has adopted trade allocation procedures that govern allocation of securities among various Janus Henderson accounts.

UBS AM LLC

*Compensation.* SIMC pays UBS AM LLC a fee based on the assets under management of the Inflation Commodity Strategy Subsidiary Ltd., a wholly owned subsidiary of the Multi-Asset Inflation Managed Fund, as set forth in an investment sub-advisory agreement between UBS AM LLC and SIMC. UBS AM LLC pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Inflation Commodity Strategy Subsidiary Ltd. The following information relates to the period ended September 30, 2025.

The compensation to portfolio managers at UBS AM LLC includes both a fixed base salary component and bonus component. The discretionary bonus for each portfolio manager is not tied by formula to the performance of any fund or account. The factors taken into account in determining a portfolio manager's bonus include the Inflation Commodity Strategy Subsidiary Ltd.'s performance, assets held in the Inflation Commodity Strategy Subsidiary Ltd., and other accounts managed by the portfolio managers, business growth, team work, management, corporate citizenship, etc.

*Ownership of Fund Shares.* As of September 30, 2025, UBS AM LLC's portfolio manager did not beneficially own any shares of the Inflation Commodity Strategy Subsidiary Ltd.

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*Other Accounts.* As of September 30, 2025, in addition to the Inflation Commodity Strategy Subsidiary Ltd., UBS AM LLC's portfolio managers were equally responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Christopher Burton, CFA | 4 | $1978 | 4 | $421 | 1 | $1208 |
|  | 0 | $0 | 1<br> \* | $195 | 0 | $0 |
| Scott Ikuss | 4 | $1978 | 4 | $421 | 1 | $1208 |
|  | 0 | $0 | 1<br> \* | $195 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* It is possible that conflicts of interest may arise in connection with the portfolio managers' management of the Inflation Commodity Strategy Subsidiary Ltd.'s investments on the one hand and the investments of other accounts on the other. For example, the portfolio managers may have conflicts of interest in allocating management time, resources and investment opportunities among the Inflation Commodity Strategy Subsidiary Ltd. and other accounts they advise, which may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In addition, due to differences in the investment strategies or restrictions between the Inflation Commodity Strategy Subsidiary Ltd. and such other accounts, the portfolio managers may take action with respect to another account that differs from the action taken with respect to the Inflation Commodity Strategy Subsidiary Ltd. To the extent that a particular investment is suitable for both the Inflation Commodity Strategy Subsidiary Ltd. and such other accounts, such investment will be allocated in a manner that UBS AM LLC determines is fair and equitable under the circumstances for all clients, including the Inflation Commodity Strategy Subsidiary Ltd.

UBS AM LLC has adopted policies and procedures designed to minimize the effects of these conflicts and to ensure that that all clients are treated fairly and equitably in the allocation of investment opportunities.

Wellington Management

*Compensation.* Wellington Management receives a fee based on the assets under management of the Inflation Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Inflation Managed Fund, as set forth in an investment sub-advisory agreement between Wellington Management and SIMC. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Inflation Commodity Strategy Subsidiary Ltd. The following information relates to the period ended September 30, 2025.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Inflation Commodity Strategy Subsidiary Ltd.'s manager listed in the prospectus who is primarily responsible for the day-to-day management of the Inflation Commodity Strategy Subsidiary Ltd. (the "Portfolio Manager") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. Each Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the funds managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. The Portfolio Manager's incentive payment relating to the Inflation Commodity Strategy Subsidiary Ltd. is linked to the gross pre-tax performance of the portion of the Inflation Commodity Strategy Subsidiary Ltd. managed by the Portfolio Manager compared to the Bloomberg Commodity Index Total Return over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures

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(although the benchmarks or peer groups, time periods and rate may differ) to other accounts managed by the Portfolio Manager, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation. Incentive compensation varies significantly by individual and can vary significantly from year to year. The Portfolio Manager may also be eligible for bonus payments based on his overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Mr. Chang is a Partner.

*Ownership of Fund Shares.* As of September 30, 2025, Wellington Management's Portfolio Manager did not beneficially own any shares of the Inflation Commodity Strategy Subsidiary Ltd.

*Other Accounts.* As of September 30, 2025, in addition to the Inflation Commodity Strategy Subsidiary Ltd., Wellington Management's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| David Chang | 3 | $339.4 | 11 | $2794.7 | 3 | $2198.4 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $1282.2 |

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\* This account, which is a subset of the accounts in the preceding row, is subject to a performance-based advisory fee.

*Conflicts of Interest.* Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations or separately managed account programs sponsored by financial intermediaries), bank common trust accounts and hedge funds.

Each Fund's manager(s) listed in the prospectus, who are primarily responsible for the day-to-day management of the Inflation Commodity Strategy Subsidiary Ltd. ("Portfolio Managers"), generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Inflation Commodity Strategy Subsidiary Ltd. The Portfolio Managers make investment decisions for each account, including the Inflation Commodity Strategy Subsidiary Ltd., based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Managers may purchase or sell securities, including initial public offerings, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Inflation Commodity Strategy Subsidiary Ltd. and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Inflation Commodity Strategy Subsidiary Ltd.

A Portfolio Manager or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Inflation Commodity Strategy Subsidiary Ltd. or make investment decisions that are similar to those made for the Inflation Commodity Strategy Subsidiary Ltd., both of which have the potential to adversely impact the Inflation Commodity Strategy Subsidiary Ltd. depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, a Portfolio Manager may purchase the same security for the Inflation Commodity Strategy Subsidiary Ltd. and for one or more other accounts at or at about the same time. In those instances, the other accounts will have access to their respective holdings prior to the public disclosure of the Inflation Commodity Strategy Subsidiary Ltd.'s holdings. In addition, some of these accounts have fee structures, including

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performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Inflation Commodity Strategy Subsidiary Ltd. Because incentive payments paid by Wellington Management to the Portfolio Managers are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by a given Portfolio Manager. Finally, the Portfolio Managers may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of initial public offerings and compliance with Wellington's Code of Ethics and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

DISTRIBUTION AND SHAREHOLDER SERVICING

General. SEI Investments Distribution Co. (the "Distributor"), serves as each Fund's distributor. The Distributor, a wholly-owned subsidiary of SEI, has its principal business address at One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Distribution Agreement and Shareholder Service Plan. The Distributor serves as each Fund's distributor pursuant to a distribution agreement (the "Distribution Agreement") with the Trust.

For the fiscal year ended September 30, 2025, the Funds did not incur any 12b-1 expenses.

Pursuant to a Shareholder Service Plan (the "Shareholder Service Plan"), the various classes of Shares are authorized to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such Shares at the annual rate of up to 0.25% of the value of the average daily net assets attributable to the Class F Shares of the Fund, which is calculated daily and payable monthly.

The service fees payable under the Shareholder Service Plan are intended to compensate service providers for the provision of shareholder services and may be used to provide compensation to financial intermediaries for ongoing service and/or maintenance of shareholder accounts with respect to Fund shares of the applicable Funds. Shareholder services under the Shareholder Service Plan may include: (i) maintaining accounts relating to clients; (ii) arranging for bank wires; (iii) responding to client inquiries relating to the services performed by service providers; (iv) responding to inquiries from clients concerning their investment in Fund shares; (v) assisting clients in changing dividend options, account designations and addresses; (vi) providing information periodically to clients showing their position in Fund shares; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to clients; (viii) processing purchase, exchange and redemption requests from clients and placing orders with the Funds or their service providers; (ix) providing sub-accounting with respect to Fund shares beneficially owned by clients; (x) processing dividend payments from the Funds on behalf of clients; and (xi) providing such other similar services as a Fund may reasonably request to the extent the service provider is permitted to do so under applicable statutes, rules and regulations.

Distribution Expenses Incurred by Adviser. The Funds are sold primarily through independent registered investment advisers, financial planners, bank trust departments and other financial advisors ("Financial Advisors") who provide their clients with advice and services in connection with their investments in the SEI Funds. SEI Funds are typically combined into complete investment portfolios and strategies using asset allocation

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techniques to serve investor needs. In connection with its distribution activities, SIMC and its affiliates may provide Financial Advisors, without charge, asset allocation models and strategies, custody services, risk assessment tools and other investment information and services to assist the Financial Advisor in providing advice to investors.

SIMC may hold conferences, seminars and other educational and informational activities for Financial Advisors for the purpose of educating Financial Advisors about the Funds and other investment products offered by SIMC or its affiliates. SIMC may pay for lodging, meals and other similar expenses incurred by Financial Advisors in connection with such activities. SIMC also may pay expenses associated with joint marketing activities with Financial Advisors, including, without limitation, seminars, conferences, client appreciation dinners, direct market mailings and other marketing activities designed to further the promotion of the Funds. In certain cases, SIMC may make payments to Financial Advisors or their employers in connection with their solicitation or referral of investment business, subject to any regulatory requirements for disclosure to and consent from the investor. All such marketing expenses and solicitation payments are paid by SIMC or its affiliates out of their past profits or other available resources and are not charged to the Funds.

Many Financial Advisors may be affiliated with broker-dealers. SIMC and its affiliates may pay compensation to broker-dealers or other financial institutions for services such as, without limitation, providing the Funds with "shelf space" or a higher profile for the firm's associated Financial Advisors and their customers, placing the Funds on the firm's preferred or recommended fund list, granting the Distributor access to the firm's associated Financial Advisors, providing assistance in training and educating the firm's personnel, allowing sponsorship of seminars or informational meetings and furnishing marketing support and other specified services. These payments may be based on the average net assets of SEI Funds attributable to that broker-dealer, gross or net sales of SEI Funds attributable to that broker-dealer, a negotiated lump sum payment or other appropriate compensation for services rendered.

Payments may also be made by SIMC or its affiliates to financial institutions to compensate or reimburse them for administrative or other client services provided such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, account set-up, recordkeeping and other shareholder services. These fees may be used by the financial institutions to offset or reduce fees that would otherwise be paid directly to them by certain account holders, such as retirement plans.

The payments discussed above may be significant to the financial institutions receiving them, and may create an incentive for the financial institutions or their representatives to recommend or offer shares of the SEI Funds to their customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources.

Although the Funds may use broker-dealers that sell Fund shares to effect transactions for a Fund's portfolios, the Funds, SIMC and the Funds' Sub-Advisers will not consider the sale of Fund shares as a factor when choosing broker-dealers to effect those transactions and will not direct brokerage transactions to broker-dealers as compensation for the sales of Fund shares.

SECURITIES LENDING ACTIVITY

During the most recent fiscal year, the Multi-Asset Accumulation Fund, Multi-Asset Income Fund, Multi-Asset Inflation Managed Fund and Multi-Asset Capital Stability Fund did not engage in securities lending.

TRUSTEES AND OFFICERS OF THE TRUST

Board Responsibilities. The management and affairs of the Trust and its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as SIMC, the Distributor and the Administrator. The Trustees

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are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Funds. The Funds and their service providers employ a variety of processes, procedures and controls to identify risks, to lessen the probability of their occurrence and/or to mitigate the effects of such risks if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.*, SIMC is responsible for the investment performance of the Funds and, along with the Board, is responsible for the oversight of the Funds' Sub-Advisers, which, in turn, are responsible for the day-to-day management of the Funds' portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a Fund, at which time SIMC presents the Board with information concerning the investment objectives, strategies and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, each Sub-Adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of SIMC and other service providers such as a Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Funds by the Adviser and Sub-Advisers and receives information about those services at its regular meetings. In addition, in connection with its consideration of whether to annually renew the Advisory Agreement between the Trust, on behalf of the Funds, and SIMC, and the various Sub-Advisory Agreements between SIMC and the Sub-Advisers with respect to the Funds, the Board annually meets with SIMC and, at least every other year, meets with the Sub-Advisers to review such services. Among other things, the Board regularly considers the Sub-Advisers' adherence to the Funds' investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations.

The Trust's Chief Compliance Officer regularly reports to the Board to review and discuss compliance issues and Fund, Adviser and Sub-Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser and Sub-Advisers. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report, any material changes to the policies and procedures since the date of the last report, any recommendations for material changes to the policies and procedures and any material compliance matters since the date of the last report.

The Board receives reports from the Valuation Designee and the Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Trust's Valuation Designee provides quarterly reports to the Board concerning investments for which market prices are not readily available or may be unreliable. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Funds' financial statements, focusing on major areas of financial statement risk encountered by the Funds and noting any significant deficiencies or material weaknesses that were identified in the Funds' internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their respective reviews of these reports and discussions with SIMC, the Sub-Advisers, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board

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and the Audit Committee learn about the material risks of the Funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Funds' investment management and business affairs are carried out by or through SIMC, the Sub-Advisers and the Funds' other service providers, each of which has an independent interest in risk management and each of which has policies and methods by which one or more risk management functions are carried out. These risk management policies and methods may differ in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

Members of the Board. There are ten members of the Board, eight of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Robert A. Nesher, an interested person of the Trust, serves as Chairman of the Board. James M. Williams, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust and the number of Funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from Fund management.

The Board has three standing committees: the Audit Committee, Governance Committee, and the Compliance and Operations Committee. The Audit Committee, Governance Committee, and the Compliance and Operations Committee are each chaired by an independent Trustee and composed of all of the independent Trustees. In addition, the Board has a lead independent Trustee.

In his role as lead independent Trustee, Mr. Williams, among other things: (i) presides over board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates dealings and communications between the independent Trustees and management and among the independent Trustees; and (v) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust, the year in which the Trustee was elected, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust. There is no stated term of office for the Trustees of the Trust. However, a Trustee must retire from the Board by the end of the calendar year in which the Trustee turns 75 provided that, although there shall be a presumption that each Trustee attaining such age shall retire, the Board may, if it deems doing so to be consistent with the best interest of the Trust, and with the consent of any Trustee that is eligible for retirement, by unanimous vote of the Governance Committee and majority vote of the full Board, extend the term of such Trustee for successive periods of one year. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Interested Trustees.

ROBERT A. NESHER (Born: 1946)—Chairman of the Board of Trustees\* (since 1989)—President and Chief Executive Officer of the Trust since December 2005. SEI employee since 1974; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI

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Global Nominee Ltd. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Winton Diversified Opportunities Fund from 2014 to 2018. Vice Chairman of The Advisors' Inner Circle Fund III from 2014 to 2018. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Director of SEI Alpha Strategy Portfolios, LP, from 2007 to 2013.

DENNIS J. MCGONIGLE (Born: 1960)—Trustee\* (since 2024)—Adviser to SEI Investments Company, Inc. since April 2024. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Chief Financial Officer of SEI Investments Company, Inc. from 2002 to April 2024. Executive Vice President of SEI Investments Company, Inc. from 1985 to 1998. Senior Auditor of Arthur Andersen and Company from 1982 to 1985.

Independent Trustees.

NINA LESAVOY (Born: 1957)—Trustee (since 2003)—Founder and Managing Director, Avec Capital (strategic fundraising firm), since April 2008. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Managing Director, Cue Capital (strategic fundraising firm) from March 2002 to March 2008.

JAMES M. WILLIAMS (Born: 1947)—Trustee (since 2004)—Retired since June 2024. Vice President and Chief Investment Officer, J. Paul Getty Trust, Non Profit Foundation for Visual Arts, from December 2002 to June 2024. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee/Director of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President of Harbor Capital Advisors and Harbor Mutual Funds from 2000 to 2002. Manager of Pension Asset Management for Ford Motor Company from 1997 to 1999.

SUSAN C. COTE (Born: 1954)—Trustee (since 2016)—Retired since July 2015. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2015 to 2020. Treasurer and Chair of Finance of the Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee from 2009 to 2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006 to 2015. Partner of Ernst & Young LLP from 1997 to 2015. Americas Director of Asset Management of Ernst & Young LLP from 2006 to 2013. Employee of Prudential from 1983 to 1997.

\* Messrs. Nesher and McGonigle are Trustees deemed to be "interested persons" (as that term is defined in the 1940 Act) of the Funds by virtue of their relationships with SEI.

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JAMES B. TAYLOR (Born: 1950)—Trustee (since 2018)—Retired since December 2017. Trustee/Director of SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2018 to 2020. Chief Investment Officer, Georgia Tech Foundation from 2008 to 2017. Director, Assistant Vice President, and Chief Investment Officer, Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.

CHRISTINE REYNOLDS (Born: 1958)—Trustee (since 2019)—Retired since December 2016. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2019 to 2020. Executive Vice President at Fidelity Investments from 2014 to 2016. President at Fidelity Pricing and Cash Management Services ("FPCMS") and Chief Financial Officer of Fidelity Funds from 2008 to 2014. Chief Operating Officer of FPCMS from 2007 to 2008. President, Treasurer at Fidelity Funds from 2004 to 2007. Anti-Money Laundering Officer at Fidelity Funds in 2004. Executive Vice President at Fidelity Funds from 2002 to 2004. Audit Partner at PricewaterhouseCoopers from 1992 to 2002.

THOMAS MELENDEZ (Born: 1959)—Trustee (since 2021)—Retired since April 2019. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Exchange Traded Funds, SEI Catholic Values Trust, New Covenant Funds and SEI Alternative Income Fund. Trustee of Boston Children's Hospital, The Partnership Inc. (non-profit organizations) and Brae Burn Country Club. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.

ELI POWELL NIEPOKY (Born: 1966)—Trustee (since 2024)—Treasurer of The Robert W. Woodruff Foundation since May 2021. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Vice President and Chief Investment Officer of Berman Capital Advisors from March 2018 to May 2021. Independent Consultant from January 2017 to February 2018. Principal and Chief Investment Officer of Diversified Trust Company from January 2003 to April 2015. Information Analyst and Director of Delta Air Lines from January 1990 to December 2002.

KIMBERLY WALKER (Born: 1958)—Trustee (since 2024)—General Partner at 1809 Capital since 2022. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Advisory Committee Member of NISA Investment Advisors since 2018. Chief Investment Officer of Washington University in St. Louis from 2006 to 2016. President of Qwest Asset Management Company from 1998 to 2006. Director of Equity Strategy for General Motors Corporation from 1994 to 1998.

There are currently 27 Funds in the Trust and 103 Funds in the Fund Complex.

Individual Trustee Qualifications. The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds and to exercise their business judgment in a manner that serves

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the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, which he joined in 1974, his knowledge of and experience in the financial services industry and the experience he has gained serving as Trustee of the various SEI Trusts since 1989.

The Trust has concluded that Mr. McGonigle should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, his knowledge of the financial services industry, and the experience he gained serving as a director on various company boards.

The Trust has concluded that Ms. Lesavoy should serve as Trustee because of the experience she gained as a Director of several private equity fundraising firms and marketing and selling a wide range of investment products to institutional investors, her experience in and knowledge of the financial services industry and the experience she has gained serving as Trustee of the various SEI Trusts since 2003 and the various SEI Trusts' Governance Chair since 2014.

The Trust has concluded that Mr. Williams should serve as Trustee because of the experience he gained as Chief Investment Officer of a non-profit foundation, the President of an investment management firm, the President of a registered investment company and the Manager of a public company's pension assets, his experience in and knowledge of the financial services industry and the experience he has gained serving as Trustee of the various SEI Trusts since 2004.

The Trust has concluded that Ms. Cote should serve as Trustee because of her education, knowledge of financial services and investment management, and the experience she has gained as a partner at a major accounting firm, where she served as both the Global Asset Management Assurance Leader and the Americas Director of Asset Management, and other professional experience gained through her prior employment and directorships.

The Trust has concluded that Mr. Taylor should serve as Trustee because of his education, knowledge of financial services and investment management, and the experience he has gained as a Chief Investment Officer at an endowment of a large university, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Reynolds should serve as Trustee because of the experience she has gained in her various roles with Fidelity, which she joined in 2002, including Chief Financial Officer of Fidelity Funds, her experience as a partner of a major accounting firm, and her experience in and knowledge of the financial services industry.

The Trust has concluded that Mr. Melendez should serve as Trustee because of the experience he has gained as an executive and portfolio manager of an investment management firm, his experience in and knowledge of the financial services industry, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Niepoky should serve as Trustee because of her education, her knowledge of public and private markets gained through her institutional and private wealth management roles, and her other professional experience.

The Trust has concluded that Ms. Walker should serve as Trustee because of her extensive knowledge of institutional asset management, experience she gained serving as Chief Investment Officer of a large university, and other professional experience gained through her prior employment.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and

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experience to oversee the business of the Funds. Moreover, references to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Trustee as having any special expertise or experience and shall not be deemed to impose any greater responsibility or liability on any such person or on the Board by reason thereof.

Board Standing Committees. The Board has established the following standing committees:

• Audit Committee. The Board has a standing Audit Committee that is composed of each of the independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: (i) recommending which firm to engage as the Trust's independent auditor and whether to terminate this relationship; (ii) reviewing the independent auditor's compensation, the proposed scope and terms of its engagement and the firm's independence; (iii) pre-approving audit and non-audit services provided by the Trust's independent auditor to the Trust and certain other affiliated entities; (iv) serving as a channel of communication between the independent auditor and the Trustees; (v) reviewing the results of each external audit, including any qualifications in the independent auditor's opinion, any related management letter, management's responses to recommendations made by the independent auditor in connection with the audit, reports submitted to the Audit Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; (vi) reviewing the Trust's audited financial statements and considering any significant disputes between the Trust's management and the independent auditor that arose in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent auditor and the Trust's senior internal accounting executive, if any, the independent auditor's report on the adequacy of the Trust's internal financial controls; (viii) reviewing, in consultation with the Trust's independent auditor, major changes regarding auditing and accounting principles and practices to be followed when preparing the Trust's financial statements; and (ix) other audit related matters. In addition, the Audit Committee is responsible for the oversight of the Trust's compliance program. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4) times during the Trust's most recently completed fiscal year.

• Governance Committee. The Board has a standing Governance Committee that is composed of each of the Independent Trustees of the Trust. The Governance Committee operates under a written charter approved by the Board. The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating all persons to serve as independent Trustees and evaluating the qualifications of "interested" (as that term is defined under the 1940 Act) Trustee candidates; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Governance Committee at the applicable Trust's offices. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Governance Committee. The Governance Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Governance Committee shall meet at least once each year and shall conduct at least one meeting in person. The Governance Committee met four (4) times during the Trust's most recently completed fiscal year.

• Compliance and Operations Committee. The Board has a standing Compliance and Operations Committee that is composed of each of the Independent Trustees of the Trust. The Compliance and Operations Committee operates under a written charter approved by the Board. The principal responsibilities of the Compliance and Operations Committee include: (i) serving as a liaison between the Board and the Trust's Chief Compliance Officer; (ii) recommending policies and procedures concerning the Trust's compliance with applicable law; (iii) reviewing the Chief Compliance Officer's procedures for compliance testing plans; (iv) coordinating the Board's approval of the Chief Compliance

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Officer's compensation; and (v) coordinating with SIMC's chief compliance officer and chief risk officer on material compliance and operations matters. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Compliance and Operations Committee. The Compliance and Operations Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Compliance and Operations Committee shall meet at least once each year and shall conduct at least one meeting in person. The Compliance and Operations Committee is new and met one (1) time during the Trust's most recently completed fiscal year.

Fund Shares Owned by Board Members. The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds and shares of funds in the Fund Complex (as described below) as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC.

"Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities and Exchange Act of 1934, as amended (the "1934 Act"). The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| Name | Dollar Range of<br>Fund Shares<br>(Fund)\* | Aggregate Dollar<br>Range of Shares<br>(Fund Complex)\* |
| **Interested** | **Interested** | **Interested** |
| Mr. Nesher |  | Over $100,000 |
| Mr. McGonigle^ |  | Over $100,000 |
| Independent | Independent | Independent |
| Ms. Lesavoy |  | Over $100,000 |
| Mr. Williams |  | Over $100,000 |
| Ms. Cote |  | Over $100,000 |
| Mr. Taylor |  | Over $100,000 |
| Ms. Reynolds | Over $100,000<br>(Multi-Asset Income Fund) | Over $100,000 |
| Mr. Melendez |  | Over $100,000 |
| Ms. Niepoky^ |  | $10001-$50000 |
| Ms. Walker^ |  |  |

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\* Valuation date is December 31, 2025. The Fund Complex currently consists of 103 portfolios of the following trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

<sup>^</sup> Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective February 26, 2025.

Board Compensation. The Trust and the Fund Complex paid the following fees to the Trustees during its most recently completed fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name | Aggregate<br>Compensation | Pension or<br>Retirement<br>Benefits Accrued<br>as Part of<br>Fund Expenses | Estimated<br>Annual<br>Benefits Upon<br>Retirement | Total Compensation<br>From the Trust<br>and Fund<br>Complex\* |
| Interested | Interested | Interested | Interested | Interested |
| Mr. Nesher | $0 | $0 | $0 | $0 |
| Mr. Doran† | $0 | $0 | $0 | $0 |
| Mr. McGonigle^ | $0 | $0 | $0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Name | Aggregate<br>Compensation | Pension or<br>Retirement<br>Benefits Accrued<br>as Part of<br>Fund Expenses | Estimated<br>Annual<br>Benefits Upon<br>Retirement | Total Compensation<br>From the Trust<br>and Fund<br>Complex\* |
| Independent | Independent | Independent | Independent | Independent |
| Ms. Lesavoy | $22942 | $0 | $0 | $353750 |
| Mr. Williams | $23973 | $0 | $0 | $370000 |
| Ms. Cote | $22942 | $0 | $0 | $353750 |
| Mr. Taylor | $21703 | $0 | $0 | $335000 |
| Ms. Reynolds | $22085 | $0 | $0 | $341250 |
| Mr. Melendez | $22085 | $0 | $0 | $341250 |
| Ms. Niepoky | $16013 | $0 | $0 | $252500 |
| Ms. Walker | $16013 | $0 | $0 | $252500 |

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\* The Fund Complex currently consists of 103 portfolios of the following trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund, LP and SEI Alternative Income Fund.

<sup>†</sup> Mr. William M. Doran retired from the Board of Trustees effective May 31, 2025, after having dutifully served on the SEI Funds' Board since 1982.

<sup>^</sup> Mr. McGonigle and Mses. Niepoky and Walker became trustees for the Trust effective February 26, 2025.

Trust Officers. Set forth below are the names, dates of birth, position with the Trust, length of term of office, and the principal occupations for at least the last five years of each of the persons currently serving as officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. None of the officers, except for Stephen Panner, the Chief Compliance Officer of the Trust, receives compensation from the Trust for his or her services. The Trust's Chief Compliance Officer serves in the same capacity for the other SEI trusts included in the Fund Complex, and the Trust pays its pro-rata share of the aggregate compensation payable to the Chief Compliance Officer for his services.

Certain officers of the Trust also serve as officers to one or more mutual funds to which SEI or its affiliates act as investment adviser, administrator or distributor.

The officers of the Trust have been elected by the Board. Each officer shall hold office until the election and qualification of his or her successor or until earlier resignation or removal.

ROBERT A. NESHER (Born: 1946)—President and Chief Executive Officer (since 2005)—See biographical information above under the heading "Interested Trustees."

TIMOTHY D. BARTO (Born: 1968)—Vice President, Secretary and Chief Legal Officer (since 2002)—General Counsel and Secretary of SIMC since 2004. Vice President and Assistant Secretary of SEI since 2001. Vice President of SIMC since 1999. Vice President and Secretary of SEI Institutional Transfer Agent, Inc. from 2009 to 2024. Vice President of the Administrator from 1999 to 2024.

GLENN R. KURDZIEL (Born: 1974)—Controller and Chief Financial Officer (since 2023)—Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager of Funds Accounting of SEI Investments Global Funds Services from 2005 to 2023.

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STEPHEN G. MACRAE (Born: 1967)—Vice President (since 2012)—Director of Global Investment Product Management, January 2004 to present. Vice President of SEI Insurance Products Trust from 2013 to 2020.

STEPHEN F. PANNER (Born: 1970)—Chief Compliance Officer (since 2022)—Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, The Advisors' Inner Circle Fund III, Gallery Trust, Wilshire Private Assets Fund, Wilshire Private Assets Master Fund and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.

KATHERINE MASON (Born: 1979)—Vice President and Assistant Secretary (since 2022)—Consulting Attorney at Hirtle, Callaghan & Co. (investment company) from October 2021 to June 2022. Attorney at Stradley Ronon Stevens & Young, LLP (law firm) from September 2007 to July 2012.

DAVID F. MCCANN (Born: 1976)—Vice President and Assistant Secretary (since 2009)—General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. from 2020 to 2023. Vice President and Assistant Secretary of SIMC since 2008. Vice President and Assistant Secretary of SEI Insurance Products Trust from 2013 to 2020. Attorney at Drinker Biddle & Reath, LLP (law firm) from May 2005 to October 2008.

MARCI M. MORGAN (Born: 1971)—Anti-Money Laundering Compliance Officer and Privacy Officer (since 2025—Director of Anti-Money Laundering Compliance at SEI since May 2025. Director of Global Due Diligence at SEI from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023.

PROXY VOTING POLICIES AND PROCEDURES

The Funds have delegated proxy voting responsibilities to SIMC, subject to the Board's general oversight. As required by applicable regulations, SIMC must vote proxies in a manner consistent with the best interest of each investment advisory client who delegates voting responsibility to SIMC, which includes the Funds (each a "Client") and must not place its own interests above those of its Clients. SIMC has adopted its own written proxy voting policies, procedures and guidelines that are reasonably designed to meet this purpose (the "Procedures"). The Procedures may be changed as necessary to remain current with regulatory requirements and internal policies and procedures.

SIMC has elected to retain an independent proxy voting service (the "Service") to vote proxies with respect to its Clients. The Service votes proxies in accordance with guidelines (the "Proxy Guidelines") approved by SIMC's Proxy Voting Committee (the "Proxy Committee") with certain limited exceptions as outlined below. The Proxy Guidelines set forth the manner in which SIMC will vote, or the manner in which SIMC shall determine how to vote, with respect to matters that may come up for shareholder vote. The Service will review each matter on a case-by-case basis and, in most cases, vote the proxies in accordance with the Proxy Guidelines.

Prior to voting a proxy, the Service makes available to SIMC its recommendation on how to vote in light of the Proxy Guidelines. SIMC retains the authority to overrule the Service's recommendation in certain scenarios (as listed below) and instruct the Service to vote in a manner in variance with the Service's recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Requests by Sub-Advisers to Direct Proxy Votes</u>. Sub-Advisers retained by SIMC to manage the Funds may contact SIMC with requests that SIMC direct a proxy vote in a particular solicitation which would differ from the Service's recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Recommendations by Engagement Vendor</u>. In addition to retaining the Service, SIMC has also engaged a third party vendor to assist with engagement services (the "Engagement Service"). The Engagement Service strives to help investors manage reputational risk and increase corporate accountability through proactive, professional and constructive engagement. It does so by collaborating with investors, facilitating

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avenues of active ownership (including direct, constructive dialogue with companies) and assisting with shareholder resolutions and proxy voting decisions. As a result of this process, the Engagement Service will at times provide SIMC with proxy voting recommendations that may conflict with the Proxy Guidelines. Recommendations from the Engagement Service to potentially override the Service's recommendation are expected to be limited to companies with which the Engagement Service is engaged on SIMC's behalf, and limited to proxy matters that bear on the subject of the engagement with that issuer.

In all circumstances identified above, the Proxy Committee shall convene and adhere to the conflicts provisions of the Procedures. For any proposal where the Proxy Committee determines that SIMC does not have a material conflict of interest, the Proxy Committee may overrule the Service's recommendation if the Proxy Committee reasonably determines that doing so is in the best interest of the Clients. For any proposal where the Proxy Committee determines that SIMC has a material conflict of interest, SIMC must vote in accordance with the Service's recommendation unless it has first fully disclosed to each Client holding the security at issue the nature of the conflict and obtained each Client's consent as to how SIMC will vote on the proposal. If the Proxy Committee decides to overrule the Service's recommendation, the Proxy Committee shall maintain a written record setting forth the basis of its decision.

In some circumstances, SIMC may determine it is in the best interest of its Clients to abstain from voting certain proxies. These include (but are not necessarily limited to) the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;a. Proxy Guidelines do not cover an issue;

&nbsp;&nbsp;&nbsp;&nbsp;b. The Service does not make a recommendation on the issue;

&nbsp;&nbsp;&nbsp;&nbsp;c. SIMC determines that the costs of voting exceed the expected benefits to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;d. The accounts engage in securities lending;

&nbsp;&nbsp;&nbsp;&nbsp;e. The vote is subject to "share blocking," which requires investors who intend to vote to surrender the right to dispose of their shares until after the shareholder meeting, potentially creating liquidity issues; and

&nbsp;&nbsp;&nbsp;&nbsp;f. The Proxy Committee is unable to convene to determine whether the proposal would be in the Client's best interests.

With respect to proxies of an affiliated investment company or series thereof, SIMC will vote such proxies in the same proportion as the vote of all other shareholders of the investment company or series thereof (*i.e.*, "echo vote" or "mirror vote").

With respect to proxies in foreign jurisdictions, certain countries or issuers may require SIMC to have a duly executed power of attorney in place with such country or issuer in order to vote a proxy. The Service may execute, on behalf of SIMC, power of attorney requirements in order to satisfy these requirements. Under circumstances where the issuer, not the jurisdiction, requires an issuer-specific, shareholder-specific or other limited power of attorney in order to vote a proxy, the Service will coordinate with SIMC in order to execute such power of attorney. In these instances, it may not be convenient or practicable to execute a power of attorney in sufficient time to vote proxies in that meeting, and SIMC may abstain from voting.

For each proxy, SIMC maintains all related records as required by applicable law. The Trust is required to file how all proxies were voted with respect to portfolio securities held by the Funds. A Client may obtain, without charge, a copy of SIMC's Procedures and Proxy Guidelines, or information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, by calling SIMC at 1-800-DIAL-SEI, by writing to SIMC at One Freedom Valley Drive, Oaks, Pennsylvania 19456 or on the SEC's website at http://www.sec.gov.

PURCHASE AND REDEMPTION OF SHARES

Shares of each Fund may be purchased in exchange for securities included in the Fund subject to the Administrator's determination that the securities are acceptable. Securities accepted in an exchange will be valued at the market value. All accrued interest and subscription of other rights that are reflected in the market

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price of accepted securities at the time of valuation become the property of the Trust and must be delivered by the shareholder to the Trust upon receipt from the issuer. A shareholder may recognize a gain or a loss for federal income tax purposes in making the exchange.

The Administrator will not accept securities for a Fund unless: (i) such securities are appropriate for the Fund at the time of the exchange; (ii) such securities are acquired for investment and not for resale; (iii) the shareholder represents and agrees that all securities offered to the Trust for the Fund are not subject to any restrictions upon their sale by the Fund under the 1933 Act, or otherwise; (iv) such securities are traded on the American Stock Exchange, the New York Stock Exchange ("NYSE") or on NASDAQ in an unrelated transaction with a quoted sales price on the same day the exchange valuation is made or, if not listed on such exchanges or on NASDAQ, have prices available from an independent pricing service approved by the Board; and (v) the securities may be acquired under the investment restrictions applicable to the Fund.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for any period during which trading on the NYSE is restricted, or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which disposal or evaluation of the portfolio securities is not reasonably practicable, or for such other periods as the SEC may by order permit. The Trust also reserves the right to suspend sales of shares of one or more of the Funds for any period during which the NYSE, the Administrator, SIMC or the Funds' Sub-Advisers, the Distributor and/or the custodian are not open for business. Currently, the following holidays are observed by the Trust: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Additionally, the NYSE closes early on the following days: the day before Independence Day, the day after Thanksgiving and Christmas Eve.

It is currently the Trust's policy to pay for all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in kind of securities held by a Fund in lieu of cash. Shareholders may incur brokerage charges in connection with the sale of such securities. However, a shareholder will at all times be entitled to aggregate cash redemptions from a Fund of the Trust during any 90-day period of up to the lesser of $250,000 or 1% of the Trust's net assets in cash. A gain or loss for federal income tax purposes would be realized by a shareholder subject to taxation upon an in-kind redemption depending upon the shareholder's basis in the shares of the Fund redeemed.

Fund securities may be traded on foreign markets on days other than a Business Day or the net asset value of a Fund may be computed on days when such foreign markets are closed. In addition, foreign markets may close at times other than 4:00 p.m. Eastern Time. As a consequence, the net asset value of a share of a Fund may not reflect all events that may affect the value of the Fund's foreign securities unless an adviser determines that such events materially affect net asset value, in which case net asset value will be determined by consideration of other factors.

Certain shareholders in the Funds may obtain asset allocation services from SIMC and other financial intermediaries with respect to their investments in the Funds. If a sufficient amount of a Fund's assets are subject to such asset allocation services, the Fund may incur higher transaction costs and a higher portfolio turnover rate than would otherwise be anticipated as a result of redemptions and purchases of Fund shares pursuant to such services. Further, to the extent that SIMC is providing asset allocation services and providing investment advice to a Fund, it may face conflicts of interest in fulfilling its responsibilities because of the possible differences between the interests of its asset allocation clients and the interests of the Fund.

REDEMPTIONS IN-KIND

Each Fund reserves the right, under certain conditions, to honor any request for redemption by making payment in whole or in part in securities valued as described in the prospectus, except that a shareholder will at all times be entitled to aggregate cash redemptions from a Fund during any 90-day period of up to the lesser of $250,000 or 1% of the Fund's net assets in cash. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by an in-kind distribution of securities. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's

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portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund, in its discretion, may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of Funds that hold securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

TAXES

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Funds and their shareholders that is intended to supplement the discussion contained in the Funds' prospectuses. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussion here and in the Funds' prospectuses is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Qualification as a Regulated Investment Company. Each Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code. By following such a policy, each Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. A Fund that qualifies as a RIC will generally not be subject to federal income taxes on the net investment income and net realized capital gains that the Fund timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that

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does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which a Fund owns a 20% or more voting stock interest, in the securities (other than U.S. Government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that a Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Funds intend to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Funds will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. A Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, such Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of a Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining such Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. Thus, if a Fund has a "net capital loss" (that is, capital losses in excess of capital gains) the excess of such Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

Federal Excise Tax. Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax). The Funds intend to make sufficient distributions to avoid liability for federal excise tax, but can make no

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assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as a RIC.

Distributions to Shareholders. The Funds receive income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by a Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by a Fund will be eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Funds receive qualified dividend income on the securities they hold and the Funds report the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from each Fund's assets before it calculates the net asset value) with respect to such dividend, (ii) each Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. Certain Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

Distributions by the Funds of their net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders currently set at a maximum rate of 20% regardless of how long you have held your shares in such Fund. Distributions from capital gains are generally made after applying any available capital loss carryforwards.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. Certain Funds' investment strategies will significantly limit their ability to distribute dividends eligible for the dividends received deduction for corporations.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest

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Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits for the taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions. This is known as "buying a dividend" and generally should be avoided by taxable investors.

The Funds (or their administrative agents) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Funds may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Funds.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

Sales, Exchanges or Redemptions. Sales and redemptions of Fund shares may be taxable transactions for federal and state income tax purposes. Any gain or loss recognized on a sale or redemption of shares of a Fund by a shareholder who holds Fund shares as a capital asset will generally be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired.

Each Fund (or their administrative agents) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, each Fund (or its administrative agent) is also required to report the cost basis information

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for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of its shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, each Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by shareholders (or the cost basis method applied by default) for each sale of a Fund's shares may not be changed after the settlement date of each such sale of a Fund's shares. If your shares are held in a brokerage account, your broker may use a different method and you should contact your broker to determine which method it will use. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Net Investment Income Tax. U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale or exchange of shares of a Fund).

Tax Treatment of Complex Securities. The Funds may invest in complex securities. These investments may be subject to numerous special and complex provisions of the Code that, among other things, may affect the Funds' ability to qualify as RICs, affect whether gains and losses recognized by the Funds are treated as ordinary income or capital gain, accelerate the recognition of income to the Funds and/or defer the Funds' ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. These rules could affect the amount, timing or character of the income distributed to shareholders.

Certain derivative investment by the Funds, such as ETPs and OTC derivatives may not produce qualifying income for purposes of the "Qualifying Income Test" described above, which must be met in order for a Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the "Asset Test" described above. The Funds intend to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that they are adequately diversified under the Asset Test. The Funds, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Funds' determination of the "Asset Test" with respect to such derivatives.

A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the CFC provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, each Commodity Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, each Commodity Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any NCTI for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. NCTI generally includes the active operating profits of the CFC.

Each of the Commodity Funds may invest up to 25% of its total assets in a Subsidiary, which the Commodity Funds expect to be treated as a CFC under the Code. The Commodity Funds' investment in their respective Subsidiaries is expected to provide the Commodity Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Commodity Funds attributable to their investment in a Subsidiary is "qualifying income" to the Commodity Funds to the extent that such income is derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Each Commodity Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Commodity Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income." The Adviser will carefully

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monitor the Commodity Funds' investments in their respective Subsidiaries to ensure that no more than 25% of a Commodity Fund's assets are invested in its Subsidiary.

Subpart F income and NCTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent a Commodity Fund invests in its Subsidiary and recognizes "Subpart F" income or NCTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

A Commodity Fund's recognition of any "Subpart F" income or NCTI from an investment in its Subsidiary will increase the Commodity Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to a Commodity Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or NCTI, and will correspondingly reduce the Commodity Fund's tax basis in its Subsidiary, and any distributions in excess of the Commodity Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to a Commodity Fund's shares of its Subsidiary will not be currently recognized. A Commodity Fund's investment in its Subsidiary will potentially have the effect of accelerating the Commodity Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by a Commodity Fund. In addition, the net losses incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. A Commodity Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

Certain of the Commodity Funds' investments, such as commodity futures contracts, other commodity-related derivative instruments and commodities, when made directly, may not produce qualifying income to the Commodity Funds. To the extent a Commodity Fund invests in such investments directly, the Fund will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income).

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Funds to mark-to-market certain types of positions in their portfolios (*i.e.*, treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

With respect to investments in STRIPS, Treasury Receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

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Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Fund may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be original interest discount, which is taxable as ordinary income and is required to be distributed, even though the Fund will not receive the principal, including any increase thereto, until maturity. As noted above, if a Fund invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Fund level.

In general, for purposes of the Qualifying Income Test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by a Fund. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in Code section 7704(d), and (iii) that, in general, derives less than 90% of its income from the qualifying income described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

A Fund may invest in certain MLPs which may be treated as "qualified publicly traded partnerships." Income from qualified publicly traded partnerships is qualifying income for purposes of the Qualifying Income Test, but a Fund's investment in one or more of such "qualified publicly traded partnerships" is limited under the Asset Test to no more than 25% of the value of the Fund's assets. The Funds will monitor their investments in such qualified publicly traded partnerships in order to ensure compliance with the Qualifying Income and Asset Tests. MLPs and other partnerships that the Funds may invest in will deliver Schedules K-1 to the Funds to report their share of income, gains, losses, deductions and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that a Fund issues its tax reporting statements. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not necessarily the same as a "qualified publicly traded partnership" as defined for the purpose of the immediately preceding paragraphs. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not.

A Fund may invest in U.S. REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in a Fund's receipt of cash in excess of the REIT's earnings; if a Fund distributes these amounts, these distributions could constitute a return of capital to such Fund's shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be

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treated as long-term capital gains by such Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs", such Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the Distribution Requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the Distribution Requirements set forth above. The Funds intend to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by a Fund arising from a QEF election will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

Certain Foreign Currency Tax Issues. A Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (*i.e.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (*i.e.*, treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Funds intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the

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appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of a Fund as a RIC and minimize the imposition of income and excise taxes. Accordingly, a Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

Foreign Taxes. Dividends and interest received by a Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of a Fund's total assets at the close of their taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, such Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to their shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by the Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund.

Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund of funds" under the Code. If a Fund is a "qualified fund of funds" it will be eligible to file an election with the IRS that will enable the Fund to pass along these foreign tax credits to its shareholders. A Fund will be treated as a "qualified fund of funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

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the foregoing, a tax-exempt shareholder could realize UBTI by virtue of an investment in a Fund where, for example: (i) the Fund invests in residual interests of REMICs, (ii) the Fund invests in a REIT that is a taxable mortgage pool ("TMP") or that has a subsidiary that is a TMP or that invests in the residual interest of a REMIC, or (iii) shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of section 514(b) of the Code. Charitable remainder trusts are subject to special rules and should consult their tax advisor. The IRS has issued guidance with respect to these issues and prospective shareholders, especially charitable remainder trusts, are strongly encouraged to consult their tax advisors regarding these issues.

The Funds' shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from a Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

Backup Withholding. A Fund will be required in certain cases to withhold at a rate of 24% and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien).

Non-U.S. Investors. Any non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Funds. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. This 30% withholding tax generally will not apply to exempt-interest dividends, distributions of the excess of net long-term capital gains over net short-term capital losses, or to redemption proceeds. A Fund may also, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

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A non-U.S. entity that invests in a Fund will need to provide such Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

Tax Shelter Reporting Regulations. Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

State Taxes. Depending upon state and local law, distributions by a Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that a Fund will not be liable for any corporate excise, income or franchise tax in Massachusetts if it qualifies as a RIC for federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in GNMA or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in a Fund.

PORTFOLIO TRANSACTIONS

Brokerage Transactions. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark-up or reflect a dealer's mark-down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

Brokerage Selection. The Trust has no obligation to deal with any broker-dealer or group of brokers or dealers in the execution of transactions in portfolio securities. Subject to policies established by the Trustees, SIMC and the Funds' Sub-Advisers are responsible for placing orders to execute Fund transactions. In placing orders, it is the Trust's policy to seek to obtain the best net results taking into account such factors as price (including the applicable dealer spread), size, type and difficulty of the transaction involved, the firm's general execution and operational facilities, and the firm's risk in positioning the securities involved. While SIMC and the Sub-Advisers generally seek reasonably competitive spreads or brokerage commissions, the Trust will not necessarily be paying the lowest spread or commission available. The Trust will not purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations of the SEC.

The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, SIMC or a Sub-Adviser, as applicable, may select a broker based upon brokerage or research services provided to SIMC or a Sub-Adviser. SIMC or a Sub-Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

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Section 28(e) of the 1934 Act ("Section 28(e)") permits SIMC or a Sub-Adviser, under certain circumstances, to cause a Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. Brokerage and research services include: (i) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (iii) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement and custody). In the case of research services, SIMC and the Sub-Advisers believe that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Funds. In addition to agency transactions, SIMC or a Sub-Adviser may receive brokerage and research services in connection with certain riskless principal transactions, as defined by Financial Industry Regulatory Authority Rules ("FINRA") and in accordance with applicable SEC guidance.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information that assists in the valuation and pricing of investments. Examples of research-oriented services for which SIMC or a Sub-Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. SIMC or a Sub-Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by SIMC or a Sub-Adviser will be in addition to and not in lieu of the services required to be performed by SIMC or a Sub-Adviser under their Investment Advisory Agreements. Any advisory or other fees paid to SIMC or a Sub-Adviser are not reduced as a result of the receipt of research services.

In some cases SIMC or a Sub-Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, SIMC or a Sub-Adviser, as applicable, makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while SIMC or a Sub-Adviser will use their own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, SIMC and the Sub-Advisers face a potential conflict of interest, but SIMC and the Sub-Advisers believe that their respective allocation procedures are reasonably designed to ensure that they appropriately allocate the anticipated use of such services to their research and non-research uses.

From time to time, the Funds may purchase new issues of securities for clients in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide SIMC or a Sub-Adviser with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

SIMC also from time to time executes trades with the Distributor, acting as introducing broker, in connection with the transition of the securities and other assets included in a Fund's portfolio when there is a change in Sub-Advisers in the Fund or a reallocation of assets among the Fund's Sub-Advisers. An unaffiliated third-party broker selected by SIMC or the relevant Sub-Adviser provides execution and clearing services with respect to such trades and is compensated for such services out of the commission paid to the Distributor on the trades. All such transactions effected using the Distributor as introducing broker must be accomplished in a manner that is consistent with the Trust's policy to achieve best net results and must comply with the Trust's procedures regarding the execution of Fund transactions through affiliated brokers. The Funds do not direct brokerage to brokers in recognition of, or as compensation for, the promotion or sale of Fund shares.

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For the fiscal years ended September 30, 2023, 2024 and 2025, the Funds paid the following brokerage fees:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total $ Amount <br>of Brokerage <br>Commissions <br>Paid <br>(000) | Total $ Amount <br>of Brokerage <br>Commissions <br>Paid <br>(000) | Total $ Amount <br>of Brokerage <br>Commissions <br>Paid <br>(000) | Total $ Amount <br>of Brokerage <br>Commissions <br>Paid to <br>Affiliated Brokers <br>(000) | Total $ Amount <br>of Brokerage <br>Commissions <br>Paid to <br>Affiliated Brokers <br>(000) | Total $ Amount <br>of Brokerage <br>Commissions <br>Paid to <br>Affiliated Brokers <br>(000) | % of Total <br>Brokerage <br>Commissions <br>Paid to <br>Affiliated <br>Brokers | % of Total <br>Brokerage <br>Transactions <br>Effected Through <br>Affiliated Brokers |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2025 | 2025 |
| Multi-Asset Accumulation Fund | $580 | $469 | $207 | $— | $— | $— | 0% | 0% |
| Multi-Asset Income Fund | $94 | $61 | $62 | $17 | $7 | $5 | 8% | 2% |
| Multi-Asset Inflation <br>Managed Fund | $65 | $74 | $89 | $— | $— | $— | 0% | 0% |
| Multi-Asset Capital <br>Stability Fund | $56 | $52 | $50 | $— | $— | $— | 0% | 0% |

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Brokerage with Fund Affiliates. Certain Funds may execute brokerage or other agency transactions through the Distributor, a registered broker-dealer, for a commission, in conformity with the 1940 Act, the 1934 Act and rules, or any orders of the SEC. These provisions require that commissions paid to the Distributor by the Trust for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." In addition, the Funds may direct commission business to one or more designated broker-dealers, including the Distributor, in connection with payment of certain of the Funds' expenses by such broker-dealers. The Trustees, including those who are not "interested persons" of the Trust, have adopted procedures for evaluating the reasonableness of commissions paid to the Distributor and will review these procedures periodically. The Trust will not purchase portfolio securities from any affiliated person acting as principal except in conformity with the regulations or any orders of the SEC.

The portfolio turnover rate for each Fund for the fiscal year ended September 30, 2024 and 2025 was as follows:

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| | | |
|:---|:---|:---|
| | Turnover Rate | Turnover Rate |
| Fund | 2024 | 2025 |
| Multi-Asset Accumulation Fund | 75% | 75% |
| Multi-Asset Income Fund | 68% | 59% |
| Multi-Asset Inflation Managed Fund | 43% | 44% |
| Multi-Asset Capital Stability Fund | 203% | 260% |

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The Trust is required to identify any securities of its "regular brokers or dealers" (as such term is defined in the 1940 Act) that the Trust has acquired during its most recent fiscal year. Certain information about these issuers is set forth below, as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| Fund | Name of Issuer | Type of Security | Amount (000) |
| Multi-Asset Income Fund | Bank of America Merrill Lynch | Debt | $4919 |
|  | JP Morgan Securities | Debt | $4138 |
|  | Morgan Stanley & Co, Inc | Debt | $4564 |
|  | UBS Securities | Debt | $3711 |
| Multi-Asset Inflation Managed Fund | Goldman, Sachs & Co. | Debt | $323 |
|  | Morgan Stanley & Co, Inc. | Debt | $3 |
|  | UBS Securities | Debt | $423 |
| Multi-Asset Capital Stability Fund | Citigroup | Equity | $6667 |
|  | Goldman, Sachs & Co. | Equity | $7247 |

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DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). The Board has approved a policy that provides that portfolio holdings may not be made available to any third party until after such information has been posted on the Portfolio Holdings Website, with limited exceptions noted below. This policy seeks to ensure that the disclosure of information regarding the Funds' portfolio securities is in the best interests of Fund shareholders, and includes procedures to address conflicts of interest.

Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

Portfolio holdings information may be provided to independent third-party fund reporting services (*e.g.*, Broadridge Lipper or Morningstar) for a legitimate business purpose, but will be delivered no earlier than the date such information is posted on the Portfolio Holdings Website, unless the reporting service executes a confidentiality agreement with the Trust that is satisfactory to the Trust's officers and that provides that the reporting service will keep the information confidential and will not trade on the information.

Portfolio holdings information may also be provided at any time and as frequently as daily to the Funds' Trustees, SIMC, the Sub-Advisers, the Distributor, the Administrator and certain other service providers, as well as additional contractors and vendors that may include, but are not limited to: the custodian and sub-custodian, the transfer agent, attorneys, independent auditors, securities lending agents, tax filing and reclamation vendors, class-action monitoring and filing vendors, printing and filing vendors, proxy vendors and providers of portfolio monitoring and analytical tools. Service providers will be subject to a duty of confidentiality with respect to any portfolio holdings information, whether imposed by a confidentiality agreement, the provisions of the service provider's contract with the Trust, or by the nature of its relationship with the Trust, and such service providers will be prohibited from trading on the information. Portfolio holdings of a Fund may also be provided to a prospective service provider for that Fund, so long as the prospective service provider executes a confidentiality agreement with the Fund in such form as deemed acceptable by an officer of the Fund. The Board exercises on-going oversight of the disclosure of Fund portfolio holdings by overseeing the implementation of the Funds' policies and procedures by the Chief Compliance Officer.

Neither the Funds, SIMC, nor any other service provider to the Funds may receive compensation or other consideration for providing portfolio holdings information.

The Trust files a complete schedule of the Funds' investments within 60 days after the end of the Fund's first and third fiscal quarter pursuant to Form N-CSR and/or as exhibits to Form N-PORT.

DESCRIPTION OF SHARES

The Declaration of Trust authorizes the issuance of an unlimited number of shares of each Fund, each of which represents an equal proportionate interest in that Fund. Each share upon liquidation entitles a shareholder to a pro rata share in the net assets of that Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees of the Trust may create additional series of shares or separate classes of such series. Share certificates representing the shares will not be issued.

Any series of the Trust may reorganize or merge with one or more other series of the Trust or another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote of a majority of the Trustees then in office and, to the extent permitted by applicable law, without the approval of shareholders of any series.

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LIMITATION OF TRUSTEES' LIABILITY

The Agreement and Declaration of Trust provides that a Trustee shall be liable only for his or her own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or administrators, shall not be liable for any neglect or wrongdoing of any such person. The Agreement and Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Agreement and Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties.

CODES OF ETHICS

The Board has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, SIMC, the Funds' Sub-Advisers and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are reasonably designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons at most Sub-Advisers are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Funds, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Access persons at certain Sub-Advisers may be prohibited from engaging in personal securities transactions entirely. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

VOTING

Each share held entitles the shareholder of record to one vote. Shareholders of each Fund or class will vote separately on matters pertaining solely to that Fund or class, such as any distribution plan. As a Massachusetts business trust, the Trust is not required to hold annual meetings of shareholders, but approval will be sought for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Where the Prospectuses for the Funds or SAI state that an investment limitation or a fundamental policy may not be changed without shareholder approval, such approval means the vote of: (i) 67% or more of the Fund's shares present at a meeting if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

SHAREHOLDER LIABILITY

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a business trust could, under certain circumstances, be held personally liable as partners for the obligations of the Trust. Even if, however, the Trust were held to be a partnership, the possibility of the shareholders incurring financial loss for that reason appears remote because the Trust's Agreement and Declaration of Trust contains an express disclaimer of shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by or on behalf of the Trust or the Trustees, and because the Agreement and Declaration of Trust provides for indemnification out of the Trust property for any shareholders held personally liable for the obligations of the Trust.

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CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES

As of January 20, 2026, the following persons were the only persons who were record owners (or to the knowledge of the Trust, beneficial owners) of 5% and 25% or more of the shares of a Fund. Persons who own of record or beneficially more than 25% of a Fund's outstanding shares may be deemed to control the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund could have the ability to vote a majority of the shares of the Fund on any matter requiring the approval of shareholders of the Fund. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency, or custodial customers.

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Multi-Asset Accumulation Fund—Class F Shares | Multi-Asset Accumulation Fund—Class F Shares | Multi-Asset Accumulation Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 118361546.68 | 86.03% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 15565412.65 | 11.31% |
| Multi-Asset Accumulation Fund—Class Y Shares | Multi-Asset Accumulation Fund—Class Y Shares | Multi-Asset Accumulation Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3608896.14 | 39.51% |
| SEI Asset Allocation Trust<br>Aggressive Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1561593.06 | 17.11% |
| SEI Asset Allocation Trust<br>Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1541849.59 | 16.88% |
| SEI Asset Allocation Trust<br>Moderate Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 906733.20 | 9.93% |
| SEI Asset Allocation Trust<br>Core Market Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 498293.44 | 5.50% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Multi-Asset Income Fund—Class F Shares | Multi-Asset Income Fund—Class F Shares | Multi-Asset Income Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 29698456.65 | 79.67% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 6335478.29 | 17.00% |
| Multi-Asset Income Fund—Class Y Shares | Multi-Asset Income Fund—Class Y Shares | Multi-Asset Income Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 8401789.17 | 64.88% |
| Charles Schwab & Co Inc Special<br>Custody A/C FBO Customers <br>Attn: Mutual Funds <br>211 Main Street <br>San Francisco, CA 94105-1901 | 2761477.10 | 21.32% |
| Multi-Asset Inflation Managed Fund—Class F Shares | Multi-Asset Inflation Managed Fund—Class F Shares | Multi-Asset Inflation Managed Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 51879750.95 | 88.02% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 5304287.61 | 9.00% |
| Multi-Asset Inflation Managed Fund—Class Y Shares | Multi-Asset Inflation Managed Fund—Class Y Shares | Multi-Asset Inflation Managed Fund—Class Y Shares |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2773047.57 | 54.28% |
| SEI Asset Allocation Trust<br>Market Growth Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 929138.23 | 18.19% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Asset Allocation Trust<br>Moderate Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 479485.93 | 9.39% |
| SEI Asset Allocation Trust<br>Core Market Strategy Fund <br>Attn: Jack McCue IMU <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 319826.61 | 6.29% |
| Multi-Asset Capital Stability Fund—Class F Shares | Multi-Asset Capital Stability Fund—Class F Shares | Multi-Asset Capital Stability Fund—Class F Shares |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 29833760.35 | 73.35% |
| SEI Private Trust Company<br>c/o GWP US Advisors <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 9965102.61 | 24.50% |
| Multi-Asset Capital Stability Fund—Class Y Shares | Multi-Asset Capital Stability Fund—Class Y Shares | Multi-Asset Capital Stability Fund—Class Y Shares |
| SEI Asset Allocation Trust<br>Moderate Strategy Fund <br>Attn: Jack McCue <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 750409.22 | 33.49% |
| SEI Private Trust Company<br>c/o GWS US Advisors Y Shares <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 549113.87 | 24.51% |
| SEI Asset Allocation Trust<br>Conservative Strategy Fund <br>Attn: Jack McCue <br>SEI Investment Management Unit <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 483682.92 | 21.59% |
| SEI Asset Allocation Trust<br>Defensive Strategy Fund <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 188834.72 | 8.43% |

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CUSTODIAN

Brown Brothers Harriman & Co. ("BBH"), located at 50 Post Office, Boston, Massachusetts, 02110-1548, acts as wire agent and custodian for the assets of the Funds. BBH holds cash, securities and other assets of the Funds as required by the 1940 Act.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP, located at 1735 Market Street, Philadelphia, Pennsylvania 19103, serves as the Trust's independent registered public accounting firm.

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP, located at 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust.

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APPENDIX A

DESCRIPTION OF RATINGS

Description of Ratings

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

Description of Moody's Global Ratings

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Description of Moody's Global Long-Term Ratings

Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high credit risk.

Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note:* Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Hybrid Indicator (hyb)

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

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Description of Moody's Global Short-Term Ratings

P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Description of Moody's U.S. Municipal Short-Term Obligation Ratings

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Description of Moody's Demand Obligation Ratings

For variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

SG This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

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Description of S&P's Issue Credit Ratings

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

Description of S&P's Long-Term Issue Credit Ratings\*

AAA An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

BB; B; CCC; Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant

CC; and C speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

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BB An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

C An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

D An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Description of S&P's Short-Term Issue Credit Ratings

A-1 A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3 A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

B A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

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C A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

Description of S&P's Municipal Short-Term Note Ratings

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity to pay principal and interest.

D 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

Description of Fitch's Credit Ratings

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

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Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (*i.e.* rate to a higher or lower standard than that implied in the obligation's documentation).

Description of Fitch's Long-Term Corporate Finance Obligations Ratings

AAA Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B Highly speculative. 'B' ratings indicate that material default risk is present.

CCC Substantial credit risk. 'CCC' ratings indicate that substantial default risk is present.

CC Very high levels of credit risk. 'CC' ratings indicate very high levels of default risk.

C Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Description of Fitch's Short-Term Ratings

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of

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up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

F1 Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C High short-term default risk. Default is a real possibility.

RD Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

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**PART C. OTHER INFORMATION**

**Item 28. *Exhibits*:**

(a) [Registrant's Amended and Restated Agreement and Declaration of Trust, dated June 30, 2025 (filed herewith)](tm262170d1_ex99-bxa.htm)

(b) [Amended and Restated By-Laws, dated September 13, 2011](https://www.sec.gov/Archives/edgar/data/804239/000110465911060171/a11-24023_1ex99dbb.htm)

(c) Not Applicable.

(d)(1) [Investment Advisory Agreement, dated December 16, 1994, between the Trust and SEI Investments Management Corporation ("SIMC")](https://www.sec.gov/Archives/edgar/data/804239/0000912057-97-001996.txt)

(d)(2) [Amended Schedule B, as last revised September 1, 2024, to the Investment Advisory Agreement, dated December 16, 1994, between the Trust and SIMC](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx2.htm)

(d)(3) [Amended Schedule D, as last revised February 22, 2018, to the Investment Advisory Agreement, dated December 16, 1994, between the Trust and SIMC](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd3.htm)

(d)(4) [Investment Sub-Advisory Agreement, dated July 13, 2006, between SIMC and Acadian Asset Management LLC (f/k/a Acadian Asset Management Inc.) with respect to the Global Managed Volatility Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465906078553/a06-21238_1ex99dbd84.htm)

(d)(5) [Amendment, dated June](https://www.sec.gov/Archives/edgar/data/804239/000110465916135797/a16-14588_1ex99dbd5.htm)[30, 2016](https://www.sec.gov/Archives/edgar/data/804239/000110465916135797/a16-14588_1ex99dbd5.htm)[, and amended Schedules A and B, as last revised June 30, 2016, to the Investment Sub-Advisory Agreement, dated July 13, 2006, between SIMC and Acadian Asset Management LLC with respect to the Global Managed Volatility and Tax-Managed International Managed Volatility Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465916135797/a16-14588_1ex99dbd5.htm)

(d)(6) [Amended Schedules A and B, as last revised April 10, 2025, to the Investment Sub-Advisory Agreement, dated July 13, 2006, between SIMC and Acadian Asset Management LLC with respect to the Global Managed Volatility, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds (filed herewith)](tm262170d1_ex99-bxdx6.htm)

(d)(7) [Investment Sub-Advisory Agreement, dated November 13, 2019, between SIMC and AllianceBernstein L.P. with respect to the Multi-Asset Inflation Managed Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465920007735/a19-23457_1ex99dbd7.htm)

(d)(8) [Investment Sub-Advisory Agreement, dated November 1, 2021, between SIMC and Allspring Global Investments LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-d7.htm)

(d)(9) [Investment Sub-Advisory Agreement, dated July 8, 2009, between SIMC and AQR Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/804239/000110465909066895/a09-30584_1ex99dbd83.htm)

(d)(10) [Amendment, dated June 28, 2011, to the Investment Sub-Advisory Agreement, dated July 8, 2009, between SIMC and AQR Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/804239/000110465911060171/a11-24023_1ex99dbd13.htm)

(d)(11) [Amended Schedules A and B, as last revised September 14, 2018, to the Investment Sub-Advisory Agreement, dated July 8, 2009, between SIMC and AQR Capital Management, LLC with respect to the Multi-Asset Accumulation Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd12.htm)

(d)(12) [Investment Sub-Advisory Agreement, dated December 9, 2021, between SIMC and Ares Capital Management II LLC with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-d12.htm)

(d)(13) [Amended Schedules A and B, dated April 15, 2024, to the Investment Sub-Advisory Agreement, dated December 9, 2021, between SIMC and Ares Capital Management II LLC with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx13.htm)

(d)(14) [Investment Sub-Advisory Agreement, dated January 1, 2026, between SIMC and Axiom Investors LLC with respect to the Small Cap Growth Fund (filed herewith)](tm262170d1_ex99-bxdx14.htm)

(d)(15) [Investment Sub-Advisory Agreement, dated April 9, 2024, between SIMC and Barings LLC with respect to the Multi-Asset Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx14.htm)

(d)(16) [Investment Sub-Advisory Agreement, dated February 1, 2019, between SIMC and Benefit Street Partners L.L.C. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465920007735/a19-23457_1ex99dbd15.htm)

(d)(17) [Investment Sub-Advisory Agreement, dated March 31, 2016, between SIMC and BlackRock Advisors, LLC with respect to the Conservative Income and Tax-Free Conservative Income Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465916121895/a16-10577_1ex99dbd25.htm)

(d)(18) [Investment Sub-Advisory Agreement, dated October 20, 2025, between SIMC and Blackstone Credit Systematic Strategies LLC with respect to the High Yield Bond Fund (filed herewith)](tm262170d1_ex99-bxdx18.htm)

(d)(19) [Investment Sub-Advisory Agreement, dated July, 31 2020, between SIMC and Brandywine Global Investment Management, LLC with respect to the Large Cap, Large Cap Value and Tax-Managed Large Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465921008876/tm2038754d1_ex99-d16.htm)

(d)(20) [Investment Sub-Advisory Agreement, dated March 31, 2009, between SIMC and Brigade Capital Management, LP with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465909040748/a09-10294_1ex99dbd103.htm)

(d)(21) [Amendment, dated December 7, 2016, to the Investment Sub-Advisory Agreement, dated March 31, 2009, between SIMC and Brigade Capital Management, LP with respect to the High Yield Bond and Multi-Strategy Alternative Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465917004595/a16-22978_1ex99dbd29.htm)

(d)(22) [Amended Schedules A and B, dated April 15, 2024, to the Investment Sub-Advisory Agreement, dated March 31, 2009, as amended on December 7, 2016, between SIMC and Brigade Capital Management, LP with respect to the High Yield Bond and Multi-Strategy Alternative Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx20.htm)

(d)(23) [Investment Sub-Advisory Agreement, dated December 5, 2017, between SIMC and CenterSquare Investment Management LLC with respect to the Real Estate Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465918004325/a17-27662_1ex99dbd33.htm)

(d)(24) [Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Copeland Capital Management, LLC with respect to the Small Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd28.htm)

(d)(25) [Amended Schedules A and B, dated December 7, 2023, to the Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Copeland Capital Management, LLC with respect to the Small Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465924007365/tm2332492d1_ex99-bxdx22.htm)

(d)(26) [Investment Sub-Advisory Agreement, dated May 31, 2021, between SIMC and Cullen Capital Management LLC with respect to the Tax-Managed Large Cap and Large Cap Value Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-d25.htm)

(d)(27) [Amended Schedule B, dated September 13, 2024, to the Investment Sub-Advisory Agreement, dated May 31, 2021, between SIMC and Cullen Capital Management LLC with respect to the Tax-Managed Large Cap and Large Cap Value Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx25.htm)

(d)(28) [Investment Sub-Advisory Agreement, dated July 1, 2021, between SIMC and Easterly Investment Partners LLC with respect to the Tax-Managed Small/Mid Cap Fund, Small Cap Fund, Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-d27.htm)

(d)(29) [Amended Schedule B, dated January 1, 2024, to the Investment Sub-Advisory Agreement, dated July 1, 2021, between SIMC and Easterly Investment Partners LLC with respect to the Tax-Managed Small/Mid Cap Fund, Small Cap Fund, and Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465924007365/tm2332492d1_ex99-bxdx28.htm)

(d)(30) [Investment Sub-Advisory Agreement, dated August 7, 2021, between SIMC and Franklin Advisers, Inc., Inc. with respect to the Multi-Asset Inflation Managed Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-d32.htm)

(d)(31) [Investment Sub-Advisory Agreement, dated December 5, 2018, between SIMC and Fred Alger Management, LLC (f/k/a Fred Alger Management, Inc.) with respect to the Large Cap and Large Cap Growth Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd35.htm)

(d)(32) [Amended Schedule B, dated July 1, 2024, to the Investment Sub-Advisory Agreement, dated December 5, 2018, between SIMC and Fred Alger Management, LLC (f/k/a Fred Alger Management, Inc.) with respect to the Large Cap and Large Cap Growth Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx33.htm)

(d)(33) [Investment Sub-Advisory Agreement, dated April 5, 2024, between SIMC and Geneva Capital Management LLC with respect to the Tax-Managed Small/Mid Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx34.htm)

(d)(34) [Amended Schedules A and B, dated June 30, 2025, to the Investment Sub-Advisory Agreement, dated April 5, 2024, between SIMC and Geneva Capital Management LLC with respect to the Tax-Managed Small/Mid Cap and Small Cap Growth Funds (filed herewith)](tm262170d1_ex99-bxdx34.htm)

(d)(35) [Investment Sub-Advisory Agreement, dated March 25, 2020, between SIMC and Global Credit Advisers, LLC with respect to the Multi-Strategy Alternative Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465921008876/tm2038754d1_ex99-d90.htm)

(d)(36) [Investment Sub-Advisory Agreement, dated January 11, 2016, between SIMC and Goldman Sachs Asset Management, L.P. with respect to the Multi-Asset Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465916092190/a15-24326_1ex99dbd38.htm)

(d)(37) [Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Hillsdale Investment Management Inc. with respect to the Tax-Managed Small/Mid Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd37.htm)

(d)(38) [Amended Schedules A and B, dated March 25, 2020 to the Investment Sub-Advisory agreement, dated December 4, 2018 between SIMC and Hillsdale Investment Management Inc. with respect to the Tax-Managed Small/Mid Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465921008876/tm2038754d1_ex99-d32.htm)

(d)(39) [Investment Sub-Advisory Agreement, dated April 10, 2018, between SIMC and Janus Henderson Investors US LLC (f/k/a Janus Capital Management LLC) with respect to the Multi-Asset Capital Stability Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd38.htm)

(d)(40) [Investment Sub-Advisory Agreement, dated April 10, 2018, between SIMC and Janus Henderson Investors US LLC with respect to the Multi-Asset Capital Stability Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd38.htm)

(d)(41) [Investment Sub-Advisory Agreement, dated April 1, 2010, between SIMC and Jennison Associates LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465911003731/a10-21538_1ex99dbd75.htm)

(d)(42) [Amended Schedule A, dated November 13, 2020 to the Investment Sub-Advisory Agreement, dated April 1, 2010, between SIMC and Jennison Associates LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465921008876/tm2038754d1_ex99-d36.htm)

(d)(43) [Amended Schedule B, as last revised April 10, 2025 to the Investment Sub-Advisory Agreement, dated April 1, 2010, between SIMC and Jennison Associates LLC with respect to the Core Fixed Income Fund (filed herewith)](tm262170d1_ex99-bxdx43.htm)

(d)(44) [Investment Sub-Advisory Agreement, dated October 3, 2005, between SIMC and J.P. Morgan Investment Management Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465905058893/a05-16551_1ex99dbd76.htm)

(d)(45) [Amendment, dated January 25, 2012, to the Investment Sub-Advisory Agreement, dated October 3, 2005, between SIMC and J.P. Morgan Investment Management Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465912004712/a11-30876_1ex99dbd46.htm)

(d)(46) [Amended Schedules A and B, dated April 15, 2024, to the Investment Sub-Advisory Agreement, dated October 3, 2005, as amended January 25, 2012, between SIMC and J.P. Morgan Investment Management Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx46.htm)

(d)(47) [Investment Sub-Advisory Agreement, dated April 19, 2016, between SIMC and Kettle Hill Capital Management, LLC with respect to the Multi-Strategy Alternative Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465917004595/a16-22978_1ex99dbd49.htm)

(d)(48) [Amended Schedule B, as last revised September 13, 2017, to the Investment Sub-Advisory Agreement, dated April 19, 2016, between SIMC and Kettle Hill Capital Management, LLC with respect to the Multi-Strategy Alternative Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465918004325/a17-27662_1ex99dbd53.htm)

(d)(49) [Investment Sub-Advisory Agreement, dated March 1, 2022, between SIMC and Leeward Investments, LLC with respect to the Small Cap and Mid-Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465923007599/tm2232084d1_ex99-bd46.htm)

(d)(50) [Amended Schedules A and B, dated May 1, 2024, to the Investment Sub-Advisory Agreement, dated March 1, 2022, between SIMC and Leeward Investments, LLC with respect to the Small Cap, Small Cap Value, and Mid-Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx50.htm)

(d)(51) [Investment Sub-Advisory Agreement, dated January 1, 2024, between SIMC and Los Angeles Capital Management LLC with respect to the Small Cap and Mid-Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx51.htm)

(d)(52) [Investment Sub-Advisory Agreement, dated March 31, 1995, between SIMC and LSV Asset Management with respect to the Large Cap Value Fund](https://www.sec.gov/Archives/edgar/data/804239/0000950109-95-004998.txt)

(d)(53) [Amendment, dated July 1, 2003, to the Investment Sub-Advisory Agreement, dated March 31, 1995, between SIMC and LSV Asset Management with respect to the Large Cap Value and Small Cap Value Funds](https://www.sec.gov/Archives/edgar/data/804239/000104746903037068/a2121038zex-99_bd53.txt)

(d)(54) [Amended Schedule C, dated July 2003, to the Investment Sub-Advisory Agreement, dated March 31, 1995, as amended July 1, 2003, between SIMC and LSV Asset Management with respect to the Large Cap Value and Small Cap Value Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465906046254/a06-5965_1ex99dbd80.htm)

(d)(55) [Investment Sub-Advisory Agreement, dated August 3, 2001, between SIMC and LSV Asset Management with respect to the Tax-Managed Large Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000091205702002969/a2066427zex-99_bd63.txt)

(d)(56) [Amendment, dated July 1, 2003, to the Investment Sub-Advisory Agreement, dated August 3, 2001, between SIMC and LSV Asset Management with respect to the Tax-Managed Large Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000104746903037068/a2121038zex-99_bd54.txt)

(d)(57) [Amended Schedule A, as last revised September 25, 2009, to the Investment Sub-Advisory Agreement, dated August 3, 2001, as amended July 1, 2003, between SIMC and LSV Asset Management with respect to the Tax-Managed Large Cap and Large Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465909066895/a09-30584_1ex99dbd50.htm)

(d)(58) [Investment Sub-Advisory Agreement, dated November 30, 2010, between SIMC and LSV Asset Management with respect to the U.S. Managed Volatility and Tax- Managed Managed Volatility Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465911060171/a11-24023_1ex99dbd50.htm)

(d)(59) [Amended Schedule A, as last revised June 30, 2016, to the Investment Sub-Advisory Agreement, dated November 30, 2010, between SIMC and LSV Asset Management with respect to the U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465916135797/a16-14588_1ex99dbd57.htm)

(d)(60) [Amended Schedule B, as last revised April 2, 2018, to the Investment Sub-Advisory Agreement, dated November 30, 2010, between SIMC and LSV Asset Management, with respect to the U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd55.htm)

(d)(61) [Investment Sub-Advisory Agreement, dated June 14, 2023, between SIMC and Mackenzie Investments Corporation with respect to the Large Cap Growth Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465923122005/tm2331122d1_ex99-bd59.htm)

(d)(62) [Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Martingale Asset Management, L.P. with respect to the Tax-Managed Small/Mid Cap Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd56.htm)

(d)(63) [Investment Sub-Advisory Agreement, dated June 26, 2018 , between SIMC and Mar Vista Investment Partners, LLC with respect to the Large Cap and Tax-Managed Large Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd57.htm)

(d)(64) [Investment Sub-Advisory Agreement, dated June 26, 2018 between SIMC and MetLife Investment Management, LLC (f/k/a Logan Circle Partners, L.P.) with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbd46.htm)

(d)(65) [Amendment, dated September 11, 2019, to the Investment Sub-Advisory Agreement, dated June 26, 2018, between SIMC and MetLife Investment Management, LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465920007735/a19-23457_1ex99dbd55.htm)

(d)(66) [Amended Schedule B, dated April 15, 2024, to the Investment Sub-Advisory Agreement, dated June 26, 2018, as amended September 11, 2019, between SIMC and MetLife Investment Management, LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxdx66.htm)

(d)(67) [Investment Sub-Advisory Agreement, dated February 6, 2013, between SIMC and Metropolitan West Asset Management, LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465914071624/a14-18969_1ex99dbd58.htm)

(d)(68) [Amended Schedule B, last revised January 1, 2026, to the Investment Sub-Advisory Agreement, dated February 6, 2013, between SIMC and Metropolitan West Asset Management, LLC with respect to the Core Fixed Income Fund (filed herewith)](tm262170d1_ex99-bxdx68.htm)

(d)(69) [Investment Sub-Advisory Agreement, dated September 15, 2015, between SIMC and Mountaineer Partners Management, LLC with respect to the Multi-Strategy Alternative Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465916092190/a15-24326_1ex99dbd56.htm)

(d)(70) [Investment Sub-Advisory Agreement, dated March 1, 2021, between SIMC and Parametric Portfolio Associates LLC with respect to the Large Cap, Large Cap Value, Large Cap Growth, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Large Cap, Tax-Managed Small/Mid Cap, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-d71.htm)

(d)(71) [Investment Sub-Advisory Agreement, dated September 8, 2022, between SIMC and PineStone Asset Management Inc. (f/k/a StonePine Asset Management Inc.) with respect to the Large Cap Growth and Tax-Managed Large Cap Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465923007599/tm2232084d1_ex99-bd76.htm)

(d)(72) [Investment Sub-Advisory Agreement, dated July 6, 2007, between SIMC and SSGA Funds Management, Inc. with respect to the S&P 500 Index Fund](https://www.sec.gov/Archives/edgar/data/804239/000110465907058836/a07-15153_1ex99dbd97.htm)

(d)(73) [Amendment, dated September 15, 2014, and amended Schedules A and B, as revised September 15, 2014, to the Investment Sub-Advisory Agreement, dated July 6, 2007, between SIMC and SSGA Funds Management, Inc. with respect to the S&P 500 Index](https://www.sec.gov/Archives/edgar/data/804239/000110465914071624/a14-18969_1ex99dbd74.htm)

(d)(74) [Amendment, dated June 23, 2015, to the Investment Sub-Advisory Agreement, dated July 6, 2007, between SIMC and SSGA Funds Management, Inc. with respect to the S&P 500 Index and Dynamic Asset Allocation Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465915054371/a15-12775_1ex99dbd76.htm)

(d)(75) [Amended Schedule A, as last revised September 11, 2017, to the Investment Sub-Advisory Agreement, dated July 6, 2007, between SIMC and SSGA Funds Management, Inc. with respect to the S&P 500 Index, Dynamic Asset Allocation and Large Cap Index Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465918004325/a17-27662_1ex99dbd87.htm)

(d)(76) [Amended Schedule B, as last revised March 13, 2023, to the Investment Sub-Advisory Agreement, dated July 6, 2007, between SIMC and SSGA Funds Management, Inc. with respect to the S&P 500 Index, Dynamic Asset Allocation and Large Cap Index Funds](https://www.sec.gov/Archives/edgar/data/804239/000110465923072351/tm2314521d1_ex99-bd76.htm)

(e)(1) [Amended and Restated Distribution Agreement, dated September 16, 2002, between the Trust and SEI Investments Distribution Co. ("SIDCo.")](https://www.sec.gov/Archives/edgar/data/804239/000104746903002966/a2093857zex-99_be.txt)

(e)(2) [Amended Schedule A, as last revised June 20, 2023, to the Amended and Restated Distribution Agreement, dated September 16, 2002, between the Trust and SIDCo.](https://www.sec.gov/Archives/edgar/data/804239/000110465924007365/tm2332492d1_ex99-bxex2.htm)

(f) Not Applicable.

(g)(1) [Amended and Restated Custodian Agreement, dated March 28, 2012, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/804239/000110465913005220/a12-28424_1ex99dbg1.htm)

(g)(2) [Amendment, dated June 30, 2016, to the Amended and Restated Custodian Agreement, dated March 28, 2012, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/804239/000110465916135797/a16-14588_1ex99dbg3.htm)

(g)(3) [Amendment, dated October 26, 2016, to the Amended and Restated Custodian Agreement, dated March 28, 2012, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/804239/000110465917004595/a16-22978_1ex99dbg3.htm)

(g)(4) [Amendment, dated February 22, 2018, to the Amended and Restated Custodian Agreement, dated March 28, 2012, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbg4.htm)

(g)(5) [Amendment, dated June 20, 2023, to the Amended and Restated Custodian Agreement, dated March 28, 2012, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/804239/000110465924007365/tm2332492d1_ex99-bxgx5.htm)

(g)(6) [Schedule of Global Custody Services and Charges, dated July 1, 2021, to the Custodian Agreement between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-g5.htm)

(g)(7) [Amended and Restated Multi-Trust Custody Agreement, dated June 14, 20](https://www.sec.gov/Archives/edgar/data/939934/000110465913057952/a13-16721_1ex99dbg2.htm)[1](https://www.sec.gov/Archives/edgar/data/939934/000110465913057952/a13-16721_1ex99dbg2.htm)[3, between the Trust an](https://www.sec.gov/Archives/edgar/data/939934/000110465913057952/a13-16721_1ex99dbg2.htm)[d U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/939934/000110465913057952/a13-16721_1ex99dbg2.htm)

(g)(8) [Eleventh Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated August 1, 2016, between the Registrant and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/804239/000110465920007735/a19-23457_1ex99dbg6.htm)

(g)(9) [Thirteenth Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated December 11, 2017, between the Registrant and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbg6.htm)

(h)(1) [Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SEI Investments Global Funds Services ("SIGFS")](https://www.sec.gov/Archives/edgar/data/804239/000110465904037737/a04-11253_1ex99dbh.htm)

(h)(2) [Amended Schedule D, as last revised September 1, 2024, to the Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SIGFS](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxhx2.htm)

(h)(3) [Amendment No. 1, dated March 28, 2012, to the Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SIGFS](https://www.sec.gov/Archives/edgar/data/804239/000110465914071624/a14-18969_1ex99dbh3.htm)

(h)(4) [Amendment No. 2 dated February 22, 2018, to the Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SIGFS](https://www.sec.gov/Archives/edgar/data/804239/000110465920007735/a19-23457_1ex99dbh4.htm)

(h)(5) [Amended and Restated Class F Shareholder Service Plan and Agreement, dated December 5, 2017, between the Trust and SIDCo.](https://www.sec.gov/Archives/edgar/data/804239/000110465918004325/a17-27662_1ex99dbh4.htm)

(h)(6) Class I Shares Shareholder Service Plan and Agreement between the Trust and SIDCo. is herein incorporated by reference to Exhibit (m)(6) of Post-Effective Amendment No. 36 to Registrant's Registration Statement on Form N-1A (File Nos. 033-09504 and 811-04878), filed with the SEC on January 29, 2001

(h)(7) [Class I Shares Administrative Services Plan and Agreement, dated October 4, 2001, between the Trust and SIDCo.](https://www.sec.gov/Archives/edgar/data/804239/000091205702002969/a2066427zex-99_bm8.txt)

(i) [Opinion and Consent of Counsel (filed herewith)](tm262170d1_ex99-bxi.htm)

(j) [Consent of Independent Registered Public Accounting Firm (filed herewith)](tm262170d1_ex99-bxj.htm)

(k) Not Applicable.

(l) Not Applicable.

(m) Not Applicable.

(n) [Amended and Restated Rule 18f-3 Multiple Class Plan, dated January 28, 2015, with Amended Schedule A, as last revised June 21, 2016](https://www.sec.gov/Archives/edgar/data/804239/000110465917004595/a16-22978_1ex99dbn.htm)

(o) Not applicable.

(p)(1) [The Code of Ethics for SIMC, dated April 18, 2024 (filed herewith)](tm262170d1_ex99-bxpx1.htm)

(p)(2) [The Code of Ethics for SIDCo., dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx2.htm)

(p)(3) [The Code of Ethics for SIGFS, dated September 2023](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx3.htm)

(p)(4) [The Code of Ethics for SEI Institutional Managed Trust, as last revised March 2022](https://www.sec.gov/Archives/edgar/data/804239/000110465923007599/tm2232084d1_ex99-bp4.htm)

(p)(5) [The Code of Ethics for Acadian Asset Management LLC, dated January 2026 (filed herewith)](tm262170d1_ex99-bxpx5.htm)

(p)(6) [The Code of Ethics for AllianceBernstein L.P., dated January 2025 (filed herewith)](tm262170d1_ex99-bxpx6.htm)

(p)(7) [The Code of Ethics for Allspring Global Investments LLC, dated September 2025 (filed herewith)](tm262170d1_ex99-bxpx7.htm)

(p)(8) [The Code of Ethics for AQR Capital Management, LLC, dated March 2024](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx8.htm)

(p)(9) [The Code of Ethics for Ares Capital Management II LLC, dated December 2025 (filed herewith)](tm262170d1_ex99-bxpx9.htm)

(p)(10) [The Code of Ethics for Axiom Investors LLC, dated October 2025 (filed herewith)](tm262170d1_ex99-bxpx10.htm)

(p)(11) [The Code of Ethics for Barings LLC, dated April 2025 (filed herewith)](tm262170d1_ex99-bxpx11.htm)

(p)(12) [The Code of Ethics for Benefit Street Partners L.L.C., dated October 2025 (filed herewith)](tm262170d1_ex99-bxpx12.htm)

(p)(13) [The Code of Ethics for BlackRock Advisors, LLC, dated September 2025 (filed herewith)](tm262170d1_ex99-bxpx13.htm)

(p)(14) [The Code of Ethics for Blackstone Credit Systematic Strategies, LLC, dated January 2025 (filed herewith)](tm262170d1_ex99-bxpx14.htm)

(p)(15) [The Code of Ethics for Franklin Resources, Inc., adopted by Brandywine Global Investment Management, LLC, dated October 2024 (filed herewith)](tm262170d1_ex99-bxpx15.htm)

(p)(16) [The Code of Ethics for Brigade Capital Management, LP, dated November 2024 (filed herewith)](tm262170d1_ex99-bxpx16.htm)

(p)(17) [The Code of Ethics for CenterSquare Investment Management LLC, dated March 2024](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx15.htm)

(p)(18) [The Code of Ethics for Copeland Capital Management, LLC, dated December 2025 (filed herewith)](tm262170d1_ex99-bxpx18.htm)

(p)(19) [The Code of Ethics for Cullen Capital Management LLC, dated April 2022](https://www.sec.gov/Archives/edgar/data/804239/000110465923007599/tm2232084d1_ex99-bp20.htm)

(p)(20) [The Code of Ethics for Easterly Investment Partners LLC, dated March 2024 (filed herewith)](tm262170d1_ex99-bxpx20.htm)

(p)(21) [The Code of Ethics for Fred Alger Management, LLC, dated May 2025 (filed herewith)](tm262170d1_ex99-bxpx21.htm)

(p)(22) [The Code of Ethics for Franklin Advisers, Inc., dated October 2024 (filed herewith)](tm262170d1_ex99-bxpx22.htm)

(p)(23) [The Code of Ethics for Geneva Capital Management LLC, dated August 2021](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx23.htm)

(p)(24) [The Code of Ethics for Global Credit Advisers, LLC, dated December 2025 (filed herewith)](tm262170d1_ex99-bxpx24.htm)

(p)(25) [The Code of Ethics for Goldman Sachs Asset Management, L.P., dated July 2025 (filed herewith)](tm262170d1_ex99-bxpx25.htm)

(p)(26) [The Code of Ethics for Hillsdale Investment Management Inc., dated November 2025 (filed herewith)](tm262170d1_ex99-bxpx26.htm)

(p)(27) [The Code of Ethics for Janus Henderson Investors US LLC , dated January 2026 (filed herewith)](tm262170d1_ex99-bxpx27.htm)

(p)(28) [The Code of Ethics for Jennison Associates LLC, dated December 2024](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx29.htm)

(p)(29) [The Code of Ethics for J.P. Morgan Investment Management Inc., as last revised August 2025 (filed herewith)](tm262170d1_ex99-bxpx29.htm)

(p)(30) [The Code of Ethics for Kettle Hill Capital Management, LLC, dated June 2025 (filed herewith)](tm262170d1_ex99-bxpx30.htm)

(p)(31) [The Code of Ethics for Leeward Investments, LLC, dated April 2024](https://www.sec.gov/Archives/edgar/data/804239/000110465925006712/tm251584d1_ex99-bxpx32.htm)

(p)(32) [The Code of Ethics for Los Angeles Capital Management LLC, dated May 2025 (filed herewith)](tm262170d1_ex99-bxpx32.htm)

(p)(33) [The Code of Ethics for LSV Asset Management, dated April 2025 (filed herewith)](tm262170d1_ex99-bxpx33.htm)

(p)(34) [The Code of Ethics for Mackenzie Investments Corporation, dated January 2026 (filed herewith)](tm262170d1_ex99-bxpx34.htm)

(p)(35) [The Code of Ethics for Martingale Asset Management L.P., dated March 2022](https://www.sec.gov/Archives/edgar/data/804239/000110465923007599/tm2232084d1_ex99-bp37.htm)

(p)(36) [The Code of Ethics for Mar Vista Investment Partners, LLC, dated March 2025 (filed herewith)](tm262170d1_ex99-bxpx36.htm)

(p)(37) [The Code of Ethics for MetLife Investment Management, LLC, dated October 2025 (filed herewith)](tm262170d1_ex99-bxpx37.htm)

(p)(38) [The Code of Ethics for The TCW Group, Inc., the parent company of Metropolitan West Asset Management, LLC, dated September 2025 (filed herewith)](tm262170d1_ex99-bxpx38.htm)

(p)(39) [The Code of Ethics for Mountaineer Partners Management, LLC, dated April 2016](https://www.sec.gov/Archives/edgar/data/804239/000110465917004595/a16-22978_1ex99dbp36.htm)

(p)(40) [Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines, adopted by Parametric Portfolio Associates LLC, dated July 2025 (filed herewith)](tm262170d1_ex99-bxpx40.htm)

(p)(41) [The Code of Ethics for PineStone Asset Management Inc., revised as of July 2023](https://www.sec.gov/Archives/edgar/data/804239/000110465923122005/tm2331122d1_ex99-bp45.htm)

(p)(42) [The Code of Ethics for SSGA Funds Management, Inc., dated March 2025 (filed herewith)](tm262170d1_ex99-bxpx42.htm)

(q)(1) [Power of Attorney, dated September 13, 2016, for Robert A. Nesher, Nina Lesavoy, James M. Williams. and Susan C. Cote](https://www.sec.gov/Archives/edgar/data/804239/000110465916159623/a16-21684_1ex99dbq.htm)

(q)(2) [Power of Attorney, dated March 28, 2018, for James B. Taylor](https://www.sec.gov/Archives/edgar/data/804239/000110465919003709/a18-40800_1ex99dbq2.htm)

(q)(3) [Power of Attorney, dated December 4, 2019, for Christine Reynolds](https://www.sec.gov/Archives/edgar/data/804239/000110465920007735/a19-23457_1ex99dbq3.htm)

(q)(4) [Power of Attorney, dated September 23, 2021, for Thomas Melendez](https://www.sec.gov/Archives/edgar/data/804239/000110465922009072/tm221385d1_ex99-q4.htm)

(q)(5) [Power of Attorney, dated January 28, 2026, for Dennis J. McGonigle, Eli Powell Niepoky and Kimberly Walker (filed herewith)](tm262170d1_ex99-bxqx5.htm)

**Item 29. *Persons Controlled by or under Common Control with Registrant:***

See the Prospectuses and Statement of Additional Information filed herewith regarding the Registrant's control relationships. SIMC is a subsidiary of SEI Investments Company, which also controls the distributor of the Registrant (SEI Investments Distribution Co.) and other corporations engaged in providing various financial and record keeping services, primarily to bank trust departments, pension plan sponsors and investment managers.

**Item 30. *Indemnification:***

Article VIII of the Agreement and Declaration of Trust is filed as Exhibit 1 to the Registration Statement. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the 1933 Act and therefore is 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 trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issues.

**Item 31. *Business and Other Connections of the Investment Adviser and Sub-Advisers:***

The following tables describe other business, profession, vocation or employment of a substantial nature in which each director, officer or partner of the Adviser or Sub-Adviser is or has been, at any time during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee. The Adviser's or Sub-Adviser's table was provided to the Registrant by the Adviser or Sub- Adviser for inclusion in this Registration Statement.

**SEI Investments Management Corporation**

SEI Investments Management Corporation ("SIMC") is the Adviser for the Registrant's Funds. The principal business address of SIMC is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SIMC is a registered investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act").

Unless otherwise noted, the address of all the companies listed below is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

---

| | | |
|:---|:---|:---|
| **Name and Position**<br> **With Investment Adviser** | **Name of Other Company** | **Connection With Other Company** |
| Michael Peterson<br> Director, Senior Vice President & Assistant Secretary | SEI Investments Company | Executive Vice President, General Counsel, Chief Compliance Officer, Secretary |
|  | SEI Trust Company | Director, Vice President |
|  | SEI Funds, Inc. | Vice President, Secretary |
|  | SEI Investments, Inc. | Vice President, Secretary |
|  | SEI Global Investments Corp. | Director, Vice President, Secretary |
|  | SEI Advanced Capital Management, Inc. | Director, Vice President, Secretary |
|  | SEI Primus Holding Corp. | Vice President, Secretary |
|  | SEI Global Services, Inc. | Director, Senior Vice President, Secretary |
|  | SIMC Holdings, LLC | Manager |
|  | SEI Investment Strategies, LLC | Director, Senior Vice President, Secretary |
|  | LSV Asset Management | Management Committee |
|  | SEI Global Capital Investments, Inc. | Vice President, Secretary |
|  | SEI Investments (Asia), Limited | Director |
|  | SEI Global Holdings (Cayman) Inc. | Director, Vice President, Secretary |
|  | SEI Investments (South Africa) (PTY) Limited | Director |
|  | SEI Investments Canada Company | Director, Secretary |
|  | SEI Custodial Operations Company, LLC | Manager |
|  | SEI Institutional Transfer Agent, Inc. | Director, Senior Vice President |
|  | SIMC Subsidiary, LLC | Manager |
|  | SEI Ventures, Inc. | Vice President, Secretary |
|  | SEI Investments Developments, Inc. | Vice President, Secretary |
|  | SEI Investments Global Funds Services | Vice President, Assistant Secretary |
|  | SEI Novus, LLC | Senior Vice President, Secretary |
|  | SEI Acquisition Sub, LLC | Senior Vice President, Secretary |
|  | SEI Radar Holding Company LLC | Senior Vice President, Secretary |
|  | SEI Novus Switzerland | Director |
|  | SEI Novus UK Ltd. | Director |
|  | SEI Access Platform, LLC | Senior Vice President and Secretary |
|  | SEI LifeYield, LLC | Vice President and Secretary |
|  | SEI Transfer Agency and Registrar Services, Inc. | Director, Senior Vice President |
| | SEI — Eclipse Holding Company, LLC | Senior Vice President and Secretary |

---

---

| | | |
|:---|:---|:---|
| James Smigiel<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| James Smigiel<br> Vice President | LSV Asset Management | Management Committee |
| Mark Warner<br> Vice President & Treasurer | SEI Investments Company | Vice President, Controller & Chief Accounting Officer |
|  | SEI Funds Inc. | Director, Vice President, Treasurer |
|  | SEI Investments, Inc. | Director, Vice President, Treasurer |
|  | SEI Global Investments Corp. | Director, Vice President & Treasurer |
|  | SEI Advanced Capital Management, Inc. | Director, Vice President, Treasurer |
|  | SEI Primus Holding Corp. | Director, Vice President, Treasurer |
|  | SEI Investment Strategies, LLC | Vice President, Treasurer |
|  | SEI Global Capital Investments, Inc. | Director, Vice President, Treasurer |
|  | SEI Investments Global (Cayman), Limited | Vice President, Treasurer |
|  | SEI Global Holdings (Cayman) Inc. | Vice President, Assistant Secretary & Treasurer |
|  | SEI Investments Canada Company | Vice President |
|  | SEI Investments Developments, Inc. | Director, Vice President, Treasurer |
|  | SEI Novus, LLC | Treasurer |
|  | SEI Acquisition Sub, LLC | Vice President, Treasurer |
|  | SEI Radar Holding Company LLC | Treasurer |
|  | SEI Trust Company | Vice President, Treasurer |
|  | SEI Private Trust Company | Vice President, Treasurer |
|  | SEI Custodial Operations Company, LLC | Vice President, Treasurer |
|  | SEI Global Services Inc. | Vice President |
|  | SEI Access Platform, LLC | Treasurer |
|  | SEI LifeYield, LLC | Treasurer |
| | SEI — Eclipse Holding Company, LLC | Treasurer |
| Timothy D. Barto<br> General Counsel, Vice President & Secretary | SEI Investments Company | Vice President-Legal & Assistant Secretary |
|  | SEI Funds, Inc. | Vice President |
|  | SEI Global Services, Inc. | Vice President |
|  | SIMC Holdings, LLC | Manager |
|  | SEI Investment Strategies, LLC | General Counsel, Vice President, Secretary |
| | SIMC Subsidiary, LLC | Manager |
| David McCann<br> Vice President & Assistant Secretary | SEI Investment Strategies, LLC | Vice President, Assistant Secretary |

---

---

| | | |
|:---|:---|:---|
| Paul F. Klauder<br> Director & Senior Vice President | SEI Investments Company | Executive Vice President |
|  | SEI Investments Distribution Co. | Director, President and Chief Executive |
|  | SEI Global Services, Inc. | Vice President |
|  | SEI Trust Company | Director |
|  | SEI Investments Strategies, LLC | Director |
|  | SEI Investments (Asia), Limited | Director |
|  | SEI Global Holdings (Cayman) Inc. | Director, Vice President |
|  | SEI Investments (South Africa) (PTY) Limited | Director |
|  | SEI Investments Canada Company | Director, Vice President |
|  | SEI Novus, LLC | Chief Executive Officer |
|  | SEI Acquisition Sub, LLC | Chief Executive Officer |
|  | SEI Novus Switzerland | Director |
|  | SEI Novus UK Ltd. | Director |
| | SEI Access Platform, LLC | Senior Vice President |
| Raquell Baker<br> Vice President | SEI Global Services, Inc. | Vice President |
| | SEI Investments Canada Company | Vice President |
| Stephen G. MacRae<br> Vice President | SEI Global Services, Inc. | Vice President |
| | SEI Investment Strategies, LLC | President |
| Radoslav K. Koitchev<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Kevin Matthews<br> Vice President | SEI Global Services, Inc. | Vice President |
|  | SEI Investment Strategies, LLC | Director |
|  | SEI Novus, LLC | Vice President |
|  | SEI Acquisition Sub, LLC | Vice President |
| | SEI Investments Canada Company | Vice President |
| Patrick DiLello<br> Vice President & FATCA Responsible Officer | SEI Investments Company | Vice President, FATCA Responsible Officer |
|  | SEI Trust Company | Vice President, FATCA Responsible Officer |
|  | SEI Funds, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Global Investments Corp. | Vice President, FATCA Responsible Officer |
|  | SEI Advanced Capital Management, Inc. | Vice President, FATCA Responsible Officer |

---

---

| | | |
|:---|:---|:---|
|  | SEI Primus Holding Corp. | Vice President, FATCA Responsible Officer |
|  | SEI Global Services, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Private Trust Company | Vice President, FATCA Responsible Officer |
|  | SIMC Holdings, LLC | Manager, Vice President, FATCA Responsible Officer |
|  | SEI Investment Strategies, LLC | Vice President, FATCA Responsible Officer |
|  | LSV Asset Management | Vice President, FATCA Responsible Officer |
|  | SEI Global Capital Investments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments (Europe) Ltd. | FATCA Responsible Officer |
|  | SEI Global Nominee Ltd. | FATCA Responsible Officer |
|  | SEI Trustees Limited | FATCA Responsible Officer |
|  | SEI European Services Limited | FATCA Responsible Officer |
|  | SEI Global Holdings (Cayman) Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments (South Africa) (PTY) Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global, Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global Fund Services, Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Depositary and Custodial Services (Ireland) Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Canada Company | Vice President, FATCA Responsible Officer |
|  | SEI Custodial Operations Company, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Institutional Transfer Agent, Inc. | Vice President, FATCA Responsible Officer |
|  | SIMC Subsidiary, LLC | Manager, Vice President, FATCA Responsible Officer |
|  | SEI Ventures, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments Developments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global Funds Services | Vice President, FATCA Responsible Officer |
|  | SEI Investments-Guernsey Limited | Vice President, FATCA Responsible Officer |
|  | SEI Novus, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Acquisition Sub, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Radar Holding Company LLC | Vice President, FATCA Responsible Officer |
|  | SEI Novus UK Ltd. | FATCA Responsible Officer |
|  | SEI Access Platform, LLC | Vice President, FATCA Responsible Officer |
|  | SEI LifeYield, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Transfer Agency and Registrar Services, Inc. | Vice President, FATCA Responsible Officer |
| | SEI — Eclipse Holding Company, LLC | Vice President, FATCA Responsible Officer |
| Sean Simko<br> Vice President | SEI Global Services, Inc. | Vice President |

---

---

| | | |
|:---|:---|:---|
| Jennifer Campisi<br> Chief Compliance Officer | SEI Investments Distribution Co. | Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer |
| Erich Holland<br> Vice President | SEI Global Services, Inc. | Vice President |
| Karen Sullivan<br> Vice President | SEI Global Services, Inc. | Vice President |
| Katherine Mason<br> Vice President and Assistant Secretary | SEI Investment Strategies, LLC | Vice President, Assistant Secretary |
| Christopher Pettia<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Philip Kizun<br> Chief Privacy Officer | SEI Global Services, Inc. | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Private Trust Company | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Investments Global Funds Services | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Radar Holding Company LLC | Chief Privacy Officer |
| Tom Hunter<br> Vice President | SEI Investment Strategies, LLC | Vice President |

---

**Acadian Asset Management LLC**

Acadian Asset Management LLC ("Acadian") is a Sub-Adviser for the Registrant's U.S. Managed Volatility Fund, Global Managed Volatility, Tax-Managed Managed Volatility Fund and Tax-Managed International Managed Volatility Fund. The principal business address of Acadian is 260 Franklin Street, Boston, Massachusetts 02110. Acadian is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With<br> Investment Adviser** | **Name and Principal Business Address<br> of Other Company** | **Connection With Other Company** |
| Kelly Young, CEO | Acadian Asset Management (Australia) Ltd <br> 20 Martin Place Level 9, Suite 3 Sydney, <br> NSW 2000 Australia | Affiliated Directorships |
| Kelly Young, CEO | Acadian Asset Management (Singapore) Pte Ltd <br> 8 Marina View, #40-01 Asia Square Tower<br> Singapore, 018960 | Affiliated Directorships |
| Kelly Young, CEO | Chief Executive Officer - Acadian Asset Management Inc. ("AAMI" - a public company traded on the NYSE)<br> 200 State Street, 13th Floor, Boston, MA 02109 | Affiliated Directorships |

---

---

| | | |
|:---|:---|:---|
| Brendan Bradley, Executive Vice President, CIO | Acadian Asset Management (Australia) Ltd <br> 20 Martin Place Level 9, Suite 3 Sydney, <br> NSW 2000 Australia | Affiliated Directorships |
| Brendan Bradley, Executive Vice President, CIO | Acadian Asset Management (Singapore) Pte Ltd<br> 8 Marina View, #40-01 Asia Square Tower<br> Singapore, 018960 | Affiliated Directorships |
| Theodore Noon, Executive Vice President, Chief Marketing Officer | Acadian Asset Management (Australia) Ltd <br> 20 Martin Place Level 9, Suite 3 Sydney, <br> NSW 2000 Australia | Affiliated Directorships |
| Theodore Noon, Executive Vice President, Chief Marketing Officer | Acadian Asset Management (Singapore) Pte Ltd <br> 8 Marina View, #40-01 Asia Square Tower<br> Singapore, 018960 | Affiliated Directorships |
| Alexandre Voitenok, Executive Vice President, Deputy Chief Investment Officer, Implementation | Acadian Asset Management (Australia) Ltd<br> 20 Martin Place Level 9, Suite 3 Sydney, <br> NSW 2000 Australia | Affiliated Directorships |
| Alexandre Voitenok, Executive Vice President, Deputy Chief Investment Officer, Implementation | Acadian Asset Management (Singapore) Pte Ltd <br> 8 Marina View, #40-01 Asia Square Tower<br> Singapore, 018960 | Affiliated Directorships |
| Melody Huang, Member of Board of Managers | Acadian Asset Management Inc. ("AAMI"-a public company traded on the NYSE)<br> 200 State Street, 13th Floor, Boston, MA 02109 | Director of Finance and Investor Relations |
| Melody Huang, Member of Board of Managers | Acadian Asset Management LLC (an investment advisor) <br> 260 Franklin Street Boston, MA 02110 | Affiliated Directorships |
| Richard Hart, Member of Board of Managers | Acadian Asset Management Inc. ("AAMI"-a public company traded on the NYSE)<br> 200 State Street, 13th Floor, Boston, MA 02109 | Chief Legal Officer |
| Richard Hart, Member of Board of Managers | Acadian Asset Management LLC (an investment advisor)<br> 260 Franklin Street Boston, MA 02110 | Affiliated Directorships |

---

**AllianceBernstein L.P.**

AllianceBernstein L.P. ("AllianceBernstein") is a Sub-Adviser for the Registrant's Multi-Asset Inflation Managed Fund. AllianceBernstein is a Delaware limited partnership, the majority limited partnership units in which are held, directly and indirectly, by its parent company Equitable Holdings, Inc. ("EQH"), a publicly traded holding company for a diverse group of financial services companies. AllianceBernstein Corporation, an indirect wholly-owned subsidiary of EQH, is the general partner of both AllianceBernstein and AllianceBernstein Holding L.P., a publicly traded partnership. The principal business address of AllianceBernstein is 501 Commerce St. Nashville, TN 37203.

Listed below are the names and principal occupations of the directors and principal executive officers of AllianceBernstein. The principal business address of each director and officer, as it relates to his or her duties to AllianceBernstein, is the same as that of AllianceBernstein (except as otherwise noted below).

Information as to the directors and executive officers of AllianceBernstein set forth in its Form ADV filed with the SEC (File No. 801-56720), and amended through the date hereof, is incorporated by reference.

---

| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business Address of <br> Other Company** | **Connection with Other Company** |
| **Board of Directors** | **Board of Directors** | **Board of Directors** |
| <br> Joan Lamm-Tennant<br> Independent Chair | Equitable Holdings, Inc. <br> 1290 Avenue of the Americas New York, NY 10104 | Chair of the Board |
| Seth Bernstein<br> Affiliated Director<br>| AllianceBernstein<br> 66 Hudson Boulevard E<br> New York, NY 10101 | Chief Executive Officer |
| Daniel G. Kaye<br> Independent Director | Equitable Holdings, Inc.<br> Equitable Life Insurance Company<br> Equitable Life Insurance Company of America 1290 Avenue of the Americas New York, NY 10104 | Director |
|  | CME Group, Inc. Chicago, IL | Director |
| Nicholas Lane<br> Affiliated Director | Equitable Holdings, Inc. <br> 1290 Avenue of the Americas New York, NY 10104 | Senior Executive Vice President and Head of U.S. Life, Retirement and Wealth Management |
| Nicholas Lane<br> Affiliated Director | Equitable Life Insurance Company <br> 1290 Avenue of the Americas New York, NY 10104 | President |
| Das Narayandas<br> Independent Director | Harvard Business School Cambridge, MA | Edsel Bryant Ford Professor of Business Administration |
| Bruce Holley<br> Independent Director<br>| Alvarez and Marsal<br> New York, NY<br>| Managing Director |

---

---

| | | |
|:---|:---|:---|
| Mark Pearson<br> Affiliated Director | Equitable Holdings, Inc. 1290 Avenue of the Americas New York, NY 10104 | Director, President and Chief Executive Officer |
| Mark Pearson<br> Affiliated Director | Equitable Life Insurance Company <br> 1290 Avenue of the Americas New York, NY 10104 | Chairman and Chief Executive Officer |
| Robin M. Raju<br> Affiliated Director | Equitable Holdings, Inc.<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Chief Financial Officer |
| Robin M. Raju<br> Affiliated Director | Venerable Holdings<br> 1475 Dunwoody Dr,<br> West Chester, PA 19380 | Director |
| Charles Stonehill<br> Independent Director | Equitable Holdings, Inc. Equitable Life Insurance Company <br> 1290 Avenue of the Americas New York, NY 10104 | Director |
| Charles Stonehill<br> Independent Director | Green & Blue Advisors LLC New York, NY | Founding Partner |
| Charles Stonehill<br> Independent Director | PlayMagnus A/S Oslo, Norway CommonBond, LLC <br> New York, NY | Director |
| Todd Walthall<br> Independent Director | Optum Health<br> 11000 Optum Circle, Eden Prairie, MN 55344 | Chief Growth Officer |
| **Executive Team** | **Executive Team** | **Executive Team** |
| Seth P. Bernstein<br> Affiliated Director and<br> Chief Executive Officer | AllianceBernstein<br> 66 Hudson Boulevard E<br> New York, NY 10101 |  |
| Tom Simeone<br> Chief Financial Officer | AllianceBernstein L.P.<br> 501 Commerce St.<br> Nashville, TN 37203 |  |
| Onur Erzan<br> President | AllianceBernstein L.P.<br> 501 Commerce St.<br> Nashville, TN 37203 |  |
| Mark R. Manley<br> Global Head of Compliance and General Counsel | AllianceBernstein L.P.<br> 501 Commerce St.<br> Nashville, TN 37203 |  |
| Karl Sprules<br> Chief Operating Officer | AllianceBernstein L.P.<br> 501 Commerce St.<br> Nashville, TN 37203 |  |

---

**Allspring Global Investments, LLC**

Allspring Global Investments, LLC ("Allspring Investments") is a Sub-Adviser for the Registrant's Core Fixed Income Fund. The principal business address of Allspring Investments is 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, North Carolina 28203. Allspring Investments is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and**<br> **Position with<br> Allspring** | **Name and Principal Business**<br> **Address of Other Company** | **Connection with other Company** |
| Sallie Clements Squire<br>Chief Operating Officer | Allspring Global Investments Holdings, LLC | Manager, Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 | Manager, Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | Allspring Funds Distributor, LLC | Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 | Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | Galliard Capital Management, LLC | Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | 800 LaSalle Ave #1400 | Chief Operating Officer |
| Sallie Clements Squire<br>Chief Operating Officer | Minneapolis, MN 55402 | Chief Operating Officer |
| Annette Lege<br>Chief Financial Officer | Allspring Global Investment Holdings, LLC | Manager, Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 | Manager, Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | Allspring Funds Management, LLC | Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 | Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | Allspring Funds Distributor, LLC | Chief Financial Officer |
| Annette Lege<br>Chief Financial Officer | 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 | Chief Financial Officer |

---

**AQR Capital Management, LLC**

AQR Capital Management, LLC ("AQR") is a Sub-Adviser for the Registrant's Multi-Asset Accumulation Fund. The principal business address of AQR is One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830. AQR is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With <br> Investment Adviser** | **Name and Principal Business Address of<br> Other Company** | **Connection With Other <br> Company** |
| Lasse Pedersen<br> Principal | Copenhagen Business School<br> Howitzvej 60,<br> 2000 Frederiksberg,<br> Denmark 2815 2815 | Professor (2011-present) |
| Tobias Moskowitz<br> Principal | Yale University School of Management<br> Yale University<br> New Haven, CT 06511 | Dean Takahashi Professor of Finance (2016-present) |
| Tobias Moskowitz<br> Principal | Commonfund<br> 15 Old Danbury Road Wilton, CT 06897 | Board Member (2022-present) |
| David Kabiller<br> Principal | Arqitel Investment Management, LP<br> 9800 Wilshire Blvd, Suite 203<br> Beverly Hills CA 90212 | Chairman and Founding Partner<br> (2022-present) |

---

**Ares Capital Management II LLC**

Ares Capital Management II LLC ("ACM II") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of ACM II is 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067. ACM II is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of ACM II has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the High Yield Bond Fund.

**Axiom Investors LLC**

Axiom Investors LLC ("Axiom") is a Sub-Adviser for the Registrant's Small Cap Growth Fund. The principal business address of Axiom is 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830. Axiom is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Axiom has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Small Cap Growth Fund.

**Barings LLC**

Barings LLC ("Barings") is a Sub-Adviser for the Registrant's Multi-Asset Income Fund. The principal business address of Barings is 300 S. Tryon Street, Suite 2500, Charlotte, North Carolina 28202. Barings is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Barings has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Multi-Asset Income Fund.

**Benefit Street Partners L.L.C.**

Benefit Street Partners L.L.C. ("Benefit Street") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of Benefit Street is 1 Madison Avenue, Suite 1600, New York, New York 10010. Benefit Street is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position**<br> **With Investment Adviser** | **Name and Principal Business**<br> **Address of Other Company** | **Connection With Other Company** |
| Rich Byrne, President | Wynn Resorts, Limited<br> 3131 S Las Vegas Blvd<br> Las Vegas, NV 89109 | Member of Board of Directors |

---

**BlackRock Advisors, LLC**

BlackRock Advisors, LLC ("BAL") is a Sub-Adviser for the Registrant's Conservative Income and Tax-Free Conservative Income Funds. The principal business address of BAL is 100 Bellevue Parkway, Wilmington, Delaware 19809. BAL is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of BAL has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Funds.

**Blackstone Credit Systematic Strategies LLC**

Blackstone Credit Systematic Strategies LLC ("BCBS") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of BSCS is 345 Park Avenue, 31st Floor, New York, New York 10154. BCBS is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of BCBS has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Funds.

**Brandywine Global Investment Management, LLC**

Brandywine Global Investment Management, LLC ("Brandywine Global") is a Sub-Adviser for the Registrant's Large Cap, Large Cap Value and Tax-Managed Large Cap Funds. The principal business address of Brandywine Global is 1735 Market Street, Suite 1800 Philadelphia, PA 19103. Brandywine Global is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With Investment <br> Adviser** | **Name and Principal Business Address of <br> Other Company** | **Connection With <br> Other Company** |
| David Hoffman, Managing Director and Portfolio Manager | Philadelphia Ballet (f/k/a Pennsylvania Ballet)<br> 323 N. Broad Street, Philadelphia PA 19102 | Chairman (2011- Present) |

---

**Brigade Capital Management, LP**

Brigade Capital Management, LP ("Brigade") is a Sub-Adviser for the Registrant's High Yield Bond and Multi-Strategy Alternative Funds. The principal business address of Brigade is 399 Park Avenue, 16th Floor, New York, New York 10022. Brigade is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position**<br> **With Investment Adviser** | **Name and Principal Business**<br> **Address of Other Company** | <br> **Connection With Other Company** |
| Steven Bleier<br> Co-Chief Investment Officer, Head of Structured Credit, Partner | Mercury Financial Holdings<br> 11401 Century Oaks Terr<br> Ste 470<br> Austin, TX 78758-0007 | Director |
| Steven Bleier<br> Co-Chief Investment Officer, Head of Structured Credit, Partner | Now Corp.<br> 2300 Peachtree Rd. NW Suite C-102<br> Atlanta, GA 30309 | Director |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | Guitar Center<br> 5795 Lindero Canyon Rd.<br> Westlake Village, CA 91362 | Director |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition III Corp<br> 1700 Broadway, 19<sup>th</sup> Floor<br> New York, NY 10019 | CEO |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition II Corp<br> 1700 Broadway, 19<sup>th</sup> Floor<br> New York, NY 10019 | Executive Vice President – Mergers & Acquisitions |
| Sandro Carissimo<br> Partner, Research | North Sea Natural Resources Ltd.<br> Bell House<br> 57 West St.<br> Dorking RH4 1BS United Kingdom | Director |
| Christopher Chaice<br> Partner, Head of Distressed Research | Mesquite Energy, Inc.<br> Pennzoil Place 700 Milam Street, Suite 600 Houston, TX 7700 | Director |
| Don Morgan<br> Managing Partner, Portfolio Manager & CIO | Avaya Holdings Corp.<br> 350 Mt. Kemble Avenue<br> Morristown, NJ 07960 | Director |
| Tom O'Shea<br> Partner, Head of European Investments | Slide Insurance<br> 4221 W. Boy Scout Blvd # 200,<br> Tampa, FL 33607 | Director |

---

**CenterSquare Investment Management LLC**

CenterSquare Investment Management LLC, ("CenterSquare") is a Sub-Adviser for the Real Estate Fund. The principal business address of CenterSquare is Eight Tower Bridge, 161 Washington Street, Seventh Floor, Conshohocken, PA 19428. CenterSquare is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of CenterSquare has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Copeland Capital Management, LLC**

Copeland Capital Management, LLC ("Copeland") is a Sub-Adviser for the Registrant's Small Cap Fund. The principal business address of Copeland is 161 Washington Street, Suite 1325, Conshohocken, PA 19428. Copeland is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Copeland has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Cullen Capital Management LLC**

Cullen Capital Management LLC ("Cullen") is a Sub-Adviser for the Registrant's Large Cap Value and Tax-Managed Large Cap Funds. The principal business address of Cullen is 645 5th Avenue, Suite 1201, New York, NY 10022. Cullen is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Cullen has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Easterly Investment Partners LLC**

Easterly Investment Partners LLC ("EIP") is a Sub-Adviser for the Registrant's Small Cap , Small Cap Value and Tax-Managed Small/Mid Cap Funds . The principal business address of 138 Conant Street, Beverly, Massachusetts, 01915. EIP is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With Investment Adviser** | **Name and Principal Business Address of<br> Other Company** | **Connection With Other Company** |
| Darrell Crate, Chairman | Easterly Investment Partners LLC<br> 138 Conant St, Suite 100<br> Beverly, MA 01915 | Chairman |
| Darrell Crate, Managing Director | Easterly Capital, LLC<br> 138 Conant St, Suite 100<br> Beverly, MA 01915 | Managing Director |
| Darrell Crate, Managing Director | Easterly Asset Management LLC<br> 138 Conant St, Suite 100<br> Beverly, MA 01915 | Managing Director |
| Darrell Crate, Managing Director | LE Partners Holdings LLC<br> 138 Conant St, Suite 100<br> Beverly, MA 01915 | Managing Director |
| Darrell Crate, Founder and Managing Partner | Easterly Asset Management L.P<br> 138 Conant St, Suite 100<br> Beverly, MA 01915 | Founder and Managing Partner |
| Darrell Crate, Chairman | Easterly Government Properties, Inc<br> 2001 K Street, NW<br> Suite 775 North<br> Washington, DC 20006 | Chairman |
| Darrell Crate, CEO | Easterly Clear Ocean LLC<br> 138 Conant St, Suite 100<br> Beverly, MA 01915 | CEO |

---

**Franklin Advisers, Inc.**

Franklin Advisers, Inc. ("FAV") is a Sub-Adviser for the Registrant's Multi-Asset Inflation Managed Fund. The principal business address of One Franklin Parkway, San Mateo, California 94403-1906. FAV is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of FAV has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Fred Alger Management, LLC**

Fred Alger Management, LLC ("Alger") is a Sub-Adviser for the Registrant's Large Cap and Large Cap Growth Funds. The principal business address of Alger is 100 Pearl Street, 27th Floor, New York, New York 10004. Alger is a registered investment adviser under the Advisers Act.

Unless otherwise noted, the principal business address of each of the companies listed below is 100 Pearl Street, 27th Floor, New York, New York 10004.

---

| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name of Other Company** | **Connection with Other Company** |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Associates, Inc. | President and Chief Executive Officer |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Capital, LLC | President, Chief Executive Officer and Manager |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Group Holdings, LLC | President, Chief Executive Officer and Manager |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Apple Real Estate, LLC | President and Chief Executive Officer |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Boulder I LLC | President and Chief Executive Officer |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Weatherbie Capital, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | President and Chief Executive Officer |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Redwood Investments, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Manager |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Management, Ltd.<br> 85 Gresham Street, Suite 308<br> London<br> EC2V 7NQ<br> United Kingdom | Director |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger Management (Singapore) Pte. Ltd.<br> 1 Nanson Road, Level 3<br> Singapore 238909 | Director |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer | Alger SICAV | Director |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Alger Associates, Inc. | Chief Financial Officer and Treasurer |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Fred Alger & Company, LLC | Chief Financial Officer, Treasurer and Senior Vice President |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Weatherbie Capital, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Chief Financial Officer and Treasurer |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Redwood Investments, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Chief Financial Officer and Treasurer |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Alger Capital, LLC | Chief Financial Officer, Treasurer, Vice President and Manager |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Alger Group Holdings, LLC | Chief Financial Officer, Treasurer, Vice President and Manager |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Alger Apple Real Estate, LLC | Treasurer |
| Robert Kincel<br> Chief Financial Officer, Senior Vice President and Treasurer | Alger Boulder I LLC | Treasurer |

---

---

| | | |
|:---|:---|:---|
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Associates, Inc. | Chief Operating Officer and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger SICAV | Director |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Capital, LLC | Vice President, Chief Operating Officer, Secretary and Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Group Holdings, LLC | Vice President, Chief Operating Officer, Secretary and Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Management, Ltd.<br> 85 Gresham Street, Suite 308<br> London<br> EC2V 7NQ<br> United Kingdom | Executive Director and Chairman |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Management (Singapore) Pte. Ltd.<br> 1 Nanson Road, Level 3<br> Singapore 238909 | Director |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Weatherbie Capital, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Chief Operating Officer and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Redwood Investments, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Apple Real Estate LLC | Manager and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Partners Investors I, LLC | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Partners Investors II, LLC | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Partners Investors KEIGF | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Partners Investors-KEIGF LLC | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Boulder I LLC | Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer and Secretary | Alger Family of Funds (including The Alger Funds, The Alger Funds II, The Alger Institutional Funds, Alger Global Equity Fund, The Alger Portfolios, and The Alger ETF Trust) | President, Principal Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer and Assistant Secretary | Fred Alger & Company, LLC | Senior Vice President, General Counsel and Secretary |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer and Assistant Secretary | Alger Management, Ltd.<br> 85 Gresham Street, Suite 308<br> London<br> EC2V 7NQ<br> United Kingdom | Chief Compliance Officer |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer and Assistant Secretary | Weatherbie Capital, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Assistant Secretary |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer and Assistant Secretary | Redwood Investments, LLC<br> 265 Franklin Street<br> Boston, Massachusetts 02110 | Chief Compliance Officer |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer and Assistant Secretary | Alger Family of Funds (including The Alger Funds, The Alger Funds II, The Alger Institutional Funds, Alger Global Equity Fund, The Alger Portfolios, and The Alger ETF Trust) | Secretary, Chief Compliance Officer and Chief Legal Officer |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer and Assistant Secretary | Alger Group Holdings, LLC | Vice President and Assistant Secretary |
| Christoph Hofmann<br> Executive Vice President and Chief Distribution Officer | Fred Alger & Company, LLC | Chief Distribution Officer, Chief Executive Officer and President |

---

**Geneva Capital Management LLC**

Geneva Capital Management LLC ("Geneva") is a Sub-Adviser for the Registrant's Small Cap Growth Fund and Tax-Managed Small/Mid Cap Fund. The principal business address of Geneva is 411 E. Wisconsin Avenue, Suite 2320, Milwaukee, Wisconsin 53202. Geneva is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Geneva has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Global Credit Advisers, LLC**

Global Credit Advisers, LLC ("Global Credit Advisers") is a Sub-Adviser for the Registrant's Multi-Strategy Alternative Fund. The principal business address of Global Credit Advisers is 100 Park Avenue, 35th Floor, New York, New York 10017. Global Credit Advisers is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Global Credit Advisers has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Goldman Sachs Asset Management, L.P.**

Goldman Sachs Asset Management, L.P. ("GSAM") is a Sub-Adviser for the Registrant's Multi-Asset Income Fund. The principal business address of GSAM is 200 West Street, New York, New York 10282. GSAM is a registered investment adviser under the Advisers Act.

Information about the officers and partners of GSAM is included in its Form ADV filed with the Commission (registration number 801-37591) and is incorporated herein by reference.

**Hillsdale Investment Management Inc.**

Hillsdale Investment Management Inc. ("Hillsdale") is a Sub-Adviser for the Registrant's Tax-Managed Small/Mid Cap Fund. The principal business address of Hillsdale is 1 First Canadian Place, 100 King Street West, Suite 5900, Toronto, Ontario M5X 1E4. Hillsdale is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other <br> Company** |
| Eric Weider<br> Director | **Weider Health and Fitness**<br> 20750 Ventura Blvd., Suite 310<br> Woodland Hills, CA 91364 | Director and Chief Executive Officer |
| Eric Weider<br> Director | **E.U.L.C. Holdings, Ltd.**<br> 1801 Hollis Street<br> Suite 2100<br> Halifax, Nova Scotia B3J 3N | President and Shareholder |
| Eric Weider<br> Director | **MLE Holdings, Ltd.**<br> 1801 Hollis Street<br> Suite 2100<br> Halifax, Nova Scotia B3J 3N | President and Shareholder |
| Eric Weider<br> Director | **Weider Art, LLC**<br> 20750 Ventura Blvd., Suite 310<br> Woodland Hills, CA 91364 | Chief Executive Officer and Manager |
| A. Christopher Guthrie, CFA<br> President, CEO, Senior Portfolio Manager, Founding Partner,<br> Director | **Club Shahwandahgooze**<br> 34 Senneville Road<br> Senneville, Quebec<br> H9X 1B6 | Co-President |
| A. Christopher Guthrie, CFA<br> President, CEO, Senior Portfolio Manager, Founding Partner,<br> Director | **Guthmore Holdings Ltd.**<br> 202 Heath Street West<br> Toronto, Ontario M4V 1V5 | President/Secretary/Director |

---

---

| | | |
|:---|:---|:---|
| John Clifford<br> Director and Secretary | **Innovise Canada Limited**<br> 4400 - 181 Bay Street,<br> Brookfield Place, Bay Wellington Tower<br> Toronto, Ontario, Canada, M5J 2T3 | Director |
| John Clifford<br> Director and Secretary | **Perfetti Van Melle Canada Ltd.**<br> 5800 Ambler Drive,<br> Mississauga, Ontario, Canada, L4W 4J4 | Director |
|  | **MFTA Canada Inc.**<br> 4400 - 181 Bay Street,<br> Brookfield Place,Bay Wellington Tower<br> Toronto, Ontario, Canada, M5J 2T3 | Director |
|  | **James Hardie Building Products Canada Inc.**<br> 4400 - 181 Bay Street,<br> Brookfield Place, Bay Wellington Tower<br> Toronto, Ontario, Canada, M5J 2T3 | Director |
|  | **John F. Clifford Professional Corporation**<br> 4400 - 181 Bay Street,<br> Brookfield Place, Bay Wellington Tower<br> Toronto, Ontario, Canada, M5J 2T3 | Director, President and Secretary |
|  | **Callaway Golf Canada Ltd.**<br> 4400 - 181 Bay Street,<br> Brookfield Place, Bay Wellington Tower<br> Toronto, Ontario, Canada, M5J 2T3 | Director |
|  | **MS Canada**<br> 500-250 Dundas Street West<br> Toronto, Ontario, Canada, M5T 2Z5 | Director and Chair |
|  | **Metropolitan Toronto Condominium Corporation No 1205**<br> 1 Balmoral Avenue<br> Toronto, Ontario, Canada, M4V 3B9 | Director and President |
|  | **McMillan LLP**<br> 4400 – 181 Bay Street,<br> Brookfield Place, Bay Wellington Tower<br> Toronto, Ontario, Canada, M5J 2T3 | Partner and Chief Client Officer |
| Jonathan Spinney<br> Director | **Vestcor Inc.**<br> 440 King St, Fredericton,<br> NB E3B 5H8<br>| Chief Investment Officer and VP Quantitative Investing<br>|

---

**Janus Henderson Investors US LLC**

Janus Henderson Investors US LLC ("Janus") is a Sub-Adviser for the Registrant's Multi-Asset Capital Stability Fund. The principal business address of Janus is 151 Detroit Street, Denver, Colorado 80206. Janus is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Janus has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Jennison Associates LLC**

Jennison Associates LLC ("Jennison") is a Sub-Adviser for the Registrant's Core Fixed Income Fund. The principal business address of Jennison is 55 East 52nd Street, New York, New York 10055. Jennison is a registered investment adviser under the Advisers Act.

Unless otherwise noted, the principal business address of each of the companies listed below is 655 Broad Street, Newark, New Jersey 07102.

---

| | | |
|:---|:---|:---|
| **Name and Position**<br> **With Investment Adviser** | **Name and Principal Business**<br> **Address of Other Company** | **Connection With Other Company** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jurgen Muhlhauser<br> Director | PGIM, Inc. | Director, Vice President, Controller |

---

**J.P. Morgan Investment Management Inc.**

J.P. Morgan Investment Management Inc. ("JPMIM") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of JPMIM is 270 Park Avenue, New York, New York 10017\*. JPMIM is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of JPMIM has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

\* Mailing address is 390 Madison Avenue, New York, NY 10017-2513.

**Kettle Hill Capital Management, LLC**

Kettle Hill Capital Management, LLC ("Kettle Hill") is a Sub-Adviser for the Registrant's Multi-Strategy Alternative Fund. The principal business address of Kettle Hill is 747 Third Avenue, 19th Floor, New York, New York 10017. Kettle Hill is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Kettle Hill has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Leeward Investments, LLC**

Leeward Investments, LLC ("Leeward") is a Sub-Adviser for the Registrant's Small Cap, Small Cap Value and Mid-Cap Funds. The principal business address of Leeward is 10 Winthrop Square, Suite 500, Boston MA 02110. Leeward is a registered investment adviser under the Advisers Act.

Since Leeward's inception on March 1, 2022 no director, officer or partner of Leeward has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Los Angeles Capital Management LLC**

Los Angeles Capital Management LLC ("Los Angeles Capital") is a Sub-Adviser for the Registrant's Small Cap and Mid-Cap Funds. The principal business address of Los Angeles Capital is 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025. Los Angeles Capital is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Los Angeles Capital has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**LSV Asset Management**

LSV Asset Management ("LSV") is a Sub-Adviser for the Registrant's Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. The principal business address of LSV is 155 N. Wacker Drive, Chicago, Illinois 60606. LSV is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of LSV has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Mackenzie Investments Corporation**

Mackenzie Investments Corporation ("Mackenzie") is a Sub-Adviser for the Registrant's Large Cap Growth Fund. The principal business address of Mackenzie is Two International Place, Suite 2320, Boston, MA 02110. Mackenzie is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position <br> With Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other <br> Company** |
| **J. Luke Gould** <br> Director | Mackenzie Financial Corporation <br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | President and Chief Executive Officer |
|  | Mackenzie Inc.<br> 447 Portage Avenue<br> Winnipeg, Manitoba, R3C 3B6 Canada | President and Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
|  | MGELS Investments Limited<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Chief Executive Officer |
|  | MMLP GP Inc.<br> 180 Queen Street West<br> Toronto, Ontario M5V 3K1 Canada | Director & Chief Executive Officer |
|  | Northleaf Capital Group Ltd<br> 79 Wellington Street West, 6th Floor<br> Toronto, Ontario M5K 1N9 Canada | Director |
|  | China Asset Management Co., Ltd.<br> Floor 8, Building 7, One Yuetan South St.<br> Beijing, China | Director |
|  | 6460675 Manitoba Ltd.<br> 447 Portage Avenue, Winnipeg, <br> Manitoba, R3C 3B6 Canada | Director & President |
| | 11249185 Canada Inc. <br> 199 Bay Street, Suite 4000,<br> Toronto, Ontario, Canada, M5L 1A9 Canada | Director |
| **Rhonda Goldberg**<br> Director | IGM Financial Inc.<br> Investors Group Inc.<br> Mackenzie Inc. 447 Portage Avenue, Winnipeg, Manitoba, R3C 3B6 Canada | Executive Vice-President and General Counsel |
|  | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Executive Vice-President and General Counsel |
|  | Mackenzie GP Inc. <br> 180 Queen Street West Toronto,<br> Ontario M5V 3K1 Canada | Director |
|  | Investors Group Financial Services Inc. Investors Group Securities Inc.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director |
|  | I.G. Investment Management, Ltd.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Assistant Secretary |
|  | Investment Planning Counsel Inc.<br> 5015 Spectrum Way, Suite 300 Mississauga, <br> Ontario L4W 0E4 Canada | Director |
|  | 2023 Holdco Inc. <br> 1209 Orange Street Wilmington, <br> Delaware, USA 19801 | Director |

---

---

| | | |
|:---|:---|:---|
| **Cynthia Currie**<br> Director | Mackenzie Financial Corporation<br> 180 Queen Street West, Toronto, <br> Ontario, M5V 3K1 Canada | Executive Vice-President and Chief Human Resources Officer |
|  | Investors Group Inc. Mackenzie Inc. <br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Executive Vice-President and Chief Human Resources Officer |
| &nbsp;&nbsp;**Steven Locke** <br> Director and Senior Vice-President, Chief Investment Officer | Mackenzie Financial Corporation <br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Chief Investment Officer, Fixed Income and Multi-Asset Strategies |
| **Nick Westlind**<br> Director | Mackenzie Financial Corporation <br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Director and Senior Vice-President, Head of Business Operations and Strategy |
|  | Strategic Charitable Giving Foundation <br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Director and Chairman of the Board |
|  | Mackenzie Investments Asia Limited <br> 88 Queensway, 2 Pacific Place, Suite 1011, <br> Hong Kong, China | Director |
|  | MGELS Investments Limited MMLP GP Inc. <br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Director |
| **Keith Potter**<br> Director and Executive Vice-President & Chief Financial Officer | IGM Financial Inc.<br> Investors Group Inc.<br> Mackenzie Inc. 447 Portage Avenue<br> Winnipeg, Manitoba, R3C 3B6 Canada | Executive Vice-President & Chief Financial Officer |
|  | Mackenzie Financial Corporation <br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Executive Vice-President & Chief Financial Officer |
|  | Investors Syndicate Limited Investors Syndicate Property Corp.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director and President |

---

---

| | | |
|:---|:---|:---|
|  | 1000054111 Ontario Inc <br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Director and President |
|  | 11249142 Canada Inc. <br> 11263552 Canada Inc. <br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director and President |
|  | 14888669 Canada Inc. 447 Portage Avenue, Winnipeg,<br> Manitoba, R3C 3B6 Canada | Director |
|  | Investment Planning Counsel Inc. <br> 5015 Spectrum Way, Suite 300 Mississauga, <br> Ontario L4W 0E4 Canada | Director |
| | 2023 Holdco Inc. <br> 1209 Orange Street Wilmington Delaware,<br> USA 19801 | Director |
| **Gillian Seidler**<br> Chief Compliance Officer | Mackenzie Financial Corporation <br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Vice-President & Chief Compliance Officer |
|  | I.G. Investment Management, Ltd.<br> 447 Portage Avenue, Winnipeg, Manitoba,<br> R3C 3B6 Canada | Chief Compliance Officer |
| **Michael Gold** <br> Secretary | Mackenzie Financial Corporation <br> 180 Queen Street West, Toronto, <br> Ontario M5V 3K1 Canada | Assistant Vice-President, Legal |

---

**Martingale Asset Management, L.P.**

Martingale Asset Management, L.P. ("Martingale") is a Sub-Adviser for the Registrant's Tax-Managed Small/Mid Cap Fund. The principal business address of Martingale is 888 Boylston Street, Suite 1400, Boston, MA 02199. Martingale is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment<br> Adviser** | **Name and Principal Business Address <br> of Other Company** | **Connection with Other <br> Company** |
| Martingale Asset Management Corporation (MAM Corp)<br> General Partner | Martingale Asset Management, L.P. <br> (MAM LP)<br> 888 Boylston Street<br> Boston, Massachusetts | General Partner |
| William E. Jacques, CFA<br> Co-Chair; Limited Partner | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts | Director, Shareholder, President<br>|
| Alan J. Strassman<br> Co-Chair; Limited Partner | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts<br>| Director, Shareholder, Chairman |
| James M. Eysenbach, CFA<br> Co-CEO, Chief Investment Officer; Limited Partner | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts<br>| Director, Shareholder<br>|
| Jennifer N. Cooper, IACCP®<br> Co-CEO, Chief Financial Officer; Chief Compliance Officer; Limited Partner | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts<br>Providence College School of Business, Business Advisory Council | Director, Shareholder, Treasurer, Secretary<br>Member<br>|
| Marisa N. Vicario, CPA, IACCP®<br> Vice President, Finance & Compliance; Limited Partner | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts | Assistant Treasurer, Assistant Secretary<br>|

---

**Mar Vista Investment Partners, LLC**

Mar Vista Investment Partners, LLC ("Mar Vista") is a Sub-Adviser for the Registrant's Large Cap and Tax-Managed Large Cap Funds. The principal business address of Mar Vista is 11150 Santa Monica Blvd, Suite 320, Los Angeles, California 90025. Mar Vista is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Mar Vista has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**MetLife Investment Management, LLC**

Metlife Investment Management, LLC ("MIM") is a Sub-Adviser for the Registrant's Core Fixed Income Fund. The principal business address of MIM is One MetLife Way, Whippany, New Jersey 07981. MIM is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With <br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other<br> Company** |
| Brian Funk<br> President | MetLife Investment Management Holdings, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | President and Director |
| Brian Funk<br> President | Pinebridge Investments LLC<br> 66 East 55th Street<br> Park Avenue Tower<br> New York, NY 10022 | President |

---

---

| | | |
|:---|:---|:---|
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Securities, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | President and Chief Executive Officer |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Limited<br> Level 34<br> One Canada Square<br> London E14 5AA<br> United Kingdom | Chief Operating Officer, Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Japan, Ltd.<br> Tokyo Garden Terrace Kioicho<br> Kioi Tower 25F<br> 1-3, Kioicho, Chiyoda-ku, Tokyo Japan | Chief Operating Officer, Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Asia Limited<br> 9th Floor, One Taikoo Place<br> 979 King's Road, Quarry Bay<br> Hong Kong S.A.R. | Chief Operating Officer<br> Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Holdings (Ireland) Limited<br> 20 on Hatch<br> Lower Hatch Street<br> Dublin 2, Ireland | Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Holdings, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Board of Managers<br> Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investors Group, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Board of Managers<br> Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MIM I, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Chief Operating Officer |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Services and Solutions, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Group, Inc.<br> 200 Park Avenue<br> New York, NY 10166 | Executive Vice President |

---

---

| | | |
|:---|:---|:---|
| | Metropolitan Life Insurance Company<br> 200 Park Avenue<br> New York, NY 10166 | Executive Vice President |
| | MetLife Investment Management Europe Limited<br> 20 on Hatch<br> Lower Hatch Street<br> Dublin 2, Ireland | Director |
| | Affirmative Investment Management Partners Limited<br> 55 Baker Street<br> London W1U 7EU United Kingdom | Director |
| | Affirmative Investment Management Australia Pty Ltd | Director |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investments Securities, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer and Chief Financial Officer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investment Management Holdings LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MIM I, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer and Chief Financial Officer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investors Distribution Company<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer |

---

**Metropolitan West Asset Management, LLC**

Metropolitan West Asset Management, LLC ("MetWest") is a Sub-Adviser for the Registrant's Core Fixed Income Fund. The principal business address of MetWest is 515 South Flower Street, Los Angeles, California 90071. MetWest is a registered investment adviser under the Advisers Act.

The principal business address of The TCW Group, Inc., TCW Investment Management Company, TCW Asset Management Company and TCW LLC is 515 South Flower Street, Los Angeles, California 90071.

---

| | | |
|:---|:---|:---|
| **Name and Position With <br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other <br> Company** |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | The TCW Group, Inc. | Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | TCW Investment Management Company LLC | Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | TCW Asset Management Company LLC | Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | TCW LLC | Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | Los Angeles 2028 Olympic Committee (f/k/a Los Angeles 2024 Exploratory Committee), 10960 Wilshire Bldv, #1050, Los Angeles, CA 90024 | Director and Board Member |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | The Alliance for Southern California Innovation, 16320 Los Serenos Robles, Los Gatos, CA 95030 | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | The John F. Kennedy Center for the Performing Arts 2700 F Street, NW Washington, DC 20566 | Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | California Institute of Technology 1200 E California Blvd, Pasadena, CA 91125 | Non-voting member Board of Trustees, Life Member |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | Los Angeles Opera 135 No. Grand Avenue Los Angeles, CA 90012 | Board Member, Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | Marc & Eva Stern Foundation, 515 South Flower Street, Los Angeles, CA 90071 | President, Director |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | Milwaukee Brewers Baseball Club One Brewers Way, Milwaukee, WI 53214 | Minority Owner & Advisor Board Member |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | Metropolitan Opera Lincoln Center for the Performing Arts, 30 Lincoln Center Plaza, New York, NY 10023 | Board Member |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | President's Council of the Kennedy Center, 2700 F Street, NW, Washington, D.C. 20566 | Founding Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Marc Stern<br> Chairman | Kennedy Center Foundation<br> 2700 F Street, NW, Washington, D.C. 20566 | Board Member |

---

---

| | | |
|:---|:---|:---|
| Kathryn A. Koch<br> Chief Executive Officer | The TCW Group, Inc. | President & Chief Executive Officer |
| Kathryn A. Koch<br> Chief Executive Officer | TCW Investment Management Company LLC | President & Chief Executive Officer |
| Kathryn A. Koch<br> Chief Executive Officer | TCW Asset Management Company LLC | President & Chief Executive Officer |
| Kathryn A. Koch<br> Chief Executive Officer | TCW LLC | President & Chief Executive Officer |
| Kathryn A. Koch<br> Chief Executive Officer | Notre Dame Wall Street Leadership Committee<br> University of Notre Dame - Notre Dame, IN 46556 | Member |
| Kathryn A. Koch<br> Chief Executive Officer | Notre Dame Institute for Global Investing<br> University of Notre Dame - Notre Dame, IN 46556 | Advisory Board Member |
| Kathryn A. Koch<br> Chief Executive Officer | The Spence School<br> 22 E 91st Street, New York, NY 10128 | Board of Trustees Member, Member of Executive Committee and Head of Finance Committee |
| Kathryn A. Koch<br> Chief Executive Officer | TIFF Investment Management<br> 170 N Radnor Chester Road, Suite 200<br> Radnor, PA 19087 | Board of Directors |
| Kathryn A. Koch<br> Chief Executive Officer | Toigo Foundation<br> 555 12th Street, Suite 275<br> Oakland, CA 94612 | Governing Board of Directors |
| Kathryn A. Koch<br> Chief Executive Officer | CNBC Delivery Alpha Advisory Board<br> New York City, NY | Advisory Board Member |
| Kathryn A. Koch<br> Chief Executive Officer | Notre Dame Trustees, University of Notre Dame - Notre Dame, IN 46556 | Alumni Trustee |
| Kathryn A. Koch<br> Chief Executive Officer | Investment Company Institute (ICI1401)<br> H St., NW, Suite 1200<br> Washington, DC 20005 | Board Member |
| Kathryn A. Koch<br> Chief Executive Officer | U.S. Saudi Business Council (USSBC)<br> 80801 Wolftrap Road, Suiet 300, Vienna, VA 22182 | Board Member |
| Kathryn A. Koch<br> Chief Executive Officer | Nasdaq<br> 151 W. 42nd Street, New York City, NY, 10036, United States<br>| Board Member |

---

---

| | | |
|:---|:---|:---|
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | The TCW Group, Inc. | Executive Vice President & Global Chief Operating Officer |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | TCW Investment Management Company LLC | Executive Vice President & Global Chief Operating Officer |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | TCW Asset Management Company LLC | Executive Vice President & Global Chief Operating Officer |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | TCW LLC | Executive Vice President & Global Chief Operating Officer |
| Andrew Bowden<br> Manager, Executive Vice President, General Counsel & Secretary | The TCW Group, Inc. | Executive Vice President, General Counsel & Secretary |
| Andrew Bowden<br> Manager, Executive Vice President, General Counsel & Secretary | TCW Investment Management Company LLC | Manager, Executive Vice President, General Counsel & Secretary |
| Andrew Bowden<br> Manager, Executive Vice President, General Counsel & Secretary | TCW Asset Management Company LLC | Manager, Executive Vice President, General Counsel & Secretary |
| Andrew Bowden<br> Manager, Executive Vice President, General Counsel & Secretary | TCW LLC | Executive Vice President, General Counsel & Secretary |
| Andrew Bowden<br> Manager, Executive Vice President, General Counsel & Secretary | Provide legal advice and representation (negotiate book, movie and magazine deals and provide general business advice) to Mark Bowden (brother of Andrew Bowden), who is an author | Advisor/Agent |

---

---

| | | |
|:---|:---|:---|
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | The TCW Group, Inc. | Executive Vice President, Chief Financial Officer & Assistant Secretary |
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | TCW Investment Management Company LLC | Manager, Executive Vice President, & Chief Financial Officer |
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | TCW Asset Management Company LLC | Manager, Executive Vice President, & Chief Financial Officer |
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | TCW LLC | Group Managing Director, Chief Financial Officer & Assistant Secretary |
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | Goodwill of Southern California 342 San Fernando Road Los Angeles, CA 90031 | Board Member |
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | Special Olympics Southern California<br> 1600 Forbes Way Ste 200, Long Beach, CA 90810 | Board Member |
| Richard Villa<br> Manager, Executive Vice President, & Chief Financial Officer | CV Restaurant Group 2276 Honolulu Avenue, Montrose, CA 91020 | Partner |

---

**Mountaineer Partners Management, LLC**

Mountaineer Partners Management, LLC ("Mountaineer") is a Sub-Adviser for the Registrant's Multi-Strategy Alternative Fund. The principal business address of Mountaineer is 950 Third Avenue, 28th Floor, New York, New York 10022. Mountaineer is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Mountaineer has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Parametric Portfolio Associates LLC**

Parametric Portfolio Associates LLC ("Parametric") is a Sub-Adviser for the Registrant's Large Cap, Large Cap Value, Large Cap Growth, Tax-Managed Large Cap, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Tax Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. The principal business address of Parametric is 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104. Parametric is an investment adviser registered under the Advisers Act.

Outside business activities of the Executive Committee voting members vary and range from 1 to 8 hours of dedication each month with 0.0 to 3 hours devoted during regular business hours.

To assist Parametric in assessing the existence of any potential conflicts of interest with Parametric or any client, employees must disclose all outside business activities, as per the Firm's Global Employee, Trading, Investing and Activities Policy, through the Outside Business Interest system where they are reviewed by their Designated Manager, Compliance and where applicable, other groups such as Control Group, Global Financial Crimes and Public Finance Conflicts office, for review and approval. Outside activities that present a conflict of interest with Parametric or its clients are generally not approved. Material outside business activities are disclosed in Item 10 of Parametric's Form ADV Part 2A.

**PineStone Asset Management Inc.**

PineStone Asset Management Inc. ("PineStone ") is a Sub-Adviser for the Registrant's Large Cap Growth and Tax-Managed Large Cap Funds. The principal business address of PineStone is 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1. PineStone is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With Investment<br> Adviser** | **Name and Principal Business Address of Other<br> Company** | **Connection With Other Company** |
| Nadim Rizk<br> Chief Executive Officer, Chief Investment Officer | PineStone US Inc.<br> 1981 McGill College<br> Suite 1600<br> Montreal, QC, H3A 2Y1 | Director and Officer |
| Nadim Rizk<br> Chief Executive Officer, Chief Investment Officer | Cedar Foundation<br> 1310 Avenue Green #520<br> Westmount, QC, Canada | Board Member |
| Nadim Rizk<br> Chief Executive Officer, Chief Investment Officer | Desautels Global Expert, McGill University<br> 1001 Sherbrooke St.<br> Bronfman Building<br> West Montreal, QC, Canada | Board Member |
| Nadim Rizk<br> Chief Executive Officer, Chief Investment Officer | 16999972 CANADA INC.<br> 1981 McGill College<br> Suite 1600<br> Montreal, QC, H3A 2YI | Board Member |

---

**SSGA Funds Management, Inc.**

SSGA Funds Management, Inc. ("SSGA FM") is a Sub-Adviser for a portion of the assets of the Registrant's Large Cap Index, S&P 500 Index, Dynamic Asset Allocation Funds. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation. The principal address of SSGA FM is One Congress Street, Boston, Massachusetts 02114. SSGA FM is an investment adviser registered under the Advisers Act.

Below is a list of the directors and principal executive officers of SSGA FM and their position with the investment adviser and connection with another company. Unless otherwise noted, the address of each person listed is One Congress Street, Boston, Massachusetts 02114.

---

| | | |
|:---|:---|:---|
| **Name and Position With Investment<br> Adviser** | **Name and Principal Business Address of Other<br> Company** | **Connection With Other Company** |
| &nbsp;&nbsp;&nbsp;&nbsp;Jeanne LaPorta<br> Chairperson, Director and President, SSGA FM | SSGA Funds Management, Inc. | Executive Vice President of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Sean Driscoll<br> Director, SSGA FM | SSGA Funds Management, Inc. | Managing Director of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Apea Amoa<br> Director, SSGA FM | SSGA Funds Management, Inc. | Chief Financial Officer of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Brian Harris<br> Chief Compliance Officer, SSGA FM | SSGA Funds Management, Inc. | Managing Director of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Steven Hamm<br> Treasurer, SSGA FM | SSGA Funds Management, Inc. | Vice President of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Sean O'Malley, Esq.<br> Chief Legal Officer, SSGA FM | SSGA Funds Management, Inc. | General Counsel of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Ann M. Carpenter<br> Chief Operating Officer, SSGA FM | SSGA Funds Management, Inc. | Managing Director of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Timothy Corbett<br> Chief Risk Officer, SSGA FM | SSGA Funds Management, Inc. | Senior Vice President/Senior Managing Director of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;Christyann Weltens<br> Derivatives Risk Manager, SSGA FM | SSGA Funds Management, Inc. | Vice President of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;David Ireland<br> CTA Chief Marketing Officer, SSGA FM | SSGA Funds Management, Inc. | Senior Vice President/Senior Managing Director of State Street Investment Management |
| &nbsp;&nbsp;&nbsp;&nbsp;David Urman, Esq.<br> Clerk, SSGA FM | SSGA Funds Management, Inc. | Vice President and Senior Counsel of State Street Investment Management |

---

**Item 32. *Principal Underwriters:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser.

Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Daily Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 15, 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Tax Exempt Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 3, 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Institutional International Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 30, 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisors' Inner Circle Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 14, 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisors' Inner Circle Fund II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 28, 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bishop Street Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 27, 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Asset Allocation Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Institutional Investments Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 14, 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City National Rochdale Funds (f/k/a CNI Charter Funds) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Causeway Capital Management Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 20, 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Offshore Opportunity Fund II, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 1, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 14, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 8, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Offshore Advanced Strategy Series SPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Structured Credit Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 24, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares Trust II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 17, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Special Situations Fund, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 7, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Strategic Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RiverPark Funds Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 8, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser Managed Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 10, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Core Property Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 1, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Covenant Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 23, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KraneShares Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 18, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisors' Inner Circle Fund III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 12, 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Catholic Values Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 24, 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Hedge Fund SPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 26, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Energy Debt Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gallery Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 8, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City National Rochdale Select Strategies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 1, 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City National Rochdale Strategic Credit Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 16, 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symmetry Panoramic Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 23, 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frost Family of Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 31, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Vista Fund, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 20, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Private Assets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 22, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catholic Responsible Investments Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 17, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Global Private Assets VI, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 29, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quaker Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 8, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Alternative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X Venture Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 12, 2025 |

---

The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the Information required by the following table with respect to each director, officer or partner of each principal underwriter named in the answer to Item 25 of Part B. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| **Name** | **Position and Office**<br> **with Underwriter** | **Positions and Offices with Registrant** |
| Paul F. Klauder | President, Chief Executive Officer & Director |  |
| John C. Munch | General Counsel & Secretary |  |
| William M. Doran | Director |  |
| Jason McGhin | Chief Operations Officer |  |
| John P. Coary | Chief Financial Officer & Treasurer |  |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer |  |
| William M. Martin | Vice President |  |
| Christopher Rowan | Vice President |  |
| Judith Rager | Vice President |  |
| Gary Michael Reese | Vice President |  |
| Robert M. Silvestri | Vice President |  |

---

**Item 33. *Location of Accounts and Records:***

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules thereunder will be maintained at the offices of:

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

U.S. Bank National Association

425 Walnut Street

Cincinnati, Ohio 45202

Brown Brothers Harriman & Co.

40 Water Street

Boston, Massachusetts 02109-3661

Acadian Asset Management LLC

260 Franklin Street

Boston, Massachusetts 02110

AllianceBernstein L.P.

501 Commerce St.

Nashville, TN 37203

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

Greenwich, Connecticut 06830

Allspring Global Investments, LLC

1415 Vantage Park Drive, 3<sup>rd</sup> Floor

Charlotte, North Carolina 28203

Ares Capital Management II LLC

1800 Avenue of the Stars

Suite 1400

Los Angeles, California 90067

Axiom Investors LLC

33 Benedict Place, 2nd Floor

Greenwich, Connecticut 06830

Barings LLC

300 S. Tryon Street, Suite 2500

Charlotte, North Carolina 28202

Benefit Street Partners L.L.C.

1 Madison Avenue

Suite 1600

New York, New York 10010

BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, Delaware 19809

Blackstone Credit Systematic Strategies LLC

345 Park Avenue, 31st Floor

New York, New York 10154

Brandywine Global Investment Management, LLC

1735 Market Street

Suite 1800

Philadelphia, PA 19103

Brigade Capital Management, LP

399 Park Avenue

16th Floor

New York, New York 10022

CenterSquare Investment Management LLC

Eight Tower Bridge

161 Washington Street, Seventh Floor

Conshohocken, PA 19428

Copeland Capital Management, LLC

161 Washington Street

Suite 1325

Conshohocken, PA 19428

Cullen Capital Management LLC

645 5th Avenue

Suite 1201

New York, New York 10022

Easterly Investment Partners LLC

138 Conant Street, Suite 100

Beverly, Massachusetts, 01915

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, California 94403-1906

Fred Alger Management, LLC

100 Pearl Street

27th Floor

New York, New York 10004

Geneva Capital Management LLC

411 E. Wisconsin Ave.

Suite 2320

Milwaukee, WI 53202

Global Credit Advisers, LLC

100 Park Avenue, 35th Floor

New York, New York 10017

Goldman Sachs Asset Management, L.P.

200 West Street

New York, New York 10282

Hillsdale Investment Management Inc

1 First Canadian Place

100 King Street West

Suite 5900

Toronto, Ontario M5X 1E4

Janus Henderson Investors US LLC

151 Detroit Street

Denver, CO 80206

Jennison Associates LLC

55 East 52nd Street

New York, New York 10055

J.P. Morgan Investment Management Inc.

390 Madison Avenue,

New York, New York 10017

Kettle Hill Capital Management, LLC

747 Third Avenue, 19th Floor

New York, New York 10017-5617

Leeward Investments, LLC

10 Winthrop Square

Suite 500

Boston MA 02110

Los Angeles Capital Management LLC

11150 Santa Monica Blvd., Suite 200

Los Angeles, CA 90025

LSV Asset Management

155 N. Wacker Drive

Chicago, Illinois 60606

Mackenzie Investments Corporation

Two International Place

Suite 2320

Boston, Massachusetts 02110

Martingale Asset Management L.P.

888 Boylston Street, Suite 1400

Boston, Massachusetts 02199

Mar Vista Partners, LLC

11150 Santa Monica Boulevard, Suite 320

Los Angeles, CA 90025

MetLife Investment Management, LLC

One MetLife Way

Whippany, NJ 07981

Metropolitan West Asset Management, LLC

515 South Flower Street

Los Angeles, California 90071

Mountaineer Partners Management, LLC

950 Third Avenue

28th Floor

New York, New York 10022

Parametric Portfolio Associates LLC

800 Fifth Avenue

Suite 2800

Seattle, Washington 98104

PineStone Asset Management Inc.

1981 McGill College Avenue

Suite 1600

Montreal, QC, Canada H3A 2Y1

SSGA Funds Management, Inc.

One Congress Street

Boston, Massachusetts 02114

**Item 34. *Management Services:***

None.

**Item 35. *Undertakings:***

None**.**

**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 it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 137 to Registration Statement No. 033-09504 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 28<sup>th</sup> day of January, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | SEI INSTITUTIONAL MANAGED TRUST | SEI INSTITUTIONAL MANAGED TRUST | SEI INSTITUTIONAL MANAGED TRUST |
| | | By: | /s/ Robert A. Nesher | /s/ Robert A. Nesher |
| | |  | Robert A. Nesher | Robert A. Nesher |
|  |  |  | *Trustee, President & Chief Executive Officer* | *Trustee, President & Chief Executive Officer* |
| Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. | Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated. |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| Nina Lesavoy | Nina Lesavoy | Trustee | Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| James M. Williams | James M. Williams | Trustee | Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| Susan C. Cote | Susan C. Cote | Trustee | Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| James B. Taylor | James B. Taylor | Trustee | Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| Christine Reynolds | Christine Reynolds | Trustee | Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| Thomas Melendez | Thomas Melendez | Trustee | Trustee | January 28, 2026 |
| \* | \* | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee | January 28, 2026 |
| Dennis J. McGonigle | Dennis J. McGonigle | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| Eli Powell Niepoky | Eli Powell Niepoky | Trustee | Trustee | January 28, 2026 |
| \* | \* | Trustee | Trustee | January 28, 2026 |
| Kimberly Walker | Kimberly Walker | Trustee | Trustee | January 28, 2026 |
| /s/ Robert A. Nesher | /s/ Robert A. Nesher | Trustee, President & Chief Executive Officer | Trustee, President & Chief Executive Officer | January 28, 2026 |
| Robert A. Nesher | Robert A. Nesher | Trustee, President & Chief Executive Officer | Trustee, President & Chief Executive Officer | January 28, 2026 |
| /s/ Glenn R. Kurdziel | /s/ Glenn R. Kurdziel | Controller & Chief Financial Officer | Controller & Chief Financial Officer | January 28, 2026 |
| Glenn R. Kurdziel | Glenn R. Kurdziel | Controller & Chief Financial Officer | Controller & Chief Financial Officer | January 28, 2026 |
| \*By: | /s/ Robert A. Nesher |  |  |  |
| Robert A. Nesher | Robert A. Nesher |  |  |  |
| *Attorney-in-Fact* | *Attorney-in-Fact* |  |  |  |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [EX-99.B(a)](tm262170d1_ex99-bxa.htm) | [Registrant's Amended and Restated Agreement and Declaration of Trust, dated June 30, 2025](tm262170d1_ex99-bxa.htm) |
| [EX-99.B(d)(6)](tm262170d1_ex99-bxdx6.htm) | [Amended Schedules A and B, as last revised April 10, 2025, to the Investment Sub-Advisory Agreement, dated July 13, 2006, between SIMC and Acadian Asset Management LLC with respect to the Global Managed Volatility, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds](tm262170d1_ex99-bxdx6.htm) |
| [EX-99.B(d)(14)](tm262170d1_ex99-bxdx14.htm) | [Investment Sub-Advisory Agreement, dated January 1, 2026, between SIMC and Axiom Investors with respect to the Small Cap Growth Fund](tm262170d1_ex99-bxdx14.htm) |
| [EX-99.B(d)(18)](tm262170d1_ex99-bxdx18.htm) | [Investment Sub-Advisory Agreement, dated October 20, 2025, between SIMC and Blackstone Credit Systematic Strategies LLC with respect to the High Yield Bond Fund](tm262170d1_ex99-bxdx18.htm) |
| [EX-99.B(d)(34)](tm262170d1_ex99-bxdx34.htm) | [Amended Schedules A and B, dated June 30, 2025, to the Investment Sub-Advisory Agreement, dated April 5, 2024, between SIMC and Geneva Capital Management LLC with respect to the Tax-Managed Small/Mid Cap and Small Cap Growth Funds](tm262170d1_ex99-bxdx34.htm) |
| [EX-99.B(d)(43)](tm262170d1_ex99-bxdx43.htm) | [Amended Schedule B, as last revised April 10, 2025 to the Investment Sub-Advisory Agreement, dated April 1, 2010, between SIMC and Jennison Associates LLC with respect to the Core Fixed Income Fund](tm262170d1_ex99-bxdx43.htm) |
| [EX-99.B(d)(68)](tm262170d1_ex99-bxdx68.htm) | [Amended Schedule B, last revised January 1, 2026, to the Investment Sub-Advisory Agreement, dated February 6, 2013, between SIMC and Metropolitan West Asset Management, LLC with respect to the Core Fixed Income Fund](tm262170d1_ex99-bxdx68.htm) |
| [EX-99.B(i)](tm262170d1_ex99-bxi.htm) | [Opinion and Consent of Counsel](tm262170d1_ex99-bxi.htm) |
| [EX-99.B(j)](tm262170d1_ex99-bxj.htm) | [Consent of Independent Registered Public Accounting Firm](tm262170d1_ex99-bxj.htm) |
| [EX-99.B(p)(1)](tm262170d1_ex99-bxpx1.htm) | [The Code of Ethics for SIMC, dated April 18, 2024](tm262170d1_ex99-bxpx1.htm) |
| [EX-99.B(p)(5)](tm262170d1_ex99-bxpx5.htm) | [The Code of Ethics for Acadian Asset Management LLC, dated January 2026](tm262170d1_ex99-bxpx5.htm) |
| [EX-99.B(p)(6)](tm262170d1_ex99-bxpx6.htm) | [The Code of Ethics for AllianceBernstein L.P., dated January 2025](tm262170d1_ex99-bxpx6.htm) |
| [EX-99.B(p)(7)](tm262170d1_ex99-bxpx7.htm) | [The Code of Ethics for Allspring Global Investments LLC, dated September 2025](tm262170d1_ex99-bxpx7.htm) |
| [EX-99.B(p)(9)](tm262170d1_ex99-bxpx9.htm) | [The Code of Ethics for Ares Capital Management II, LLC, dated December 2025](tm262170d1_ex99-bxpx9.htm) |
| [EX-99.B(p)(10)](tm262170d1_ex99-bxpx10.htm) | [The Code of Ethics for Axiom Investors LLC, dated October 2025](tm262170d1_ex99-bxpx10.htm) |
| [EX-99.B(p)(11)](tm262170d1_ex99-bxpx11.htm) | [The Code of Ethics for Barings LLC, dated April 2025](tm262170d1_ex99-bxpx11.htm) |
| [EX-99.B(p)(12)](tm262170d1_ex99-bxpx12.htm) | [The Code of Ethics for Benefit Street Partners L.L.C., dated October 2025](tm262170d1_ex99-bxpx12.htm) |
| [EX-99.B(p)(13)](tm262170d1_ex99-bxpx13.htm) | [The Code of Ethics for BlackRock Advisors LLC, dated September 2025](tm262170d1_ex99-bxpx13.htm) |
| [EX-99.B(p)(14)](tm262170d1_ex99-bxpx14.htm) | [The Code of Ethics for Blackstone Credit Systematic Strategies, LLC, dated January 2025](tm262170d1_ex99-bxpx14.htm) |
| [EX-99.B(p)(15)](tm262170d1_ex99-bxpx15.htm) | [The Code of Ethics for Franklin Resources, Inc., adopted by Brandywine Global Investment Management, LLC, dated October 2024](tm262170d1_ex99-bxpx15.htm) |
| [EX-99.B(p)(16)](tm262170d1_ex99-bxpx16.htm) | [The Code of Ethics for Brigade Capital Management, LP, dated November 2024](tm262170d1_ex99-bxpx16.htm) |
| [EX-99.B(p)(18)](tm262170d1_ex99-bxpx18.htm) | [The Code of Ethics for Copeland Capital Management, LLC, dated December 2025](tm262170d1_ex99-bxpx18.htm) |
| [EX-99.B(p)(20)](tm262170d1_ex99-bxpx20.htm) | [The Code of Ethics for Easterly Investment Partners, LLC, dated March 2024](tm262170d1_ex99-bxpx20.htm) |

---

---

| | |
|:---|:---|
| [EX-99.B(p)(21)](tm262170d1_ex99-bxpx21.htm) | [The Code of Ethics for Fred Alger Management, LLC, dated May 2025](tm262170d1_ex99-bxpx21.htm) |
| [EX-99.B(p)(22)](tm262170d1_ex99-bxpx22.htm) | [The Code of Ethics for Franklin Advisers, Inc., dated October 2024](tm262170d1_ex99-bxpx22.htm) |
| [EX-99.B(p)(24)](tm262170d1_ex99-bxpx24.htm) | [The Code of Ethics for Global Credit Advisers, LLC, dated December 2025](tm262170d1_ex99-bxpx24.htm) |
| [EX-99.B(p)(25)](tm262170d1_ex99-bxpx25.htm) | [The Code of Ethics for Goldman Sachs Asset Management, L.P., dated July 2025](tm262170d1_ex99-bxpx25.htm) |
| [EX-99.B(p)(26)](tm262170d1_ex99-bxpx26.htm) | [The Code of Ethics for Hillsdale Investment Management Inc., dated November 2025](tm262170d1_ex99-bxpx26.htm) |
| [EX-99.B(p)(27)](tm262170d1_ex99-bxpx27.htm) | [The Code of Ethics for Janus Henderson Investors US, LLC, dated January 2026](tm262170d1_ex99-bxpx27.htm) |
| [EX-99.B(p)(29)](tm262170d1_ex99-bxpx29.htm) | [The Code of Ethics for J.P. Morgan Investment Management Inc., as last revised August 2025](tm262170d1_ex99-bxpx29.htm) |
| [EX-99.B(p)(30)](tm262170d1_ex99-bxpx30.htm) | [The Code of Ethics for Kettle Hill Capital Management, LLC, dated June 2025](tm262170d1_ex99-bxpx30.htm) |
| [EX-99.B(p)(32)](tm262170d1_ex99-bxpx32.htm) | [The Code of Ethics for Los Angeles Capital Management LLC, dated May 2025](tm262170d1_ex99-bxpx32.htm) |
| [EX-99.B(p)(33)](tm262170d1_ex99-bxpx33.htm) | [The Code of Ethics for LSV Asset Management, dated April 2025](tm262170d1_ex99-bxpx33.htm) |
| [EX-99.B(p)(34)](tm262170d1_ex99-bxpx34.htm) | [The Code of Ethics for Mackenzie Investments Corporation, dated January 2026](tm262170d1_ex99-bxpx34.htm) |
| [EX-99.B(p)(36)](tm262170d1_ex99-bxpx36.htm) | [The Code of Ethics for Mar Vista Investment Partners, LLC, dated March 2025](tm262170d1_ex99-bxpx36.htm) |
| [EX-99.B(p)(37)](tm262170d1_ex99-bxpx37.htm) | [The Code of Ethics for MetLife Investment Management, LLC, dated October 2025](tm262170d1_ex99-bxpx37.htm) |
| [EX-99.B(p)(38)](tm262170d1_ex99-bxpx38.htm) | [The Code of Ethics for The TCW Group, Inc., the parent company of Metropolitan West Asset Management, LLC, dated September 2025](tm262170d1_ex99-bxpx38.htm) |
| [EX-99.B(p)(40)](tm262170d1_ex99-bxpx40.htm) | [Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines, adopted by Parametric Portfolio Associates LLC, dated July 2025](tm262170d1_ex99-bxpx40.htm) |
| [EX-99.B(p)(42)](tm262170d1_ex99-bxpx42.htm) | [The Code of Ethics for SSGA Funds Management, Inc., dated March 2025](tm262170d1_ex99-bxpx42.htm) |
| [EX-99.B(q)(5)](tm262170d1_ex99-bxqx5.htm) | [Power of Attorney, dated January 28, 2026, for Dennis J. McGonigle, Eli Powell Niepoky and Kimberly Walker](tm262170d1_ex99-bxqx5.htm) |

---

---

| | |
|:---|:---|
| EX-101.INS | XBRL Instance Document |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |

---

## Ex-99.B(A)

**Exhibit 99.B(a)**

**SEI INSTITUTIONAL MANAGED TRUST**

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST dated the 30<sup>th</sup> day of June, 2025, by the Trustees hereunder, and by the holders of Shares of beneficial interest to be issued hereunder as hereinafter provided.

WITNESSETH that

WHEREAS, this Trust has been formed to carry on the business of an investment company;

WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Massachusetts voluntary association with transferable Shares in accordance with the provisions hereinafter set forth

WHEREAS, a sole initial trustee previously executed an Agreement and Declaration of Trust dated October 17, 1986 and the Trustees subsequently amended the Agreement and Declaration of Trust to change the name of the Trust from "TrustFunds Institutional Managed Trust" to "SEI Institutional Managed Trust" effective December 23, 1988, and the Trustees subsequently amended the Agreement and Declaration of Trust to reduce shareholder quorum requirements for series and classes of the Trust with effectiveness on or after March 30, 2016; and

WHEREAS, the Trustees, pursuant to Article IX, Section 7 of the Agreement and Declaration of Trust wish to amend the Agreement and Declaration of Trust for the purpose of reducing shareholder quorum requirements for series and classes of the Trust with effectiveness on or before March 30, 2016 so that all future and current series and classes of the Trust are subject to the reduced quorum requirements and wish to restate the Agreement and Declaration of Trust to incorporate all previous amendments.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the pro rata benefit of the holders from time to time of Shares in this Trust as hereinafter set forth.

**<u>ARTICLE I</u>**

**<u>Name and Definitions</u>**

**NAME**

<u>Section 1.</u> This Trust shall be known as the "SEI Institutional Managed Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

Definitions

<u>Section 2.</u> Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The "Trust" refers to the Massachusetts voluntary
association established by this Agreement and Declaration of Trust, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(b) "Trustees" refers to the Trustees of the Trust named
herein or elected in accordance with Article IV and then in office;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "Shares" means the equal proportionate transferable
units of interest into which the beneficial interest in the Trust shall be divided from time to time or, if more than one series of Shares
is authorized by the Trustees, the equal proportionate transferable units into which each series of Shares shall be divided from time
to time;

&nbsp;&nbsp;&nbsp;&nbsp;(d) "Shareholder" means a record owner of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The "1940 Act" refers to the Investment Company Act
of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms "Affiliated Person," "Assignment,"
and "Majority Shareholder Vote" (the 67% or 50% requirement of the third sentence of Section 2(a)(42) of the 1940 Act,
whichever may be applicable) shall have the meanings given them in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(g) "Declaration of Trust" shall mean this Agreement and
Declaration of Trust as amended or restated from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;(h) "By-Laws" shall mean the By-Laws of the Trust as amended
from time to time.

**<u>ARTICLE II</u>**

**Purpose**

The purpose of the Trust is to provide investors with one or more investment portfolios consisting primarily of securities, including debt instruments or obligations.

**<u>ARTICLE III</u>**

**Shares**

**DIVISION OF BENEFICIAL INTEREST**

<u>Section 1.</u> The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. Each series shall be represented by one or more classes of Shares, with each class possessing such rights (including, notwithstanding any contrary provision herein, voting rights) as the Trustees may, without shareholder approval, authorize. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares. The Trustees may from time to time divide or combine the Shares of any series into a greater or lesser number without thereby changing the proportionate beneficial interests in the series.

**OWNERSHIP OF SHARES**

<u>Section 2.</u> The ownership of Shares shall be recorded on the books of the Trust or its transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent of the Trust, as the case may be, shall be conclusive as to who are the Shareholders of each series and as to the number of Shares of each series held from time to time by each Shareholder.

**INVESTMENTS IN THE TRUST; ASSETS OF THE SERIES**

**<u>Section 3.</u>** The Trustees may accept investments in the Trust from such persons and on such terms and, subject to any requirements of law, for such consideration, which may consist of cash or tangible or intangible property or a combination thereof, as they may from time to time authorize.

All consideration received by the Trust for the issue or sale of Shares of each series, together with all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation thereof, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the series of Shares with respect to which the same were received by the Trust for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Trust and are herein referred to as "assets of such series. In addition, any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular series shall be allocated by the Trustees between and among one or more of the series in such manner as they, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all series for all purposes, and shall be referred to as assets belonging to that series.

**NO PREEMPTIVE RIGHTS**

<u>Section 4.</u> Shareholders shall have no preemptive or other right to receive, purchase or subscribe for any additional Shares or other securities issued by the Trust.

**STATUS OF SHARES AND LIMITATION OF PERSONAL LIABILITY**

<u>Section 5.</u> Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and to have become a party thereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole of any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.

**TRUSTEES AND OFFICERS AS SHAREHOLDERS**

<u>Section 6.</u> Any Trustee, officer or other agent of the Trust may acquire, own and dispose of Shares of the Trust to the same extent as if he were not a Trustee, officer or agent; and the Trustees may issue and sell or cause to be issued and sold Shares to and buy such Shares from any such person of any firm or company in which he is interested, subject only to the general limitations herein contained as to the sale and purchase of such Shares; and all subject to any restrictions which may be contained in the By-Laws.

**<u>ARTICLE IV</u>**

**<u>The Trustees</u>**

**ELECTION**

<u>Section 1.</u> The number of Trustees shall be fixed by the Trustees, except that these shall be not less than three nor more than fifteen Trustees, each of whom shall hold office during the lifetime of this Trust or until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed. The number of Trustees so fixed may be increased either by the Shareholders or by the Trustees by a vote of a majority of the Trustees then in office. The number of Trustees so fixed may be decreased either by the Shareholders or by the Trustees by vote of a majority of the Trustees then in office, but only to eliminate vacancies existing by reason of the death, resignation or removal or one or more Trustees. The initial Trustees, each of whom shall serve until the first meeting of Shareholders at which Trustees are elected and until his or her successor is elected and qualified, or until he or she sooner dies, resigns or is removed, shall be William M. Doran and such other persons as the Trustee or Trustees then in office shall, prior to any sale of Shares pursuant to public offering, appoint. By vote of the Shareholders holding a majority of the shares entitled to vote, the Shareholders may remove a Trustee with or without cause. By vote of a majority of the Trustees then in office, the Trustees may remove a Trustee for cause. Any Trustee may, but need not, be a Shareholder.

In case of the declination, death, resignation, retirement, removal, incapacity, or inability of any of the Trustees, or in case a vacancy shall exist by reason of an increase in number, or for any other reason, the remaining Trustees shall fill such vacancy by appointing such other person as they in their discretion shall see fit consistent with the limitations under the Investment Company Act of 1940. Such appointment shall be evidenced by a written instrument signed by a majority of the Trustees in office or by recording in the records of the Trust, whereupon the appointment shall take effect. An appointment of a Trustee may be made by the Trustees then in office in anticipation of a vacancy to occur by reason of retirement, resignation or increase in number of Trustees effective at a later date, provided that said appointment shall become effective only at or after the effective date of said retirement, resignation or increase in number of Trustees. As soon as any Trustee so appointed shall have accepted this trust, the trust estate shall vest in the new Trustee or Trustees, together with the continuing Trustees, without any further act or conveyance, and he shall be deemed a Trustee hereunder. The power of appointment is subject to the provisions of Section 16(a) of the 1940 Act. In the event that at any time after the commencement of public sales of Trust Shares less than a majority of the Trustees then holding office were elected to such office by the Shareholders, the Trustees or the Trust's President promptly shall call a meeting of Shareholders for the purpose of electing Trustees. Each Trustee elected by the Shareholders or by the Trustees shall serve until the election or qualification of his or her successor, or until he or she sooner dies, resigns or is removed.

**EFFECT OF DEATH, RESIGNATION, ETC. OF A TRUSTEE**

<u>Section 2.</u> The death, declination, resignation, retirement, removal, or incapacity of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

**POWERS**

<u>Section 3.</u> Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Declaration of Trust providing for the conduct of the business of the Trust and may amend and repeal them to the extent that such By-Laws do not reserve that right to the Shareholders; they may fill vacancies in their number, including vacancies resulting from increases in their number, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, including an executive committee which may, when the Trustees are not in session, exercise some or all of the powers and authority of the Trustees as the Trustees may determine; they may appoint an advisory board, the members of which shall not be Trustees and need not be Shareholders; they may employ one or more investment advisors or managers as provided in Section 7 of this Article IV; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set record dates for the determination of Shareholders with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter; and they may elect and remove such officers and appoint and terminate such agents as they consider appropriate.

Without limiting the foregoing, the Trustees shall have power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;(a) To invest and reinvest cash, and to hold cash uninvested;

&nbsp;&nbsp;&nbsp;&nbsp;(b) To sell, exchange, lend, pledge, mortgage, hypothecate; write
options on and lease any or all of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(c) To vote or give assent, or exercise any rights of ownership,
with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such person or persons
as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property
as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;(d) To exercise powers and rights of subscription or otherwise which
in any manner arise out of ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;(e) To hold any security or property in a form not indicating any
trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or in the name of a custodian,
subcustodian or other depositary or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;(f) To establish separate and distinct series of shares with separately
defined investment objectives, policies and purposes, and to allocate assets, liabilities and expenses of the Trust to a particular series
of Shares or to apportion the same among two or more series, provided that any liability or expense incurred by a particular series of
Shares shall be payable solely out of the assets of that series;

&nbsp;&nbsp;&nbsp;&nbsp;(g) To consent to or participate in any plan for the reorganization,
consolidation or merger of any corporation or issuer, any security or property of which is or was held in the Trust; to consent to any
contract, lease, mortgage, purchase or sale of property by such corporation or issuer, and to pay calls or subscriptions with respect
to any security held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(h) To join with other security holders in acting through a committee,
depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee,
depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or
transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such
committee, depositary or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;(i) To compromise, arbitrate or otherwise adjust claims in favor
of or against the Trust or any matter in controversy, including but not limited to claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;(j) To enter into joint ventures, general or limited partnerships
and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;(k) To borrow funds from a bank for temporary or emergency purposes
and not for investment purposes;

&nbsp;&nbsp;&nbsp;&nbsp;(1) To endorse or guarantee the payment of any notes or other obligations
of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge
the Trust property or any part thereof to secure any or all of such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;(m) To purchase and pay for entirely out of Trust property such
insurance as they may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies
insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring
the Shareholders, Trustees, officers, employees, agents, investment advisers or managers, principal underwriters, or independent contractors
of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such
office or position, or by reason of any action alleged to have been taken or omitted by any such person as Shareholder, Trustee, officer,
employee, agent, investment adviser or manager, principal underwriter, or independent contractor, including any action taken or omitted
that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such
liability; and

&nbsp;&nbsp;&nbsp;&nbsp;(n) To pay pensions for faithful service, as deemed appropriate
by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other
retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a
means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(o) To establish, from time to time, a minimum total investment
for Shareholders, and to require the redemption of the Shares of any Shareholders whose investment is less than such minimum upon giving
notice to such Shareholder.

The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by Trustees. Except as otherwise provided herein or from time to time in the By-Laws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees (if a quorum be present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate with each other simultaneously and participation by such means shall constitute presence in person at a meeting, or by written consent of a majority of the Trustees then in office.

**PAYMENT OF EXPENSES BY THE TRUST**

<u>Section 4.</u> The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser or manager, principal underwriter, auditor, counsel, custodian, transfer agent, Shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, provided, however, that all expenses, fees, charges, taxes and liabilities incurred or arising in connection with a particular series of Shares as determined by the Trustees, shall be payable solely out of the assets of that series. Any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular series shall be allocated and charged by the Trustees between or among any one or more of the series in such manner as the Trustees in their sole discretion deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all series for all purposes. Any creditor of any series may look only to the assets of that series to satisfy such creditor's debt.

<u>Section 5.</u> The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance or arrears, for any and all expenses of the Trust, an amount fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

**OWNERSHIP OF ASSETS OF THE TRUST**

<u>Section 6.</u> Title to all of the assets of each series of Shares and of the Trust shall at all times be considered as vested in the Trustees.

**ADVISORY, MANAGEMENT AND DISTRIBUTION**

<u>Section 7.</u> The Trustees may, at any time and from time to time, contract with respect to the Trust or any series thereof for exclusive or nonexclusive advisory and/or management services with SEI Financial Management Corporation, a Delaware corporation, and/or any other corporation, trust, association or other organization, every such contract to comply with such requirements and restrictions as may be set forth in the By-Laws; and any such contract may contain such other terms interpretive of or in addition to said requirements and restrictions as the Trustees may determine, including, without limitation, authority to determine from time to time what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments. Any contract for advisory services shall be subject to such Shareholder approval as is required by the 1940 Act. The Trustees may also, at any time and from time to time, contract with SEI Financial Services Company, a Pennsylvania corporation, and/or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the By-Laws; and any such contract may contain such other terms interpretive of or in addition to said requirements and restrictions as the Trustees may determine.

The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter, or distributor or agent of or for any corporation, trust, association, or other organization, or of or for any parent or affiliate of any organization, with which an advisory or management or principal underwriter's or distributor's contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an advisory or management or principal underwriter's or distributor's contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contact, or principal underwriter's or distributor's contract, or transfer, Shareholder servicing or other agency contract with one or more other corporations, trusts, associations, or other organizations, or has other businesses or interests shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.

**ACTION BY THE TRUSTEES**

<u>Section 8.</u> The Trustees shall act by majority vote at a meeting duly called or by unanimous written consent without a meeting or by telephone consent provided a quorum or Trustees participates in any such telephonic meeting, unless the 1940 Act requires that a particular action be taken only at a meeting in person of the Trustees. At any meeting of the Trustees, a majority of the Trustees shall constitute a quorum. Meetings of the Trustees may be called orally or in writing by the Chairman of the Trustees, by any two other Trustees, or by any officer of the Trust. Notice of the time, date and place of all meetings of the Trustees shall be given by the party calling the meeting to each Trustee by telephone or telegram sent to his home or business address at least twenty-four hours in advance of the meeting or by written notice mailed to his home or business address at least seventy-two hours in advance of the meeting. Notice need not be given to any Trustee who attends the meeting without objecting to the lack of notice or who executes a written waiver of notice with respect to the meeting. Subject to the requirements of the 1940 Act, the Trustees by majority vote may delegate to any one or their number their authority to approve particular matters or take particular actions on behalf of the Trust.

**<u>ARTICLE V</u>**

**<u>Shareholders' Voting Powers and Meetings</u>**

**VOTING POWERS**

<u>Section 1.</u> The Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in Article IV, Section 1, (ii) with respect to any investment adviser as provided in Article IV, Section 7, (iii) with respect to any termination of the Trust or any series to the extent and as provided in Article IX, Section 4, (iv) with respect to any amendment of this Declaration of Trust to the extent and as provided in Article IX, Section 7, (v) to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vi) with respect to such additional matters relating to the Trust as may be required by law, by this Declaration of Trust, by the By-Laws or by any registration of the Trust with the Securities and Exchange Commission or any state, or as the Trustees may consider necessary or desirable.

Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. Notwithstanding any other provisions of this Declaration of Trust, on any matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall be voted by individual series, except (1) when required by the 1940 Act, Shares shall be voted in the aggregate and not by individual series, and (2) when the Trustees have determined that the matter affects only the interests of one or more series, then only Shareholders of such series shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy.

A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to the exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger.

Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust of the By-Laws to be taken by Shareholders.

**VOTING POWER AND MEETINGS**

<u>Section 2.</u> Meetings of Shareholders of the Trust or of any series or class may be called by the Trustees, or such other person or persons as may be specified in the By-Laws, and held from time to time for the purpose of taking action upon any matter requiring the vote or the authority of the Shareholders of the Trust or any series or class as herein provided or upon any other matter deemed by the Trustees to be necessary or desirable. Meetings of Shareholders of the Trust or of any series or class shall be called by the Trustees or such other person or persons as may be specified in the By-Laws upon written application requesting that a meeting be called for a purpose requiring action by the Shareholders as provided herein or in the By-Laws by Shareholders holding at least 10% of the outstanding Shares of the Trust if Shareholders of all series are required hereunder to vote in the aggregate and not by individual series at such meeting, or Shareholders holding at least 10% of the outstanding shares of a series or class if Shareholders of such series or class are entitled hereunder to vote by individual series or class at such meeting. The Shareholders shall be entitled to at least seven days' written notice of any meeting of the Shareholders.

**QUORUM AND REQUIRED VOTE**

<u>Section 3.</u> One-third (33 and 1/3 %) of the Shares entitled to vote shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or of this Declaration of Trust permits or requires that holders of any series or class shall vote as a series or class, then one-third (33 and 1/3 %) of the aggregate number of Shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class. Any lesser number, however, shall be sufficient for adjournments. Any adjourned session or sessions may be held within a reasonable time after the date set for the original meeting without the necessity of further notice.

Except when a larger vote is required by any provisions of this Declaration of Trust or the By-Laws, one-third (33 and 1/3 %) of the shares voted on any matter shall decide such matter and a plurality shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust permits or requires that the holders of any series of class shall vote as a series or class, then one-third (33 and 1/3 %) of the Shares of that series or class voted on the matter shall decide that matter insofar as that series or class is concerned.

**ACTION BY WRITTEN CONSENT**

<u>Section 4.</u> Any action taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger vote as shall be required by any provision of this Declaration of Trust or the By-Laws) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

**ADDITIONAL PROVISIONS**

<u>Section 5.</u> The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

**<u>ARTICLE VI</u>**

**<u>Distributions, Redemptions, Repurchases and Determination of Net Asset Value</u>**

**DISTRIBUTIONS**

<u>Section 1.</u> The Trustees may, but need not, distribute each year to the Shareholders of each series such income and gains, accrued or realized, as the Trustees may determine, after providing for actual and accrued expenses and liabilities (including such reserves as the Trustees may establish) determined in accordance with good accounting practices. The Trustees shall have full discretion to determine which items shall be treated as income and which items as capital and their determination shall be binding upon the Shareholders. Distributions of each year's income of each series, if any be made, may be made in one or more payments, which shall be in Shares, in cash or otherwise and on a date or dates determined by the Trustees. At any time and from time to time in their discretion, the Trustees may distribute to the Shareholders of any one or more series as of a record date or dates determined by the Trustees, in Shares, in cash or otherwise, all or part of any gains realized on the sale or disposition of property of the series or otherwise, or all or part of any other principal of the Trust attributable to the series. Each distribution pursuant to this Section 1 shall be made ratably according to the number of Shares of the series or class held by the several Shareholders on the applicable record date thereof, provided that no distributions need be made on Shares purchased pursuant to orders received, or for which payment is made, after such time or times as the Trustees may determine. Any such distribution paid in Shares will be paid at the net asset value thereof as determined in accordance with this Declaration of Trust.

**REDEMPTIONS AND REPURCHASES**

<u>Section 2.</u> Any holder of Shares of the Trust may by presentation of a written request, together with his certificates, if any, for such Shares, in proper form for transfer, at the office of the Trust, the adviser, the underwriter or the distributors, or at a principal office of a transfer or Shareholder servicers agent appointed by the Trust (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 5 of Article VI of this Declaration of Trust, less any redemption charge which the Trustee may establish.

Upon receipt of such written request for redemption of Shares by the Trust, the adviser, the underwriter or the distributor, or the Trust's transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per share of the particular series next determined after such Shares are tendered in proper form for transfer to the Trust or determined as of such other time fixed by the Trustees as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees as may be permitted or required by the 1940 Act.

The obligation of the Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may be suspended by the Trust by or under authority of the Trustees for such period or periods during such time of emergency as shall be determined by or under authority of the Trustees. If there is such a suspension, any Shareholder may withdraw any demand for redemption and any tender of Shares which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificate therefor, if any. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any series of Shares, any period during which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the New York Stock Exchange is closed other than for customary weekend and holiday closings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Trustees or authorized officers of the Trust shall have determined, in compliance with any applicable rules and regulations or orders of the Commission, either that trading on the New York Stock Exchange is restricted, or that an emergency exists as a result of which (i) disposal by the Trust of securities owned by it is not reasonably practicable or (ii) it is not reasonably practicable for the Trust fairly to determine the current value of its net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the suspension or postponement of such obligations is permitted by order of the Commission.

The trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees may from time to time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made.

**PAYMENT IN KIND**

<u>Section 3.</u> Subject to any generally applicable limitation imposed by the Trustees, any payment on redemption, purchase or repurchase by the Trust of Shares may, if authorized by the Trustees, be made wholly or partly in kind, instead of in cash. Such payment in kind shall be made by distributing securities or other property, constituting, in the opinion of the Trustees, a fair representation of the various types of securities and other property then held by the series of Shares being redeemed, purchased or repurchased (but not necessarily involving a portion of each of the Series' holdings) and taken at their value used in determining the net asset value of the Shares in respect of which payment is made.

**ADDITIONAL PROVISIONS RELATING TO REDEMPTIONS AND REPURCHASES**

<u>Section 4.</u> The completion of redemption, purchase or repurchase of Shares shall constitute a full discharge of the Trust and the Trustees with respect to such Shares and the Trustees may require that any certificate or certificates issued by the Trust to evidence the ownership of such Shares shall be surrendered to the Trustees for cancellation or notation.

**DETERMINATION OF NET ASSET VALUE**

<u>Section 5.</u> The term "net asset value" of the Shares of each series shall mean: (i) the value of all the assets of such series; (ii) less total liabilities of such series; (iii) divided by the number of Shares of such series outstanding, in each case at the time of each determination. The "number of Shares of such series outstanding" for the purpose of such computation shall be exclusive of any Shares of such series to be redeemed, purchased or repurchased by the Trust and not then redeemed, purchased or repurchased as to which the price has been determined, but shall include Shares of such series presented for redemption, purchase or repurchase by the Trust and not then redeemed, purchased or repurchased as to which the price has not been determined and Shares of such series the sale of which has been confirmed. Any fractions involved in the computation of net asset value per share shall be adjusted to the nearer cent unless the Trustees shall determine to adjust such fractions to a fraction of a cent.

The Trustees or any officer, officers or agent of the Trust designated for the purpose by the Trustees shall determine the net asset value of the Shares of each series, and the Trustees shall fix the times as of which the net asset value of the Shares of each series shall be determined and shall fix the periods during which any such net asset value shall be effective as to sales, redemptions and repurchases of, and other transactions in, the Shares of such series, except as such times and periods for any such transaction may be fixed by other provisions of this Declaration of Trust or the By-Laws.

In valuing the portfolio investments of any series for determination of net asset value per Share of such series, securities for which market quotations are readily available shall be valued at prices which, in the opinion of the Trustees any officer, officers or agent of the Trust designated for the purpose by the Trustees, most nearly represent the market value of such securities, which may, but need not, be the most recent bid price obtained from one or more of the market makers for such securities; other securities and assets shall be valued at fair value as determined by or pursuant to the direction of the Trustees. Notwithstanding the foregoing, short-term debt obligations, commercial paper, and repurchase agreements may be, but need not be, valued on the basis of quoted yields for securities of comparable maturity, quality and type, or on the basis of amortized cost. In the determination of net asset value of any series, dividends receivable and accounts receivable for investments sold and for Shares sold shall be stated at the amounts to be received therefor; and income receivable accrued daily on bonds and notes owned shall be stated at the amount to be received. Any other assets shall be stated at fair value as determined by the Trustees or such officer, officers or agent pursuant to the Trustees' authority, except that no value shall be assigned to good will, furniture, lists, reports, statistics or other noncurrent assets other than real estate. Liabilities of any series for accounts payable, for investments purchased and for Shares tendered for redemption, purchase or repurchase by the Trust and not then redeemed, purchased or repurchased as to which the price has been determined shall be stated at the amounts payable therefor. In determining net asset value of any series, the person or persons making such determination on behalf of the Trust may include in liabilities such reserves, estimated accrued expenses and contingencies as such person or persons may in its, his or their best judgment deem fair and reasonable under the circumstances. Any income dividends and gains distributions payable by the Trust shall be deducted as of such time or times on the record date therefor as the Trustees shall determine.

The manner of determining the net assets of any series or of determining the net asset value of the Shares of any series may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform to any other method prescribed or permitted by any applicable law or regulation or generally accepted accounting practice.

Determinations in accordance with Section 5 made in good faith shall be binding on all parties concerned.

**REDEMPTIONS AT THE OPTION OF THE TRUST**

<u>Section 6.</u> The Trust shall have the right at its option and at any time to redeem Shares at the net asset value thereof (i) if such Shares are not held in an account of a customer of SEI Corporation or any of its affiliated companies or in such other account as the Trustees may determine from time to time; (ii) if at such time such Shareholder owns fewer Shares than, or Shares having an aggregate new asset value of less than, an amount determined from time to time by the Trustees; (iii) to the extent that such Shareholder owns Shares of a particular series of Shares equal to or in excess of a percentage of the outstanding Shares of that series determined from time to time by the Trustees; or (iv) to the extent that such Shareholder owns Shares of the Trust representing a percentage equal to or in excess of such percentage of the aggregate number of outstanding Shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees.

**DIVIDENDS, DISTRIBUTIONS, REDEMPTIONS AND REPURCHASES**

<u>Section 7.</u> No dividend or distribution (including, without limitation, any distribution paid upon termination of the Trust or of any series) with respect to, nor any redemption or repurchase of, the Shares of any series shall be effected by the Trust other than from the assets of such series.

**<u>ARTICLE VII</u>**

**<u>Compensation and Limitation of Liability of Trustees</u>**

**COMPENSATION**

<u>Section 1.</u> The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

**LIMITATION OF LIABILITY**

<u>Section 2.</u> The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, investment adviser or manager, principal underwriter or custodian, not shall any Trustee be responsible for the act or omission of any other Trustee, but nothing herein contained shall protect any Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Every note, bond, contract, instrument, certificate, Share or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

**<u>ARTICLE VIII</u>**

**<u>Indemnification</u>**

Subject to the exceptions and limitations contained in this Article, every person who is, or has been, a Trustee or officer of the Trust shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in settlement thereof.

No indemnification shall be provided hereunder to a Trustee or officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) against any liability to the Trust or its Shareholders by reason of a final adjudication by the court or other body before which the proceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interests of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a settlement or other disposition not involving a final adjudication (as provided in paragraph (a) or (b)) and resulting in a payment by a Trustee or officer, unless there has been either a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office by the court or other body approving the settlement or other disposition or a reasonable determination, based on a review of readily available facts (as opposed to a full trial-type inquiry) that he did not engage in such conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a vote of a majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office act on the matter); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by written opinion of independent legal counsel.

The rights of indemnification hereinafter provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter by entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel other than Trustees and officers may be entitled by contract or otherwise under law.

Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in the next to the last paragraph of this Article shall be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Article, provided that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such undertaking is secured by a surety bond or some other appropriate security or the Trust shall be insured against losses arising out of any such advances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a majority of the Disinterested Trustees acting on the matter(provided that a majority of the Disinterested Trustees then in office act on the matter) or independent legal counsel in a written opinion shall determine, based upon a review of the readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

As used in this Article, a "Disinterested Trustee" is one (i) who is not an "interested person" of the Trust (as defined by the 1940 Act) (including anyone who has been exempted from being an "interested person" by any rule, regulation or order of the Securities and Exchange Commission), and (ii) against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending.

As used in this Article, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder.

**<u>ARTICLE IX</u>**

**<u>Miscellaneous</u>**

**<u>Trustees, Shareholders, etc. Not Personally Liable; Notice</u>**

<u>Section 1.</u> All persons extending credit to, contracting with or having any claim against the Trust or a particular series of Shares shall look only to the assets of the Trust or the assets of that particular series of Shares for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. Nothing in this Declaration of Trust shall protect any Trustee against any liability to which such Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee.

Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall give notice that this Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts and shall recite that the same was executed or made by or on behalf of the Trust or by them as Trustees or Trustee or as officers or officer and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, and may contain such further recital as he or she or they may deem appropriate, but the omission thereof shall not operate to bind any Trustees or Trustee or officers or officer or Shareholders or Shareholder individually.

**TRUSTEES' GOOD FAITH ACTION, EXPERT ADVICE; NO BOND OR SURETY**

<u>Section 2.</u> The exercise by Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustee may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

**LIABILITY OF THIRD PERSONS DEALING WITH TRUSTEES**

<u>Section 3.</u> No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

**DURATION AND TERMINATION OF TRUST**

<u>Section 4.</u> Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by vote of Shareholders holding at least a majority of the Shares entitled to vote or by the Trustees by written notice to the Shareholders. Any series of Shares may be terminated at any time by vote of Shareholders holding at least a majority of the Shares of such series entitled to vote or by the Trustees by written notice to the Shareholders of such series.

Upon termination of the Trust or of any one or more series of Shares, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular series as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets to distributable form in cash or Shares or other securities, or any combination thereof, and distribute the proceeds to the Shareholders of the series involved, ratably according to the number of Shares of such series held by the several Shareholders of such series on the date of termination.

<u>Section 5.</u> The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the Commonwealth of Massachusetts and with the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required. Anyone dealing with the Trust may rely on certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in such amendment, references to this instrument, and the expression "herein," "hereof," and "hereunder," shall be deemed to refer to this instrument as amended from time to time. Headings are placed herein for convenience of reference only, and shall not be taken as part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

**APPLICABLE LAW**

<u>Section 6.</u> The Trust shall be of the type commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust. This Declaration of Trust is to be governed by and construed and administered according to the laws of said Commonwealth.

**AMENDMENTS**

<u>Section 7.</u> This Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees when authorized to do so by a vote of Shareholders holding a majority of the Shares entitled to vote, except that an amendment which shall affect the holders of one or more series or classes of Shares but not the holders of all outstanding series or classes shall be authorized by vote of the Shareholders holding a majority of the Shares entitled to vote of each series or classes affected and no vote of Shareholders of a series or classes not affected shall be required. Amendments having the purpose of changing the name of the Trust or of supplying any omission, curing any ambiguity of curing, correcting or supplementing any defective or inconsistent provision contained herein shall not require authorization by Shareholder vote.

*[Remainder of Page Intentionally Left Blank; Signature Page Immediately Below]*

IN WITNESS WHEREOF, the undersigned being the Trustees of SEI Institutional Managed Trust, have executed this Amended and Restated Agreement and Declaration of Trust on this 30<sup>th</sup> day of June, 2025.

---

| |
|:---|
| /s/ Nina Lesavoy |
| Nina Lesavoy |
| /s/ James M. Williams |
| James M. Williams |
| /s/ Susan C. Cote |
| Susan C. Cote |
| /s/ James B. Taylor |
| James B. Taylor |
| /s/ Christine Reynolds |
| Christine Reynolds |
| /s/ Thomas Melendez |
| Thomas Melendez |
| /s/ Dennis J. McGonigle |
| Dennis J. McGonigle |
| /s/ Eli Powell Niepoky |
| Eli Powell Niepoky |
| /s/ Kimberly Walker |
| Kimberly Walker |
| /s/ Robert A. Nesher |
| Robert A. Nesher |

---

## Ex-99.B(D)(6)

**Exhibit 99.B(d)(6)**

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Acadian Asset Management LLC**

**As of July 13, 2006, as amended March 29, 2010, January 6, 2012, June 30, 2015, September 15,<br> 2015, June 30, 2016 and April 10, 2025**

**SEI INSTITUTIONAL MANAGED TRUST**

<u>Sub-Advisory Services</u>

Global Managed Volatility Fund<br> U.S. Managed Volatility Fund

<u>Sub-Advisory Services Pursuant to a Model Portfolio</u>

Tax-Managed International Managed Volatility Fund

Tax-Managed Managed Volatility Fund

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Acadian Asset Management LLC**

**As of July 13, 2006, as amended March 29, 2010, January 6, 2012, June 30, 2015, September 15,<br> 2015, June 30, 2016 and April 10, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Managed Trust</u>**

<u>Global Managed Volatility Fund and Tax-Managed International Managed Volatility Fund</u>

The fee schedule below will be applied to the average daily value of the Assets of the SEI Institutional Managed Trust Global Managed Volatility Fund and Tax-Managed International Managed Volatility Fund and the average daily value of the Assets of any other international/global managed volatility equity SEI mutual fund or account (each an "International/Global Managed Volatility Equity Fund", collectively the "International/Global Managed Volatility Equity Funds") to which the Sub-Advisor may now or in the future provide investment advisory/sub-advisory services. Each International/Global Managed Volatility Equity Fund will be responsible for its pro rata portion of the total fee determined pursuant to this paragraph based on the relative values of the average daily Assets of the International/Global Managed Volatility Equity Funds managed by Sub-Advisor (as set forth below).

[REDACTED]

As of the effective date of this amendment the International/Global Managed Volatility Equity Funds are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Managed Trust Global Managed Volatility Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Managed Trust Tax-Managed International Managed Volatility Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Global Managed Volatility Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI GMF The SEI Global Managed Volatility Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Global Managed Volatility Fund (SEI Canada).

<u>U.S. Managed Volatility Fund and Tax-Managed Managed Volatility Fund</u>

The fee schedule below will be applied to the average daily value of the Assets of the SEI Institutional Managed Trust U.S. Managed Volatility Fund and Tax-Managed Managed Volatility Fund and the average daily value of the Assets of any other U.S. managed volatility SEI mutual fund or account (each an "U.S. Managed Volatility Fund", collectively the "U.S. Managed Volatility Funds") to which the Sub-Advisor may now or in the future provide investment advisory/sub-advisory services. Each U.S. Managed Volatility Fund will be responsible for its pro rata portion of the total fee determined pursuant to this paragraph based on the relative values of the average daily Assets of the U.S. Managed Volatility Funds managed by Sub-Advisor (as set forth below).

[REDACTED]

As of the effective date of this amendment the U.S. Managed Volatility Funds are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Managed Trust U.S. Managed Volatility Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Managed Trust Tax-Managed Managed Volatility Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust U.S. Managed Volatility Fund

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Acadian Asset Management LLC** | **Acadian Asset Management LLC** |
| By: | /s/ James Smigiel | By: | /s/ Ted Noon |
| Name: | James Smigiel | Name: | Ted Noon |
| Title: | Chief Investment Officer | Title: | Chief Marketing Officer |

---

## Ex-99.B(D)(14)

**Exhibit 99.B(d)(14)**

**INVESTMENT SUB-ADVISORY AGREEMENT SEI INSTITUTIONAL MANAGED TRUST**

AGREEMENT made as of this 1<sup>st</sup> day of January, 2026 between SEI Investments Management Corporation (the "Adviser") and Axiom Investors (the "Sub-Adviser").

WHEREAS, SEI Institutional Managed Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated December 16, 1994, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a

Fund, and the Sub-Adviser is willing to render such investment advisory services; and

WHEREAS, it is intended that the Sub-Adviser will make purchase or sale recommendations for the Assets (as defined below), with those recommendations executed as appropriate by the Adviser or other another sub-adviser to the Fund (the Adviser in such capacity and such other sub-adviser are individually and collectively referred to as the "Overlay Manager").

NOW, THEREFORE, the parties hereto agree as follows:

**1.** **Duties of the Sub-Adviser.** Subject to supervision by the Adviser and the Trust's Board
 of Trustees, the Sub-Adviser shall manage all of the securities and other assets of each
 Fund entrusted to it hereunder (the "Assets"), by recommending the purchase, retention
 and disposition of the Assets, in accordance with the Fund's investment objectives, policies
 and restrictions as stated in each Fund's prospectus and statement of additional information,
 as currently in effect and as amended or supplemented from time to time (referred to collectively
 as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, in consultation
 with and subject to the direction of the Adviser, recommend from time to time what Assets
 should be purchased, retained or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations
 under this Agreement, the Sub-Adviser shall act in conformity with the Trust's Declaration
 of Trust (as defined herein), Prospectus, Compliance Policies and Procedures and with the
 instructions and directions of the Adviser and of the Board of Trustees of the Trust and
 will conform to and comply with the requirements of the 1940 Act, the Internal Revenue Code
 of 1986 (the "Code"), and all other applicable federal and state laws and regulations,
 as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent applicable to its services hereunder, the Sub-Adviser shall maintain all books
 and records with respect to transactions involving the Assets required by subparagraphs (b)(5),
 (6), (7), (9), (10) and (11) and paragraph (f) of Rule 31a-1 under the 1940
 Act. The Sub-Adviser shall keep the books and records relating to the Assets required to
 be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser
 all information relating to the Sub-Adviser's services under this Agreement needed by the
 Adviser to keep the other books and records of a Fund required by Rule 31a-1 under the
 1940 Act. The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are
 property of the Fund and the Sub-Adviser will surrender promptly to a Fund any of such records
 upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such
 records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve
 for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are
 required to be maintained by it pursuant to this Agreement, and shall transfer said records
 to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor
 sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Assets of the Fund shall be held by the Fund's custodian. The Sub-Adviser shall at no time
 have custody or physical control of the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the extent called for by the Trust's Compliance Policies and Procedures, or as reasonably
 requested by a Fund, the Sub-Adviser shall provide the Fund with information and advice regarding
 Assets to assist the Fund in determining the appropriate valuation of such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 investment management services provided by the Sub-Adviser under this Agreement are not to
 be deemed exclusive and the Sub-Adviser shall be free to render similar services to others,
 as long as such services do not impair the services rendered to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably
 likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) Except under the circumstances set forth in subsection (ii), the
 Sub-Adviser shall not be responsible for reviewing proxy solicitation materials or voting
 and handling proxies in relation to the securities held as Assets in a Fund. If the Sub-Adviser
 receives a misdirected proxy, it shall promptly forward such misdirected proxy to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser hereby agrees that upon
 60 days' written notice from the Adviser, the Sub-Adviser shall assume responsibility for
 reviewing proxy solicitation materials and voting proxies in relation to the securities held
 as Assets in a Fund. As of the time the Sub-Adviser shall assume such responsibilities with
 respect to proxies under this sub-section (ii), the Adviser shall instruct the custodian
 and other parties providing services to a Fund to promptly forward misdirected proxies to
 the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In performance of its duties and obligations
 under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to a Fund
 or a sub-adviser to a portfolio that is under common control with a Fund concerning the Assets,
 except as permitted by the policies and procedures of a Fund. The Sub-Adviser shall not provide
 investment advice to any assets of a Fund other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall provide to the Adviser
 or the Board of Trustees such periodic and special reports, balance sheets or financial information,
 and such other information with regard to its affairs as the Adviser or Board of Trustees
 may reasonably request. The Sub-Adviser shall also furnish to the Adviser any other information
 relating to the Assets that is required to be filed by the Adviser or the Trust with the
 SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder)
 or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Additional Duties of the Sub-Adviser.** In connection with its duty
 to recommend the purchase, retention and disposition of the Assets of the Fund, subject to the provisions
 of Section 1 of this Agreement, the Sub-Adviser shall also provide the following investment advisory
 services with respect to the Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide such recommendations with respect
 to the purchase, retention and disposition of the Assets of the Fund to the Overlay Manager
 in the form of a model portfolio or otherwise as appropriate (a "Model Portfolio")
 at such times and in such manner as the Adviser requests. Sub-Adviser acknowledges that Sub-Adviser's
 investment recommendations will be implemented by the Overlay Manager with only limited authority
 to vary from such recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the composition of the Assets in
 the Model Portfolio developed by the Sub-Adviser in light of the Prospectus and any instructions
 or directions given by the Adviser, and promptly report to the Adviser in the event that
 the investments in the Model Portfolio do not fully comply with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to the Assets, the Overlay
 Manager will determine the timing and the manner of executing transactions within the Fund
 pursuant to the Sub-Adviser's Model Portfolio. The Sub-Adviser shall not be responsible for
 the timing or the manner of transactions executed by the Overlay Manager. The Sub-Adviser
 shall not be responsible for compliance violations or variations from the Prospectus or the
 Adviser's instructions or directions that result from the manner in which the Overlay Manager
 either executes or fails to execute the Model Portfolio. The Adviser shall provide to the
 Sub-Adviser such reports or other information as the Sub-Adviser reasonably requests to assist
 the Sub-Adviser in providing the Sub-Adviser's advisory services specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sub-Adviser shall have no obligation to
 file with respect to the Fund any required reports with the SEC pursuant to Section 13(f) and
 Section 13(g) of the Securities Exchange Act of 1934 and the rules and regulations
 thereunder. Such reports with respect to the Fund shall be filed by the Adviser or the Overlay
 Manager.

3. **Duties of the Adviser.** The Adviser shall continue to have responsibility
 for all services to be provided to each Fund pursuant to the Advisory Agreement and shall oversee and
 review the Sub-Adviser's performance of its duties under this Agreement; provided, however, that in connection
 with its management of the Assets, nothing herein shall be construed to relieve the Sub-Adviser of responsibility
 for compliance with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance Policies
 and Procedures, the instructions and directions of the Board of Trustees of the Trust, the requirements
 of the 1940 Act, the Code, and all other applicable federal and state laws and regulations, as each is
 amended from time to time.

4. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser
 with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration
 of Trust, as filed with the Secretary of State of the Commonwealth of Massachusetts (such
 Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended
 from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as
 in effect on the date of this Agreement and as amended from time to time, are herein called
 the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus
 of each Fund.

5. **Compensation to the Sub-Adviser.** For the services to be provided
 by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser
 agrees to accept as full compensation therefore, a sub-advisory fee at the rate specified in Schedule
 B which is attached hereto and made part of this Agreement. The fee will be calculated based on the average
 daily value of the Assets, excluding cash with respect to a Fund that is an equity fund, under the Sub-Adviser's
 management and will be paid to the Sub-Adviser monthly. For the avoidance of doubt, notwithstanding the
 fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect
 to any day that the value of the Assets under the Sub-Adviser's management equals zero.

6. **Indemnification.** The Sub-Adviser shall indemnify and hold harmless
 the Adviser from and against any and all claims, losses, liabilities or damages (including reasonable
 attorney's fees and other related expenses) howsoever arising from or in connection with the performance
 of the Sub-Adviser's obligations under this Agreement; provided, however, that the Sub-Adviser's obligation
 under this Paragraph 6 shall be reduced to the extent that the claim against, or the loss, liability
 or damage experienced by the Adviser, is caused by or is otherwise directly related to the Adviser's
 own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this
 Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the performance of the Adviser's obligations under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 6 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement.

7. **Duration and Termination.** This Agreement shall become effective
 upon approval by the Trust's Board of Trustees and its execution by the parties hereto. Pursuant to the
 exemptive relief obtained in the SEC Order dated April 29, 1996, Investment Company Act Release
 No. 21921, approval of the Agreement by a majority of the outstanding voting securities of a Fund
 is not required, and the Sub-Adviser acknowledges that it and any other sub-adviser so selected and approved
 shall be without the protection (if any) accorded by shareholder approval of an investment adviser's
 receipt of compensation under Section 36(b) of the 1940 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 7, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

8. **Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby
 represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7
 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the
 Sub-Adviser has adopted and implemented and will maintain written policies and procedures
 reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as
 such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC
 has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Sub-Adviser's activities
 or services could affect a Fund, the Sub-Adviser has adopted and implemented and will maintain
 written policies and procedures that are reasonably designed to prevent violation of the
 "federal securities laws" (as such term is defined in Rule 38a-1 under the
 1940 Act) by the Funds and the Sub-Adviser (the policies and procedures referred to in this
 Paragraph 8(b), along with the policies and procedures referred to in Paragraph 8(a), are
 referred to herein as the Sub-Adviser's "Compliance Program").

9. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall provide to the Trust's
 Chief Compliance Officer ("CCO") the following documents in a commercially reasonable
 period of time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies of all SEC examination correspondences,
 including correspondences regarding books and records examinations and "sweep"
 examinations, issued during the term of this Agreement, in which the SEC identified any concerns,
 issues or matters (such correspondences are commonly referred to as "deficiency letters")
 relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's
 responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any material violations of
 the Sub-Adviser's Compliance Program or any "material compliance matters" (as such
 term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to
 the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a report of any material changes to the
 policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Sub-Adviser's chief compliance
 officer's report (or similar document(s) which serve the same purpose) regarding his
 or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7
 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an annual (or more frequently as the Trust's
 CCO may reasonably request) representation regarding the Sub-Adviser's compliance with Paragraphs
 8 and 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable
 access to the testing, analyses, reports and other documentation, or summaries thereof, that
 the Sub-Adviser's chief compliance officer relies upon to monitor the effectiveness of the
 implementation of the Sub-Adviser's Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable access, during
 normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged
 on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

10. **Governing Law.** This Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts,
 without regard to conflict of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

11. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule or
 otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their respective
 successors.

12. **Notice.** Any
 notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
 if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed
 by the party giving notice to the other party at the last address furnished by the other
 party:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;To the Adviser at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Legal Department |
| &nbsp;&nbsp;&nbsp; To the Trust's CCO at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;To the Sub-Adviser at: |  |
|  | **Axiom Investors** |
|  | 33 Benedict Place |
|  | Greenwich, CT 06830 |
|  | Attention: Edward Azimi, COO |

---

14. **Amendment of Agreement.** This Agreement may be amended only by
 written agreement of the Adviser and the Sub-Adviser and only in accordance with the provisions of the
 1940 Act and the rules and regulations promulgated thereunder.

15. **Entire Agreement.** This Agreement embodies the entire agreement
 and understanding between the parties hereto, and supersedes all prior agreements and understandings
 relating to this Agreement's subject matter. This Agreement may be executed in any number of counterparts,
 each of which shall be deemed to be an original, but such counterparts shall, together, constitute only
 one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 7 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

16. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Declaration of Trust is
 on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby
 given that the obligations of this instrument are not binding upon any of the Trustees, officers
 or shareholders of a Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the effect of a requirement of the
 1940 Act or Advisers Act reflected in any provision of this Agreement is altered by a rule,
 regulation or order of the SEC, whether of special or general application, such provision
 shall be deemed to incorporate the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Axiom Investors** | **Axiom Investors** |
| By: | /s/ James Smigiel | By: | /s/ Andrew Jacobson |
| Name: | James Smigiel | Name: | Andrew Jacobson |
| Title: | Chief Investment Officer | Title: | CEO/CIO |

---

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Axiom Investors**

**As of January 1, 2026**

**SEI INSTITUTIONAL MANAGED TRUST**

**Small Cap Growth Fund**

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Axiom Investors**

**As of January 1, 2026**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Managed Trust</u>**

Small Cap Growth Fund [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Axiom Investors** | **Axiom Investors** |
| By: | /s/ James Smigiel | By: | /s/ Andrew Jacobson |
| Name: | James Smigiel | Name: | Andrew Jacobson |
| Title: | Chief Investment Officer | Title: | CEO/ CIO |

---

## Ex-99.B(D)(18)

**Exhibit 99.B(d)(18)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI INSTITUTIONAL MANAGED TRUST**

AGREEMENT made as of this 20<sup>th</sup> day of October, 2025 between SEI Investments Management Corporation (the "Adviser") and Blackstone Credit Systematic Strategies LLC (the "Sub-Adviser").

WHEREAS, SEI Institutional Managed Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated December 16, 1994, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Board of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a Fund, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser.** Subject to
 supervision by the Adviser and the Trust's Board of Trustees, the Sub-Adviser shall
 manage all of the securities and other assets of each Fund entrusted to it hereunder (the
 "Assets"), including the purchase, retention and disposition of the Assets, in
 accordance with the Fund's investment objectives, policies and restrictions as stated
 in each Fund's prospectus and statement of additional information, as currently in
 effect and as amended or supplemented from time to time (referred to collectively as the
 "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, in consultation
 with and subject to the direction of the Adviser, determine from time to time what Assets
 will be purchased, retained or sold by a Fund, and what portion of the Assets will be invested
 or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations
 under this Agreement, the Sub-Adviser shall act in conformity with the Trust's Declaration
 of Trust (as defined herein), Prospectus, applicable Compliance Policies and Procedures,
 and with the written instructions and directions of the Adviser and of the Board of Trustees
 of the Trust and will conform to and comply with the applicable requirements of the 1940
 Act, the Internal Revenue Code of 1986 (the "Code"), and all other applicable
 federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets
 to be purchased or sold by a Fund as provided in subparagraph (a) and will place orders
 with or through such persons, brokers or dealers to carry out the policy with respect to
 brokerage set forth in a Fund's compliance policy and procedures or as the Board of
 Trustees or the Adviser may direct from time to time, in conformity with all federal securities
 laws. In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will
 use its commercially reasonable best efforts to seek on behalf of each Fund the best overall
 terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser
 shall consider all factors that it deems relevant, including the breadth of the market in
 the security, the price of the security, the financial condition and execution capability
 of the broker or dealer, and the reasonableness of the commission, if any, both for the specific
 transaction and on a continuing basis. In evaluating the best overall terms available, and
 in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser may also
 consider the brokerage and research services provided (as those terms are defined in Section 28(e) of
 the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any
 guidelines established by the Board of Trustees of the Trust and Section 28(e) of
 the Exchange Act, the Sub-Adviser is authorized to pay to a broker or dealer who provides
 such brokerage and research services a commission for executing a portfolio transaction for
 a Fund which is in excess of the amount of commission another broker or dealer would have
 charged for effecting that transaction if, but only if, the Sub-Adviser determines in good
 faith that such commission was reasonable in relation to the value of the brokerage and research
 services provided by such broker or dealer -- viewed in terms of that particular transaction
 or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients,
 including a Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale
 orders for securities to brokers or dealers (including brokers and dealers that are affiliated
 with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser
 believes that the quality of the transaction and the commission are comparable to what they
 would be with other qualified firms. In no instance, however, will a Fund's Assets
 be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter,
 or any affiliated person of either the Trust, Adviser, the Sub-Adviser or the principal underwriter,
 acting as principal in the transaction, except to the extent permitted by the Securities
 and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent applicable to its services
 hereunder, the Sub-Adviser shall maintain all books and records with respect to transactions
 involving the Assets required by subparagraphs (b)(5), (6), (7), (9), (10) and (11)
 and paragraph (f) of Rule 31a-1 under the 1940 Act. Additionally, to the extent
 applicable to its services hereunder, the Sub-Adviser shall keep the books and records relating
 to the Assets required to be maintained by the Sub-Adviser under this Agreement (i.e., trade
 blotter) and shall timely furnish to the Adviser all information relating to the Sub-Adviser's
 services under this Agreement needed by the Adviser to keep the other books and records of
 a Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records
 that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender
 promptly to a Fund any of such records upon the Fund's request; provided, however,
 that the Sub-Adviser may retain a copy of such records. In addition, for the duration of
 this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2
 under the 1940 Act any such records as are required to be maintained by it pursuant to this
 Agreement, and shall transfer said records to any successor sub-adviser upon the termination
 of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide a Fund's
 custodian on each business day with information relating to all transactions concerning a
 Fund's Assets and shall provide the Adviser with such information upon request of the
 Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent called for by the Trust's
 Compliance Policies and Procedures, or as reasonably requested by a Fund, the Sub-Adviser
 shall provide the Fund with information and advice regarding Assets to assist the Fund in
 determining the appropriate valuation of such Assets. It is acknowledged that notwithstanding
 any such assistance, the Sub-Adviser is not responsible for the final valuation of any portfolio
 securities or other assets or liabilities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The investment management services provided
 by the Sub-Adviser under this Agreement are not to be deemed exclusive and the Sub-Adviser
 shall be free to render similar services to others, as long as such services do not impair
 the services rendered to the Adviser or the Trust. Except to the extent necessary to perform
 its obligations hereunder, nothing herein shall be deemed to require the Sub-Adviser to devote
 any minimum amount of time or attention to the management of the Assets. Except as otherwise
 expressly provided herein, nothing herein shall be deemed to limit or restrict the right
 of the Sub-Adviser to engage in, or to devote time and attention to the management of any
 other business, whether of a similar or dissimilar nature, or to render services of any kind
 to any other corporation, firm, individual or association. The Sub-Adviser may on occasion
 give advice or take action with respect to other investment entities that it manages that
 differs from the advice given with respect to the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall promptly notify
 the Adviser of any financial condition that is reasonably likely to impair the Sub-Adviser's
 ability to fulfill its commitment under this Agreement.

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except under the circumstances set forth
 in subsection (ii), the Sub-Adviser shall not be responsible for reviewing proxy solicitation
 materials or voting and handling proxies in relation to the securities held as Assets in
 a Fund. If the Sub-Adviser receives a misdirected proxy, it shall promptly forward such misdirected
 proxy to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser hereby agrees that upon
 60 days' written notice from the Adviser, the Sub-Adviser shall assume responsibility for
 reviewing proxy solicitation materials and voting proxies in relation to the securities held
 as Assets in a Fund. As of the time the Sub-Adviser shall assume such responsibilities with
 respect to proxies under this sub-section (ii), the Adviser shall instruct the custodian
 and other parties providing services to a Fund to promptly forward misdirected proxies to
 the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In performance of its duties and obligations
 under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to a Fund
 or a sub-adviser to a portfolio that is under common control with a Fund concerning the Assets,
 except as permitted by the policies and procedures of a Fund. The Sub-Adviser shall not provide
 investment advice to any assets of a Fund other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On occasions when the Sub-Adviser deems
 the purchase or sale of a security to be in the best interest of a Fund as well as other
 clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law
 and regulations, aggregate the order for securities to be sold or purchased. In such event,
 the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred
 in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and
 consistent with its fiduciary obligations to a Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall provide to the Adviser
 or the Board of Trustees such periodic and special reports, balance sheets or financial information,
 and such other information with regard to its affairs as the Adviser or Board of Trustees
 may reasonably request. The Sub-Adviser shall also furnish to the Adviser any other information
 relating to the Assets that is required to be filed by the Adviser or the Trust with the
 SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder)
 or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Assets of a Fund,
 the Sub-Adviser shall file any required reports with the SEC pursuant to Section 13(f) and
 Section 13(g) of the Securities Exchange Act of 1934, as amended and the rules and
 regulations thereunder.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Duties and Representations of the Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall continue to have responsibility
 for all services to be provided to each Fund pursuant to the Advisory Agreement and shall
 oversee and review the Sub-Adviser's performance of its duties under this Agreement;
 provided, however, that in connection with its management of the Assets, nothing herein shall
 be construed to relieve the Sub-Adviser of responsibility for compliance with the Trust's
 Declaration of Trust (as defined herein), Prospectus, applicable Compliance Policies and
 Procedures, the instructions and directions of the Board of Trustees of the Trust, the applicable
 requirements of (i) the 1940 Act, (ii) the Code, and (iii) other federal and
 state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as the Funds remain in existence,
 the Adviser and the Funds shall have a limited license to use the name of the Sub-Adviser,
 including any short-form of such name, or any combination or derivation thereof, solely for
 the purpose of identifying the Sub-Adviser as a sub-adviser to the Fund. The Sub-Adviser
 acknowledges and agrees that the Adviser, its affiliates and the Funds will use such names
 in connection with the operation, administration preparation of materials and reports, distribution,
 marketing and promotion of the Funds to current and prospective investors. The Adviser and
 the Funds shall cease to use the name of the Sub-Adviser in any newly printed materials (except
 as may, in the sole discretion of the Adviser, be reasonably necessary to comply with applicable
 law) promptly upon termination of this Agreement with respect to the Fund. During the term
 of this Agreement, the Sub-Adviser shall have the right to periodically review sales and
 other marketing materials utilizing the name of the Sub-Adviser and any combination or derivation
 thereof.

3. **Delivery of Documents.** The Adviser has
 furnished the Sub-Adviser with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration
 of Trust, as filed with the Secretary of State of the Commonwealth of Massachusetts (such
 Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended
 from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as
 in effect on the date of this Agreement and as amended from time to time, are herein called
 the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus of each Fund.

4. **Compensation to the Sub-Adviser.** For
 the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will
 pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor,
 a sub-advisory fee at the rate specified in Schedule B which is attached hereto and made
 part of this Agreement. The fee will be calculated based on the average daily value of the
 Assets, excluding cash with respect to a Fund that is an equity fund, under the Sub-Adviser's
 management and will be paid to the Sub-Adviser monthly in arrears. For the avoidance of doubt,
 notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued
 under this Agreement with respect to any day that the value of the Assets under the Sub-Adviser's
 management equals zero. Except as may otherwise be prohibited by law or regulation (including
 any then current SEC staff interpretation), the Sub-Adviser may, in its discretion and from
 time to time, waive a portion of its fee.

5. **Standard of Care and Limitation of Liability**.
 [REDACTED]

6. **Indemnification.** 

The Sub-Adviser shall indemnify and hold harmless the Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the Sub-Adviser's willful misfeasance, bad faith or negligence in the performance of its obligations under this Agreement or the Sub-Adviser's reckless disregard of its duties under this Agreement; provided, however, that the Sub-Adviser's obligation under this Paragraph 6 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, is caused by or is otherwise directly related to the Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the Adviser's willful misfeasance, bad faith or negligence in the performance of its obligations under this Agreement or the Adviser's reckless disregard of its duties under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 6 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement.

7. **Duration and Termination.** This Agreement
 shall become effective upon approval by the Trust's Board of Trustees and its execution
 by the parties hereto. Pursuant to the exemptive relief obtained in the SEC Order dated April 29,
 1996, Investment Company Act Release No. 21921, approval of the Agreement by a
 majority of the outstanding voting securities of a Fund is not required, and the Sub-Adviser
 acknowledges that it and any other sub-adviser so selected and approved shall be without
 the protection (if any) accorded by shareholder approval of an investment adviser's
 receipt of compensation under Section 36(b) of the 1940 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 7, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

8. **Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7
 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the
 Sub-Adviser has adopted and implemented and will maintain written policies and procedures
 reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as
 such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC
 has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the extent that the Sub-Adviser's activities or services could affect a Fund, the Sub-Adviser
 has adopted and implemented and will maintain written policies and procedures that are reasonably
 designed to prevent violation of the "federal securities laws" (as such term
 is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser (the policies
 and procedures referred to in this Paragraph 8(b), along with the policies and procedures
 referred to in Paragraph 8(a), are referred to herein as the Sub-Adviser's "Compliance
 Program").

9. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser shall, to the extent permissible under applicable law and to the extent related
 to the Adviser or the Fund, promptly provide to the Trust's Chief Compliance Officer
 ("CCO") upon request the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies
 of all SEC examination correspondences, including correspondences regarding books and records
 examinations and "sweep" examinations, issued during the term of this Agreement,
 in which the SEC identified any concerns, issues or matters (such correspondences are commonly
 referred to as "deficiency letters") relating to any aspect of the Sub-Adviser's
 investment advisory business and the Sub-Adviser's responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 report of any material violations of the Sub-Adviser's Compliance Program or any "material
 compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act)
 that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a report of any material changes to the
 policies and procedures that compose the Sub-Adviser's Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 copy or summary of the Sub-Adviser's chief compliance officer's report (or similar
 document(s) which serve the same purpose) regarding his or her annual review of the
 Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers
 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an
 annual (or more frequently as the Trust's CCO may reasonably request) representation
 regarding the Sub-Adviser's compliance with Paragraphs 8 and 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable
 access to the Sub-Adviser's compliance team for purposes of monitoring the effectiveness
 of the implementation of the Sub-Adviser's Compliance Program, with on-site access
 to the testing, analyses, reports and other documentation, or summaries thereof, that the
 Sub-Adviser's chief compliance officer relies upon to monitor the effectiveness of
 the implementation of the Sub-Adviser's Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable
 access with at least three business days' notice, during normal business hours, to
 the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance
 related due diligence meetings with personnel of the Sub-Adviser.

10. **Governing Law.** This Agreement shall be governed by the laws of the Commonwealth of Massachusetts,
 without regard to conflict of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

11. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule or
 otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their respective
 successors.

12. **Notice.** Any notice, advice or report
 to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed
 by registered, certified or overnight mail, postage prepaid addressed by the party giving
 notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Legal Department |
| To the Trust's CCO at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Chief Compliance Officer |
| To the Sub-Adviser at: | **Blackstone Credit Systematic Strategies LLC** |
|  | Attn: Legal |
|  | 345 Park Avenue, 31st Floor |
|  | New York, NY 10154 |
|  | Tel: +1 212-503-2100 |
|  | Email: blackstonecreditlegal@blackstone.com |

---

13. **Amendment of Agreement.** This Agreement
 may be amended only by written agreement of the Adviser and the Sub-Adviser and only in accordance
 with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

14. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the
 parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's
 subject matter. This Agreement may be executed in any number of counterparts, each of which
 shall be deemed to be an original, but such counterparts shall, together, constitute only
 one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 7 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of the Declaration of Trust is on file with the Secretary of State of the Commonwealth
 of Massachusetts, and notice is hereby given that the obligations of this instrument are
 not binding upon any of the Trustees, officers or shareholders of a Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of
 this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
 general application, such provision shall be deemed to incorporate the effect of such rule,
 regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the notice provision of Paragraph 12 and the requirement to deliver notices via registered,
 certified or overnight mail, each party agrees that this Agreement and any other documents
 to be delivered in connection herewith may be executed in written form or using electronic
 or digital technology, whether it is a computer-generated signature, an electronic copy of
 the party's true ink signature, DocuSign, facsimile, or otherwise. Delivery of an executed
 counterpart of the Agreement by facsimile, email transmission via portable document format
 (pdf), DocuSign, or other electronic means will be equally as effective and binding as delivery
 of a manually executed counterpart.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Blackstone Credit Systematic Strategies LLC** | **Blackstone Credit Systematic Strategies LLC** |
| By: | /s/ James Smigiel | By: | /s/ Marisa J. Beeney |
| Name: | James Smigiel | Name: | Marisa J. Beeney |
| Title: | Chief Investment Officer | Title: | Authorized Signatory |

---

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Blackstone Credit Systematic Strategies LLC**

**As of October 20, 2025**

**SEI INSTITUTIONAL MANAGED TRUST**

**High Yield Bond Fund**

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Blackstone Credit Systematic Strategies LLC**

**As of October 20, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Managed Trust</u>**

High Yield Bond Fund

The fee schedule below will be applied to the average daily value of the Assets of SEI Institutional Managed Trust High Yield Bond Fund and the average daily value of the Assets of any other high yield SET mutual fund or account (each a "High Yield Fund", collectively the "High Yield Funds") to which the Sub-Advisor may now or in the future provide investment advisory/sub-advisory services. Each High Yield Fund will be responsible for its pro rata portion of the total fee determined to this paragraph based on the relative values of the average daily Assets of the High Yield Funds managed by the Sub-Advisor (as set forth below).

[REDACTED]

As of the effective date of this Agreement the High Yield Funds are as follows:

· SEI Institutional Managed Trust High Yield Bond Fund;

· SEI Institutional Managed Trust High Yield Bond Fund;

· SET GMF The SEI High Yield Fixed Income Fund; and

· U.S. High Yield Bond Fund (SEI Canada).

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Blackstone Credit Systematic Strategies LLC** | **Blackstone Credit Systematic Strategies LLC** |
| By: | /s/ James Smigiel | By: | /s/ Marisa J. Beeney |
| Name: | James Smigiel | Name: | Marisa J. Beeney |
| Title: | Chief Investment Officer | Title: | Authorized Signatory |

---

## Ex-99.B(D)(34)

**Exhibit 99.B(d)(34)**

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Geneva Capital Management LLC**

**As of April 5, 2024, as amended June 30, 2025**

**SEI INSTITUTIONAL MANAGED TRUST**

Tax-Managed Small/Mid Cap Fund

Small Cap Growth Fund

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Geneva Capital Management LLC**

**As of April 5, 2024, as amended June 30, 2025**

Pursuant to Paragraph 5, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Managed Trust</u>**

Tax-Managed Small/Mid Cap Fund [REDACTED] <br> Small Cap Growth Fund [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Geneva Capital-Management LLC** | **Geneva Capital-Management LLC** |
| By: | /s/ James Smigiel | By: | /s/ Matthew Pistorio |
| Name: | James Smigiel | Name: | Matthew Pistorio |
| Title: | Chief Investment Officer | Title: | Principal |

---

## Ex-99.B(D)(43)

**Exhibit 99.B(d)(43)**

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Jennison Associates LLC**

**As of April 1, 2010, as amended November 13, 2020 and April 10, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Managed Trust</u>**

<u>Core Fixed Income Fund</u>

The fee schedule below will be applied to the sum of the average daily value of the Assets of the Core Fixed Income Fund and the average daily value of the Assets of any other long duration/core fixed SEI mutual fund or account (each a "Long Duration/Core Fixed Fund"), collectively the "Long Duration/Core Fixed Funds") to which the Sub-Adviser may now or in the future provide investment advisory/sub-advisory services. Each Long Duration/Core Fixed Fund will be responsible for its pro rata portion of the total fee determined pursuant to this paragraph based on the relative values of the average daily Assets of the Long Duration/Core Fixed Funds managed by Sub-Adviser (as set forth below).<sup>1</sup>

[REDACTED]

As of the effective date of this amendment the Long Duration/Core Fixed Income Funds are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Managed Trust Core Fixed Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Long Duration Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Core Fixed Income Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Long Duration Credit Fund.

<sup>1</sup> Commencing on April 10, 2025, the Adviser will apply an offset against each monthly compensation amount to the Sub-Adviser until a credit in the total amount of $[REDACTED] has been achieved. For the avoidance of doubt, the parties agree that the offset amount is meant to match the equivalent of having applied the above breakpoint schedule to the Assets beginning January 1, 2025, but do not intend the offset as a retroactive fee calculation. After that time, compensation shall revert to the above-listed breakpoint schedule.

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Jennison Associates LLC** | **Jennison Associates LLC** |
| By: | /s/ James Smigiel | By: | /s/ Brett D. Doan |
| Name: | James Smigiel | Name: | Brett D. Doan |
| Title: | Chief Investment Officer | Title: | Managing Director |

---

## Ex-99.B(D)(68)

**Exhibit 99.B(d)(68)**

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Metropolitan West Asset Management LLC<br> As of February 6, 2013, as amended April 15, 2024 and<br> January 1, 2026**

Pursuant to Article 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Managed Trust</u>**

The fee schedule below will be applied to the sum of the average daily value of the Assets of the SEI Institutional Managed Trust Core Fixed Income Fund (the "Core Fixed Income Fund").

In determining the fee level for the Core Fixed Income Fund (e.g. which breakpoint has been reached) under the below fee schedule, the amount of assets under management (AUM) of any SEI mutual fund or account to which the Sub-Adviser, as of the date of this Agreement, provides investment advisory/sub-advisory services, other than the Core Fixed Income Fund (as set forth below), shall be aggregated together to determine the AUM and fee level. <sup>1</sup> If such combined assets fall below $[REDACTED], the parties agree in good faith to renegotiate the fee.

[REDACTED]

1 By way of example, as of the date of this Agreement, the AUM of all strategies managed by Metropolitan West Asset Management LLC, other than the Core Fixed Income Fund, aggregated together are in excess of $[REDACTED] and, therefore, the fee for all assets of the Core Fixed Income Fund shall be [REDACTED]

As of the effective date of this Schedule B for purposes of calculating AUM, the Metropolitan West Asset Management LLC strategies include the following Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Long Duration Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Core Fixed Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Long Duration Credit Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Institutional Investments Trust Limited Duration Bond Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New Covenant Funds New Covenant Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Catholic Values Trust Catholic Values Fixed Income Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEI Global Master Fund plc – The SEI U.S. Fixed Income Fund.

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Metropolitan West Asset Management LLC** | **Metropolitan West Asset Management LLC** |
| By: | /s/ James Smigiel | By: | /s/ Richard Villa |
| Name: | James Smigiel | Name: | Richard Villa |
| Title: | Chief Investment Officer | Title: | Chief Financial Officer |

---

## Ex-99.B(I)

**Exhibit 99.B(i)**

![](tm262170d1_ex99-bxiimg001.jpg)

January 28, 2026

SEI Institutional Managed Trust

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No.137 to the Registration</u> <br> <u>Statement filed on Form N-1A under the Securities Act of 1933 (File No.033-09504)</u>

Ladies and Gentlemen:

We have acted as counsel to SEI Institutional Managed Trust, a Massachusetts business trust (the "Trust"), in connection with the above-referenced Registration Statement (as amended, the "Registration Statement"), which relates to the Trust's units of beneficial interest, without par value (collectively, the "Shares"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 137 to the Registration Statement (the "Amendment") to be filed with the Securities and Exchange Commission pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, copies of the following documents:

(a) a certificate of the Commonwealth of Massachusetts certifying that the Trust is validly existing under the laws of the Commonwealth of Massachusetts;

(b) the Agreement and Declaration of Trust for the Trust and all amendments and supplements thereto (the "Declaration of Trust");

(c) a certificate executed by Katherine Mason, Vice President and Assistant Secretary of the Trust, certifying as to, and attaching copies of, the Trust's Declaration of Trust, the Trust's Amended and Restated By-Laws (the "By-Laws") and certain resolutions adopted by the Board of Trustees of the Trust authorizing the issuance of the Shares; and

(d) a printer's proof of the Amendment.

In our capacity as counsel to the Trust, we have examined the originals or certified, conformed or reproduced copies of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the Commonwealth of Massachusetts, except that, as set forth in the Registration Statement, shareholders of a Fund may under certain circumstances be held personally liable for its obligations.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

<u>/s/ Morgan, Lewis & Bockius LLP</u>

Morgan, Lewis & Bockius LLP

## Ex-99.B(J)

**Exhibit 99.B(j)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated November 26, 2025, with respect to the financial statements of SEI Institutional Managed Trust, comprised of the Large Cap Fund, Large Cap Value Fund, Large Cap Growth Fund, Large Cap Index Fund, Tax-Managed Large Cap Fund, S&P 500 Index Fund, Small Cap Fund, Small Cap Value Fund, Small Cap Growth Fund, Tax-Managed Small/Mid Cap Fund, Mid-Cap Fund, U.S. Managed Volatility Fund, Global Managed Volatility Fund, Tax-Managed Managed Volatility Fund, Tax-Managed International Managed Volatility Fund, Real Estate Fund, Core Fixed Income Fund, High Yield Bond Fund, Conservative Income Fund, Tax-Free Conservative Income Fund, Real Return Fund, Dynamic Asset Allocation Fund, Multi-Strategy Alternative Fund, Multi-Asset Accumulation Fund, Multi-Asset Income Fund, Multi-Asset Inflation Managed Fund, and Multi-Asset Capital Stability Fund, as of September 30, 2025, incorporated herein by reference, and to the references to our firm under the heading "Financial Highlights" in the Prospectuses and under the heading "Independent Registered Public Accounting Firm" in the Statements of Additional Information.

/s/ KPMG LLP

Philadelphia, Pennsylvania<br> January 28, 2026

## Ex-99.B(P)(1)

**Exhibit 99.B(p)(1)**

---

| | |
|:---|:---|
| **SEI Investments Management Corporation <br> Code of Ethics.** | ![](tm262170d1_ex99-bxpx1img001.jpg) |

---

---

| | | |
|:---|:---|:---|
| **April 18, 2024** | **April 18, 2024** |  |
| **Contents** | **Contents** |  |
| SECTION 1 – Introduction | SECTION 1 – Introduction | 2.0 |
| A. | General Policy | 2.0 |
| B. | Rebuttal of Presumption of Access Person Status | 2.0 |
| SECTION 2 – Using This Code of Ethics | SECTION 2 – Using This Code of Ethics | 3.0 |
| A. | Annual Certification | 3.0 |
| B. | Restriction on Use | 3.0 |
| C. | Duty to Report Violations of the Code | 3.0 |
| SECTION 3 – Confidential Information | SECTION 3 – Confidential Information | 3.0 |
| SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | 4.0 |
| SECTION 5 – Excessive Trading of Shares of the SEI Funds | SECTION 5 – Excessive Trading of Shares of the SEI Funds | 4.0 |
| SECTION 6 – Sanctions | SECTION 6 – Sanctions | 4.0 |
| SECTION 7 – Recordkeeping | SECTION 7 – Recordkeeping | 4.0 |
| SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only) | SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only) | 5.0 |
| SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only) | SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only) | 5.0 |
| A. | Initial, Quarterly and Annual Certifications and Questionnaires | 5.0 |
| B. | Connecting or Establishing a New PSA | 6.0 |
| C. | Pre-Clearance of Outside Business Activities, Private Securities Transactions and Initial Public Offerings | 6.0 |
| D. | Discretionary and/or Managed Accounts | 6.0 |
| SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only) | SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only) | 7.0 |
| Glossary |  | 9.0 |

---

© 2024 SEI 1

**SECTION 1 – Introduction**

This Code is designed to reinforce SIMC's principles of integrity and ethics. SIMC's adherence to these principles is critical in an industry that is based on trust and fiduciary duty. This Code is also designed to enforce compliance with applicable regulation and best practices in the United States. The recordkeeping provisions of SIMC's Compliance Manual are incorporated herein by reference.

All SIMC directors, officers and employees (including interns to SIMC) and all persons who provide investment advice on behalf of SIMC are considered Supervised Persons and are subject to this Code. Depending on the information to which you have access, you may also be considered an Access Person, Investment Person or Portfolio Management Person and are subject to additional obligations as set forth in the Code. You should note that certain portions of the Code may also apply to others, including certain members of your Immediate Family.

This Code is applicable to you not only as you conduct the business of SIMC, but as you conduct the business of SIMC's affiliates and subsidiaries as well. Supervised Persons located in SIMC's Global Offices are subject to this Code and may also be subject to additional codes, policies and procedures related to ethical conduct. You can obtain this Code and related documents from the compliance professionals in each office.

You are also subject to the Code of Conduct of SEI, which is incorporated herein by reference, as well as to various other compliance policies and procedures governing the activities of SIMC and its personnel including, without limitation, SIMC's insider trading policies and procedures. The requirements and limitations of this Code are in addition to any requirements or limitations contained in the Code of Conduct or in other compliance policies and procedures applicable to SIMC and its personnel.

Strict adherence to the requirements of the Code is a fundamental part of your job. You must certify that you have read and understand the Code at the time of hiring and at least annually thereafter. The Asset Management Compliance team manages the SIMC Compliance program. If you have questions about how the Code applies to you, contact Asset Management Compliance at <u>AssetManagementCompliance@seic.com</u>.

Violation of this Code or of any business-specific requirement applicable to you may lead to disciplinary action, including termination of employment (See Section 6 – Sanctions).

**A.** **General Policy** 

You have a fiduciary obligation to SEI's Clients when engaging in professional and personal activities. Specifically, you have a duty to:

· Comply
with the Code's requirements;

· Observe
applicable ethical standards in the performance of your duties;

· Adhere to the highest standards of loyalty, candor
and care in all matters relating to SIMC and its Clients. This includes putting the interests of SIMC's Clients before your own;

· Conduct all business dealings consistent with
the Code and in such a manner as to avoid any actual or perceived conflict of interest or any abuse of your position of trust and responsibility;

· Maintain
the confidentiality of the security holdings and financial circumstances of SIMC's Clients;

· Maintain
your independence in the investment decision-making process;

· Not use any material non-public information in
securities trading or divulge such information to any persons except as this Code and other SIMC policies and procedures permit;

· Comply
with applicable federal and state securities laws; and

· Report
any violations of this Code promptly to Asset Management Compliance.

The Code sets out basic principles to guide you but is not intended to cover every ethical issue that may arise. Please contact Asset Management Compliance if you have questions or concerns regarding the Code.

**B.** **Rebuttal of Presumption of Access Person Status** 

For the purposes of this Code, all SIMC directors and officers are presumed to be Access Persons and thus are subject to the reporting requirements as described in the Code unless and until the presumption is rebutted.

This presumption may be rebutted as to these persons, but only if Asset Management Compliance makes a finding that such person, in connection with his or her regular functions or duties, (a) does not have access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund the adviser or its control affiliates manage; and (b) is not involved in making securities recommendations to clients, and does not have access to such recommendations that are non-public.© 2024 SEI 2

Prior to making a determination rebutting the presumption that a person is an Access Person, Asset Management Compliance will investigate all relevant facts and prepare a memorandum for the file which sets forth the facts demonstrating the rebuttal of the presumption, as well as the determination that such person is not, in fact, an Access Person for the purpose of this Code. Asset Management Compliance shall retain a copy of this memorandum in its files. Asset Management Compliance also shall maintain a list of all persons deemed Access Persons for the purpose of this Code. Asset Management Compliance shall review the list and reaffirm that it is accurate and complete no less frequently than on an annual basis.

**SECTION 2 – Using This Code of Ethics**

**A.** **Annual Certification** 

Asset Management Compliance will distribute at least once per year, a current copy of the Code and any amendments. You are required to annually certify that you have received and read the Code and any amendments, understand its provisions and agree to abide by its requirements.

**B.** **Restriction on Use** 

The Code is intended for use in connection with your job-related duties. You must obtain authorization from Asset Management Compliance, via email, before providing an outside person or entity with a copy of the Code. All copies of the Code provided to any outside person or entity must be provided in read-only format.

**C.** **Duty to Report Violations of the Code** 

If you become aware of conduct which you feel is unethical, improper, illegal, or is otherwise a violation of any provision of this Code, you are required to report such information to Asset Management Compliance as soon as practicable after discovering the violation. Concealing or covering up any violation of the Code is itself a violation of the Code. You are not authorized or required to carry out any order or request to cover up such a violation and if you receive such an order you must report it to Asset Management Compliance. You have a duty to cooperate fully with ethics investigations and audits, and to answer questions truthfully and to the best of your ability. If you report violations of the Code in good faith, you will not be subject to reprisal or retaliation for making the report. Retaliation is a serious violation of this Code and any concern about retaliation should be reported to Asset Management Compliance immediately. Any person found to have retaliated against you for reporting violations of the Code will be subject to appropriate disciplinary action. Asset Management Compliance will maintain a log of all violations of the Code. Violations are reported on a quarterly basis to the SIMC Board of Directors and may also be reported to the applicable manager and/or SEI Chief Compliance Officer or his or her designee as necessary.

**SECTION 3 – Confidential Information**

Ethical behavior includes safeguarding the security of confidential information. You are prohibited from revealing confidential information to any third party or anyone within SIMC that does not have a legitimate business reason for knowing such information. This applies even after you have terminated your employment or association with SIMC. Patentable and secret processes, product information, pricing and any other confidential information must remain that way. You are obligated to protect SIMC's confidential information. Confidential information includes, but is not limited to, business, marketing and service plans; operational techniques; internal controls; compliance policies; methods of operation; security procedures; strategic plans; research activities and plans; portfolio and investment strategies and modeling; transactions; holdings; marketing or sales plans; pricing or pricing strategies; databases; records; salary information; any unpublished financial data and reports, including information concerning revenues, profits and profit margins; proprietary information; and any information concerning SIMC's technology, such as systems, source code, databases, hardware, software, programs, applications, engine protocols, routines, models, displays and manuals, including, without limitation, the selection, coordination, and arrangement of the contents thereof and other confidential information and materials of SIMC, its affiliates, their respective clients or suppliers or other persons or entities with whom they do business.

Supervised Persons are not restricted or prohibited from initiating communications directly with, responding to any inquiries from, providing testimony before, providing SIMC Confidential Information to, or reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, (collectively, the Regulators), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. You do not need the prior authorization of SIMC to engage in such communications, respond to such inquiries, provide such Confidential Information or documents, or make any such reports or disclosures. You are not required to notify SIMC that you have engaged in such communications, responded to such inquiries or made such reports or disclosures. Further, nothing in the Code prohibits or restricts you from filing a charge, responding to an inquiry, participating in an investigation, or providing testimony about SIMC or its Confidential Information by, with, or before any Regulator.© 2024 SEI 3

All designated representatives from the Asset Management Compliance department will use their best efforts to assure that all requests for pre-clearance, all personal securities reports and all reports for securities holding are treated as personal and confidential. However, such documents will be available for inspection by appropriate regulatory agencies and other parties, such as counsel, within and outside SIMC as necessary to evaluate compliance with or sanctions under this Code.

**SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation**

You may not, directly or indirectly, in connection with the purchase or sale of a Covered Security held or to be acquired by a Client:

· Employ
any device, scheme or artifice to defraud the Client;

· Mislead
such Client, including by making a statement that is untrue or omits material facts;

· Engage
in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Client; or

· Engage
in any manipulative practice with respect to a Client or securities (including price manipulation of a security).

**SECTION 5 – Excessive Trading of Shares of the SEI Funds**

You may not engage in excessive short-term trading of shares of open-end funds within the SEI Funds where prohibited by the Prospectus. Each Fund's policy on excessive short-term trading (including round trip trade restrictions) can be found in its <u>Prospectus and Statement of Additional Information.</u>

**SECTION 6 – Sanctions**

Any violation of the rules and requirements set forth in the Code may result in the imposition of such sanctions as Asset Management Compliance, management and/or general counsel, as applicable, may deem appropriate under the circumstances. These sanctions may include, but are not limited to:

· Written
warning;

· Reversal
of securities transactions;

· Restriction
of trading privileges;

· Disgorgement
of trading profits;

· Fines;

· Reporting
to the SIMC Board of Directors;

· Suspension
or termination of employment; or

· Referral
to regulatory or law enforcement agency.

Factors which may be considered in determining an appropriate penalty include, but are not limited to: harm to clients; the frequency of occurrence; the degree of personal benefit to the person; the degree of conflict of interest; the extent of unjust enrichment; evidence of fraud, violation of law or reckless disregard of a regulatory requirement; and/or the level of accurate, honest and timely cooperation from the person.

**SECTION 7 – Recordkeeping**

Asset Management Compliance will:

· Periodically review the personal securities transaction
reports or duplicate statements filed by Access Persons, Investment Persons and Portfolio Management Persons and compare with the
reports or statements of Investment Vehicles' completed portfolio transactions. If Asset Management Compliance determines that a
compliance violation may have occurred, Asset Management Compliance will give the person an opportunity to supply explanatory material.

· Prepare an annual issues or certification report
to the board of any Investment Vehicle that is a registered investment company that (1) describes the issues that arose during the
year under this Code, including, but not limited to, material violations of and sanctions under the Code, and (2) certifies that
SIMC has adopted procedures reasonably necessary to prevent SIMC personnel from violating this Code.

· Prepare a written report to SIMC management outlining
any violations of the Code together with recommendations for the appropriate penalties.

· Preserve
a record of approval granted for Outside Business Activities (OBA).

· Preserve a record of approval granted for the
purchase of securities offered in connection with an Initial Public Offering (IPO) or a private securities transactions, including the
rationale supporting any decision.

· Maintain records relating to this Code of Ethics
in accordance with Rule 31a-2 under the 1940 Act and Rule 204-2 of the Advisers Act. They will be available for examination
by representatives of the Securities and Exchange Commission and other regulatory agencies.© 2024 SEI 4

· Preserve
a copy of this Code that is, or at any time within the past five years has been, in effect in an easily accessible place for a period of five years.

· Preserve
 a record of any Code violation and of any sanctions taken in an easily accessible place for a period of at least five years
 following the end of the fiscal year in which the violation occurred.

· Preserve
 a copy of each Holdings and Transactions Certification submitted under this Code, including any information provided in lieu of any
 such reports made under the Code, for a period of at least five years from the end of the fiscal year in which it is made, for the
 first two years in an easily accessible place.

· Maintain
 a record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, or who
 are or were responsible for reviewing these reports, in an easily accessible place for a period of at least five years from the end
 of the calendar year in which it is made.

· Preserve
 a record of any decision, and the reasons supporting the decision, to approve an Supervised Person's acquisition of securities
 in an IPO or private securities transactions, for at least five years after the end of the fiscal year in which the approval is
 granted.

**SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only)**

You are not permitted to serve as a director of a publicly traded company.

**SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only)**

**A.** **Initial, Quarterly and Annual Certifications and Questionnaires** 

You must disclose any Personal Securities Accounts<sup>1</sup> (PSAs) that may contain Covered Securities in which you have a Beneficial Ownership Interest, including any Discretionary Accounts. All certifications are completed via the <u>ACA ComplianceAlpha Employee Compliance</u> (ACA EC). The content of such Certifications will comply with the requirements set forth in Rule 204A-1 of the Investment Advisers Act of 1940. Completed Certifications will be managed and reviewed by Asset Management Compliance.

· Initial
Reporting (Completed within 10 calendar days of the hire/transfer date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Initial Holdings a Accounts Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AMC New Hire Questionnaire

· Quarterly
Reporting (Completed within 30 calendar days after the end of each quarter):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quarterly Broker Holdings a Accounts
Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quarterly Transactions Certification

· Annual
Reporting (Completed within 30 calendar days after the end of each year):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AMC Annual Questionnaire

All information submitted must be current within 45 calendar days prior to the date of the Certification.

The following are exceptions with respect to transactions and holdings reports:

· Transaction
reports are not required with respect to transactions made within an automatic investment plan;

· Transaction
 reports and Broker Holdings a Accounts reports are not required with respect to securities held in accounts over which the access
 person had no direct or indirect influence or control (e.g. Discretionary and/or Managed Accounts).

Notwithstanding the foregoing exceptions to holdings and transactions reporting, such accounts must be reported on your Quarterly Broker Holdings a Accounts Certification. Further, you must receive advance approval/confirmation from Compliance before availing yourself of one of the above exceptions, and if at any time they cease to qualify for these exceptions, they must be reported.

**SEI Stock, the SEI Employee Stock Purchase Plan (ESPP) and the SEI Employee Stock Option Plan (ESOP)**

You are not required to report the purchase or sale of SEI Stock within the SEI ESPP. However, you must report on a Quarterly Transaction Certification your purchase or sale of SEI stock executed **outside of** an Automatic Investment Program (AIP), as well as the exercise of employee stock options under the ESOP.

<sup>1</sup> PSAs that hold only open end mutual funds that are not Affiliated Funds do not need to be disclosed.© 2024 SEI 5

**SEI Capital Accumulation (401(k)) Plan and SEI Funds**

You are not required to report trades in SEI Funds done through the SEI Capital Accumulation (401(k)) Plan and SEI Funds trades done through an employee account established at SEI Private Trust Company. Any SEI Funds trades done in a different channel must be reported on a Quarterly Transaction Certification.

**B.** **Connecting or Establishing a New PSA** 

Initial reporting of PSA<sup>2</sup>

When you are connecting your PSA(s) to ACA EC for the first time, you must promptly notify Compliance Alpha Support at <u>ComplianceAlphaSupport@seic.com</u> of the list of Brokers that you currently have a PSA with. Compliance Alpha Support will then provide guidance on whether you should connect your brokerage account(s) using either the (a) Aggregation Feed, (b) Direct Feed or (c) Manual within ACA EC.

Establishing a new PSA

Before you establish a new PSA, please reach out to Compliance Alpha Support to check whether ACA EC will have a reliable electronic feeds for that Broker. Compliance Alpha Support will then advise whether there is an aggregation or direct feed available and you can open the PSA. Once you establish a new PSA, you must promptly connect the PSA according to the feed type that was communicated by Compliance Alpha Support. This will make sure your transactions are feeding into ACA EC. Exceptions to electronic feeds are considered on a limited basis by reaching out directly to Compliance Alpha Support.

Manual Statements (non-Electronic Data Feeds)

· The
transactions in accounts for which no electronic data feed is available must be manually entered into ACA EC.

· Manual
statement(s) must also be uploaded to ACA EC on a quarterly basis.

**C.** **Pre-Clearance of Outside Business Activities, Private Securities Transactions and Initial Public Offerings** 

An Access Person's OBA, private securities transaction or IPO raises questions as to whether the person is misappropriating an investment opportunity that should first be offered to eligible clients, or whether a portfolio manager is receiving a personal benefit for directing client business or brokerage. Approval of such investments should consider these factors. You must obtain pre-clearance approvals from Asset Management Compliance before:

· conducting
any OBA or

· acquiring
(directly or indirectly) beneficial ownership in securities issued in an private securities transactions or IPO.

The Outside Business Activity Form can be found within:

· "Create
Request Or Disclosure" in ACA EC: or

· The <u>Corporate Governance & Conduct page.<sup>3</sup></u> 

The "Private Securities Transaction Request" Form and "IPO Approval Request" Form can be found within "Create Request Or Disclosure" in ACA EC.

AIFMD regulatory requirements restrict the purchase of the UK Property Fund by all Supervised Persons.

**D.** **Discretionary and/or Managed Accounts** 

If you maintain a Discretionary and/or Managed Account, you must:

· Include
the Discretionary and/or Managed Account in your Accounts Certification;

· Facilitate
provision of statements for any such account to Asset Management Compliance;

· Certify to Asset Management Compliance that transactions
in the account are, in fact, effected on a discretionary and/or managed basis by the investment advisor.

<sup>2</sup> New Supervised Persons hired after July 1, 2021 will no longer be able to keep assets with brokers that do not provide electronic data feed. Please see the <u>AMC Corporate Governance site</u> for the full list of approved brokers.

<sup>3</sup> Please note this form should only be utilized by Supervised Persons who do not have access to ACA.© 2024 SEI 6

If you have questions about whether your account is considered a Discretionary and/or Managed Account, please contact Asset Management Compliance. Asset Management Compliance reserves the right to contact the adviser to the Discretionary Account to verify the discretionary status of the account.

**SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only)**

**Pre-Clearance**

Investment and Portfolio Management Persons must pre-clear transactions in Covered Securities via ACA EC unless the transaction qualifies for one of the exceptions discussed below. If approved, pre-clearance will be effective for two (2) business days. Day one of the pre-clearance period is the day that pre-clearance is obtained, and expiration occurs at the close of trading on the next business day. Exceptions may be made solely at the discretion of Asset Management Compliance.

You are not required to pre-clear the following types of transactions:

· Covered
Securities Transactions in amounts that come within the Small Transaction Exception (discussed below);

· Covered Securities Transactions in accounts over
which you have no direct or indirect influence or control. This includes transactions in Discretionary Accounts;

· Covered Securities Transactions that are non-volitional.
This includes Covered Securities Transactions upon exercise of puts or calls written by you, sales from a margin account pursuant to a
bona fide margin call, stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or
distributions;

· Covered Securities Transactions made pursuant
to an AIP; however, any transaction that overrides the preset schedule or allocations of the AIP must be pre-cleared with Asset Management
Compliance and reported in a Quarterly Transaction Report;

· Covered Securities Transactions upon the exercise
of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired for such issuer;

· Acquisitions
of Covered Securities through gifts or bequests;

· SEI Employee Stock Purchase Plan and Employee
Stock Option Plan. Since the SEI Funds (with the exception of the SIIT Large Cap Index Fund) do not hold SEI stock, you do not have to
pre-clear your transactions in SEI stock (even if executed outside an AIP) or the exercise of SEI stock options. These transactions must,
however, be executed in compliance with SEI's Insider Trading Policy.

· SEI
Funds. You are not required to pre-clear transactions in the SEI Funds.

· Asset Management Compliance can grant exemptions
from the personal trading restrictions in this Code (including preclearance obligations) upon determining that the transaction for which
an exemption is requested would not result in a conflict of interest or violate any other policy embodied in this Code. Asset Management
Compliance must document all exemptions that it grants.

**Small Transaction Exception**

Pre-clearance is not required for a purchase or sale of the same Covered Security of less than $25,000 per issuer over a five (5) business day period. For leveraged transactions such as derivative transactions (options, futures, etc.), the determination of a pre-clearance requirement must be made based on the total value of the underlying or associated assets (i.e., the notional value).

Example: If he/she buys 10 options contracts that gives her/him the right to purchase 1,000 shares of stock ABC at the strike price of $25 at some time in the future, pre-clearance is necessary although the premium paid for that option falls below the $25,000 threshold.

This exception does not apply to the acquisition of securities as part of a private securities transactions or IPO. Additionally, you must continue to adhere to the "Minimum Holding Periods" as set forth in the Code.

**60-Day Minimum Holding Periods**

The 60-day minimum holding periods are applicable for any purchase and sale or sale and purchase of the same Covered Security in which you have a Beneficial Ownership Interest. The 60 calendar days holding period starts on the NEXT day after the trade is executed. The holding periods are calculated on a First In First Out (FIFO) basis.© 2024 SEI 7

This prohibition<sup>4</sup> does not apply to transactions resulting in a loss, or to futures or options on futures on broad-based securities indices or U.S. Government securities. This prohibition also does not apply to transactions in the SEI Funds, which are separately covered under the "Excessive Trading of Shares of the SEI Funds" section of this Code.

**Blackout Periods on Purchases and Sales**

Investment Persons may not purchase or sell, directly or indirectly, any Covered Security within 24 hours before or after the time that the same Covered Security is being purchased or sold by any Investment Vehicle. This includes any equity related security of the same issuer such as preferred stock, options, warrants and convertible bonds.

Portfolio Management Persons may not purchase or sell, directly or indirectly, any Covered Security within 7 days before or after the time that the same Covered Security is being purchased or sold by any Investment Vehicle. This includes any equity related security of the same issuer such as preferred stock, options, warrants and convertible bonds.

<sup>4</sup> In situations such as financial hardship and/or life changing events, Investment and Portfolio Management Persons might request for an exception on a case of case basis with the discretion of AMC Compliance.© 2024 SEI 8

**Glossary**

**ACA ComplianceAlpha Employee Compliance (ACA EC) –** SEI's electronic personal trading system and vendor.

**Access Persons - Supervised Persons** who (a) have access to non-public information regarding any **Client's** purchase or sale of securities, or non-public information regarding the portfolio holdings of any reportable fund; or (b) who are involved in making securities recommendations to **Clients**, or who have access to such recommendations that are non-public. SIMC directors and officers are presumed to be **Access Persons** unless the presumption is rebutted as described in Section 1(B).

For purposes of this Code, all persons in the following business units are considered to be **Access Persons**:

· Asset
Management Distribution (AMD) (US)

· Investment
Management Unit (IMU)

· Independent
Advisor Solutions by SEI (IAS)

· Legal &
Compliance: Teams directly supporting SEI Funds or SIMC

· Institutional

· Private
Wealth Management (PWM)

· Interns
to these groups\*\*

**Affiliated Fund –** Any registered investment company for which SIMC serves as an investment adviser or for which SEI Investments Distribution Co. serves as principal underwriter. For your reference, a current list of Affiliated Funds is available via the <u>AMC Corporate Governance site.</u>

**Asset Management Compliance –** SIMC's Chief Compliance Officer and supporting personnel and designees.

**Automatic Investment Program (AIP) –** A program in which regular periodic payments (or withdrawals) are made automatically in (or from) investment accounts in accordance with a pre-determined schedule and allocation, including a dividend reinvestment plan.

**Beneficial Ownership Interest/Beneficially Own –** Under relevant securities laws, you have a beneficial ownership interest in securities (or beneficially own securities) if you, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, have or share a direct or indirect pecuniary interest in the securities. A pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in those securities. You are presumed to have a pecuniary interest in securities held by members of your **Immediate Family**.

For example, you have a beneficial ownership interest in securities held within a **PSA** that is registered in your name or your **Immediate Family** member's name. You also have beneficial ownership in securities held within a **PSA** if you (or an **Immediate Family** member) (1) obtain benefits from the **PSA** substantially equivalent to whole or partial ownership, even if indirectly or (2) directly or indirectly control investment decisions for the **PSA**.

**Client –** Any client of SIMC who has entered into a contractual arrangement with SIMC, including, but not limited to, individuals, institutions and **Investment Vehicles**.

**Covered Securities Transaction –** The purchase or sale of (or any other transaction in) a **Covered Security,** including the writing of an option to purchase or sell a **Covered Security**.

**Covered Security –** A **Covered Security** is *<u>any</u>* <u>U.S.</u> security *<u>except</u>*:

· Direct
obligations of the U.S. government;

· Bankers' acceptances, bank certificates of deposit, commercial paper
and high quality short-term debt instruments, including repurchase agreements;

· Annuity
Plans;

· Shares
issued by money market funds;

· Shares
issued by open-end funds and exchange traded funds that are not **Affiliated Funds**; and

· Shares issued by unit investment trusts that are invested exclusively in
one or more open-end funds other than Affiliated Funds.

By way of example, a **Covered Security** may include a crowdfunded securities offering; note; stock; closed-end fund; commodity interests; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit sharing agreement; collateral trust certificate; pre-organization certificate of subscription; transferable share; investment contract; voting-trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof); or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, any interest or instrument commonly known as a security; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.© 2024 SEI 9

**Discretionary and/or Managed Account –** An account or blind trust in which you give a **Financial Institution** discretion as to the purchase or sale of securities or commodities, including selection, timing, and price to be paid or received. By so doing, you empower the **Financial Institution** to buy and sell without your prior knowledge or consent, although you may set broad guidelines for managing the account (e.g., limiting investments in blue chip stocks or banning investment in "sin" stocks). In order to be considered a **Discretionary Account**, you must not:

· Suggest
purchases or sales of investments to the trustee or **Financial Institution**;

· Direct
purchases or sales of investments;

· Provide final approval of purchases or sales of investments prior to a transaction
(this is different than approving an investment strategy or goal with your Financial Institution); or

· Consult with the trustee or **Financial Institution** as to the particular
allocation of investments to be made in the account

**Financial Institution –** A broker-dealer, investment advisor, bank or other financial entity.

**Immediate Family –** A member of your immediate family includes your spouse or domestic partner, minor children, dependents and other relatives who share the same residence with you. Or any other person IF: (a) the person obtains from the securities benefits substantially similar to those of ownership (for example, income from securities that are held by a spouse); or (b) the person can obtain title to the securities now or in the future.

**Initial Public Offering (IPO) –** Generally refers to the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded.

**Investment Person –** Any person that is an **Access Person** and who also directly oversees the performance of one or more sub-advisers for any **Investment Vehicle,** or obtains or is able to obtain prior or contemporaneous information regarding the purchase or sale of **Covered Securities** by any **Investment Vehicle** or **Client**.

For purposes of this Code, all persons on the following teams are considered to be Investment Persons:

· IMU
Strategic Planning & Stewardship

· IMU:
Investment Operations & Technology

· Institutional:
Teams Offering Advice or Service direct to clients

· Legal &
Compliance: Teams directly supporting SEI Funds or SIMC

· Private
Wealth Management

· Interns
to these groups\*\*

*\* Investment Personnel located in the UK (IMU UK Personnel) are subject to this Code of Ethics. However, those IMU UK Personnel are also separately subject to the SEI Investments Europe, Ltd. (SIEL) Personal Account Dealings Policy. Further, SIEL Compliance will report violations of its policy by these personnel to SIMC Compliance on a quarterly basis, and SIMC Compliance may take actions with respect to such violations as set forth in the SIMC Code of Ethics (which may be enforced in coordination with SIEL Compliance). IMU UK Personnel will be subject to the same training and annual certification requirements to which all Supervised Persons are subject, which is administered by SIMC Compliance.*

*\*\* Temporary employees are excluded from this group*

**Investment Vehicle –** Any registered Investment Company, unregistered product or other asset management account for which SIDCO services as underwriter for the investment vehicle.

**Private Securities Transactions -** A transaction that may occur outside normal market facilities or outside a securities brokerage account and includes, but is not limited to: limited offering, private placements, unregistered securities, private partnerships and investment partnerships.

**Personal Securities Account (PSA) –** Any personal account that may contain **Covered Securities** in which you have a **Beneficial Ownership Interest** or which permits you to transact in such securities. This includes accounts maintained with **Financial Institutions** (in your name or an **Immediate Family** members name) over which you maintain direct or indirect control or investment discretion. It also includes any trust for which you are a trustee or from which you benefit directly or indirectly and any partnership (general, limited or otherwise) of which you are a general partner or a principal of the general partner. For the avoidance of doubt, **Discretionary Accounts** are **Personal Securities Accounts** and must be reported.© 2024 SEI 10

**Portfolio Management Person –** Any person that is an **Access Person** and who also purchases or sells **Covered Securities** for one or more **Investment Vehicles** or who is otherwise entrusted with responsibility and authority to make investment decisions regarding **Covered Securities** for one or more **Investment Vehicles**.

For purposes of this Code, all persons on the following teams are considered to be Portfolio Management Persons:

· IMU:
Investment Strategy, Advice & Asset Allocation

· Interns
to these groups\*\*

*\*\* Temporary employees are excluded from this group*

**SEI –** Refers to SEI Investments Company, the parent company of SIDCO.

**SIDCO –** Refers to SEI Investments Distribution Co.

**Supervised Person –** For purposes of this Code, **Supervised Persons** are all directors, officers and employees of SIMC and all persons who provide investment advice on behalf of SIMC. All **Access Persons**, **Investment Persons** and **Portfolio Management Persons**, including relevant interns,\*\* are Supervised Persons.© 2024 SEI 11

## Ex-99.B(P)(5)

**Exhibit 99.B(p)(5)**

![](tm262170d1_ex99-bxpx5img001.jpg)

**ACADIAN ASSET MANAGEMENT LLC**

**CODE OF ETHICS**

**January 2026**

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| Summary of Code Changes | 1 |
| Introduction | 1 |
| Part 1. General Principles | 2 |
| Part 2. Scope of the Code | 3 |

---

---

| | | |
|:---|:---|:---|
| A. | Persons Covered by the Code | 3 |
| B. | Reportable Investment Accounts | 3 |
| C. | Securities Covered by the Code | 4 |
| D. | Blackout Periods and Restrictions | 5 |
| E. | Acadian Asset Management Inc. Stock | 6 |
| F. | Securities Transactions requiring Pre-clearance | 7 |
|  | Initial Public Offerings | 7 |
|  | Third-Party Limited or Private Offerings | 8 |
| G. | Exceptions specific to certain account and transaction types: | 8 |

---

Part 3. Standards of Business Conduct 9

A. Compliance with Laws and Regulations 9

B. Conflicts of Interest 10

1. Conflicts among Client Interests 10

2. Competing with Client Trades 10

3. Disclosure of Personal Interest 10

4. Referrals/Brokerage 10

5. Vendors and Suppliers 10

C. Market Manipulation 11

D. Insider Trading and Regulation FD 11

---

| | |
|:---|:---|
| Insider Trading - Material Non-Public Information | 12 |
| AAMI and Nonpublic Acadian Information | 12 |
| Insider Trading - Penalties | 14 |
| Regulation FD | 15 |

---

E. Gifts and Entertainment 15

1. General Statement 15

2. Gifts 16

-i-

**Table of Contents**

(continued)

**Page**

a. Receipt 16

b. Offer 16

Gifts to ERISA, Taft-Hartley, and Public Plan Clients and Prospects 16 <br> 40 Act Mutual Fund clients 16

3. Cash 16

4. Entertainment 17

---

| | |
|:---|:---|
| Providing Entertainment | 17 |
| Accepting Entertainment | 17 |
| Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects | 17 |
| 40 Act Mutual Fund clients | 17 |

---

5. Detailed Expense Reports Required for Gifts and Entertainment 18

6. Conferences 18

7. Quarterly Reporting – Acadian will require all Access Persons to report any gifts or entertainment received on a quarterly basis 18

F. Political Contributions and Compliance with the Pay-to-Play Rule Requirements 18

G. Anti-Bribery and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment 20

H. Charitable Contributions 21

I. Confidentiality 21

J. Service on a Board of Directors 22

K. Partnerships 22

L. Other Outside Activities 22

M. Marketing and Promotional Activities 23

N. Affiliated Broker-Dealers 23

Part 4. Compliance Procedures 23

A. Reporting of Access Person Investment Accounts 23

B. Duplicate Statements 23

C. Pre-clearance of Personal Securities Transactions 24

D. Pre-Approval of Political Contributions 25

-ii-

**Table of Contents**

(continued)

**Page**

E. Quarterly Reporting through StarCompliance 25

1. Transactions 25

2. Gifts and Entertainment 25

3. Private Investments 25

4. Political Contributions 25

5. Communication Acknowledgment 26

6. MNPI Acknowledgment 26

F. Annual Reporting through StarCompliance 26

G. New Hire Reporting through StarCompliance 27

H. Review and Enforcement of Personal Transaction Compliance and General Code Compliance 27

I. Certification of Compliance 28

1. Initial Certification 28

2. Acknowledgement of Amendments 28

3. Annual Certification 28

---

| | |
|:---|:---|
| Part 5. Access Person Disclosures and Reporting Obligations | 28 |
| Part 6. Record Keeping | 30 |
| Part 7. Form ADV Disclosure | 30 |
| Part 8. Administration and Enforcement of the Code | 31 |

---

A. Responsibility to Know the Rules 31

B. Excessive or Inappropriate Trading 31

C. Training and Education 31

New Hires 31 <br> Annual 31

D. Compliance and Risk Committee Approval 32

E. Report to the Board(s) of Investment Company Clients 32

F. Report to Senior Management 32

G. Reporting Violations and Whistleblowing Protections 32

H. Fraud Policy 33

I. Sanctions 35

-iii-

**Table of Contents**

(continued)

**Page**

J. Further Information about the Code and Supplements 36

Persons Responsible for Code Enforcement 36 <br>Appendices (in pdf only) 37

-iv-

**Summary of Code Changes**

Administrative changes to replace the My Compliance Office ("MCO") system with StarCompliance as the third-party Code of Ethics system.

**Introduction**

Acadian Asset Management LLC ("Acadian") has adopted this Code of Ethics (the "Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), rule amendments under Section 204 of the Advisers Act, the business conduct rules of the National Futures Association ("NFA"), including Compliance Rule 2-9, and any other ethics requirements related to any of our other registrations. The Code sets forth standards of conduct expected of Acadian's employees, and certain consultants, and contractors. Acadian has also adopted the CFA Institute Asset Manager Code of Professional Conduct attached as Appendix A. Compliance with the Code is a condition of employment.

The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards. As a fiduciary, Acadian has the responsibility to render professional, continuous, and unbiased investment advice, owes our clients a duty of honesty, good faith and fair dealing, must act at all times in the best interests of our clients, and must avoid or disclose conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;· Protect Acadian's clients by deterring
misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;· Guard against violations of the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;· Educate all persons covered by the Code regarding
Acadian's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;· Remind all persons covered by the Code that they
are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;· Protect the reputation of Acadian; and

&nbsp;&nbsp;&nbsp;&nbsp;· Establish policies and procedures for all persons
covered by the Code to follow so that Acadian may determine compliance with our ethical principles and regulatory requirements.

This Code is based upon the principle that the members of our Board of Managers, Executive Management Team, Executive Committee, officers, and all other persons covered by the Code owe a fiduciary duty to, among others, our clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) materially serving their own personal interests ahead of clients; (ii) materially taking inappropriate advantage of their position with Acadian; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Acadian's Chief Compliance Officer to report violations of the Code to Acadian's Compliance and Risk Committee, the Executive Management Team, the Executive Committee, and if deemed necessary, to our Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

Updated as of January 2026 1

StarCompliance

StarCompliance is the primary system we utilize to facilitate all Code related communications and reporting.

**Part 1. General Principles** 

Our principles and philosophy regarding ethics stress Acadian's overarching fiduciary duty to our clients and the obligation of all persons covered by the Code to uphold that fundamental duty. In recognition of the trust and confidence placed in Acadian by our clients and to give effect to the belief that Acadian's operations should be directed to benefit our clients, Acadian has adopted the following general principles to guide the actions of all persons covered by the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount. All persons covered by the Code must conduct themselves and their
operations to give maximum effect to this belief by placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal transactions in securities by all persons covered by the Code must be accomplished so as
not to conflict materially with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All persons covered by the Code must avoid actions or activities that allow (or appear to allow) a person
to profit or benefit from his or her position with respect to a client, or that otherwise bring into question the person's independence
or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal, financial, and other potentially sensitive information concerning the firm, our clients, our
prospects, and our employees, consultants and contractors will be kept strictly confidential. All persons covered by the Code will only
access this information if it is required to complete their jobs and will only disclose such information to others if it is required to
complete their jobs and to deliver the services for which the client has contracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All persons covered by the Code will conduct themselves honestly, with integrity and in a professional
manner to preserve and protect Acadian's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All persons covered by the Code will comply with all laws and regulations applicable to our business activities.

The U.S. Securities and Exchange Commission (the "SEC"), the NFA, the Commodity Futures Trading Commission ("CFTC") and U.S. federal law require that the Code not only be adopted but that it also is enforced with reasonable diligence.

The Compliance Team will keep records of any violation of the Code and of the actions taken as a result of such violations. Failure to comply with the Code may result in disciplinary action, including monetary penalties and the potential for the termination of employment. In addition, non-compliance with the Code can have severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits, and sanctions on your ability to remain employed in any capacity in the investment advisory business.

Updated as of January 2026 2

**Part 2. Scope of the Code**

**A.** **Persons Covered by the Code** 

Each employee, consultant, or contractor will be designated as either an "Access Person" or "Supervised Person" under the Code when they join Acadian. The difference in designation is dependent upon various factors including job responsibilities, systems access, and if a contractor, length and scope of engagement. Ultimate determination as to whether any individual or action is subject to or exempt from the Code, or if a Code exception should be granted, is left to the Chief Compliance Officer.

An "Access Person(s)" includes employees, consultants, and contractors, whose job responsibilities require him or her to access Acadian's research and/or trading databases to perform their job requirements. Any other employee, consultant or contractor not meeting that definition is a "Supervised Person."

Certain Code requirements applicable to an Access Person also apply to *immediate family members**<sup>1</sup>*** of that Access Person*,* and any other person subject to the financial support of the Access Person. For these individuals, along with the Access Person they must also report their covered investment accounts, pre-clear their personal securities transactions in covered securities in private investments and partnerships, ensure their personal securities transactions comply with blackout and sixty-day trading restrictions, and provide duplicate copies of their account statements upon request. Further, each Access Person must educate these individuals on these Code requirements and ensure ongoing compliance. Non-compliance will have the same ramifications on the Access Person as if it were the Access Person him or herself who did not comply. Each Access Person must inform a Compliance Officer when there is a change to either their immediate family members or someone subject to their financial support.

Members of Acadian's Board of Managers employed by our immediate parent company, Acadian Affiliate Holdings, LLC or our ultimate parent company, Acadian Asset Management Inc. ("AAMI"), along with any other non-resident officer, director, manager or immediate family member of an Access Person, who is subject to another Code of Ethics that complies with Rule 204A-1 under the Advisers Act and whose Code has been reviewed and approved by Acadian's Chief Compliance Officer, shall be exempt from the requirements imposed by this Code.

**B.** **Reportable Investment Accounts** 

Each Access Person must report any accounts in which he or she has a direct or indirect beneficial interest in which a covered security is eligible for purchase or sale. Examples of reportable accounts typically include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· individual and joint accounts including accounts
established through your employment with Acadian such as a 401K and/or deferred compensation account

<sup>1</sup> An immediate family member is defined to include any relative by blood or marriage living in an Access Person's household who is subject to the Access Person's financial support or any other individual living in the household subject to the Access Person's financial support (spouse, minor children, a domestic partner etc.).

Updated as of January 2026 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts in the name of an *immediate family member* as defined in the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts in the name of any individual subject
to your financial support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trust accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· estate accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts where you have power of attorney or
trading authority

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other types of accounts in which you have a present
or future interest in the income, principal or right to obtain title to securities.

**<u>Exception</u>**: 529 plans are not considered a reportable account under the Code. Further, any transactions within such plans do not require pre-clearance or reporting on a holdings report.

**C.** **Securities Covered by the Code** 

For purposes of the Code and our reporting requirements, the term "covered security" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs comprised of less than 25 covered securities
as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Depositary Receipts (e.g., ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· municipal, Government Sponsored Entities (GSE)
and agency bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investment in equity or commodity derivative
instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commodity futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· options or warrants to purchase or sell securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· limited partnerships meeting the SEC's
definition of a "security" (including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· limited liability and other companies that are
treated as partnerships for U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· UITs, foreign (offshore) mutual funds, and closed-end
investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares of open-end mutual funds, UCITS funds,
and CITS that <u>are</u> advised or sub-advised by Acadian <sup>2</sup> ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· private investment funds (including Acadian managed
commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added at the discretion of the Compliance Team as new types of securities are offered and traded in the market and/or Acadian's business changes.

However, the following are excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the U.S. government;

<sup>2</sup> A transaction in fund advised or sub-advised by Acadian is subject to pre-clearance requirements unless the transaction is occurring in Acadian's 401K or deferred compensation plans. However, all holdings in such funds, including those owned in your 401K and deferred compensation accounts, must be reported on your year-end holdings report.

Updated as of January 2026 4

&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;· shares issued by money market funds (domiciled
inside or outside the United States); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares of open-end mutual funds that <u>are not</u> advised or sub-advised by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares of ETFs that are comprised of 25 or more
covered securities as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529 plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Options or warrants to purchase or sell securities
on exempted securities (ex. options on ETFs with more than 25 underlying holdings).

Cryptocurrencies:

Initial coin offerings ("ICOs") **<u>are securities</u>** under current SEC rules. As such, you are required to seek pre-approval for investments in ICOs, report the accounts you open to hold ICOs, and report transactions in ICOs (e.g. same as if you were buying an equity IPO). ICOs are subject to the 60-day hold requirements. Bitcoin ETFs would be subject to the same requirements.

Bitcoin, bitcoin cash and bitcoin futures **<u>are NOT securities</u>** under current SEC regulations and therefore "trading" in such cryptocurrencies are not reportable under the Code at this time.

**D.** **Blackout Periods and Restrictions.** 

Access Persons will be permitted to trade subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **No personal trades will be permitted in any individual security on the same day that Acadian trades that security or a similar line of the same security on behalf of any client.** 

For purposes of clarity, this applies to any individual stock, bond, ETF comprised of less than 25 covered securities as defined by the Code, Depositary Receipt, and to any individual security underlying any Depositary Receipt or a different class of the security (option as an example) being traded. For example, the purchase of an ADR would not be permitted if we were trading in the underlying security and vice versa.

Acadian's Compliance Team may allow exceptions to this "blackout" policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running, conflicts of interest, or client detriment, are not present <u>and</u> the equity of the situation supports an exemption.

In addition, should preclearance be denied on three (3) consecutive trading days, the Compliance Team, upon request, will consider an exemption to Code restrictions if we deem, in our discretion, that our clients will not be harmed if such transaction is permitted.

Updated as of January 2026 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) Short-Term Trading Restriction.**

Access Persons are reminded that they are specifically prohibited from engaging in any form of market timing or short-term trading in funds advised or sub-advised by Acadian or in any other covered security.

For any transaction requiring preclearance, Acadian has adopted a sixty (60) day hold requirement in an effort to avoid conflicts of interests and to ensure that the interests of our clients are placed first. This requirement is at the individual brokerage account level. This requirement is intended to deter front running, market manipulation and the potential misuse of Acadian internal resources.

Acadian's Compliance Team may allow exceptions to this short-term trading restriction on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present <u>and</u> the equity of the situation supports an exemption.

Unless an exception is granted by the Compliance Team, no Access Person may execute opposing trades (buy/sell, sell/buy) in a covered security within sixty (60) calendar days. Trades made in violation of this prohibition may be subject to being unwound or any profit realized may be subject to disgorgement to a charity or to a client if appropriate at the discretion of the Compliance Team.

An Access Person wishing to execute a short-term trade must request an exception when entering the pre-clearance request.

**E.** **Acadian Asset Management Inc. Stock** 

<u>For Clients</u>:

Acadian is restricted from purchasing or recommending the purchase or sale of **Acadian Asset Management Inc.** stock ("AAMI") on behalf of our clients.

<u>For Access Persons</u>:

Acadian Access Persons, Supervised Persons, or their immediate family members or those subject to their financial support may invest in AAMI but with conditions. To reduce the risk that such investment might be found to have resulted from insider trading or another violation of securities laws, AAMI has established a policy setting forth when trading in AAMI is not permitted or appropriate.

**Mandatory Requirements/Prohibitions of AAMI's policy:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibits trading in AAMI when in possession
of material, nonpublic information ("MNPI").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibits communicating MNPI to any third-party
unless for legitimate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibits engaging in any transaction involving
AAMI during a blackout period. Blackout periods will be communicated to Acadian compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibits engaging in short sales of AAMI or
trading in naked options.

Updated as of January 2026 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requires obtaining <u>pre-clearance from AAMI</u> prior to trading in any AAMI security.

Please send your pre-clearance request to Acadian compliance and we will facilitate on your behalf with AAMI.

**F.** **Securities Transactions requiring Pre-clearance** 

With limited exceptions noted in section G below, discretionary transactions executed by an Access Person in the following covered securities must be "pre-cleared" with the Compliance Team in accordance with the procedures outlined herein prior to execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs comprised of less than 25 covered securities
as defined in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Depositary Receipts (e.g. ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investment or single stock futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· options or warrants to purchase or sell a covered
security as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· limited partnerships meeting the SEC's
definition of a "security" (including limited liability and other companies that are treated as partnerships for U.S. federal
income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· UITs, foreign mutual funds, and closed-end investment
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares of open-end mutual funds, UCITS funds,
and CITS that <u>are</u> advised or sub-advised by Acadian (unless in the Acadian 401K or deferred compensation plan),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· private investment funds (including Acadian managed
commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added to the pre-clearance requirements at the discretion of the Compliance Team as new types of securities are offered and traded in the market and/or Acadian's business changes.

**Initial Public Offerings.** Acadian as a firm typically does not participate in initial public offerings (IPO). Access Persons must pre-clear for their personal accounts purchases of any securities in an IPO. Such pre-clearance is <u>required</u> even if the purchase is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's participation in the IPO, and (iv) all investment decisions will be made solely on the best interests of clients. Acadian will maintain a written record of any decision, and the reasons supporting the decision, to approve the personal acquisition of an IPO for at least five years after the end of the fiscal year in which the approval was granted.

Updated as of January 2026 7

**Third-Party Limited or Private Offerings.** In addition to pre-clearing private placements offered by Acadian, Access Persons must pre-clear for their personal accounts purchases or sales of any securities in third-party limited or private offerings. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's investment, and (iv) all investment decisions will be based solely on the best interests of clients. Access Persons are permitted to invest in private offerings offered and/or managed by Acadian provided they meet the investment qualifications of the particular investment. Acadian will maintain a record of any decision, and the reasons supporting the decision to approve the personal acquisition of a private placement for at least five years after the end of the fiscal year in which the approval was granted.

**G.**  **<u>Exceptions specific to certain account and transaction types</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Other than transactions in Initial Public Offerings or Third-Party Limited or Private Offerings as described above</u>,** transactions
occurring within investment accounts in which the Access Person had no direct or indirect influence or control over the transactions
do not require pre-clearance, are not subject to blackout or holding period restrictions, and do not require reporting on holding reports
provided the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The account is disclosed to a compliance officer
before trading commences and the compliance officer is provided with necessary documentation to confirm that the Access Person will not
have direct or indirect influence over transactions in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Access Person and/or the investment manager
for the account provides written confirmation periodically at the request of a compliance officer that the Access Person did not have
any direct or indirect influence on any of the transactions executed in the account.

Examples of such accounts include accounts where the Access Person has granted to a broker, dealer, trust officer or other third-party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation or Access Person input or direction (an example would be Managed Accounts and the party directing the transaction has utilized such discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions occurring within a reported investment account that are part of an automatic dividend reinvestment plan, or a pre-established
dollar cost averaging type contribution plan do not require pre-clearance, are not subject to blackout or holding period restrictions,
and do not require reporting on holding reports.

Updated as of January 2026 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following transactions in covered securities within a reported investment account are exempt from the Code's pre-clearance,
blackout and short-term trading requirements but must be disclosed on year-end holding reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales that are involuntary on the part of the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases or sales within Acadian's 401k or deferred compensation plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. purchases or sales effected upon the exercise of rights issued by an issuer pro rata to all holders of
a class of our securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. purchases or sales of equity or commodity derivative instruments or futures or options on them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. purchases or sales of municipal, Government Sponsored Entities (GSE) and agency bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. purchases or sales of commodity futures or commodity future ETFs or options on them

**Part 3. Standards of Business Conduct**

The Code sets forth standards of business conduct that we require of our Access Persons. Access Persons should maintain the highest ethical standards in carrying out Acadian's business activities. Acadian's reputation is one of our most important assets. Maintaining the trust and confidence of clients is a vital responsibility. This section sets forth Acadian's business conduct standards.

**A.** **Compliance with Laws and Regulations** 

Each Access Person must comply with all laws and regulations applicable to our business, including all securities laws, and all firm policies and procedures including, but not limited to, those found in this Code of Ethics, the Compliance Manual, the IT Security Policy, and the Employee Handbook. Access Persons are not permitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. engage in any act, practice, or course of conduct that operates or would operate as a fraud, deceit, or
manipulative practice upon any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make false or misleading statements, spread rumors, or fail to disclose material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any manipulative practice with respect to securities, including price or market manipulation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. utilize or transmit to others "inside" information as more fully described herein.

Updated as of January 2026 9

**B.** **Conflicts of Interest** 

As a fiduciary, Acadian has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of our clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest, including those between personal and Acadian related activities, and by fully disclosing all material facts concerning any conflict that does arise with respect to any client. Client specific conflicts are reviewed and addressed directly with the individual client. We conduct an ongoing review for actual and potential conflicts that may be systemic to Acadian and our processes. We disclose these conflicts as part of our Compliance Manual, which is typically updated annually, as well as in Form ADV, Part 2A, which is updated and delivered annually to each client. Examples of certain conflicts related to the Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Conflicts among Client Interests** **.** Conflicts of interest may arise where Acadian or
 our Access Persons have reason to favor the interests of one client over another client (e.g.,
 larger accounts over smaller accounts, accounts compensated by performance fees over accounts
 not so compensated, accounts in which Access Persons have made material personal investments,
 or accounts of close friends or relatives of Access Persons, etc.). Access Persons are
 prohibited from engaging in inappropriate favoritism of one client over another client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Competing with Client Trades.** As referenced in the section on Personal Transactions, an
 Access Person are generally prohibited from engaging in any securities transactions on the
 day Acadian trades in the security on behalf of a client and any other transaction that would
 result in a material negative impact to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Disclosure of Personal Interest**. Access Persons are prohibited from recommending, implementing,
 or considering any securities transaction for a client without having first disclosed to
 the Compliance Team any material beneficial ownership, business or personal relationship,
 Board membership, or other material interest in the issuer. A member of the Compliance Team
 will analyze the conflict and determine the appropriate course of action including potential
 recusal of the Access Person from the decision of the placement of the security at issue
 on a no-buy list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Referrals/Brokerage** **.** Access Persons are required to act in the best interests of our clients regarding execution
 and other costs paid by clients for brokerage services. As part of this principle, Access
 Persons will strictly adhere to Acadian's policies and procedures regarding brokerage
 allocation, best execution, soft dollars, and other related policies. Access Persons should
 refrain from undertaking personal investment transactions with the same individual employee
 at a broker-dealer firm with whom Acadian conducts business for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Vendors and Suppliers** **.** Each Access Person is required to disclose any personal
 investments or other interests in vendors or suppliers with respect to which that person
 negotiates or makes decisions on behalf of Acadian. Access Persons with such interests are
 prohibited from negotiating or making decisions regarding Acadian's business with those
 companies.

Updated as of January 2026 10

**C.** **Market Manipulation** 

Access Persons are prohibited from making any statements or taking any action intended to manipulate the price of a security or the market for a security. Manipulative conduct includes the creation or spreading of false rumors or other information intended to influence the price of a security. Access Persons are advised to ensure any statement that they may make in a public forum is true, accurate, and not misleading. This includes any statements that you may make independent of your employment with Acadian or beyond your authority as an Access Person, including via any personal blogs, websites, or chat rooms.

Acadian only permits employees to use Acadian approved electronic communication systems to send and receive external correspondence related to your role at Acadian. This includes, but it not limited to, sales and investment related correspondence. Acadian employees shall have no expectation of privacy in the content or attachments of any electronic communication sent or received through any approved electronic communication systems including, but not limited to, the Acadian email system, Bloomberg Email and Instant Messaging systems, Teams, and for those who have been pre-approved by the Compliance team, LinkedIn.

The use of personal address email, text, instant messaging other than Bloomberg, or the use of personal social media sites such as Facebook, Twitter, Whats App, and LinkedIn to conduct Acadian related business or to solicit prospects or clients is prohibited unless preapproved in writing by a compliance officer. Unless you have worked with the Compliance Team to record keep your LinkedIn pages, you may not reshare Acadian content. You may not write commentary on Acadian unless it is pre-approved by a compliance officer.

**D.** **Insider Trading and Regulation FD** 

As a general rule, it is against the law to buy or sell any securities while in possession of material, non-public information relevant to that security (sometimes called "inside information"), or to communicate such information to others who trade on the basis of such information (commonly known as "tipping"). Information is "material" as to a security if a reasonable investor would consider the information significant in deciding whether to buy, hold or sell the security, i.e., any information that might affect the price of the security. Material information can be positive or negative and can relate to virtually any aspect of the Company's business.

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material non-public information and from communicating material non-public information to others in violation of the law. This specifically includes personally trading or informing others of the securities held in a client portfolio or transactions contemplated on behalf of any client.

Updated as of January 2026 11

**Insider Trading - Material Non-Public Information.**

The term "material non-public information" relates not only to issuers but may also include Acadian's AUM, internal information, securities recommendations and client securities holdings and transactions. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this is information the disclosure of which will have a substantial effect on the price of a company's securities. Examples of events or developments that should be presumed to be "material" with respect to Acadian's activities that should not be discussed outside Acadian and should only be discussed internally with those with a need to know include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· knowledge of a trend in revenues, earnings, or
assets under management not yet fully disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· acquisition, material loss, or regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material change in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· significant legal exposure due to actual, pending
or threatened litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a purchase or sale of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in senior management or other major personnel changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in our auditors or a notification from its auditors that we may no longer rely on the auditor's
 audit report.

These examples are illustrative only; many other types of information may be considered "material," depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. Information is "non-public" as to a security until it has been effectively communicated to the marketplace through a press release or other appropriate news media and enough time has elapsed to permit the investment market to absorb and evaluate the information. In many cases, this process may require the passage of several trading days after any initial disclosure. If there can be any doubt whatsoever as to whether information has been effectively communicated to the marketplace, such information should be considered non-public until such time as there is no doubt. You should direct any questions about whether information is material to the Compliance Team.

**AAMI and Nonpublic Acadian Information**

As the sole remaining affiliate of AAMI, certain information specific to Acadian's business activities could be deemed by investors to be material nonpublic information ("MNPI") of AAMI.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of AAMI's securities.

"Nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access. Disclosure to even a large group of analysts or stockholders does not constitute disclosure to the public.

Updated as of January 2026 12

Of specific potential concern to AAMI is the public release (both in writing or verbally) of Acadian's firm wide AUM and firm wide cash flows prior to their public release by AAMI. As a result, the following policies and procedures have been implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acadian's firm wide AUM will only be made
available for external dissemination following its release as part of AAMI's quarterly public filings. The most recent publicly
available AUM will be used in all external materials and staled until AAMI publicly releases the following quarterly AUM information.
That new number will then be staled thereafter until the next AAMI public filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Firm wide cash flows will also be staled as of
the most recent public filing and remain staled at that date in all external materials until the AAMI publicly releases the next quarter
end cash flow numbers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· AUM and cash flow information for specific individual
strategies will not be publicly released in any manner that in the aggregate would result in the release of more than 50% of firm wide
AUM and cash flow amounts. Any AUM and cash flow numbers that can be aggregated to the firm wide AUM and cash flows must be staled to
reflect the most recent publicly available information.

Please note, we are still able to provide more current month end AUM and cash flow information for individual strategies as long as what is provided cannot be aggregated to the firm wide level.

The above applies to both written and verbal communication. Any information that cannot be provided in external written content also cannot be shared verbally with any external party until the public filing has been made.

AAMI has agreed that an exception can be made to the above policy changes for clients, prospects, and consultants that execute with Acadian an MNPI acknowledgement. The content of this MNPI acknowledgment is non-negotiable. Once executed by an authorized representative of the entity wishing to receive the more current information, we will be able to provide that entity, going forward, with month end information, with a 7-business day lag. This MNPI acknowledgement will be tracked in Conga and owned by the Compliance team.

While it is not practical to compile an exhaustive list, other information concerning any of the following items specific to Acadian or AAMI should be reviewed carefully to determine whether such information is, or is not, also MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings, including whether AAMI will or will
not meet expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Material changes in Acadian assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Material changes in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mergers, acquisitions, tender offers, joint ventures,
or changes in assets under management;

Updated as of January 2026 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquisition or loss of an important client or
contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in compensation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A change in auditors or auditor notification
that Acadian or AAMI may no longer rely on an audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A change in an auditor's opinion with respect
to Acadian's or AAMI's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The issuance by the auditors of a going concern
qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financings and other events regarding AAMI's
securities (e.g., defaults on debt securities, calls of securities for redemption, repurchase plans, stock splits, public or private sales
of additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions with directors, officers or principal
security holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regulatory
 approvals or changes in regulations and any analysis of how they affect AAMI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 litigation.

**Insider Trading - Penalties**

Both the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE") are very effective at detecting and pursuing insider trading cases and they have aggressively prosecuted insider traders and tippers. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee," and criminal fines of up to $5,000,000. In addition, if it is found that the Company failed to take appropriate steps to prevent insider trading, the Company may be subject to significant criminal fines and civil penalties of up to $1,000,000 or, if greater, three times the profit gained (or loss avoided) as a result of the insider trading.

You may also be sued by those seeking to recover damages for insider trading violations. Regardless of whether a government inquiry occurs, Acadian views seriously any violation of our insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal and reporting to legal and regulatory authorities.

**Before executing any trade for yourself or others, including clients, an Access Person must determine whether he or she has access to material non-public information.**

If you think that you might have access to material non-public information, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. report the information and proposed trade immediately to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. do not purchase or sell the securities on behalf of yourself or others, including clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. do not communicate the information inside or outside Acadian, other than to the Chief Compliance Officer or his designee.

Updated as of January 2026 14

**Regulation FD**

As an affiliate of Acadian Asset Management Inc. ("AAMI"), a publicly traded company, Acadian is committed to fair disclosure of information related to Acadian or AAMI that could influence the value of AAMI's securities and will not act to advantage any particular analyst or investor, consistent with the United States Securities and Exchange Commission's (the "SEC's") Fair Disclosure Regulation ("Regulation FD").

AAMI will continue to provide current and potential investors with information reasonably required to make an informed decision on whether to invest in AAMI's securities, as required by law or as determined appropriate by AAMI management.

Acadian prohibits Access Persons from making any disclosure of material nonpublic information about Acadian or AAMI to anyone outside Acadian (other than for business purposes to persons who first are obliged to maintain confidentiality with respect to such information) unless AAMI discloses it to the public at the same time in a manner consistent with Regulation FD. Examples of activities subject to this policy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quarterly earnings releases and related conference
calls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing guidance as to AAMI's financial
performance or results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contact with financial analysts covering AAMI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing analyst reports and similar materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Referring to or distributing analyst reports
regarding AAMI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Analyst and investor visits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Speeches, interviews, seminars and conferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Responding to market rumors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Responding to media inquiries regarding financial
or other material events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Postings on Acadian's or AAMI's website.

**E.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Statement** 

A conflict of interest occurs when the personal interests of Access Persons interfere or could potentially interfere with their responsibilities to Acadian and our clients. Access Persons may not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Access Persons are expressly prohibited from letting gifts, gratuities or entertainment influence their selection of any broker, dealer or vendor for Acadian business. Similarly, Access Persons may not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Acadian or the Access Person.

Supervisors of specific business units have the discretion to set more restrictive entertainment and gift policies than those in this Code that individuals subject to their supervision must comply with.

Updated as of January 2026 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Receipt.** - No Access Person may receive gifts totaling more than de minimis value ($100
 per calendar year) from any <u>person or entity</u> that does investment related business
 with or on behalf of Acadian. For example, regardless of the number of employees at XYZ broker
 who provide a gift, the aggregate value of the gifts that can be accepted by an Access Person
 from all individuals associated with XYZ broker is $100. Promotional items containing the
 name and/or logo of the provider shall not be considered a gift provided its estimated value
 is under $100.

Access Persons are expressly prohibited from soliciting any gift related to our investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Offer.** – No Access Person may give or offer any gift of more than de minimis value
 ($100 per year) to existing clients or prospective clients. Access Persons may not give gifts
 if the intent is to retain or gain investment related business. In certain countries in which
 we may conduct business, the offer of a gift may be a cultural norm. In such cases, it may
 be permissible to exceed the de minimis value provided the gift is reasonable in value and
 has been approved by a Senior Manager.

**<u>Gifts to ERISA, Taft-Hartley, and Public Plan Clients and Prospects</u>**

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of gifts of any value to their representatives. The Compliance Team should be consulted prior to providing any type of gift of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of a gift alone, without actually providing the gift, could be a violation.

**<u>40 Act Mutual Fund clients</u>**

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Cash.** - No Access Person may give or accept cash gifts or cash equivalents to or from
 a client or prospective client or any other entity that conducts investment related business
 with or on behalf of Acadian.

Updated as of January 2026 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Entertainment.** 

<u>Providing Entertainment.</u>: No Access Person may provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do investment related business with or on behalf of Acadian. Access Persons may occasionally provide business entertainment events, at a venue where business is typically discussed, such as dinner or a sporting event, of reasonable value, provided that the Access Person is present.

<u>Accepting Entertainment.</u>: The firm recognizes that Access Person participation in entertainment provided by those with whom we conduct investment related business may be beneficial and further legitimate business interests. However, the acceptance of extravagant or excessive entertainment (face value >$1,000) from a client, prospective client, or any person or entity that does or seeks to do investment related business with Acadian is not permitted.

Access Persons are permitted to attend occasional business meals, at a venue where business is typically discussed, of reasonable value, provided that the person or a representative of the organization providing the meal is present.

Access Persons are also permitted to attend other entertainment events, such as sporting events, subject to the following 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;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the invitation must be to discuss business or to build a business relationship; 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;3. You must receive prior written approval from your supervisor regardless of the value of the entertainment being provided.

Access Persons are expressly prohibited from soliciting any entertainment related to our investment activities.

**<u>Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects</u>**

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of entertainment of any value (Including coffee, meals, drinks etc.) to their representatives. The Compliance Team should be consulted prior to providing any type of entertainment of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of entertainment alone, without actually providing the entertainment, could be a violation.

**<u>40 Act Mutual Fund clients</u>**

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

Updated as of January 2026 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Detailed Expense Reports Required for Gifts and Entertainment.** 

For all gifts and entertainment purchased for or provided to a client or prospect, make certain that the expense report submitted for reimbursement clearly discloses what was provided, the names of each individual recipient, and the organization that each recipient represented. Appropriate supporting receipts must be provided. Certain ERISA, public plan clients, and Taft-Hartley plan clients may require that we provide detailed gift and entertainment reports related to their representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Conferences.** – Access Person attendance at all third-party sponsored industry conferences
 is subject to supervisor approval. If the conference involves potential clients, prospects,
 or consultants, and Acadian's attendance at the conference will be paid for by the
 host or a third party (including conference fee, travel, and lodging as examples), this should
 be disclosed prior to attendance to the Compliance Team. The Compliance Team will review,
 among other factors, the purpose of the conference, the conference agenda, and the proposed
 costs that will be paid or reimbursed by the third party.

It is against Acadian policy to sponsor or pay to attend any conference where our payment is a primary consideration of whether we will be awarded business from any client or prospective client who may be in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Quarterly Reporting** – Acadian will require all Access Persons to report any gifts
 or entertainment received on a quarterly basis. Gifts and entertainment provided will be
 monitored through the periodic review of expense reports.

**F.** **Political Contributions and Compliance with the Pay-to-Play Rule Requirements** 

Acadian as a firm is prohibited from making political contributions. Political contributions requested by a client or prospect will be prohibited as these may be deemed as an attempt to retain or win business. Employees, contractors, or consultants of Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, the requirements in this section are not applicable to these individuals.

Rule 206(4)-5 (the "Rule") under the Advisers Act seeks to curtail "pay to play" practices by investment advisers that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

There are three key elements of the Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a two-year "time-out" from
 receiving compensation for providing advisory services to certain government entities after
 certain political contributions are made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a prohibition on soliciting contributions
 and payments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a prohibition from paying third parties
 for soliciting government clients.

Updated as of January 2026 18

For purposes of the Code and the Rule, an "<u>official</u>" is any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

A "<u>government entity</u>" includes all state and local governments, their agents, and instrumentalities, as well as all public pension plans and other collective government funds, including participant-directed plans such as 403(b), 457, and 529 plans. These entities are typically pension plans that are separate legal entities from state and local governments, but have elected officials as board members.

To ensure Acadian complies with the Rule, all Acadian Access Persons will be required to adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit a written pre-approval form to the Compliance Team and
receive compliance approval prior to making any political contribution to an "official" (includes incumbents, candidates,
and committees as defined above) of a "government entity", regardless of contribution amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit quarter–end and year-end reports of all political
contributions made to any official of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A prohibition from directly or indirectly soliciting political
contributions on behalf of any official of a government entity if such individual can directly or indirectly influence the investment
advisory business or from soliciting payments to a political party of a state or locality where the investment adviser is providing or
seeking to provide investment advisory services to a government entity. Pursuant to this provision, Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· indirectly making political contributions to
politicians through, for example, spouses, lawyers or affiliated companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "bundling" a large number of small
contributions to influence an election in the state or locality in which the Investment Adviser is seeking business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· soliciting contributions from professional service
providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consenting to the use of Acadian's name
on fundraising literature for a candidate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sponsoring a meeting or conference which features
an official as an attendee or guest speaker and which involves fundraising for the official (and, in this case, expenses incurred by the
Access Person for hosting the event (such as the cost of the facility or refreshments, or reimbursement of any of the official's
expenses for the event) would be a contribution by the Investment Adviser, thereby triggering the two-year "time-out" provisions
of the Rule).

Updated as of January 2026 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A prohibition on paying any non-regulated third party for soliciting
advisory business from U.S. based government clients on our behalf.

Failure of each Access Person to adhere to the requirements of the Rule could result in Acadian being prohibited from receiving compensation from a government entity for a period of two-years from the date of the contribution.

**G.** **Anti-Bribery and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment** 

The U.S. Foreign Corrupt Practices Act (the "FCPA") prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person. You should note that the FCPA does not require that a corrupt act succeed in its purpose. The offer or promise of a corrupt payment can constitute a violation of the statute. The FCPA prohibits any corrupt payment intended to influence any act or decision of a foreign official in his or her official capacity, to induce the official to do or omit to do any act in violation of his or her lawful duty, to obtain any improper advantage, or to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA prohibits paying, offering, promising to pay (or authorizing to pay or offer) money or anything of value. The prohibition extends only to corrupt payments to a foreign official, a foreign political party or party official, or any candidate for foreign political office. A "foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof, or any person acting in an official capacity.

Obligations imposed on Access Persons go further than compliance with the FCPA. Bribery and corrupt business practices create unfair markets, erode public trust and stifle long-term economic development and are contrary to Acadian's values. Bribery or corruption in any manner or for any purpose or benefit will not be tolerated and any such action by an Access Person or the firm is strictly prohibited. Access Persons must be committed to ethical and legal business conduct and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act legally and with integrity at all times to
safeguard its staff members, resources, tangible and intangible assets, and our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Create and maintain a trust-based and inclusive
internal culture in which bribery and corruption are not tolerated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct all business relationships in an ethical
and lawful manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cooperate fully with law enforcement and regulators
locally within the bounds of local legislation.

Access Persons who deliberately breach the policy will be subject to disciplinary action, potentially leading to dismissal.

Updated as of January 2026 20

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. Access Persons must closely adhere to the gift and entertainment and the political contributions policies and procedures described herein. Any suspicions of bribery or corruption should be reported in accordance with the Whistleblowing policy set out in this Code. Acadian and all Access Persons are expected to cooperate fully with any law enforcement or regulatory inquiry into any bribery or corruption allegation.

**H.** **Charitable Contributions** 

Although Acadian encourages our Access Persons to be charitable, no donations should be made or should appear to have been made for the purpose of obtaining or retaining client business. No donations should be made in the name of any client if such a donation would result in a violation of the client's ethical requirements. This is typically the case with state and municipal clients.

Any request from a client or prospect for a charitable donation should be brought to the attention of a Compliance Officer. Any charitable donation made in response to a client or prospect request should be nominal as not to appear to have been made to obtain or retain the business and should be done in accordance with Acadian's charitable giving policies.

**I.** **Confidentiality** 

Access Persons have the highest fiduciary obligation to protect and keep confidential at all times sensitive non-public information related to our clients, prospects, Access Persons, and the firm. Please also refer to your obligations to protect information from disclosure under Insider Trading and Regulation FD sections of this Code. This information may include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any prospect or client's identity (unless the client consents), any information regarding a client's
financial circumstances, business practices, or advice furnished to a client by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. information on specific client accounts, including recent or impending securities transactions by clients
and activities of the portfolio managers for client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. specific information on Acadian's investments for clients (including former clients) and prospective
clients and account transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. information on other Access Persons, including their social security numbers, financial account information
and account numbers, compensation, benefits, position level and performance rating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. information on Acadian's firm wide assets under management and cash flows, business activities,
including new services, products, research, technologies, investment process, and business initiatives, unless disclosure has been authorized
by Acadian.

Access Persons should not access information on any client, prospect, consultant, or employee that is not required to perform their specific job functions. Access Persons should not discuss or release any non-public information that they may be authorized to access and view to any internal party or external party unless that party has a compelling business need to receive the information.

Updated as of January 2026 21

Access Persons should be sensitive to the problem of inadvertent or accidental disclosure, through careless conversation in a public place or the failure to safeguard papers and documents. Documents and papers should be kept in appropriately marked file folders and locked in file cabinets when appropriate. Any confidential information that must be transmitted over email or via the internet should also be protected in accordance with Acadian's IT Security Policy.

**J.** **Service on a Board of Directors** 

Prior to accepting a position as an officer, director, trustee, partner, or Controlling person in any other company or business venture not related to Acadian, or as a member of an investment organization (e.g., an investment club), Access Persons must disclose the position to the Compliance Team.

While the prior disclosure of Board membership or service on a charitable/non-profit organization is generally not required, disclosure and pre-approval would be required if your service involved participation on the finance, treasury, or investment committees or their functional roles or equivalents. Acadian may place specific restrictions on such service.

Each Board position should also be disclosed to the Compliance Team at least annually. Notice of such positions may be given to a compliance officer of any Fund advised or sub-advised by the Company.

As a firm policy, Acadian will restrict from our potential investment universe, and will not invest in or recommend client investment in, any publicly traded company for which an Access Person serves as a Board member.

**K.** **Partnerships** 

Any non-Acadian related non-investment partnership or similar arrangement, either participated in or formulated by an Access Person, should be disclosed to the Compliance Team prior to formation, or if already in existence at the time of employment, as part of New Hire reporting. Any such partnership interest should also be disclosed to the Compliance Team at least annually. Investment partnerships such as participating as a passive "partner" in a hedge fund would require pre-clearance and reporting on holdings reports.

**L.** **Other Outside Activities** 

Access Persons may not engage in outside business interests or employment that could in any way materially conflict with the proper performance of their duties to or for Acadian. All Access Persons should inform their supervisor and Human Resources prior to accepting any employment outside of Acadian if it has the potential of impacting or conflicting with their responsibilities to Acadian. Supervisors will involve the Compliance Team as needed.

Updated as of January 2026 22

**M.** **Marketing and Promotional Activities** 

Acadian has instituted policies and procedures relating to our creation and distribution of marketing, performance, advertising, and promotional materials to ensure compliance with relevant securities and commodities laws and GIPs. All oral and written statements made by Access Persons to the public, regardless of format or audience, must be professional, accurate, balanced and not misleading in any way.

**N.** **Affiliated Broker-Dealers** 

Certain employees of Acadian are affiliated with a third-party limited-purpose broker-dealer related to the offer and sale of funds. Acadian will not utilize the services of this broker-dealer to trade for the accounts of any firm client. Acadian will also abide by any restrictions imposed by a client regarding the use of any specific broker-dealer including those that may be an affiliate of a client.

**Part 4. Compliance Procedures**

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein, submitted through the StarCompliance system, or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to their supervisors, to senior management, to AAMI, to compliance personnel and the Board of Directors of any registered investment company client, to outside counsel, and/or to regulatory authorities upon appropriate request. To the extent possible, efforts will be made to preserve the confidentiality of any personal information contained on any such report prior to providing is to the requesting party.

**A.** **Reporting of Access Person Investment Accounts** 

All Access Persons are required to notify the Compliance Team in writing of any investment account in which he or she has direct or indirect beneficial interest in which a covered security can be purchased.

**B.** **Duplicate Statements** 

The Compliance Team, in its discretion, will determine if the receipt of duplicate investment account statements for any Access Person's investment account will further enhance its ability to oversee and enforce the Code. Such statements will typically not be required if the investment firm issuing such statements has an agreement in place with StarCompliance to directly feed employee transaction information into StarCompliance for our access.

If the Compliance Team determines a feed from StarCompliance is not available for a specific brokerage account, the employee will be responsible for providing duplicate copies of the statements to the Compliance Team. Statements not available to the Compliance Team by other means can be provided by uploading statements as part of the employee's quarterly disclosure reporting in StarCompliance.

Updated as of January 2026 23

The purpose of receiving "duplicates" is to independently confirm Code compliance, especially as it relates to compliance with pre-clearance of trades, the blackout period, and reporting. Duplicate investment account statements will typically be requested directly from the broker or adviser for any Access Person investment accounts where the Access Person exercises investment discretion over the account and has the ability to trade in covered securities including individual stocks, Acadian or affiliated managed funds, or other types of covered securities that may conflict with the type of investments Acadian makes for our clients.

Duplicate investment account statements are typically not requested or received from the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts in which individual stocks, bonds, Depository
Receipts, ETFs, and Acadian advised or sub-advised mutual funds cannot be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts where the Access Person has no direct
or indirect influence or control over transactions in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acadian's 401k and deferred compensation
plan accounts.

**C.** **Pre-clearance of Personal Securities Transactions** 

All Access Persons must strictly comply with Acadian's policies and procedures regarding personal securities transactions in covered securities including requesting pre-clearance before trading in a covered security.

**<u>Pre-clearance approval is typically only effective on the day granted.</u>**

Pre-clearance requests, once granted, are only effective until the close of the market on which the "cleared" security trades. If the trade is not executed before market close on the day the pre-clearance was requested and granted, then the request would need to be re-submitted the following day. For example, pre-clearance requests granted on Monday in the U.S. for a security trading in the U.S. are effective until the close of U.S. markets that Monday.

One exception relates to the pre-clearance of a security trading on a foreign exchange. A request to trade a security trading on a foreign exchange made after close of the exchange but prior to the reopen of the exchange for the next trading day would be approved until the close of that foreign exchange on the next trading day.

No one, including the Chief Compliance Officer, is authorized to approve his or her own trades.

Updated as of January 2026 24

**D.** **Pre-Approval of Political Contributions** 

Access Persons must submit a pre-approval request to a member of the Compliance Team and receive compliance approval prior to making any political contribution to any "official" of a "government entity" regardless of contribution amount. Please refer to the Political Contributions section of the Code for the definition of official, government entity, and additional details.

**E.** **Quarterly Reporting through StarCompliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Transactions** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (i.e. end of April, July, October, and January) all Access Persons must submit a quarterly report to the Compliance Team to report either no reportable trading activity or all transactions involving covered securities in reportable accounts in which they have direct or indirect Beneficial Ownership and the account in which the security was purchased or sold as well as duplicate statements associated with the quarter if an StarCompliance feed is not available for employee brokerage accounts<sup>3</sup>. As noted above, statements for any brokerage accounts not on feeds need to be provided on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts and Entertainment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any gifts or entertainment received from any person or organization doing or seeking to do investment related business with Acadian. A Supervisor approval is required when there is a reportable item. A report is required even if there is nothing to report but supervisor approval on such report is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Private Investments** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they either have no private investments to report or attest to all pre-existing private investments including any that were acquired within the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Political Contributions** 

**<u>Within thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any political contributions made to any official of a government entity as defined in the Code. A signed report is required even if there is nothing to report. Access Persons located in Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, reporting requirements related to political contributions are not applicable to these individuals. Notwithstanding, each must comply with any reporting requirements that may be established specific to their office.

<sup>3</sup> Transactions in in covered securities in Acadian's 401K plan and deferred compensation plan do not require quarterly reporting. Year-end holdings in these accounts must be reported.

Updated as of January 2026 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Communication Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies related to approved methods of electronic communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **MNPI Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies and procedures related to material non-public information.

**F.** **Annual Reporting through StarCompliance** 

**<u>By January 30th</u>** of each year, each Access Person must complete and submit a listing as of December 31 of the prior year of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each investment account in which they have a direct or indirect interest in which a security can be purchased
(a review of all accounts should be done at least annually and/or when accounts are opened/closed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) their investment holdings in covered securities (including a separate report for "private investments")
including security name, share amount, price per share and principal amount ( **<u>market values should be updated as of 12/31</u>**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a listing of all non-Acadian and non-investment related directorships or partnerships in which they are
involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a list of all political contributions made including candidate name, elected office, amount, and date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any other reports requested by the Compliance Team specific to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Affirmation acknowledging receipt of and compliance with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Affirmation acknowledging receipt of and compliance with the Compliance Manual.

Your year-end investment holdings report must contain <u>all</u> holdings in covered securities in <u>any covered accounts</u> including those positions held in Acadian's 401K plan, and deferred compensation plan. **<u>To be considered complete, these reports must contain the quantity and value of each reported holding as of December 31.</u>**

On an annual basis, each Access Person will also be required to provide certification of their receipt of the Code of Ethics and an acknowledgement of their obligation to comply with its requirements.

Updated as of January 2026 26

**G.** **New Hire Reporting through StarCompliance** 

New Access Persons are required to file the following attestations within **ten (10) business days** of their hire date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Affirmation acknowledging receipt of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Report of Reportable Investment Accounts along with a copy of the last issued holdings statement
for each account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Report of Securities Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Access Person Partnership Involvement Relationship Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Access Person Report of Director/Relationship Involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Access Person Report of Political Contributions for prior two years from hire date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Communication Acknowledgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. MNPI Acknowledgment.

**H.** **Review and Enforcement of Personal Transaction Compliance and General Code Compliance** 

The Compliance Team will periodically review personal securities transactions reports and other reports submitted by Access Persons. The review may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An assessment of whether the Access Person followed the Code and any required internal procedures, such
as pre-clearance, including the comparison of "Pre-clearance" submissions to any account statements that may have been received
from brokers, advisers or other sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comparison of personal trading to any blackout period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An assessment of whether the Access Person and Acadian are trading in the same securities and, if so,
whether clients are receiving terms as favorable as the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Periodically analyzing the Access Person's trading for patterns that may indicate potential compliance
issues including front running, excessive or short-term trading or market timing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any pattern of trading or activity raising the appearance that the Access Person may be taking advantage
of their position at Acadian.

Before any determination is made that a code violation has been committed by an Access Person, the Access Person will have the opportunity to supply additional explanatory material. If the Chief Compliance Officer initially determines that a material violation has occurred, he will prepare a written summary of the occurrence, together with all supporting information/documentation including any explanatory material provided by the Access Person, and present the situation to Access Person's manager, the Compliance and Risk Committee, and, if the Chief Compliance Officer and Committee deem it necessary, to the Acadian Executive Management Team and Executive Committee, or the Board of Managers. Depending on the incident, AAMI may become involved as well as outside counsel for evaluation and recommendation for resolution.

Updated as of January 2026 27

Acadian's Chief Compliance Officer reports all Code violations and their resolution, regardless of materiality, to Acadian's Compliance and Risk Committee at least quarterly. Further, if the Chief Compliance Officer and the Committee deem it necessary, a Code violation may also be reported to the Acadian Executive Management Team and Executive Committee, the Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

**I.** **Certification of Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Certification.** Compliance with the Code is a condition of hire and ongoing employment
 at Acadian. Each Access Person is provided with a copy of the Code when hired and receives
 training on the Code from a Compliance Officer. Acadian requires all Access Persons to certify
 that they have: (a) received a copy of the Code; (b) read and understand all provisions
 of the Code; and (c) agreed to comply with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Acknowledgement of Amendments.** Acadian will provide Access Persons with any material amendments
 to our Code and Access Persons will submit an acknowledgement that they have received, read,
 and understood the amendments to the Code. Acadian and members of our compliance staff will
 make every attempt to bring important changes to the attention of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Certification.** All Access Persons and supervised persons are required annually
 to certify that they have received, read, understood, and complied with the Code.

**Part 5. Access Person Disclosures and Reporting Obligations**

Acadian has certain disclosure obligations to our clients and regulators. Each Access Person has an immediate and ongoing obligation to notify a Compliance Officer if any of the responses to the questions listed below are "yes" or become "yes" at any time.

(1) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty to nolo contendere ("no
contest") in a domestic, foreign, or military court to any felony?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with any felony?

(2) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty or nolo contendere ("no
contest") in a domestic, foreign or military court to a misdemeanor involving: investments or an investment related business, or
any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy
to commit any of these offenses?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with a misdemeanor listed in 2(a)?

Updated as of January 2026 28

(3) Has the SEC or the Commodity Futures trading Association (CFTC) ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of SEC or CFTC
regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been a cause of an investment related business
having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) entered an order against you in connection with investment related
activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) imposed a civil money penalty on you or ordered you to cease
and desist from any activity?

(4) Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ever found you to have made a false statement or omission, or
been dishonest, unfair, or unethical?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found you to have been involved in a violation of investment
related regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever found you to have been a cause of an investment related
business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the past ten years, entered an order against you in connection
with an investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ever denied, suspended, revoked, or otherwise prevented you
from associating with an investment related business?

(5) Has any self-regulatory organization or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of its rules?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been the cause of an investment related business
having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disciplined you by barring or suspending you from association
with other advisers or otherwise restricting your activities?

(6) Has the authorization to act as an attorney, accountant, or federal contractor granted to you ever been revoked or suspended?

(7) Are you the subject of any regulatory proceeding?

Updated as of January 2026 29

(8) Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the past ten years, enjoined you in connection with any investment
related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found that you were involved in a violation of investment
related statutes or regulations?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever dismissed, pursuant to a settlement agreement, an investment
related civil action brought against you by a state or foreign financial regulatory authority?

(9) Are you now the subject of any civil proceeding that could result in a "yes" answer to item 8 above?

**Part 6. Record Keeping**

Acadian will maintain the following records pertaining to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each Code that has been in effect at
any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of any violation of the Code and any
action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of all acknowledgements of receipt of
the Code and amendments for each person who is currently, or within the past five years was, an Access Person (these records must be kept
for five years after the individual ceases to be an Access Person of Acadian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holdings and transactions reports made pursuant
to the Code for the prior five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A list of the names of persons who are currently,
or within the past five years were, Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision and supporting reasons
for approving the acquisition of covered securities by Access Persons including IPOs and limited offerings for at least five years after
the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of persons responsible for reviewing
Access Persons' reports currently or during the last five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A copy of reports provided to the Board of Directors
of any U.S. registered management investment company for which Acadian acts as adviser or sub-adviser regarding the Code for the past
five years.

**Part 7. Form ADV Disclosure**

Acadian includes within our Form ADV, Part 2A a description of Acadian's Code and a description of conflicts identified with our investment process and operations. We will deliver a copy of Form ADV, Part 2A to each client annually and will provide a copy of our Code to any client or prospective client upon request.

Updated as of January 2026 30

**Part 8. Administration and Enforcement of the Code**

**A.** **Responsibility to Know the Rules** 

Access Persons are responsible for their actions under the law and are therefore required to be sufficiently familiar with applicable federal and state securities laws and regulations to avoid violating them. Claimed ignorance of any rule or regulation or of any requirement under this Code or any other Acadian policy or procedure is not a defense for misconduct.

**B.** **Excessive or Inappropriate Trading** 

Acadian understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that limits potential conflicts with the interests of any client account. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades, or other measures as deemed appropriate by the Compliance Team), may compromise the best interests of any client if such excessive trading is conducted during the workday or using Acadian resources. Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, such personal transactions may be brought to the attention of the Access Person's supervisor and may not be approved or may be limited by the Compliance Team.

**C.** **Training and Education** 

<u>New Hires</u>

Employment at Acadian is contingent upon compliance with the Code. Each new hire receives a copy of the Code and must complete an affirmation of receipt and understanding. A member of the Compliance Team will meet with each new hire within their first week of employment to review the Code and to respond to any questions.

<u>Annual</u>

Mandatory annual ethics training is required for all employees and consultants designated as either/or Associated Persons with the NFA or Access Persons. The topics that will be included within the annual ethics training will be chosen by members of the Compliance Team who will provide the training through StarCompliance. The Compliance Team will monitor completion in StarCompliance and document any failure by an employee to complete the training in a timely manner as a Code violation. The ethics training will reinforce key sections of the Code as well as any other compliance related issues as determined by business changes or regulatory focus. Pursuant to NFA Compliance Rule 2-9 and the Commodity Futures Trading Commission's Statement of Acceptable Practices annual ethics training at a minimum will also include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An explanation of the applicable laws and regulations and rules of Acadian's business activities regulated by the NFA;

Updated as of January 2026 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employees' obligation to the public to observe just and equitable principles of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. How to act honestly and fairly and with due skill, care, and diligence in the best interest of customers and the integrity of the markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How to establish effective supervisory systems and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. How to obtain and assess the financial situation and investment experience of customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disclosure of material information to customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Avoidance, proper disclosure, and handling of conflicts of interest.

**D.** **Compliance and Risk Committee Approval** 

The Code will be submitted to Acadian's Compliance and Risk Committee annually for approval.

**E.** **Report to the Board(s) of Investment Company Clients** 

At the frequency requested and in compliance with Rule 17j-1 of the Investment Company Act of 1940, Acadian will comply with any reporting requirements imposed by the Board of Directors of each of our U.S. registered investment company clients as well as any other reporting related to our Code requested by any client. A copy of our Code is provided to clients and prospects upon request. Reports typically provided to Fund Board's include a description of any issues arising under the Code since the last report, information about material violations of the Code, sanctions imposed in response to such violations, and any material changes made to the Code. Acadian will also provide reports when requested certifying that we have adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**F.** **Report to Senior Management** 

The Chief Compliance Officer will provide a report on a quarterly basis to Acadian's Compliance and Risk Committee noting any violations of the Code. Any material violations will be escalated promptly.

**G.** **Reporting Violations and Whistleblowing Protections** 

Acadian is committed to fostering an environment of ethical and fair business conduct that requires all Access Persons to act honestly and with integrity at all times. Access Persons are required to report to the Chief Compliance Officer or a senior manager all potential instances of serious malpractice, material violations of company policies, and material violations of the Code. Access Persons are required to cooperate fully with any and all investigations into such matters. Failure to adhere to these policies will be considered a violation of the Code and will subject the Access Person to disciplinary action including the potential for termination.

Updated as of January 2026 32

Good faith reports of such potentially serious or material violations may be made without fear of retribution either directly to the Chief Compliance Officer or on a confidential basis via either a written statement in a sealed envelope or in any other way the Access Person feels is necessary to preserve his or her confidentiality. A report can also be made to the AAMI Fraud Hotline listed in the Fraud section below. These reports will be treated as confidential, and the source of the report protected to the extent permitted by law provided that the "whistleblower" (1) genuinely believes that the knowledge or suspicions disclosed are true and relate to serious malpractice; and (2) that the communication is clear from the outset that a confidential "whistleblowing" disclosure is being made. All such reports will be investigated promptly and thoroughly, and all legal requirements will be complied with.

**H.** **Fraud Policy** 

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. The commission of a fraud of any kind is prohibited. Failure by any Access Person to comply with this policy could result in disciplinary action being taken against that individual.

For the purpose of the Code, fraud is defined as: "Any deliberate action or inaction involving dishonesty or deception, which may result in the diminution of client account or shareholder value, either through financial loss or reputational damage, whether or not there is personal benefit to the fraudster."

**What Constitutes Fraud?**

The legal definition of fraud may vary depending on the legal statutes of the various jurisdictions in which Acadian operates and rules, regulations and other releases of the regulatory bodies that govern our activities including the SEC, NFA, and CFTC. For example, CFTC Regulation 180.01. In some jurisdictions, no precise legal definition of fraud exists, although many of the offenses referred to as fraud may be prohibited by local statute or be deemed criminal offenses by local statute. The term is generally used to describe acts such as: deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts and collusion. Some examples of fraud include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dishonest or fraudulent activities, such as embezzlement,
deceit, collusion, or conspiracy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bribery, corruption, or abuse of office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Abuse or misuse of company property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliberate misapplication or misappropriation
of company funds or assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliberate or suspicious unacceptable loss of
assets in the care of any member of AAMI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Forgery or alteration of documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making use of or knowingly possessing forged
or falsified documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing false or misleading information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliberate theft, sale or misuse of sensitive
documentation or information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliberate false creation of records within or
unauthorized amendments to databases, administration systems and accounting records

Updated as of January 2026 33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Targeted attempts to use technology/electronic
communications to hack or breach security controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Intentional destruction (excepted as allowed
per our Record Management Policy) or suspicious disappearance of records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concealment of material facts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliberate intentional misapplication of accounting
principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any improper act, which may damage the reputation
of AAMI or any of its members use or employ, or attempt to use or employ, any manipulative device, scheme, or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make, or attempt to make, any untrue or misleading
statement of a material fact or to omit to <u>state</u> a material fact necessary in <u>order</u> to make the statements made not untrue
or misleading in any materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage, or attempt to engage, in any act, practice,
or course of business, which operates or would operate as a fraud or deceit upon any <u>person</u>; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliver or cause to be delivered, or attempt
to deliver or cause to be delivered, for transmission through the mails or interstate commerce, by any means of communication whatsoever,
a false or misleading or inaccurate report concerning crop or market information or conditions that affect or tend to affect the price
of any <u>commodity</u> in interstate commerce, knowing, or acting in reckless disregard of the fact that such report is false, misleading
or inaccurate. Notwithstanding the foregoing, no violation of this subsection shall exist where the <u>person</u> mistakenly transmits,
in good faith, false or misleading or inaccurate information to a price reporting service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any similar or related activity or irregularity

Fraud can be perpetrated internally by employees or contractors, externally by clients, intermediaries or other third parties.

Any individual who is unclear as to what may constitute an act of fraud should seek further guidance from his/her direct manager or from the Chief Compliance Officer as appropriate.

**What should I do if I suspect fraud has been committed?**

All staff is encouraged to immediately report any fraud that is suspected or discovered. Any such activity should be reported initially to their immediate manager and/or the Chief Compliance Officer, except where either of those individuals is suspected of involvement.

Immediate managers are responsible for reporting all instances of suspected or discovered fraud to the Chief Compliance Officer who is responsible for escalating as required under relevant firm policy.

The reporting of suspected or known fraud may be made and will be investigated in accordance with the Whistleblowing policies described within the Code and, if made in good faith, will be protected from retaliation.

Updated as of January 2026 34

Acadian encourages Access Persons to report compliance and any other business concerns to Acadian's Chief Compliance Officer and General Counsel or via the confidential AAMI Fraud Hotline at the numbers or URL below.

---

| | | |
|:---|:---|:---|
| Scott Dias | 617-850-3519 | <u>sdias@acadian-asset.com</u> |
| SVP, Chief Compliance Officer and |  |  |
| General Counsel |  |  |
| Acadian |  |  |

---

Richard Hart 617-369-7341 <u>rhart@acadian-inc.com</u> <br> Chief Legal Officer <br> AAMI

By Secure Ethics Reporting Hotline:

**US:**<br> 1-866-921-6714<br> **Australia:**<br> 0011-800-2002-0033<br> **United Kingdom:**<br> 0-800-092-3586<br> **Singapore:**<br> 001-800-2002-0033

Webform URL:

<u>https://www.integritycounts.ca/org/acadian-inc</u>

E-mail: <u>AAMI@integritycounts.ca</u>

Fax:

1-604-926-5668

Mail:

PO Box 91880, West Vancouver,

British Columbia V7V 4S4 Canada

***None of the provisions of Acadian employee handbook, compliance manual (including its related policies and code of ethics), offer letter provided to you, or any agreement regarding your employment that you may have entered into with Acadian prohibits you from voluntarily communicating with enforcement or regulatory authorities regarding possible violations of law.***

**I.** **Sanctions** 

Any violation of the Code may result in disciplinary action including, but not limited to, a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

Updated as of January 2026 35

The following is a non-exclusive list of factors that will be considered when determining the appropriateness of any sanction related to a Code violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· What requirement was violated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Client harm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Frequency of occurences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evidence of willful or reckless disregard of
the Code requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your
 honest and timely cooperation

**J.** **Further Information about the Code and Supplements** 

Access Persons are encouraged to contact any member of the Compliance Team with any questions about permissible conduct under the Code.

AAMI's Anti-bribery and Corruption Risk Policy, Fraud Policy, Whistleblowing Arrangements and Sanctions Compliance policy are adopted as supplements to the Code.

**Persons Responsible for Code Enforcement**

---

| | | |
|:---|:---|:---|
| **Boston:** | | |
| Alison Peabody | Compliance Officer | <u>apeabody@acadian-asset.com</u> |
| Mary Bidgood | Compliance Officer | <u>mbidgood@acadian-asset.com</u> |
| Kelly Gately | Compliance Officer | <u>kgately@acadian-asset.com</u> |
| Lili McInnis | Compliance Specialist | <u>lmcinnis@acadian-asset.com</u> |
| Scott Dias | Chief Compliance Officer | <u>sdias@acadian-asset.com</u> |
| **London:** | | |
| Katy Tyler | Compliance Officer | <u>ktyler@acadian-asset.com</u> |
| **Sydney:** | | |
| Nita Lo | Compliance Officer | <u>nlo@acadian-asset.com</u> |
| **Singapore:** | | |
| Nicholas Lim | Compliance Officer | <u>nlim@acadian-asset.com</u> |

---

Do not hesitate to contact any member of the Compliance Team with questions about the Code by either emailing <u>Compliance-reporting@acadian-asset.com</u> or contacting directly one of the individuals noted above.

**<u>Training and Certification</u>**

Training on Code requirements will be provided by members of the Compliance Team. Additional training on firm policies may also be provided by members of the Human Resources Group.

Updated as of January 2026 36

Acadian's Compliance and Risk Committee, Executive Management Team, Executive Committee, and our Board of Managers are also responsible for Code implementation and enforcement.

All Access Persons will be subject to annual Code of Ethics training. A copy the Code and any amendments will be provided to all Access Persons and supervised persons annually along with a request for a written acknowledgment of receipt and compliance.

**Appendices (in pdf only)**

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2026 37

## Ex-99.B(P)(6)

**Exhibit 99.B(p)(6)**

![](tm2522623d1_ex99-bp6img001.jpg)

**A Message from Seth Bernstein, Chief<br> Executive Officer of AllianceBernstein**

*Client trust is the foundation of a financial services company. As we have seen, trust takes years to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty, integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this most critical asset.*

*Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and foremost -- and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has long been committed to maintaining and promoting high ethical standards and business practices. We have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations governing our businesses, the Code is intended to establish certain guiding principles for all of us. Separately, the firm has in place a series of ethics, fiduciary and business-related policies and procedures, which set forth detailed requirements to which employees are subject. We also have prepared various Compliance Manuals, which provide in summary form, an overview of the concepts described in more detail both in this Code and in our other policies and procedures.*

*You should take the time to familiarize yourself with the policies in this Code and use common sense in applying them to your daily work environment and circumstances. Your own personal integrity and good judgment are the best guides to ethical and responsible conduct. If you have questions, you should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. If the normal channels for reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the attention of the Company Ombudsman, who is an independent, informal and confidential resource for concerns about AllianceBernstein business matters that may raise issues of ethics or questionable practices.*

*Our continued success depends on each of us maintaining high ethical standards and business practices. I count on each of you to place our clients' interests first – and to do so always by applying good ethics and sound judgment in your daily responsibilities.*

*Seth Bernstein*

**AllianceBernstein L.P.**

**CODE OF BUSINESS CONDUCT AND ETHICS**

---

| | |
|:---|:---|
| 1. Introduction | **1** |
| 2. The AB Fiduciary Culture | **2** |
| 3. Compliance with Laws, Rules and Regulations | **2** |
| 4. Policy Against Discrimination and Sexual and Unlawful Harassment | **3** |
| 5. Conflicts of Interest ! Unlawful Actions | **3** |
| 6. Insider Trading | **4** |
| 7. Personal Trading: Summary of Restrictions | **5** |
| 8. Outside Directorships and Other Outside Activities and Interests | **6** |
| a. Board Member or Trustee | 6 |
| b. Other Affiliations | 7 |
| c. Outside Financial or Business Interests | 8 |
| 9. Gifts, Entertainment, and Inducements | **8** |
| 10. Compliance with Anti-Corruption Laws | **9** |
| 11. Political Contributions!Activities | **9** |
| a. By or on behalf of AB | 9 |
| b. By Employees ! Directors | 10 |
| 12. "Ethical Wall" Policy | **10** |
| 13. Use of Client Relationships | **11** |
| 14. Corporate Opportunities and Resources | **11** |
| 15. Antitrust and Fair Dealing | **12** |
| 16. Recordkeeping and Retention | **12** |
| 17. Improper Influence on Conduct of Audits | **12** |
| 18. Accuracy of Disclosure | **13** |
| 19. Confidentiality | **13** |
| 20. Protection and Proper Use of AB Assets | **14** |
| 21. Policy on Intellectual Property | **14** |
| a. Overview | 14 |
| b. Employee Responsibilities | 15 |
| c. Company Policies and Practices | 15 |
| 22. Exceptions from the Code | **15** |
| a. Written Statement and Supporting Documentation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance Interview | 16 |
| 23. Regulatory Inquiries, Investigations and Litigation | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Requests for Information | 16 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Types of Inquiries | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Responding to Information Requests | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use of Outside Counsel | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Regulatory Investigation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Litigation | 17 |
| 24. Compliance and Reporting of Misconduct / "Whistleblower" Protection | **17** |
| 25. Company Ombudsman | **17** |
| 26. Sanctions | **18** |
| 27. Annual Certifications | **18** |

---

**Personal Trading Policies and Procedures**

**Appendix A**

---

| | | |
|:---|:---|:---|
| **1. Overview** |  | **1** |
| &nbsp;&nbsp;&nbsp;a. | Introduction | 1 |
| &nbsp;&nbsp;&nbsp;b. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;4. | "Client" | 1 |
| **2. Requirements and Restrictions – All Employees** | **2. Requirements and Restrictions – All Employees** | 5 |
| &nbsp;&nbsp;&nbsp;a. | General Standards | 5 |
| &nbsp;&nbsp;&nbsp;b. | Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;c. | Designated Brokerage Account | 6 |
| &nbsp;&nbsp;&nbsp;d. | Pre-Clearance Requirement | 6 |
| &nbsp;&nbsp;&nbsp;e. | Limitation on the Number of Trades | 6 |
| &nbsp;&nbsp;&nbsp;f. | Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;g. | Short Sales | 7 |
| &nbsp;&nbsp;&nbsp;h. | Trading in AB Units and AB Funds | 8 |
| &nbsp;&nbsp;&nbsp;i. | Securities Being Considered for Purchase or Sale | 8 |
| &nbsp;&nbsp;&nbsp;j. | Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;k. | Dissemination of Research Information | 9 |
| &nbsp;&nbsp;&nbsp;l. | Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;m. | Limited Offerings/Private Placements | 10 |
| **3. Additional Restrictions–Portfolio Managers** | **3. Additional Restrictions–Portfolio Managers** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;c. | Transactions Contrary to Client Positions | 11 |
| **4. Additional Restrictions–Research Analysts** | **4. Additional Restrictions–Research Analysts** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;c. | Actions Contrary to Ratings | 12 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **5. Additional Restrictions–Buy-Side Equity Traders** | **12** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **6. Additional Restrictions–Alternate Investment Strategies Groups** | **13** |
| **7. Exceptions to the Personal Trading Policy** | **7. Exceptions to the Personal Trading Policy** | **13** |

---

---

| | | |
|:---|:---|:---|
| **8. Reporting Requirements** | **8. Reporting Requirements** | **13** |
| &nbsp;&nbsp;&nbsp;a. | Duplicate Confirmations and Account Statements | 13 |
| &nbsp;&nbsp;&nbsp;b. | Initial Holdings Reports by Employees | 13 |
| &nbsp;&nbsp;&nbsp;c. | Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 14 |
| &nbsp;&nbsp;&nbsp;d. | Annual Certification by Employees with Managed Accounts | 14 |
| &nbsp;&nbsp;&nbsp;e. | Annual Holdings Reports by Employees | 15 |
| &nbsp;&nbsp;&nbsp;f. | Report and Certification of Adequacy to the Board of Directors of Fund Clients | 15 |
| &nbsp;&nbsp;&nbsp;g. | Report Representations | 15 |
| &nbsp;&nbsp;&nbsp;h. | Maintenance of Reports | 15 |
| **9. Reporting Requirements for Directors who are not Employees** | **9. Reporting Requirements for Directors who are not Employees** | **16** |
| &nbsp;&nbsp;&nbsp;a. | Outside Directors / Affiliated Outside Directors | 16 |

---

**1. Introduction**

This Code of Business Conduct and Ethics (the "Code") summarizes the values, principles and business practices that guide our business conduct and establishes a set of basic principles and expectations to guide all AllianceBernstein employees, officers and directors, and consultants where applicable. The Code applies to all of our offices globally; however, it is not intended to provide an exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements that may apply to you as an AllianceBernstein employee, officer, director, consultant, and/or a representative of one of our regulated subsidiaries. AllianceBernstein maintains more detailed policies and procedures addressing many of the topics covered by this Code, including the Compliance Manual, available on the Legal and Compliance Department intranet site. All AllianceBernstein employees, including covered consultants, officers, and directors are responsible for knowing and abiding by the relevant policies.

All individuals subject to the provisions of this Code must conduct themselves in a manner consistent with the requirements and procedures set forth herein. Adherence to the Code is a fundamental condition of service and employment with AllianceBernstein, any of our subsidiaries or joint venture entities, or our general partner (the "AB Group").

AllianceBernstein L.P. ("AB," "we" or "us") is a registered investment adviser and acts as investment manager or adviser to registered investment companies, institutional investment clients, employee benefit trusts, high net worth individuals and other types of investment advisory clients. In this capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest standards of conduct and integrity.

Personnel acting in a fiduciary capacity must carry out their duties for the **exclusive benefit** of our clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal investment objectives and other personal interests of AB personnel. Accordingly:

· Employees
 must work to mitigate or eliminate any conflict, or appearance of a conflict, between the
 self-interest of any individual covered under the Code and his or her responsibility to our
 clients, or to AB and its unitholders.

· Employees
 must never improperly use their position with AB for personal gain to themselves, their family,
 or any other person.

The Code is intended to comply with the following regulations that apply to AB:

&nbsp;&nbsp;&nbsp;&nbsp;· Rule 17j-1
 under the (U.S.) Investment Company Act of 1940 (the "1940 Act") which applies
 to AB because we serve as an investment adviser to registered investment companies. Rule 17j-1
 specifically requires us to adopt a code of ethics that contains provisions reasonably necessary
 to prevent our "access persons" (as defined herein) from engaging in fraudulent
 conduct, including insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;· Rule 204A-1
 under the Investment Advisers Act of 1940 (the "Advisers Act"), which requires
 registered investment advisers to adopt and enforce codes of ethics applicable to their supervised
 persons.

&nbsp;&nbsp;&nbsp;&nbsp;· Section 303A.10
 of the New York Stock Exchange ("NYSE") Listed Company Manual, which applies
 to us because the units of AllianceBernstein Holding L.P. ("AllianceBernstein Holding")
 are traded on the NYSE.

Additionally, certain entities within the AB Group, such as Sanford C. Bernstein & Co., LLC and Sanford C. Bernstein Limited, have adopted supplemental codes of ethics to address specific regulatory requirements applicable to them. All employees are obligated to determine if any of these codes are applicable to them and to abide by such codes as appropriate.

**2. The AB Fiduciary Culture**

The primary objective of AB's business is to provide value, through investment advisory and other financial services, to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals and pension funds.

AB requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, AB is a fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to act in a manner consistent with this duty.

When dealing with or on behalf of a client, every employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the 1940 Act, the Advisers Act and the Employee Retirement Income Security Act ("ERISA") impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities. AB and its employees must comply fully with these rules and regulations. Legal and Compliance Department personnel are available to assist employees in meeting these requirements.

All employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of AB or its employees and not the clients' best interests.

Our fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as your personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the Sections that follow.

**3. Compliance with Laws, Rules and Regulations**

AB has a long-standing commitment to conduct its business in compliance with applicable laws and regulations and in accordance with the highest ethical principles. This commitment helps ensure our reputation for honesty, quality, and integrity. All individuals subject to the Code are required to comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws. These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the Department of Justice. As mentioned above, as a listed company, we are also subject to specific rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and regulatory mandates in their respective jurisdictions, which must be fully complied with.

Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and ethical manner, trumps all other considerations, including the interests of our clients. Policies referenced in this Code provide additional details and requirements to ensure compliance. A violation under any of these policies may be deemed a violation of the Code.

**4. Policy Against Discrimination and Sexual and Unlawful Harassment**

AB is committed to providing a working environment free from all forms of discrimination and harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability, marital status, citizenship status, sexual orientation, gender identity expression, military or veteran status, or any other basis that is by applicable law. Harassment or discrimination by any AB employee, officer, or director will not be tolerated.

AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of such conduct can be found in the Employee Handbook. All employees, officers, and directors are responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident of discrimination or harassment will not be subject to reprisals. Anyone who is found to have engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action, up to and including termination of employment or dismissal from the Board.

**5. Conflicts of Interest / Unlawful Actions**

A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent with, the interests of AB's clients or to the interests of AB or its unitholders.

A conflict situation can arise when an AB employee, consultant, officer, or director takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a member of his or her family,<sup>1</sup> receives improper personal benefits (including personal loans, services, or payment for services that the AB employee performs in the course of AB business) as a result of his or her position at AB or gains personal enrichment or benefits through access to confidential information.

Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with AB or has outside business interests that may result in divided loyalties or compromise independent judgment. Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities. Conflicts of interest can also arise because of personal relationships with others within or outside AB (such as family relationships, romantic relationships, or close friendships) that may compromise objectivity and independent judgment.

AB has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Compliance Manual, *Policy and Procedures for Giving and Receiving Gifts and Entertainment*, copies of which can be found on the Legal and Compliance Department intranet site. These policies highlight additional potential conflicts of interest.

Conflicts of interest can arise in many common situations; despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to our clients. All AB employees, consultants, officers, and directors are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital.

<sup>1</sup> For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother-in-law, father-in-law, son-in-law, and/or daughter-in-law) and anyone who shares your home; and (ii) "relative" means members of your family (as defined), your aunts and uncles, and your first cousins.

In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

· Making
 any untrue statement of a material fact or employing any device, scheme, or artifice to defraud
 a client;

· Omitting
to state (or failing to provide any information necessary to properly clarify any statements made, in light of the circumstances)
a material fact, thereby creating a materially misleading impression;

· Accepting
 any compensation for the purchase or sale of any property to or for a fund or other client
 account;

· Making
 investment decisions, changes in research ratings and trading decisions other than exclusively
 for the benefit of, and in the best interest of, our clients;

· Using
 information about investment or trading decisions or changes in research ratings (whether
 considered, proposed or made) to benefit or avoid economic injury to you or anyone other
 than our clients;

· Taking,
 delaying or omitting to take any action with respect to any research recommendation, report
 or rating or any investment or trading decision for a client in order to avoid economic injury
 to you or anyone other than our clients;

· Purchasing
 or selling a security on the basis of knowledge of a possible trade by or for a client with
 the intent of personally profiting from personal holdings in the same or related securities
 ("front-running" or "scalping");

· Revealing
 to any other person (except in the normal course of your duties on behalf of a client) any
 information regarding securities transactions by any client or the consideration by any client
 of any such securities transactions; or

· Engaging
 in any act, practice or course of business that operates or would operate as a fraud or deceit
 on a client or engaging in any manipulative practice with respect to any client.

AB requires all employees, covered consultants and directors to disclose any Conflicts of Interests that any person may become aware of upon joining AB or during their course of employment or board service.

These disclosures must be made to the Compliance Department through StarCompliance.

**6. Insider Trading**

There are instances where AB employees or directors may have confidential "inside" information about AB or its affiliates, or about a company with which we do business, or about a company in which we may invest on behalf of clients that is not known to the investing public. AB employees must maintain the confidentiality of such information. If a reasonable investor would consider this information important in reaching an investment decision, the AB employee or director with this information must not buy or sell securities of any of the companies in question or give this information to another person who trades in such securities. This rule is very important, and AB has adopted the following three specific policies that address it: *Policy and Procedures Concerning Purchases and Sales of AB Units*, *Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds*, and *Policy and Procedures Regarding Insider Trading and Control of Material Nonpublic Information* (collectively, the "AB Insider Trading Policies"). A copy of the AB Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB employees and directors are required to be familiar with these policies<sup>2</sup> and to abide by them.

<sup>2</sup> The subject of insider trading will be covered in various Compliance training programs and materials.

**7. Personal Trading: Summary of Restrictions**

AB recognizes the importance to its employees and directors of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.**

The policies and procedures for personal trading are set forth in full detail in the AB Personal Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members and other financial dependents.

· Employees
 must disclose all of their brokerage accounts to the Legal and Compliance Department;

· Employees
 may maintain brokerage accounts only at specified designated broker-dealers (exceptions may
 apply outside of the U.S.);

· Employees
 must pre-clear all securities trades with the Legal and Compliance Department (via the StarCompliance
 Code of Ethics application) prior to placing trades with their broker-dealer (prior supervisory
 approval is required for portfolio managers, research analysts, traders, persons with access
 to AB research, and others designated by the Legal and Compliance Department);

· Employees
 may only make twenty trades in individual securities during any rolling thirty calendar-day
 period;

· Employee
purchases of individual securities, ETFs, ETNs, closed-end funds and AB managed or sub-advised open-end mutual funds) are subject
to a 60-day holding period and 30-day buy-back period (6 months for AB Japan Ltd.);

· Employees
 may not engage in short-term trading of a mutual fund in violation of that fund's short-term
 trading policies;

· Employees
may not participate in initial public offerings of equity securities;

· Employees
 must get written approval, and make certain representations, in order to participate in limited
 or private investments, including hedge funds;

· Employees
 must submit initial and annual holding reports, disclosing all securities and holdings in
 mutual funds managed by AB held in personal accounts;

· Employees
 must, on a quarterly basis, submit or confirm reports identifying all transactions in securities
 and mutual funds managed by AB in personal accounts;

· The
Legal and Compliance Department has the authority to deny:

&nbsp;&nbsp;&nbsp;&nbsp;a. Any personal trade by an employee if the security is being considered
 for purchase or sale in a client account; there are open orders for the security on a trading
 desk; or the security appears on any AB restricted list;

&nbsp;&nbsp;&nbsp;&nbsp;b. Any short sale by an employee for a personal
 account if the security is being held long in AB - managed portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;c. Any personal trade by a portfolio manager
 or research analyst in a security that is subject to a blackout period as a result of client
 portfolio trading or recommendations to clients.

· Separate
 requirements and restrictions apply to Directors who are not employees of AB, as explained
 in further detail in the AB Personal Trading Policies and Procedures, Appendix A of this
 document.

This summary should not be considered a substitute for reading, understanding, and complying with the detailed restrictions and requirements that appear in the AB Personal Trading Policies and Procedures, included as Appendix A to the Code.

**8. Outside Directorships and Other Outside Activities and Interests**

Although activities outside of AB are not necessarily a conflict of interest, a conflict may exist depending upon your position within AB and AB's relationship with the particular activity in question. <u>Outside activities</u> may also create a potential conflict of interest if they cause an AB employee to choose between that interest and the interests of AB or any client of AB. AB recognizes that the guidelines in this Section are not applicable to directors of AB who do not also serve in management positions within AB.

&nbsp;&nbsp;**Important Note for Research Analysts:** *Notwithstanding the standards and prohibitions that follow in this section, any employee who acts in the capacity of a research analyst is prohibited from serving on any board of directors or trustees or in any other capacity with respect to any company, public or private, whose business is directly or indirectly related to the industry covered by that research analyst.*

**a. Board Member or Trustee**

&nbsp;&nbsp;&nbsp;&nbsp;i. AB employees are prohibited from serving on any board of directors
 or trustees or in any other management capacity of any unaffiliated public company. However,
 under certain limited circumstances, Compliance will consider exceptions to this prohibition
 where the employee has received prior written approval from both AB's Chief Executive
 Officer and their supervisor. Once the necessary business approvals have been obtained, the
 employee must submit an <u>Outside Business Activities Approval Form</u> for review
 and approval by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;ii. No AB employee shall serve on any board of directors or trustees
 or in any other management capacity of any private company (other than not-for-profit organizations,
 see below) without prior written approval from the employee's supervisor and Compliance
 Department via an <u>Outside Business Activities Approval Form.</u> This approval is also
 subject to review by, and may require the approval of, AB's Chief Executive Officer.
 The decision as to whether to grant such authorization will be based on a determination that
 such service would not be inconsistent with the interests of any client, as well as an analysis
 of the time commitment and potential personal liabilities and responsibilities associated
 with the outside affiliation.<sup>3</sup> Any AB employee who serves as a director, trustee
 or in any other management capacity of any private company must resign that position prior
 to the company becoming a publicly traded company.

<sup>3</sup> Such authorization requires an agreement on the part of the employee to not hold him or herself out as acting on behalf of AB (or any affiliate) and to use best efforts to ensure that AB's name (or that of any AB affiliated company) is not used in connection with the proposed affiliation (other than in a "bio" section), and in particular, activities relating to fundraising or to the advancement of a specific entity mission or agenda.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Not-for-Profit Organizations: Generally, no approval is required
 to serve as a trustee/board member of not-for-profit organizations such as religious organizations,
 foundations, educational institutions, co-ops, private clubs etc., provided that (a) the
 organization has not issued, and does not have future plans to issue, publicly held securities,
 including debt obligations; and/or (b) the employee does not act in any investment-related
 advisory capacity (i.e., any direct or indirect role relating to investment advice or choosing
 investment advisers; serving on investment committee).<sup>4</sup> If the employee does act
 in such a capacity, or the organization has issued or plans to issue, public securities,
 the <u>Not-For-Profit Activities Disclosure Form</u> must be submitted and approved.

&nbsp;&nbsp;&nbsp;&nbsp;iv. This approval requirement applies regardless of whether an AB employee
 plans to serve as a director of an outside business organization (1) in a personal capacity
 or (2) as a representative of AB or of an entity within the AB Group holding a corporate
 board seat on the outside organization (e.g., where AB or its clients may have a significant
 but non-controlling equity interest in the outside company).

&nbsp;&nbsp;&nbsp;&nbsp;v. New employees with pre-existing relationships are required to resign
 from the boards of public companies and seek and obtain the required approvals to continue
 to serve on the boards of private companies.

**b. Other Affiliations**

AB discourages employees from committing to secondary employment, particularly if it poses any conflict in meeting the employee's ability to satisfactorily meet all job requirements and business needs. Before an AB employee accepts a second job, that employee must:

· Complete
and submit an <u>Outside Business Activities Approval Form</u>;

· Ensure
that AB's business takes priority over the secondary employment;

· Ensure
 that no conflict of interest exists between AB's business and the secondary employment
 (see also footnote 3); and

· Require
 no special accommodation for late arrivals, early departures, or other special requests associated
 with the secondary employment.

For employees associated with any of AB's registered broker-dealer subsidiaries, written approval of the Chief Compliance Officer for the subsidiary is also required.<sup>5</sup> New employees with pre-existing relationships are required to ensure that their affiliations conform to these restrictions and must obtain the requisite approvals. On a periodic basis, such employees will be required to confirm that the circumstances of the approved activities have not changed.

<sup>4</sup> Indeed, AB recognizes that its employees often engage in community service in their local communities and engage in a variety of charitable activities, and it commends such service. However, it is the duty of every AB employee to ensure that all outside activities, even charitable or pro bono activities, do not constitute a conflict of interest or are not otherwise inconsistent with employment by AB. Accordingly, although no approval is required, each employee must use his/her best efforts to ensure that the organization does not use the employee's affiliation with AllianceBernstein, including his/her corporate title, in any promotional (other than a "bio" section) or fundraising activities, or to advance a specific mission or agenda of the entity. Such positions also must be reported to the firm pursuant to other periodic requests for information (e.g., the AB 10-K questionnaire).

<sup>5</sup> In the case of AB subsidiaries that are holding companies for consolidated subgroups, unless otherwise specified by the holding company's Chief Executive Officer, this approval may be granted by the Chief Executive Officer or Chief Financial Officer of each subsidiary or business unit within such a consolidated subgroup.

**c. Outside Financial or Business Interests**

AB employees should be cautious with respect to personal investments that may lead to conflicts of interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases where an AB employee, a member of his or her family, or a close personal acquaintance, holds a substantial interest in a company that has significant dealings with AB or any of its subsidiaries either on a recurring or "one-off" basis. For example, holding a substantial interest in a family-controlled or other privately-held company that does business with, or competes against, AB or any of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast, holding shares in a widely held public company that does business with AB from time to time may not raise the same types of concerns. Prior to making any such personal investments, AB employees must pre-clear the transaction, in accordance with the Personal Trading Policies and Procedures, attached as Appendix A of this Code, and should consult as appropriate with their supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of the Legal and Compliance Department.

AB employees should also be cautious with respect to outside business interests that may create divided loyalties, divert substantial amounts of their time and/or compromise their independent judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer and/or other representative of AB's Human Capital or Legal and Compliance Department. Business transactions that benefit relatives or close personal friends, such as awarding a service contract to them or a company in which they have a controlling or other significant interest, may also create a conflict of interest or the appearance of a conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of AB's Human Capital or Legal and Compliance Department before entering into any such transaction. New employees that have outside financial or business interests (as described herein) should report them as required and bring them to the attention of their supervisor immediately.

**9. Gifts, Entertainment, and Inducements**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. However, under certain circumstances, gifts, entertainment, favors, benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment. Accepting or offering such inducements could raise doubts about an AB employee's ability to make independent business judgments in our clients' or AB's best interests. For example, a problem would arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would compromise, or could be reasonably viewed as compromising, that individual's ability to make objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB employee of a gift, entertainment or other inducement appears to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships through improper means.

These situations can arise in many different circumstances (including with current or prospective suppliers and clients) and AB employees should keep in mind that certain types of inducements may constitute illegal bribes, pay-offs or kickbacks. In particular, the rules of various securities regulators place specific constraints on the activities of persons involved in the sales and marketing of securities. AB has adopted the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u> to address these and other matters. AB employees must familiarize themselves with this policy and comply with its requirements, which include reporting the acceptance of most business meals, gifts and entertainment to the Compliance Department. A copy of this policy can be found on the Legal and Compliance Department intranet site and will be supplied by the Compliance Department upon request.

Each AB employee must use good judgment to ensure there is no violation of these principles. If you have any question or uncertainty about whether any gifts, entertainment or other types of inducements are appropriate, please contact your supervisor or a representative of AB's Legal and Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

**10. Compliance with Anti-Corruption Laws**

AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or authorization, whether directly or via a third party, of any bribe, and any other form of corruption, whether involving a government official or an employee of a public or private commercial entity. Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and private sector individuals (collectively, the "Anti-Corruption Laws").

We expect all AB employees to refuse to make or accept questionable and/or improper payments. As a component of this commitment, no AB employee may give money, gifts, or anything else of value (which include providing jobs or internships) to any official or any employee of a governmental or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an improper business advantage. In addition, any proposed payment or gift to a government official, including employees of government-owned or controlled enterprises (e.g., sovereign wealth and pension funds, public utilities, and national banks), must be reviewed in advance by a representative of the Legal and Compliance Department, even if such payment is common in the country of payment (see discussion of the Anti-Corruption Laws below and in the firm's <u>Anti-Bribery and Corruption Policy</u>). AB employees should be aware that they do not actually have to make the payment to violate AB's policy and the law — merely offering, promising or authorizing it will be considered a violation.

In order to ensure that AB fully complies with the requirements of the Anti-Corruption Laws, employees must be familiar with the firm's <u>Anti-Bribery and Corruption Policy.</u> Generally, the Anti-Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and agents, to provide anything of value to public or private sector employees, directly or indirectly, for the purpose of obtaining an improper business advantage (which can include improperly securing government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third party) to make a payment directly or through another person or company for any illegal, improper and/or corrupt purpose is strictly prohibited.

It is often difficult to determine at what point a business courtesy extended to another person crosses the line into becoming excessive, and what ultimately could be considered a bribe. Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any public official, including employees of government-owned or controlled enterprises, under any circumstances, without the express prior written approval (e-mail correspondence is acceptable) of the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance Department.

**11. Political Contributions/Activities**

**a. By or on behalf of AB**

Election laws in many jurisdictions generally prohibit political contributions by corporations to candidates. Many local laws also prohibit corporate contributions to local political campaigns. In accordance with these laws, AB does not make direct contributions to any candidates for national or local offices where applicable laws make such contributions illegal. In these cases, contributions to political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office supplies, letterhead, telephones, electronic communication systems and fax machines. This means that AB office facilities may not be used to host receptions or other events for political candidates or parties which include any fund-raising activities or solicitations. In limited circumstances, AB office facilities may be used to host events for public office holders as a public service, but only where steps have been taken (such as not providing to the office holder a list of attendees) to avoid the facilitation of fund-raising or solicitations either during or after the event, and where the event has been pre-approved in writing by the General Counsel or Deputy General Counsel.

Please see the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to political contributions suggested by clients.

Election laws in many jurisdictions allow corporations to establish and maintain political action or similar committees, which may lawfully make campaign contributions. AB or companies affiliated with AB may establish such committees or other mechanisms through which AB employees may make political contributions, if permitted under the laws of the jurisdictions in which they operate. Any questions about this policy should be directed to the General Counsel or Chief Compliance Officer.

**b. By Employees / Directors**

AB employees who hold or seek to hold political office must do so on their own time, whether through vacation, after work hours or on weekends. Additionally, the employee must complete and submit an <u>Outside Business Activities Approval Form</u> for review and approval to ensure that there are no conflicts of interest with AB business.

AB employees may make personal political contributions as they see fit in accordance with all applicable laws and the guidelines in the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, the <u>Pay-to-Play: Political Contributions Policy,</u> as well as the pre-clearance requirement as described below.

Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529 Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and reporting requirements of the Municipal Securities Rulemaking Board.

Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could prohibit AB from entering into a government contract for a certain number of years if a covered employee makes or solicits a covered contribution. Other jurisdictions require AB to report contributions made by certain employees, without the accompanying ban on business. In certain jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain political contributions, AB has in place a pre-clearance requirement, under which all employees must pre-clear with the Compliance Department through StarCompliance, all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any (U.S.) federal, state or local candidate, political party, or political entity.

Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre-Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that they pre-clear with the Compliance Department all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or local candidate or political party.

**12. "Ethical Wall" Policy**

AB has established a policy entitled Insider Trading and Control of Material Non-Public Information ("<u>Ethical Wall Policy</u>"), a copy of which can be found on the Legal and Compliance Department intranet site. This policy was established to prevent the flow of material non-public information about a listed company or its securities from AB employees who receive such information in the course of their employment to those AB employees performing investment management activities. If "Ethical Walls" are in place, AB's investment management activities may continue despite the knowledge of material non-public information by other AB employees involved in different parts of AB's business. "Investment management activities" involve making, participating in, or obtaining information regarding purchases or sales of securities of public companies or making, or obtaining information about, recommendations with respect to purchases or sales of such securities. Given AB's extensive investment management activities, it is very important for AB employees to familiarize themselves with AB's Ethical Wall Policy and abide by it.

**13. Use of Client Relationships**

As discussed previously, AB owes fiduciary duties to each of our clients. These require that our actions with respect to client assets or vendor relationships be based solely on the clients' best interests and avoid any appearance of being based on our own self-interest. Therefore, we must avoid using client assets or relationships to inappropriately benefit AB.

Briefly, AB regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g., brokerage, investment research, custody, administration, auditing, accounting, printing and legal services). Using the existence of these relationships to obtain discounts or favorable pricing on items purchased directly for AB or for clients other than those paying for the services may create conflicts of interest. Accordingly, business relationships maintained on behalf of our clients may not be used to leverage pricing for AB when acting for its own account unless all pricing discounts and arrangements are shared ratably with those clients whose existing relationships were used to negotiate the arrangement and the arrangement is otherwise appropriate under relevant legal/regulatory guidelines. For example, when negotiating printing services for the production of AB's Form 10-K and annual report, we may not ask the proposed vendor to consider the volume of printing business that they may get from AB on behalf of the investment funds we manage when proposing a price. On the other hand, vendor/service provider relationships with AB may be used to leverage pricing on behalf of AB's clients.

In summary, while efforts made to leverage our buying power are good business, efforts to obtain a benefit for AB as a result of vendor relationships that we structure or maintain on behalf of clients may create conflicts of interest, which should be escalated to your line manager and Compliance so that they can be reviewed and addressed.

**14. Corporate Opportunities and Resources**

AB employees owe a duty to AB to advance the firm's legitimate interests when the opportunity to do so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and resources must not be taken or used for personal gain or promotion. AB employees are prohibited from:

· Taking
 for themselves personally opportunities that are discovered through the use of company property,
 information or their position;

· Using
 company property, information, resources, or their company position for personal gain or
 promotion;

· Creating
 personal websites related to the financial services industry or which promote themselves
 and their skills based on their responsibilities at AB;

· Using
 company property, information or their company position on personal websites or social media
 platforms (e.g. YouTube, Twitter, LinkedIn, Facebook, etc.) or other marketing channels
 in a way that is inconsistent with AB's <u>Use of Social Media Policy</u>; and

· Competing
with AB directly or indirectly.

Please also refer to the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, and its Appendix B, the Code of Conduct Regarding the Purchase of Products and Services on Behalf of AB and its Clients, which can be found on the Legal and Compliance Department intranet site.

AB directors also owe AB a duty of loyalty, which requires, among other things, that they may not misappropriate company opportunities or misuse company assets for their personal benefit.

**15. Antitrust and Fair Dealing**

AB believes that the welfare of consumers is best served by economic competition. Our policy is to compete vigorously, aggressively, and successfully in today's increasingly competitive business climate and to do so at all times in compliance with all applicable antitrust, competition and fair dealing laws in all the markets in which we operate. We seek to excel while operating honestly and ethically, never through taking unfair advantage of others. Each AB employee should endeavor to deal fairly with AB's customers, suppliers, competitors, and other AB employees. No one should take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practices.

The antitrust laws of many jurisdictions are designed to preserve a competitive economy and promote fair and vigorous competition. We are all required to comply with these laws and regulations. AB employees involved in marketing, sales and purchasing, contracts or in discussions with competitors have a particular responsibility to ensure that they understand our standards and are familiar with applicable competition laws. Because these laws are complex and can vary from one jurisdiction to another, AB employees are urged to seek advice from the General Counsel, Chief Compliance Officer or Corporate Secretary if questions arise. Please also refer to the Policy and Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to some of these issues.

**16. Recordkeeping and Retention**

Properly maintaining and retaining company records is of the utmost importance. AB employees are responsible for ensuring that AB's business records are properly maintained and retained in accordance with applicable laws and regulations in the jurisdictions where it operates. AB Employees should familiarize themselves with these laws and regulations. Please see the Record Retention Policy on the Legal and Compliance intranet site for more information.

As AB onboards new electronic communications platforms, employees are required to comply with the *<u>Use of Electronic Communications</u>* policy. Additional information on AB's requirements around electronic communications can be found on the *<u>Electronic Communications</u>* section of the Compliance Manual.

**17. Improper Influence on Conduct of Audits**

AB employees, and persons acting under their direction, are prohibited from taking any action to coerce, manipulate, mislead, hinder, obstruct or fraudulently influence any external auditor, internal auditor or regulator engaged in the performance of an audit or review of AB's financial statements and/or procedures. AB employees are required to cooperate fully with any such audit or review.

The following is a non-exhaustive list of actions that might constitute improper influence:

· Offering
 or paying bribes or other financial incentives to an auditor, including offering future employment
 or contracts for audit or non-audit services;

· Knowingly
 providing an internal or external auditor or regulator with inaccurate or misleading data
 or information;

· Threatening
 to cancel or canceling existing non-audit or audit engagements if the auditor objects to
 the company's accounting;

· Seeking
 to have a partner or other team member removed from the audit engagement because such person
 objects to the company's accounting;

· Knowingly
altering, tampering or destroying company documents;

· Knowingly
withholding pertinent information; or

· Knowingly
providing incomplete information.

Under the (U.S.) Sarbanes Oxley Law, any false statement -- that is, any lie or attempt to deceive an investigator -- may result in criminal prosecution.

**18. Accuracy of Disclosure**

Securities and other laws impose public disclosure requirements on AB and require it to regularly file reports and financial information and make other submissions to various regulators and stock market authorities around the globe. Such reports and submissions must comply with all applicable legal requirements and may not contain misstatements or omit material facts.

AB employees who are directly or indirectly involved in preparing such reports and submissions, or who regularly communicate with the press, investors and analysts concerning AB, must ensure within the scope of the employee's job activities that such reports, submissions and communications are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements. This applies to all public disclosures, oral statements, visual presentations, press conferences and media calls concerning AB, its financial performance and similar matters. In addition, members of AB's Board, executive officers and AB employees who regularly communicate with analysts or actual or potential investors in AB securities are subject to the <u>AB Regulation FD Compliance Policy</u> copy of the policy can be found on the Legal and Compliance Department intranet site.

**19. Confidentiality**

Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by AB or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by AB or mandated by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from AB or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate written request (see Section 23).

Confidential information includes all non-public information that might be of use to competitors, or harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be confidential. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with AB ends.

To safeguard confidential information, AB employees should observe at least the following procedures:

· Special
 confidentiality arrangements may be required for certain parties, including outside business
 associates and governmental agencies and trade associations, seeking access to confidential
 information;

· Papers
relating to non-public matters should be appropriately safeguarded;

· Appropriate
 controls for the reception and oversight of visitors to sensitive areas should be implemented
 and maintained;

· Document
 control procedures, such as numbering counterparts and recording their distribution, should
 be used where appropriate;

· If
 an AB employee is out of the office in connection with a material non-public transaction,
 staff members should use caution in disclosing the AB employee's location;

· Sensitive
 business conversations, whether in person or on the telephone, should be avoided in public
 places and care should be taken when using portable computers and similar devices in public
 places; and

· E-mail
 messages and attachments containing material non-public information should be treated with
 similar discretion (including encryption, if appropriate), and recipients should be made
 aware of the need to exercise similar discretion.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

Please see the <u>Privacy Policy</u> on the Legal and Compliance intranet site for more information.

**20. Protection and Proper Use of AB Assets**

AB employees have a responsibility to safeguard and make proper and efficient use of AB's property. Every AB employee also has an obligation to protect AB's property from loss, fraud, damage, misuse, theft, embezzlement or destruction. Acts of fraud, theft, loss, misuse, carelessness and waste of assets may have a direct impact on AB's profitability. Any situations or incidents that could lead to the theft, loss, fraudulent or other misuse or waste of AB property should be reported to your supervisor or a representative of AB's Human Capital or Legal and Compliance Department as soon as they come to an employee's attention. Should an employee feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

**21. Policy on Intellectual Property**

**a. Overview**

Ideas, inventions, discoveries, and other forms of so-called "intellectual property" are becoming increasingly important to all businesses, including ours. Recently, financial services companies have been applying for and obtaining patents on their financial product offerings and "business methods" for both offensive and defensive purposes. For example, business method patents have been obtained for information processing systems, data gathering and processing systems, billing and collection systems, tax strategies, asset allocation strategies and various other financial systems and strategies. The primary goals of the AB policy on intellectual property are to preserve our ability to use our own proprietary business methods, protect our IP investments and reduce potential risks and liabilities.

**b. Employee Responsibilities**

· New
 Products and Methods. Employees must maintain detailed records and all work papers related
 to the development of new products and methods in a safe and secure location.

· Trademarks.
 Clearance must be obtained from the Legal and Compliance Department before any new word,
 phrase or slogan, which we consider proprietary and in need of trademark protection, is adopted
 or used in any written materials. To obtain clearance, the proposed word, phrase or slogan
 and a brief description of the products or services for which it is intended to be used should
 be communicated to the Legal and Compliance Department sufficiently well in advance of any
 actual use in order to permit any necessary clearance investigation.

**c. Company Policies and Practices**

· Ownership.
 Employees acknowledge that any discoveries, inventions, or improvements (collectively, "Inventions")
 made or conceived by them in connection with, and during the course of, their employment
 belong, and automatically are assigned, to AB. AB can keep any such Inventions as trade secrets
 or include them in patent applications, and Employees will assist AB in doing so. Employees
 agree to take any action requested by AB, including the execution of appropriate agreements
 and forms of assignment, to evidence the ownership by AB of any such Invention.

· Use
of Third-Party Materials. In performing one's work for, or on behalf of AB, Employees will not knowingly disclose or otherwise
make available or incorporate anything that is proprietary to a third party without obtaining appropriate permission.

· Potential
 Infringements. Any concern regarding copyright, trademark, or patent infringement should
 be immediately communicated to the Legal and Compliance Department. Questions of infringement
 by AB will be investigated and resolved as promptly as possible.

By certifying in accordance with Section 27 of this Code, the individual subject to this Code agrees to comply with AB's policies and practices related to intellectual property as described in this Section 21.

**22. Exceptions from the Code**

In addition to the exceptions contained within the specific provisions of the Code, the General Counsel, Chief Compliance Officer (or his or her designee) may, in very limited circumstances, grant other exceptions under any Section of this Code on a case-by-case basis. In these situations, the following may be required as deemed necessary considering the circumstances:

**a. Written Statement and Supporting Documentation**

The individual seeking the exception may need to furnish to the Chief Compliance Officer, or designee, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;i. A written statement detailing the request or efforts made to comply
 with the requirement from which the individual seeks an exception;

&nbsp;&nbsp;&nbsp;&nbsp;ii. A written statement containing a representation
 and warranty that (i) compliance with the requirement would impose a severe undue hardship
 on the individual and (ii) the exception would not, in any manner or degree, harm or
 defraud a client, violate the general principles herein or compromise the individual's
 or AB's fiduciary duty to any client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;iii. Any supporting documentation that the Chief Compliance Officer
may require.

**b. Compliance Interview**

The Chief Compliance Officer (or designee) may conduct an interview with the individual or take such other steps deemed appropriate in order to determine whether granting the exception will not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and shall maintain all written statements and supporting documentation, as well as documentation of the basis for granting the exception.

**PLEASE NOTE:** To the extent required by law or NYSE rule, any waiver or amendment of this Code for AB's executive officers (including AB's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer) or directors shall be made at the discretion of the Board of AllianceBernstein Corporation and promptly disclosed to the unitholders of AllianceBernstein Holding pursuant to Section 303A.10 of the NYSE Exchange Listed Company Manual.

**23. Regulatory Inquiries, Investigations and Litigation**

**a. Requests for Information**

Governmental agencies and regulatory organizations may from time to time conduct surveys or make inquiries that request information about AB, its customers or others that generally would be considered confidential or proprietary.

*All regulatory inquiries concerning AB are to be handled by the Chief Compliance Officer or General Counsel. Employees receiving such inquiries should refer such matters immediately to the Legal and Compliance Department.*

**b. Types of Inquiries**

Regulatory inquiries may be received by mail, e-mail, telephone or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any telephone or personal inquiry should be handled in a courteous manner, the caller or visitor should be informed that responses to such requests are the responsibility of AB's Legal and Compliance Department. Therefore, the visitor should be asked to wait briefly while a call is made to the Chief Compliance Officer or General Counsel for guidance on how to proceed. In the case of a telephone inquiry, the caller should be referred to the Chief Compliance Officer or General Counsel or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded promptly to the Chief Compliance Officer or General Counsel, who will provide an appropriate response.

**c. Responding to Information Requests**

Subject to Section 23, under no circumstances should any documents or material be released to a regulator without prior approval of the Chief Compliance Officer or General Counsel. Likewise, no employee should have substantive discussions with any regulatory personnel without prior consultation with either of these individuals.

**d. Use of Outside Counsel**

It is the responsibility of the Chief Compliance Officer or General Counsel to retain and provide information to AB's outside counsel in those instances deemed appropriate and necessary.

**e. Regulatory Investigation**

Any employee that is notified that they are the subject of a regulatory investigation, whether in connection with his or her activities at AB or at a previous employer, must immediately notify the Chief Compliance Officer or General Counsel.

**f. Litigation**

Any receipt of service or other notification of a pending or threatened action against the firm should be brought to the immediate attention of the General Counsel or Chief Compliance Officer. These individuals also should be informed of any instance in which an employee is sued in a matter involving his/her activities on behalf of AB. Notice also should be given to either of these individuals upon receipt of a subpoena for information from AB relating to any matter in litigation or receipt of a garnishment lien or judgment against the firm or any of its clients or employees. The General Counsel or Chief Compliance Officer will determine the appropriate response.

**24. Compliance and Reporting of Misconduct / "Whistleblower" Protection**

No Code can address all specific situations. Accordingly, each AB employee is responsible for applying the principles set forth in this Code in a responsible fashion and with the exercise of good judgment and common sense. Whenever uncertainty arises, an AB employee should seek guidance from an appropriate supervisor or a representative of Human Capital or the Legal and Compliance Department before proceeding.

All AB employees should promptly report any practices or actions the employee believes to be inappropriate or inconsistent with any provisions of this Code. In addition, all employees must promptly report any actual violations of the Code to the General Counsel, the Chief Compliance Officer or a designee. Any person reporting a violation in good faith, or asserting any right provided by law or in exercising their duties as set forth in our policies, will be protected against reprisals. If you have information about Code or other AB policy violations or potentially illegal or unethical activity, visit the Legal & Compliance Loop site for further information or visit <u>https://secure.ethicspoint.com/domain/media/en/gui/44414/index.html.</u>

If you feel uncomfortable utilizing the formal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

**25. Company Ombudsman**

AB's Company Ombudsman provides a neutral, confidential, informal and independent communications channel where any AB employee can obtain assistance in surfacing and resolving work-related issues. The primary purpose of the Ombudsman is to help AB:

· Safeguard
its reputation and financial, human and other company assets;

· Maintain
an ethical and fiduciary culture;

· Demonstrate
and achieve its commitment to "doing the right thing;" and

· Comply
 with relevant provisions of the Sarbanes-Oxley Act of 2002, the U.S. Sentencing Guidelines,
 as well as AB's 2003 SEC Order, New York Stock Exchange Rule 303A.10 and other
 laws, regulations and policies.

The Ombudsman seeks to provide early warnings and to identify changes that will prevent malfeasance and workplace issues from becoming significant or recurring. The Ombudsman has a reporting relationship to the AB CEO, the Audit Committee of the Board of Directors of AllianceBernstein Corporation and independent directors of AB's U.S. mutual fund boards.

Any type of work-related issue may be brought to the Ombudsman, including potential or actual financial malfeasance, security matters, inappropriate business practices, compliance issues, unethical behavior, violations of law, health and safety issues, and employee relations issues. The Ombudsman supplements but does not replace existing formal channels for reporting work-related issues, such as Human Capital, Legal and Compliance, Internal Audit and line management.

**26. Sanctions**

Upon learning of a violation of this Code, any member of the AB Group, with the advice of the General Counsel, the Chief Compliance Officer and/or the AB Code of Ethics Oversight Committee, may impose such sanctions as such member deems appropriate, including, among other things, restitution, censure, suspension or termination of service. Persons subject to this Code who fail to comply with it may also be violating the U.S. federal securities laws or other federal, state or local laws within their particular jurisdictions.

**27. Annual Certifications**

Each person subject to this Code must certify at least annually to the Chief Compliance Officer that he or she has read and understands the Code. As part of these certifications, the employee confirms that they are (1) subject to and have complied with the Code's provisions, (2) disclosed or reported all personal securities transactions, conflicts of interests and other items required, and (3) understand and complied with all related policies referenced within this Code (e.g., electronic communications). The Chief Compliance Officer may require interim certifications for significant changes to the Code.

![](tm2522623d1_ex99-bp6img002.jpg)

**Personal Trading Policies and Procedures**

**Appendix A**

---

| | | |
|:---|:---|:---|
| **1. Overview** | **1. Overview** | **1** |
| &nbsp;&nbsp;&nbsp;a. | Introduction | 1 |
| &nbsp;&nbsp;&nbsp;b. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;4. | "Client" | 1 |
| **2. Requirements and Restrictions – All Employees** | **2. Requirements and Restrictions – All Employees** | **5** |
| &nbsp;&nbsp;&nbsp;a. | General Standards | 5 |
| &nbsp;&nbsp;&nbsp;b. | Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;c. | Designated Brokerage Account | 6 |
| &nbsp;&nbsp;&nbsp;d. | Pre-Clearance Requirement | 6 |
| &nbsp;&nbsp;&nbsp;e. | Limitation on the Number of Trades | 6 |
| &nbsp;&nbsp;&nbsp;f. | Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;g. | Short Sales | 7 |
| &nbsp;&nbsp;&nbsp;h. | Trading in AB Units and AB Funds | 8 |
| &nbsp;&nbsp;&nbsp;i. | Securities Being Considered for Purchase or Sale | 8 |
| &nbsp;&nbsp;&nbsp;j. | Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;k. | Dissemination of Research Information | 9 |
| &nbsp;&nbsp;&nbsp;l. | Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;m. | Limited Offerings/Private Placements | 10 |
| **3. Additional Restrictions–Portfolio Managers** | **3. Additional Restrictions–Portfolio Managers** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;c. | Transactions Contrary to Client Positions | 11 |
| **4. Additional Restrictions–Research Analysts** | **4. Additional Restrictions–Research Analysts** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;c. | Actions Contrary to Ratings | 12 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **5. Additional Restrictions–Buy-Side Equity Traders** | **12** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **6. Additional Restrictions–Alternate Investment Strategies Groups** | **13** |
| **7. Exceptions to the Personal Trading Policy** | **7. Exceptions to the Personal Trading Policy** | **13** |

---

---

| | | |
|:---|:---|:---|
| **8. Reporting Requirements** | **8. Reporting Requirements** | **13** |
| &nbsp;&nbsp;&nbsp;a. | Duplicate Confirmations and Account Statements | 13 |
| &nbsp;&nbsp;&nbsp;b. | Initial Holdings Reports by Employees | 13 |
| &nbsp;&nbsp;&nbsp;c. | Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 14 |
| &nbsp;&nbsp;&nbsp;d. | Annual Certification by Employees with Managed Accounts | 14 |
| &nbsp;&nbsp;&nbsp;e. | Annual Holdings Reports by Employees | 15 |
| &nbsp;&nbsp;&nbsp;f. | Report and Certification of Adequacy to the Board of Directors of Fund Clients | 15 |
| &nbsp;&nbsp;&nbsp;g. | Report Representations | 15 |
| &nbsp;&nbsp;&nbsp;h. | Maintenance of Reports | 15 |
| **9. Reporting Requirements for Directors who are not Employees** | **9. Reporting Requirements for Directors who are not Employees** | **16** |
| &nbsp;&nbsp;&nbsp;a. | Outside Directors / Affiliated Outside Directors | 16 |

---

**APPENDIX A**

**AllianceBernstein L.P.**

<u>PERSONAL TRADING POLICIES AND PROCEDURES</u>

**1.** **Overview** 

**a.** **Introduction** 

AB recognizes the importance to its employees of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, AB has implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. Employees should be aware that their ability to liquidate positions may be severely restricted under these policies, including during times of market volatility. Therefore, as a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believe it is important for employees to align their own personal interests with the interests of our clients. Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.

**Definitions.**

The following definitions apply for purposes of this Appendix A of the Code; however additional definitions are contained in the text itself. 1

&nbsp;&nbsp;&nbsp;&nbsp;1. "**AB Funds**" means any AB-sponsored, managed, or sub-advised
 fund registered under the Investment Company Act of 1940 or relevant regulations in other
 jurisdictions. For purposes of this policy, "AB Funds" are Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;2. "**Automatic Investment Plan**" refers to a plan that
 makes automatic purchases for the plan owner based on an agreed schedule and allocation.
 Dividend Reinvestment Plans, or DRIPs, are one type of "automatic investment plan".

Employees may be asked to submit additional documentation evidencing the automatic investment plan as part of AB's compliance monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership**" refers to an Employee's
 or their Dependent's ability to directly or indirectly profit or share in the profits
 of a security transaction. In general, the definition of "beneficial ownership"
 is interpreted in the same manner as the provisions set forth under Section 16 of the
 Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;4. **"Clien** t" means any person or entity, including
 an investment company, for which AB serves as investment manager or adviser.

<sup>1</sup> Due to the importance that AB places on promoting responsible personal trading, we have applied the definition of "access person," as used in Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and related requirements to all AB employees and officers. We have drafted special provisions for directors of AB who are not also employees of AB.

&nbsp;&nbsp;&nbsp;&nbsp;5. "**Chief Compliance Officer**" refers to AllianceBernstein
 LP's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;6. "**Code of Ethics Oversight Committee**" refers to
 the committee of AB's senior officers that is responsible for monitoring compliance
 with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;7. "**Control**" has the meaning set forth in Section 2(a)(9) of
 the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8. "**Dependent**" refers to any individual who resides
 within an <u>Employee's</u> household and relies on the Employee for financial support.
 While not exhaustive, examples include an Employee's spouse, domestic partner, parent,
 child, sibling or in-laws who share the same household as the Employee. Note that a "dependent"
 may spend a portion of this time away from the household (for example a child in college)
 but will still be considered a "dependent" if they rely on the Employee for any
 financial support.

&nbsp;&nbsp;&nbsp;&nbsp;9. "**Designated Broker**" refers to brokerage firms where
 AB receives automated data feeds for transactions and positions for <u>Personal Accounts</u>. 2
 3 The current list of "Designated Brokers" can be found <u>here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;10. "**Director**" means any person who serves in the
 capacity of a director of AllianceBernstein Corporation. "Affiliated Outside Director"
 means any Director who is not an Employee (as defined below) but who is an employee of an
 entity affiliated with AB. "Outside Director" means any Director who is neither
 an Employee (as defined below) nor an employee of an entity affiliated with AB.

&nbsp;&nbsp;&nbsp;&nbsp;11. "**Employee**" refers to any person who is an employee
 or officer of AB, including part-time employees and consultants (acting in the capacity of
 a portfolio manager, trader or research analyst, or others at the discretion of the Compliance
 Department or their Business Unit) under the Control of AB.

&nbsp;&nbsp;&nbsp;&nbsp;12. "**Exempt Security**" refers to the following security
 types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 issued by the Government of the United States, e.g. US Treasury bonds and US Savings bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· High
 quality money market or short-term debt instruments, including CDs, commercial paper, and
 repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end
 mutual funds, excluding AB Funds and ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrency
 and digital assets4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other
 security types as determined by AB's Code of Ethics Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;13. **"Initial Public Offering"** means an offering of
 equity Securities registered under the Securities Act of 1933 (the "1933 Act"),
 the issuer of which, immediately before the registration, was not subject to the reporting
 requirements of Sections 13 or 15(d) of the Exchange Act, as well as similar offerings
 of Securities issued outside the United States.

<sup>2</sup> Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

<sup>3</sup> Non-discretionary accounts at Sanford C. Bernstein & Co., LLC. may only be used for the following purposes: (a) Custody of securities and related activities (such as receiving and delivering positions, corporate actions, and subscribing to offerings commonly handled by operations such as State of Israel bonds, etc.); (b) Transacting in US Treasury securities; and (c) Transacting in AB products outside of a private client relationship (such as hedge funds and AB/SCB mutual funds). All equity and fixed income transactions (other than US Treasuries) are prohibited.

<sup>4</sup> Note that while cryptocurrency and other digital assets are not considered a security under the current definition, this is listed as an "exempt security" to help clarify for employees that cryptocurrency and digital assets are out of scope for the requirements under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;14. **"Investment Personnel"** refers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Employee who acts in the capacity of a portfolio manager, research analyst or trader or any
 other capacity (such as an assistant to one of the foregoing) and in connection with his
 or her regular duties makes or participates in making, or is in a position to be aware of,
 recommendations regarding the purchase or sale of securities by a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Employee who receives or has access to sell-side research paid for by AB or AB client assets
 (e.g. Soft-Dollar Commissions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 other Employee designated as such by the Legal and Compliance Department or their Business
 Unit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 natural person who Controls AB and who obtains information concerning recommendations made
 to a Client regarding the purchase or sale of securities by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;15. "**Limited Offering**" means an offering that is exempt
 from registration under the 1933 Act pursuant to Sections 4(2) or 4(6) thereof
 or pursuant to Rules 504, 505 or 506 under the 1933 Act, as well as similarly exempted
 offerings of Securities issued outside the United States. Investments in hedge funds are
 typically sold in a limited offering setting.

&nbsp;&nbsp;&nbsp;&nbsp;16. "**Managed Account**" is an account where the <u>Employee</u> or their <u>Dependent</u> has authorized a third-party to exercise investment discretion
 and control over the transactions and holdings in the account. Since neither the Employee
 nor their Dependent directs or approves the investments themselves and/or the timing of the
 investment for "managed accounts," these accounts are exempt from most of the
 requirements and restrictions found in Section 2 of this Policy, including the pre-clearance
 requirement. Please see Section 2 below for more details. "Managed accounts"
 that meet the definition of a <u>Personal Account</u> must be reported in StarCompliance.

When declaring a "managed account", Employees may be asked to provide additional account information so that Compliance can confirm that the account meets this definition.

Note that managed accounts are not required to be held with <u>Designated Brokers</u>, but employees will be required to submit account statements and trade confirmations if and when requested by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;17. "**Non-volitional Transaction**" is a transaction
 where the <u>Employee</u> or their <u>Dependent</u> does not have any influence or control
 over the trade and/or the timing of the trade. Examples of non-volitional trades are options
 being exercised or expiring on an Employee, sale of fractional shares when transferring assets
 from your current broker to a different one, and corporate actions where the employee does
 not have the ability to elect participation.

As part of AB's compliance monitoring, Employees may be asked to submit additional documentation evidencing that a transaction was non-volitional.

&nbsp;&nbsp;&nbsp;&nbsp;18. **"Personal Account"** refers to any account that
 meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee or a Dependent of the Employee has Beneficial Ownership of the account or has investment
 authority over any transactions and/or timing of the transactions in the account, even if
 they are not the beneficial owner of the account; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 account has the ability to invest in Reportable Securities (defined below).

<u>Managed Accounts</u> that meet the above definition of a "personal account" must be disclosed.

Please note that most 401K accounts, HSA Investment accounts, and 529 Plans will not require reporting or pre-clearance of transactions since they typically only permit investments in a limited list of non-AB Funds; However, if they have the ability to invest in Reportable Securities including AB Funds, then these accounts would be considered "personal accounts" and should be reported as required by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;19. "**Purchase or Sale of a Security**" includes, among
 other transactions, the writing or purchase of an option to sell a Security and any short
 sale of a Security.

&nbsp;&nbsp;&nbsp;&nbsp;20. "**Reportable Security** "**or** "**Security** "
 means any security that does not meet the definition of an <u>Exempt Security</u>.

*<u>IMPORTANT NOTES:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-Traded
 Funds ("ETFs") are "reportable securities," and therefore are subject
 to the governing rules, including the pre-clearance requirement. All ETFs require pre-clearance
 but will be subject to expedited approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 investment in Bitcoin or other crypto currencies are currently not covered under this definition
 of Security. However, as global regulators move closer to regulating these securities, the
 lack of prohibition and AB's position on pre-clearance and/or reporting, is subject
 to change.

&nbsp;&nbsp;&nbsp;&nbsp;21. A Security **is "Being Considered for Purchase or Sale** "
 when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 AB research analyst issues research information regarding initial coverage of, or changing
 a rating with respect to, a company or issuer. This applies to research from both the buy-side
 and sell-side analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 portfolio manager has indicated his or her intention to purchase or sell a Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 open order<sup>5</sup> in the Security exists on any buy-side trading desk.

*This is not an exhaustive list. At the discretion of the Legal and Compliance Department, a Security may be deemed "Being Considered for Purchase or Sale" even if none of the above events have occurred, particularly if a portfolio manager is contemplating the purchase or sale of that Security, as evidenced by written or digital communication or the manager's preparation of, or request for, research.*

&nbsp;&nbsp;&nbsp;&nbsp;22. "**Security held or to be acquired or sold**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Security which, within the most recent 15 days (i) is or has been held by a Client in
 an AB-managed account or (ii) is being or has been considered by AB for purchase or
 sale for the Client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 option to purchase or sell, and any Security convertible into or exchangeable for, a Security.

&nbsp;&nbsp;&nbsp;&nbsp;23. "**StarCompliance Code of Ethics application**" means
 the web-based application used to electronically pre-clear personal securities transactions
 and file many of the reports required herein. The application can be accessed via the AB
 network at: <u>https://alliance-ng.starcompliance.com.</u> 

<sup>5</sup> Defined as any client order on a buy-side trading desk which has not been completely executed.

**2. Requirements and Restrictions—All Employees**

The following the standards which must be observed by Employees:

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **General Standards** 

Employees have an obligation to conduct their personal investing activities and related Securities transactions lawfully and in a manner that avoids actual or potential conflicts between their own interests and the interests of AB and its clients. Employees must carefully consider the nature of their AB responsibilities - and the type of information that they might be deemed to possess in light of any particular securities transaction - before engaging in any investment-related activity or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Material Nonpublic Information:** Employees in possession of material nonpublic information about
 or affecting securities, or their issuer, are prohibited from buying or selling such Securities,
 or advising any other person to buy or sell such securities. Similarly, they may not disclose
 such information to anyone without the permission of the General Counsel or Chief Compliance
 Officer. Please see <u>AB's Insider Trading Policies,</u> which can be found on the Legal
 and Compliance Department's intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Trading:** Employees are encouraged to adopt long-term investment strategies (see Section 2(f) for
 applicable holding and buy-back periods for individual securities). Similarly, purchases
 of shares of most mutual funds should be made for investment purposes. Employees are therefore
 prohibited from engaging in transactions in a mutual fund that are in violation of the fund's
 prospectus, including any applicable short-term trading or market-timing prohibitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Personal Responsibility:** It is the responsibility of each Employee to ensure that all securities
 transactions in Personal Accounts are made in strict compliance with the restrictions and
 procedures in the Code and this Appendix A and otherwise comply with all applicable legal
 and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Affiliated Directors and Outside Directors:** The personal trading restrictions of Appendix A of the
 Code do not apply to any Affiliated Director or Outside Director, provided that at the time
 of the transaction, they have no actual knowledge that the Security involved is "Being
 Considered for Purchase or Sale." Affiliated Directors and Outside Directors, however,
 are subject to reporting requirements as described in Section 9 below.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Disclosure of Personal Accounts** 

Upon joining AB, all Employees must disclose their <u>Personal Accounts</u> to the Compliance Department within 10 business days of joining and take all necessary actions to close any accounts, other than <u>Managed Accounts</u>, held with Non-designated Brokers6 (see next section). It is each Employee's responsibility to ensure that their accounts are either linked to AB's broker feeds, if held at a Designated Broker, or to provide duplicate statements and trade confirmations upon request from Compliance. Do not assume that the broker-dealer will automatically arrange for this information to be set up and forwarded correctly.

New accounts opened by Employees after their initial disclosure should be disclosed immediately to Compliance. In general, pre-approval is not required to open the new account; however, Personal Accounts, except for Managed Accounts, should only be opened at a Designated Broker.

<sup>6</sup> Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Designated Brokerage Account<sup>7</sup>** 

Personal Accounts of an Employee, other than Managed Accounts, may only be held at a <u>Designated Broker</u>. Under limited circumstances, the Compliance Department may grant exceptions to this policy and approve the use of other broker-dealers or custodians (such as in the case of proprietary products that can only be held at specific firms). In addition, the Compliance Department may in the future modify this list.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Pre-Clearance Requirement** 

Employees and their Dependents may not purchase or sell, directly or indirectly, any <u>Reportable Security</u> in which they have (or after such transaction would have) <u>Beneficial Ownership</u> unless the Employee obtains the prior approval from the Compliance Department and, in the case of Investment Personnel, their manager or a designated approver. Pre-clearance requests and any approvals must be made prior to executing the transaction, through the use of the appropriate pre-clearance form, which can be accessed via the StarCompliance Code of Ethics application at <u>http://starcompliance.acml.com//.</u> These requests will document (a) the details of the proposed transaction and (b) representations as to compliance with the personal trading restrictions of this Code.

*Pre-Clearance requests are reviewed by team members in Nashville and may not be addressed until 8:00 a.m. Central time. Please note that trade requests submitted after 2:30 p.m. Central time will be placed on hold until the following day.*

The Legal and Compliance Department will maintain an electronic log of all pre-clearance requests and indicate the approval or denial of the request in the log.

PLEASE NOTE: When a Security is Being Considered for Purchase or Sale for a Client (see Section 2(i) below) or is being purchased or sold for a Client following the approval on the same day of a personal trading request form for the same Security, the Legal and Compliance Department is authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the trading desk and the appropriate business unit head (if available), that the order, based on market conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a Client's ability to purchase or sell the Security or other Securities of the issuer involved.

**<u>The following transactions are exempt from the pre-clearance requirement:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in a Managed Account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in AB Funds if through the ABI Employee Desk or through an employee's Voya- sponsored
 401K account (if not transacted via ABI or through Voya, pre-clearance is required).

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Limitation on the Number of Trades** 

No more than an aggregate of twenty (20) transactions in <u>Reportable Securities may occur in an Employee's Personal Accounts during any rolling thirty-day period.</u>

**<u>Transactions excluded from the trade limit are:</u>**

Transactions in a <u>Managed Account</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in AB Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Short-Term Trading** 

Employees must always conduct their personal trading activities lawfully, properly and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. AB discourages short-term trading strategies, and Employees are cautioned that such strategies may inherently carry a higher risk of regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes with job performance, or compromises the duty that AB owes to its Clients will not be tolerated.

**Employees are subject to a mandatory holding period for all <u>Reportable Securities</u> of 60 days and a buy-back period of 30 days.** By regulation, employees of AB Japan Ltd. are subject to a 6-month hold. Under Danish regulation, the CEO of CPH Capital, AB's Danish entity, must comply with a 6-month holding period for securities, excluding funds. A first-in-first-out accounting methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. As noted in Section 2(a)(ii), the applicable holding period for AB open-end funds is also 60 days.

**<u>Exceptions to the short-term trading rules (i.e., the 60-day hold and 30-day buy-back):</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 transactions in Personal Accounts of Dependents which are not directed by the Employee are
 subject to the mandatory holding and buy-back periods. However, after 30 calendar days, a
 sell transaction will be permitted for these Personal Accounts if necessary to minimize a
 loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in <u>Managed Accounts</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an <u>Automatic Investment Plan</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of Securities held by the Employee or their Dependents prior to their employment with AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 in the publicly traded units of AB that were acquired in connection with a compensation plan
 may be sold within the 60-day holding period. However, units purchased on the open market
 must comply with the holding period requirements herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 received through an employee stock plan or compensation program by a Dependent may be sold
 within the 60-day holding period.

Trades made in violation of this section of the Code shall be unwound, or, if that is not practicable, all profits from the short-term trading will be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Short Sales** 

The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of a Security in a Personal Account if, at the time of the transaction, any Client has a long position in such Security in an AB-managed portfolio (except that an Employee may engage in short sales against the box and covered call writing provided that these personal Securities transactions do not violate the prohibition against short- term trading).

&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Trading in AB Units and AB Funds** 

During certain times of the year Employees may be prohibited from conducting transactions in the equity units of AB.

Additional restricted periods may be required for certain individuals and events, and the Legal and Compliance Department will announce when such additional restricted periods are in effect.

As AB Units and AB Funds are Reportable Securities, all are subject to the same pre-clearance process as other Reportable Securities, with certain additional Legal and Compliance Department approval required. See the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Units</u>* and the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds</u>*<u>.</u> Employees are not permitted to transact in short sales of AB Units.

**Note that Employees are not permitted to establish automatic investment plans, including but not limited to dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases outside of the trading window.**

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Securities Being Considered for Purchase or Sale** 

Subject to the exceptions below, Employees and their Dependents are prohibited from purchasing or selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal Account if, at the time of the transaction, the <u>Security is Being Considered for Purchase or Sale</u> for a Client or is being purchased or sold for a Client.

**<u>This prohibition will not apply to the following:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 received as part of the Employee's or their Dependent's employer stock or compensation
 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De
 minimis transactions, defined as follows:

**<u>Fixed Income Securities</u>**

Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fixed income securities transactions having a principal amount not
 exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-convertible debt securities and non-convertible preferred stocks
 which are rated by at least one nationally recognized statistical rating organization ("NRSRO")
 in one of the three highest investment grade rating categories.

**<u>Equity Securities</u>**

Any equity Security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and
 are not designated as "market on open" or "market on close;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The aggregate value of the transactions does not exceed (1) $250,000,
 and (2) 0.1% of the daily trade volume of the security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Employee has no actual knowledge that the Security is Being Considered
 for Purchase or Sale by a Client or that the Security is being purchased or sold by or for
 the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed.

&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Restricted List** 

A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily Restricted List is made available each business day to all Employees via <u>The Loop</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**k.** **Dissemination of Research Information** 

An Employee may not buy or sell any Security for a Personal Account that is the subject of "significantly new" or "significantly changed" research during the period, commencing with the approval of the research and continuing for twenty-four hours subsequent to the first publication or release of the research. An Employee also may not buy or sell any Security on the basis of research that AB has not yet made public or released. The terms "significantly new" and "significantly changed" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The initiation of coverage by an AB research analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any change in a research rating or position by an AB analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any other rating, view, opinion, or advice from an AB analyst, the issuance
 (or re-issuance) of which in the opinion of such research analyst, or his or her director
 of research, would be reasonably likely to have a material effect on the price of the security.

d. **<u>This prohibition will not apply to the following:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 received as part of the Employee's or their Dependent's employer stock or compensation
 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De
 minimis transactions, defined as follows:

**<u>Fixed Income Securities</u>**

***This exception does not apply to research issued by an affiliate of AB***. Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fixed income securities transactions having a principal amount not
 exceeding $25,000; 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;2. Non-convertible debt securities and non-convertible preferred stocks
 which are rated by at least one nationally recognized statistical rating organization ("NRSRO")
 in one of the three highest investment grade rating categories.

**<u>Equity Securities</u>**

***This exception does not apply to research issued by an affiliate of AB.*** Any equity security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and
 are not designated as "market on open" or "market on close";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The aggregate value of the transactions do not exceed (1) $250,000,
 and (3) 1% of the daily trade volume of the security; 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;5. The Employee has no actual knowledge that the Security is Being Considered
 for Purchase or Sale by a Client or that the Security is being purchased or sold by or for
 the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed.

&nbsp;&nbsp;&nbsp;&nbsp;**l.** **Initial Public Offerings** 

Employees or their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)) are not permitted to acquire for a Personal Account any equity Security issued in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;**m.** **Limited Offerings/Private Placements** 

Employees and their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)), are not permitted to acquire any Security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) without prior written approval and documentation for the basis for granting approval from the Chief Compliance Officer (or designee) and the Employee's manager or the manager's designee. The Chief Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with AB. Employees authorized to acquire Securities issued in a limited or private offering must disclose that investment when they play a part in any Client's subsequent consideration of an investment in the issuer. In such a case, the decision of AB to purchase Securities of that issuer for a Client will be subject to an independent review by Investment Personnel with no personal interest in such issuer.<sup>8</sup> Additional restrictions or disclosures may be required if there is a business relationship between the Employee or AB and the issuer of the offering. See also "Additional restrictions that apply to employees of the Private Alternatives Group (Section 6)".

**3.** **Additional Restrictions–Portfolio Managers** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a Portfolio Manager of a Client account. For purposes of the restrictions in this section, a portfolio manager is defined as an Employee who has decision-making authority regarding specific securities to be traded for Client accounts, as well as such Employee's supervisor. Please see Section 6 for restrictions relating to the Alternative Investment Strategies Groups.

***General Prohibition:*** *No person acting in the capacity of a portfolio manager will be permitted to trade for a Personal Account, a Security that is an eligible portfolio investment in that manager's strategy (e.g., Large Cap Growth).*

*This prohibition does not apply to transactions directed by Dependents whose <u>Personal Accounts</u> are covered under this Code (see Section 1(b)(18)) provided that the Employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. However, such transactions are subject to the following additional restrictions.*

**a.** **Blackout Periods** 

No person acting in the capacity of a portfolio manager will be permitted to trade a Security for a Personal Account within seven calendar days before and after any Client serviced in that manager's strategy (e.g., Large Cap Growth) trades in the same Security. If a portfolio manager engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

**b.** **Actions During Blackout Periods** 

No person acting in the capacity of a portfolio manager shall delay or accelerate a Client trade due to a previous purchase or sale of a Security in a Personal Account. In the event that a portfolio manager determines that it is in the best interest of a Client to buy or sell a Security for the account of the Client within seven days of the purchase or sale of the same Security in a Personal Account, the portfolio manager must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

**c.** **Transactions Contrary to Client Positions** 

No person acting in the capacity of a portfolio manager shall trade a Security in a Personal Account contrary to investment decisions made on behalf of a Client, unless the portfolio manager represents and warrants in the personal trading request form that (1) it is appropriate for the Client account to buy, sell or continue to hold that Security and (2) the decision to purchase or sell the Security for the Personal Account arises from the need to raise or invest cash or some other valid reason specified by the portfolio manager and approved by the Chief Compliance Officer or their designee and is not otherwise based on the portfolio manager's view of how the Security is likely to perform.

**4.** **Additional Restrictions–Research Analysts** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a research analyst.

***General Prohibition:*** *No person acting in the capacity of research analyst will be permitted to trade for his or her Personal Account, any security of an issuer that is in the sector covered by such research analyst (i.e., an equity research analyst cannot trade in the fixed income securities of a covered issuer nor can a fixed income analyst trade in the equity securities of one). This prohibition does not apply to transactions directed by Dependents whose <u>Personal Accounts</u> are covered under this Code (see Section 1(b)(18)), provided that the employee has no input into the investment decision. Sales of securities held prior to the application of this restriction or employment with the firm are also considered exempt from this prohibition. However, such transactions are subject to the following additional restrictions.*

**a.** **Blackout Periods** 

No person acting as a research analyst shall trade a Security for a <u>Personal Account</u> within seven calendar days before and after making a change in a rating or other published view with respect to that Security. If a research analyst engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

**b.** **Actions During Blackout Periods** 

No person acting as a research analyst shall delay or accelerate a rating or other published view with respect to any Security because of a previous purchase or sale of a Security in such person's Personal Account. In the event that a research analyst determines that it is appropriate to make a change in a rating or other published view within seven days of the purchase or sale of the same Security in a Personal Account, the research analyst must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

**c.** **Actions Contrary to Ratings** 

No person acting as a research analyst shall trade a Security (to the extent such Security is included in the research analyst's research universe) contrary to an outstanding rating or a pending ratings change or traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason specified by the research analyst and approved by the Chief Compliance Officer or their designee and is not otherwise based on the research analyst's view of how the security is likely to perform.

**5.** **Additional Restrictions–Buy-Side Equity Traders** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity trading desk.

***General Prohibition****: Employees acting in the capacity of a buy-side equity trader are not permitted to trade for their personal account any security that is among the eligible portfolio investments traded on that Desk.*

*This prohibition does not apply to transactions directed by Dependents whose Personal Accounts are covered under this Code (see Section 1(b)(18)) provided that the employee has no input into the investment decision.*

<sup>8</sup> Any Employee who acquires (or any new Employee with a pre-existing position in) an interest in any private investment fund (including a "hedge fund") or any other Security that cannot be purchased and held in an account at a Designated Broker shall be exempt from the Designated Broker requirement as described in this Appendix A of the Code. The Legal and Compliance Department may require an explanation as to why such Security cannot be purchased and held in such manner. Transactions in these Securities nevertheless remain subject to all other requirements of this Code, including applicable private placement procedures, pre-clearance requirements and blackout-period trading restrictions.

*Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. Such transactions are, of course, subject to all other Code provisions.*

**6.** **Additional Restrictions–Alternate Investment Strategies Groups** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all members of the firm's Alternative Investment Management Groups, including Private Alternatives and Private Credit Investors, as well as to the members of the Investment Policy Group and Board of Directors of Bernstein Alternative Investment Strategies, LLC.

***General Prohibition****: No member of the groups listed above will be permitted to directly invest in a privately offered fund or other investment product that is managed by an adviser other than AB and is within the scope of the current or contemplated funds or other products in which the Alternative Investment Management Groups may invest. All such investments must be submitted to the StarCompliance team for review and approval by their manager and the Compliance team.*

**7.** **Exceptions to the Personal Trading Policy** 

In addition to the exceptions contained within this policy, the Chief Compliance Officer or their designee may grant other exceptions on a case-by-case basis. Requests for exceptions will be reviewed for any potential conflicts and may require business review and approval before the request can be granted.

**8.** **Reporting Requirements** 

**a.** **Duplicate Confirmations and Account Statements** 

All Employees must direct their brokers to add their Personal Accounts to AllianceBernstein's automated data feeds, if the Account is held with a Designated Broker, on a timely basis. For accounts held at Non-Designated Brokers or not on an automated data feed, Employees are required to manually update transactions once executed and to provide trade confirmations and/or account statements to the Compliance Department upon request.

The Compliance Department will review such documents for Personal Accounts to ensure that AB's policies and procedures are being complied with and make additional inquiries as necessary. Access to duplicate confirmations and account statements will be restricted to those persons who are assigned to perform review functions, and all such materials will be kept confidential except as otherwise required by law.

**b.** **Initial Holdings Reports by Employees** 

All Employee must, within 10 calendar days of commencing of employment with AB, provide a signed and dated Initial Holdings Report to the Chief Compliance Officer. New employees will receive an electronic request to perform this task via the StarCompliance Code of Ethics application. Employees who cannot complete this via StarCompliance may provide an electronic version of this request. The report must contain the following information current as of a date not more than 45 days prior to the date of the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reportable
 Securities (including private investments as well as any AB Funds) held in a Personal Account
 of the Employee or their Dependent, including the title and type of Security, and as applicable,
 the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each
 Security/fund beneficially owned. Note that Reportable Securities held in Managed Accounts
 do not need to be reported;

&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 financial institution with which the Employee or their Dependent maintains a Personal Account in which any Reportable
Securities are held for the Employee or Dependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Details
 of any outside business affiliations.

Employees must then take all necessary actions to bring their accounts into compliance with the Designated Broker guidelines detailed in Section 2(c) of this Appendix.

**c.** **Quarterly Reports by Employees–including Certain Funds and Limited Offerings** 

Following each calendar quarter, the Legal and Compliance Department will issue to each Employee via the StarCompliance Code of Ethics application a Quarterly Transactions Certification containing all transactions in Reportable Securities in the Employee's Personal Accounts during the quarter based on information reported to AB by the Employees and their brokers. Non-volitional Transactions and transactions in Managed Accounts need not be included for purposes of this reporting requirement.

Within thirty (30) days following the end of each calendar quarter, every Employee must review the form, certify its accuracy, and as necessary make any changes to the pre-populated information.

For each such Security, the report must contain the following information:

&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 Security
 involved; (2) the nature of the transaction (i.e., purchase or sale or any other type
 of acquisition or disposition); (3) the price of the Security at which the transaction
 was effected; (4) the name of the broker or other financial institution through which
 the transaction was effected; and (5) the date the Employee submits the report.

In addition, any new Personal Account established during the calendar quarter must be reported, in real time, including:

&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 or other financial institution with which the account was established
 and (2) the date the account was established.

**d.** **Annual Certification by Employees with Managed Accounts** 

On an annual basis, by a date to be specified by the Compliance Department (typically August 15th), each Employee who has reported managed accounts in the StarCompliance Code of Ethics application must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated certification. This certification confirms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 managed accounts have been disclosed by the Employee in the StarCompliance application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee had no influence or investment discretion as to the transactions or holdings of
 such accounts during the year.

**e.** **Annual Holdings Reports by Employees** 

On an annual basis, by a date to be specified by the Compliance Department (typically February 15th), each Employee must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated Annual Holdings Report containing data current as of a date not more than forty five (45)days prior to the date of the submission.<sup>9</sup> The report must disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 Securities (including shares of mutual funds managed by AB and limited offerings), held in
 a Personal Account of the Employee, including the title and type of security, and as applicable
 the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each
 Security beneficially owned); and

&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 financial institution with which the Employee maintains a Personal
 Account in which any Securities are held for the Employee.

In the event that AB already maintains a record of the required information via duplicate copies of broker trade confirmations and account statements received from the Employee's broker-dealer, an Employee may satisfy this requirement by (i) confirming in writing (which may include e-mail) the accuracy of the record on at least an annual basis and (ii) recording the date of the confirmation.

**f.** **Report and Certification of Adequacy to the Board of Directors of Fund Clients** 

On a periodic basis, but not less than annually, the Chief Compliance Officer shall prepare a written report to the management and the board of directors of each registered investment fund (other than a unit investment trust) in which AB acts as investment adviser setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 certification on behalf of AB that AB has adopted procedures reasonably necessary to prevent
 Employees and Directors from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 summary of existing procedures concerning personal investing and any changes in procedures
 made during the past year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 description of any issues arising under the Code or procedures since the last report to the
 Board including, but not limited to, information about material violations of the Code or
 procedures and sanctions imposed in response to the material violations.

AB shall also submit any material changes to this Code to each Fund's Board at the next regular board meeting during the quarter following the change.

**g.** **Report Representations** 

Any Initial or Annual Holdings Report or Quarterly Transaction Report may contain a statement that the report is not to be construed as an admission by the person making the report that they have any direct or indirect Beneficial Ownership in the Security to which the report relates.

**h.** **Maintenance of Reports** 

The Chief Compliance Officer shall maintain the information required by this Section and such other records, if any, and for such time periods required by Rule 17j-1 under the Investment Company Act and Rules 204-2 and 204A-1 under the Advisers Act. All reports furnished pursuant to this Section will be kept confidential, subject to the rights of inspection and review by the General Counsel, the Chief Compliance Officer and his or her designees, the Code of Ethics Oversight Committee (or subcommittee thereof), the Securities and Exchange Commission and by other third parties pursuant to applicable laws and regulations.

<sup>9</sup> Employees who join the Firm after the annual process has commenced will submit their initial holdings report (see Section 7(b)) and complete their first Annual Holdings Report during the next annual cycle and thereafter.

**9.** **Reporting Requirements for Directors who are not Employees** 

All Affiliated Outside Directors (i.e., not Employees of AB, but employees of an AB affiliate) and Outside Directors (i.e., neither Employees of AB, nor of an AB affiliate) are subject to the specific reporting requirements of this Section 8 as described below. Directors who are Employees of AB, however, are subject to the full range of personal trading requirements, restrictions and reporting obligations outlined in Sections 1 through 7 of this Appendix A of the Code, as applicable. In addition, all Directors are expected to adhere to the fiduciary duties and high ethical standards described in the Code.

**a.** **Outside Directors / Affiliated Outside Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;i. **In general, pursuant to various regulatory rule exceptions and interpretations, no reporting is required of Outside Directors and Affiliated Outside Directors. However, if an Outside or Affiliated Outside Director knew, or in the ordinary course of fulfilling his or her official duties as a Director should have known**, that
 during the 15-day period immediately before or after the Outside or Affiliated Outside Director's
 transaction in a Security for a Personal Account, a Client bought or sold the Security, or
 the Client or AB considered buying or selling the Security, the following reporting would
 be required.

<u>Transaction Report</u>

In the event that a transaction report is required pursuant to the scenario in the preceding paragraph, other than for accounts over which the director had no influence or control, each outside director must within thirty (30) days following the end of each calendar quarter, provide to the Chief Compliance Officer, a signed and dated report disclosing all Securities transactions in any Personal Account. For each such Security, the report must contain the following information:

&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 Security
 involved;

&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 or 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;· The
 price of the Security at 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;· The
 name of the broker or other financial institution through which the transaction was effected

## Ex-99.B(P)(7)

**Exhibit 99.B(p)(7)**

![](tm262170d1_ex99-bp7img001.jpg)

Code of Ethics

Effective September 1, 2025

GENERAL

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bp7img002.jpg) | CODE OF ETHICS |

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**Table of Contents**

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| | |
|:---|:---|
| Purpose and Scope | 3 |
| Applicability of this Code | 3 |
| Principles of this Code | 4 |
| Reportable Accounts and Holdings Reports | 4 |
| Pre-Clearance and Approval Requirements | 6 |
| Trading Restrictions and Prohibitions | 6 |
| Education, Certifications, and Reporting Requirements | 9 |
| Violations, Escalation, and Exceptions | 10 |
| Governance and Reporting | 10 |
| Related Policies | 11 |
| Records Retention | 11 |
| Appendices |  |
| Appendix A – Key Terms and Definitions | 12 |
| Appendix B - Guidance | 14 |

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GENERAL<sub>2</sub>

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bp7img002.jpg) | CODE OF ETHICS |

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Purpose and Scope

Allspring Global Investments, including all global affiliates ("Allspring"), has adopted this Code of Ethics (the "Code") to establish standards of conduct and ethics and to outline requirements reasonably designed to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained, administered, and enforced by the Allspring Chief Compliance Officer ("CCO"), and the Allspring Conduct and Ethics Team. Please contact the Allspring Conduct and Ethics Team at <u>Conduct@allspringglobal.com</u> with any questions or inquiries pertaining to this Code.

Capitalized terms are defined herein and in Appendix A - Key Terms and Definitions.

Applicability of this Code

Access Persons

This Code applies to all of Allspring's officers, directors, full-time or part-time employees, contingent workers who have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team ("Access Persons").

Immediate Family Members and Beneficial Ownership

The requirements of this Code also apply to "Immediate Family Members," which include any person sharing the same household with an Access Person and any other person for which an Access Person has Beneficial Ownership of their accounts or securities.

In general, a person has Beneficial Ownership of an account or security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest<sup>1</sup> in the account or security.

*Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members. References to Access Persons hereinafter also includes their Immediate Family Members.*

Investment Persons

An "Investment Person" is any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. In addition to complying with all the obligations of Access Persons, Investment Persons are also required to comply with additional provisions set forth within this Code, specifically with respect to blackout periods defined within the "Trading Restrictions and Prohibitions" section.

<sup>1</sup> "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security.

GENERAL<sub>3</sub>

---

| | |
|:---|:---|
| ![](tm262170d1_ex99-bp7img002.jpg) | CODE OF ETHICS |

---

Principles of this Code

Access Persons must always observe the highest standards of conduct and ethics. Access Persons must act professionally, exercise independent judgment, comply with all applicable laws and regulations, and adhere to Allspring's policies and procedures. Access Persons have a duty of care and loyalty to Allspring's clients<sup>2</sup> and must avoid actual or perceived conflicts of interest. Access Persons may never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any behavior or activities that place their personal interests above the interests of
 clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Take
 investment opportunities away from clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any transaction, act, practice, or course of business that operates or would operate as
 a fraud or deceit upon any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make
 any untrue statement of a material fact, or omit to state a material fact, to mislead clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use
 Allspring's proprietary information to benefit them personally, including the use of proprietary
 investment research, technology, or other information for personal gain; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any personal activities, including personal securities transactions, private placements,
 outside activities, gifts and entertainment, political contributions, charitable contributions,
 or other activities, that do not comply with this Code or other relevant Allspring policies.

Reportable Accounts and Holdings Reports

Reportable Accounts Requirements

**Access Persons are responsible for disclosing all their Reportable Accounts in the FIS ECM system ("ECM")<sup>3</sup> no later than 10 calendar days after becoming an Access Person.** Reportable Accounts are those accounts in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities).

The most common types of Reportable Securities are listed below. Please refer to Appendix A for a complete definition of Reportable Securities and Appendix B for examples and guidance.

&nbsp;&nbsp;&nbsp;&nbsp;· Stocks

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 and municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end
 funds

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-Traded
 Funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;· Options
 on Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 funds for which Allspring serves as an investment manager, sponsor, or adviser, including
 third party funds for which Allspring serves as sub-adviser (except for money market funds)
 ("Reportable Funds")

<sup>2</sup> The term "client" also includes any fund for which Allspring serves as an investment manager, adviser, or sub-adviser.

<sup>3</sup> FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA").

GENERAL<sub>4</sub>

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Examples of accounts that can hold Reportable Securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· **Brokerage accounts**, including custodial and trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· **External retirement accounts**, such as IRA, 401(k), and global equivalents, which are capable<sup>4</sup>
 of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Education Savings Accounts ("ESA")**, such as 529 Plans, Coverdell ESAs, or global equivalents,
 which are capable<sup>5</sup> of investing in Reportable Securities (including Reportable
 Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Former Employee Benefit Accounts**, such as Health Savings Accounts from a former employer, which
 are capable of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring Employee Benefit Accounts**, as described below.

Please refer to Appendix B for examples and guidance.

Allspring Employee Benefit Accounts

Certain Allspring benefit accounts are Reportable Accounts because they are capable of investing in Reportable Securities. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring 401(k) accounts,** which are capable of investing in Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring Health Savings Accounts ("HSA"),** which are capable of investing in Reportable
 Securities once the account has exceeded a minimum balance threshold. Note that an HSA account
 becomes a Reportable Account when the employee opens up the corresponding investment account
 through either Optum Bank or Betterment. At that time, a request to open a new account form
 must be completed in ECM. An Allspring HSA account that does not have the investment
 account opened is not considered a Reportable Account.

Approved Brokers

Access Persons may only maintain Reportable Accounts with an approved broker included on the Allspring Approved Broker List ("Approved Brokers"). Access Persons that have a Reportable Account with a non-Approved Broker must either close the account or transfer the account to an Approved Broker. This requirement is not applicable to Managed Accounts<sup>6</sup> or Allspring employee benefit accounts. This requirement is also not applicable to certain non-U.S. employees who reside in a jurisdiction where access to Approved Brokers is limited; non-U.S. employees must confirm applicability of this requirement with the Allspring Conduct and Ethics Team. Any exemptions to this requirement must be approved in writing by the Allspring Conduct and Ethics Team.

Please refer to the Conduct and Ethics page on Springboard to view the "Allspring Approved Broker List."

<sup>4</sup> An IRA account or a 401(k) account with a brokerage window would be a Reportable Account because it is capable of investing in Reportable Securities. A 401(k) account that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 401(k) account is a Reportable Account.

<sup>5</sup> Coverdell ESAs are Reportable Accounts because they are capable of investing in Reportable Securities. A 529 plan that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 529 plan is a Reportable Account.

<sup>6</sup> A "Managed Account" (also referred to as a discretionary account) is an account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. Documentation to support a Managed Account includes an official discretionary letter from the non-affiliated third party which expressly states that the Access Person does not have any investment discretion over the account. Access Persons with Managed Accounts will also be required to complete an annual attestation confirming that they did not direct any investment decisions during the year.

GENERAL<sub>5</sub>

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Initial and Annual Holdings Reports

**Access Persons must provide a complete initial report of their holdings in Reportable Accounts in ECM no later than 10 calendar days after becoming an Access Person.** The initial holdings report must include information that is current as of a date no more than 45 days prior to becoming an Access Person. At least annually thereafter, Access Persons must provide a complete report of their holdings in Reportable Accounts which is current as of a date no more than 45 days prior to submission.

Opening and Closing Reportable Accounts

Access Persons must submit a New Account Request Form in ECM and receive approval prior to opening any new Reportable Account, which includes those of Immediate Family Members. Access Persons must notify the Allspring Conduct and Ethics Team upon closing any Reportable Accounts in a timely manner so that they may be removed from ECM. After closing an account, Access Persons must deliver a copy of the most recent account statement, showing no assets, to the Allspring Conduct and Ethics Team

Pre-Clearance and Approval Requirements

Pre-Clearance of Reportable Securities

Access Persons must pre-clear all personal transactions in Reportable Securities, except for open-end Reportable Funds and ETFs (excluding single-stock ETFs), for themselves and their Immediate Family Members, and receive approval via ECM prior to executing trades with their broker. Pre-clearance is not required for transactions in Managed Accounts and Automatic Investment Plans. Please refer to Appendix B for a complete list of Reportable Securities that require pre-clearance.

How to Pre-Clear Reportable Securities

Follow the steps below to pre-clear and receive approval via ECM:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Request for approval:** Request pre-clearance approval in ECM by inputting all required information
 regarding the proposed transaction. Note that Access Persons may only request pre clearance
 for market orders or same day limit orders.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Wait for notification of approval:** Do not execute the trade until receiving an approval email
 from ECM. The approval email grants authorization to execute the trade, as requested, and
 is only effective until the close of business on the same trading day, provided that approvals
 for trading on a foreign market received after the market has closed are valid until the
 close of business on the next trading day. If the approved transaction is not executed within
 the approved timeframe, the pre-clearance process must be repeated.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Denials:** Pre-clearance requests that are denied must not be executed. The reasons for denying
 a trade may not be explained due to material non-public information ("MNPI")
 concerns.

Trading Restrictions and Prohibitions

Ban on Short-Term Trading Profits

Access Persons are not permitted to profit from short-term trading in their personal accounts. Short term trading is any buy and sell, or sell and buy, of the same Reportable Security within 60 calendar days. This prohibition applies even if the transactions occur in separate personal accounts and regardless of tax lots (i.e., the most recent previous transaction of the security will be considered against the subsequent transaction in that same security). This prohibition also applies to options on Reportable Securities. Additionally, any option transaction must have an expiration date that is at least 60 calendar days from the date of purchase or sale, and Access Persons may not exercise an option for profit within the 60-day period<sup>7</sup>.

<sup>7</sup> Note that multiple option contracts for the same underlying security must have expirations dates that comply with this rule when potential contract redemption(s) create short-term trading profits in the underlying security.

GENERAL<sub>6</sub>

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Exceptions to the short-term trading restriction may potentially be granted for certain rare cases (e.g., economic hardships, gifts of securities, or other specific circumstances) if it is determined that there is no misconduct. Exception requests must be approved by the Allspring Conduct and Ethics Team in advance of the trade and must include evidence of mitigating factors that strongly support the exception. The ban on short-term trading profits does not apply to transactions that involve:

&nbsp;&nbsp;&nbsp;&nbsp;· Reportable
 Securities that do not require pre-clearance, excluding Reportable Funds (which includes
 Allspring ETFs) (refer to Appendix B);

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Automated
 transactions pursuant to an Automatic Investment Plan that has been approved by the Allspring
 Conduct and Ethics Team; or

&nbsp;&nbsp;&nbsp;&nbsp;· Involuntary
 actions, such as vested deferred stock compensation, involuntary call of an option, or corporate
 actions.

60-Day Holding Period for Reportable Funds

Access Persons who purchase shares of Reportable Funds (which includes Allspring ETFs) are required to hold them for at least 60 calendar days, regardless of tax lots<sup>8</sup>. This 60-day holding period does not apply to Allspring money market funds or ultra-short funds (which includes Allspring ultra-short ETFs).

Allspring Closed-End Funds

Access Persons may only purchase or sell shares of an Allspring closed-end fund during the 10 calendar days beginning on the next day after the release of dividend announcements to the public for such fund. In addition, Access Persons may be prohibited from transacting in Allspring closed-end funds (even during such trading windows) if the Allspring Conduct and Ethics Team determines that transactions must be restricted due to MNPI. Access Persons that are designated as insiders of an Allspring closed - end fund under Section 16 of the Securities Exchange Act of 1934 are required to submit SEC regulatory filings in connection with their transactions pursuant to the Allspring Funds Section 16 Procedures.

Allspring ETFs

Allspring ETFs are Reportable Funds, and therefore Reportable Securities, as defined within this Code. Allspring ETFs do not require pre-clearance but do require quarterly transaction reporting, in accordance with this Code.

If an Allspring ETF is trading at a premium or discount that is 2% or greater than the ETF's net asset value at end of day, then Access Persons are prohibited from personally transacting in that Allspring ETF. The Allspring Conduct and Ethics Team will notify Access Persons if the 2% threshold has been met, at which point personal trading in the affected ETF is prohibited. A subsequent notification will be sent once trading may resume.

Private Placements

Access Persons must obtain approval via ECM prior to any acquisition of securities in a Private Placement (i.e., a non-public offering). Access Persons must request pre-clearance approval via ECM by completing a Private Securities Transaction Request Form and inputting all required information. If approved, Access Persons must confirm that the transaction was completed, provide the final Private Placement agreement in ECM, and attest to the Private Placement on their next Quarterly Transaction Report certification (refer to the "Certifications and Reporting" section of this Code).

<sup>8</sup> If applicable, Access Persons must additionally abide by any requirements regarding frequent purchases and redemptions of shares in accordance with a fund's prospectus.

GENERAL<sub>7</sub>

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Access Persons must disclose to the Allspring Conduct and Ethics Team any investments in a Private Placement when they become aware of any potential conflicts of interest (e.g., Access Person's involvement in any subsequent consideration of an investment in the issuer by Allspring).

Initial Public Offerings

Access Persons are generally prohibited from purchasing shares in an Initial Public Offering ("IPO"). Exceptions may be granted in certain circumstances (e.g., if an Immediate Family Member is offered shares of his or her employer firm). Any investment by an Access Person in an IPO, or other limited offering, must receive written pre-approval by the Allspring Conduct and Ethics Team.

Investment Clubs

Access Persons are generally prohibited from participating in an Investment Club. Any requests to participate in an Investment Club must be submitted to the Allspring Conduct and Ethics Team for review and approval. If approved to participate in an Investment Club, the account(s) of that club would become applicable to this Code and its requirements.

Excessive Trading

Excessive trading, as determined by the Allspring Conduct and Ethics Team in its sole discretion, is not tolerated as it may interfere with job performance and the duty of loyalty and care to Allspring's clients. In general, Access Persons trading more than 60 times in a quarter should expect a notification regarding excessive trading<sup>9</sup>, including notice to their manager. Excessive trading is monitored and reported to senior management. Self-directed transactions involving Reportable Securities are included in the trade count for excessive trading. The following types of transactions are excluded from the count:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Automated
 transactions pursuant to an Automatic Investment Plan that has been approved by the Allspring
 Conduct and Ethics Team; or

&nbsp;&nbsp;&nbsp;&nbsp;· Involuntary
 actions, such as vested deferred stock compensation, involuntary call of an option, or corporate
 actions.

Insider Trading

Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons may not use MNPI for personal gain, for the benefit of Allspring, or for the benefit of our clients. While in possession of MNPI, you may not trade, or recommend trading, for any securities or funds on the basis of that information. Engaging in insider trading is a violation of global laws and regulations and is a breach of this Code. Access Persons that come into possession of MNPI must immediately notify the Allspring Conduct and Ethics Team and must additionally comply with the Allspring Information Barrier Policy.

<sup>9</sup> Access Persons should notify the Allspring Conduct and Ethics Team if they anticipate executing a one-time rebalance that will exceed 60 transactions. In general, such cases will not be considered excessive trading.

GENERAL<sub>8</sub>

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Restricted Securities List

Allspring maintains a "Restricted List" that includes individual securities and issuers for which one or more persons at Allspring may hold price sensitive information. Any pre-clearance requests to trade in a security on the Restricted List will be denied. The Restricted List is not distributed to employees; it is maintained and updated periodically in ECM by the Allspring Conduct and Ethics Team. Please refer to the Allspring Information Barrier Policy.

Blackout Periods for Investment Persons

Subject to the de minimis exception, Investment Persons (and their Immediate Family Members) are prohibited from executing personal securities transactions during certain blackout periods.

**Blackout Period**

Investment Persons are prohibited from transacting in Reportable Securities during the 7 calendar days immediately preceding and immediately following the date of the same trade in a client account where there is a perceived or actual conflict of interest (e.g., the Investment Person services the account or has access to sensitive information related to the account).

Personal securities transactions executed during the blackout period will be investigated for conflicts of interest and any violations identified may be subject to sanctions (please refer to the Conduct Framework on Springboard's Conduct and Ethics page).

**De Minimis Exception**

Transactions by Investment Persons that meet the de minimis exception will generally be approved unless they are restricted for another reason (e.g., Ban on Short-Term Trading Profits, Restricted List, etc.). A transaction in a security (either a single transaction or multiple transactions in the same security within 7 calendar days not exceeding 250 shares in the aggregate) qualifies for the de minimis exception if the security has a market capitalization exceeding $10 billion.

Education, Certifications, and Reporting Requirements

Education

Access Persons are required to complete training on the Code within 15 days of hire date and then annually thereafter.

Certifications and Reporting

Access Persons must complete initial, quarterly, and annual certifications and reporting in ECM.

&nbsp;&nbsp;&nbsp;&nbsp;· **Code of Ethics Certification**: Access Persons are required to certify in writing upon hire
 date, and annually thereafter, that they have received and understand this Code. Additionally,
 all Access Persons must provide a written acknowledgement of their receipt and understanding
 of any material amendment to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· **Quarterly Transactions Reports:** Access Persons are required to report all personal securities transactions
 of Reportable Securities within 30 calendar days of each calendar quarter end. Access Persons
 must certify that they have reported all Reportable Accounts and that the personal securities
 transactions reported within these accounts are complete, accurate, and in compliance with
 this Code. Transactions of Managed Accounts are not subject to Quarterly Transactions Reporting.
 Self-directed transactions<sup>10</sup> of Reportable Funds within Allspring 401(k) accounts
 require reporting; however, transactions initiated by the 401(k)-plan advisor (e.g., when
 Access Persons have enrolled in the discretionary managed accounts program) do not require
 reporting.

<sup>10</sup> Excluding payroll contributions (or company matches).

GENERAL<sub>9</sub>

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&nbsp;&nbsp;&nbsp;&nbsp;· **Initial and Annual Holdings Reports:** As noted under the Reportable Accounts and Holdings Reports
 section, Access Persons are required to report initial (upon becoming an Access Person) and
 annual holdings reports (within 30 calendar days of calendar year end). Access Persons must
 certify that they have reported all holdings of Reportable Accounts and that the holdings
 reported within these accounts are complete, accurate, and current as of a date no more than
 45 days prior to submission.

Violations, Escalation, and Exceptions

Violations

Access Persons must promptly report any violations of this Code to the Allspring Conduct and Ethics Team. The Allspring Conduct and Ethics Team is responsible for investigating any actual or suspected violation of this Code and reporting the results to the Chief Compliance Officer. Access Persons that have violated this Code will be sanctioned depending on the severity of the infraction. The Allspring Conduct and Ethics Team, in its sole discretion, may issue any sanctions deemed appropriate to address the infraction, subject to applicable law. This may include: a written notice, additional training, deduction from wages/compensation and/or disgorgement of profit, restriction or suspension of certain personal and/or business activities, heightened monitoring or supervision, termination of employment, referral to civil or criminal authorities, or any other remedies necessary to address the violation.

Please refer to the Conduct Framework on Springboard's Conduct and Ethics page.

Escalation

Access Persons are expected to report any concerns regarding unethical behavior or misconduct to the CCO upon identification. This includes any actual or suspected violations of this Code or other Allspring policies or any non-compliance with applicable laws and regulations. Access Persons may refer to the Whistleblowing Policy for information on how to report a concern anonymously. No retaliation may be taken against any person for providing information in good faith about such violations or concerns.

All questions and inquiries regarding this Code or any assistance with ECM should be communicated to <u>Conduct@allspringglobal.com</u>.

Exceptions

The Allspring Conduct and Ethics Team may grant certain exceptions to this Code. Exception requests must be submitted to <u>Conduct@allspringglobal.com</u> with rationale to justify the request. Any exceptions to this Code must be approved in writing by the Allspring Conduct and Ethics Team and are reported to the Allspring Conduct and Ethics Committee.

Governance and Reporting

The Code is reviewed and approved by the Allspring Conduct and Ethics Committee at least annually. The Allspring Conduct and Ethics Committee receives periodic reporting in relation to adherence to the requirements associated with this Code.

GENERAL<sub>10</sub>

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Related Policies

Client Complaint Handling Policy

As outlined within this Code, Access Persons must promptly report any client complaints and follow the Client Complaint Handling Policy to ensure fair, consistent, and timely resolution. This includes complaints from clients, employees, or third parties, and requires coordination with Compliance to determine appropriate responses and regulatory reporting.

Conflicts of Interest Policy

As outlined within the Principles of the Code, Access Persons must never engage in any behavior or activities that place their personal interests above the interests of clients and must always follow the Conflicts of Interest Policy.

Global Fraud Risk Management Policy

As outlined within the Principles of the Code, Access Persons must never engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client. Access Persons must always follow the Global Fraud Risk Management Policy to report actual or suspected fraud.

Information Barrier Policy

As outlined with this Code, Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons that come into possession of MNPI must comply with the Allspring Information Barrier Policy.

Standards of Professional Conduct

This Code establishes standards of business conduct and ethics; and must be considered in connection with Allspring's Standards of Professional Conduct, which describes the responsibility of acting in a professional manner and contributing to a work environment free from harassment and violence.

Whistleblowing Policy

As outlined within this Code, Access Persons must report suspected wrongdoing and follow the Whistleblowing Policy to ensure concerns are raised safely and appropriately. Whistleblowers are protected from retaliation and may report issues such as financial crime, regulatory breaches, or threats to safety through designated channels, including anonymous options.

Records Retention

Records associated with the implementation and execution of this Code are required to be maintained in line with applicable rules and regulations as outlined in the Records Management Policy. The Retention Schedule records associated with this Policy must be maintained and accessible for 7 years.

GENERAL<sub>11</sub>

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Appendix A – Key Terms and Definitions

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|:---|:---|
| TERM | DEFINITION |
| Access Person | All of Allspring's officers, directors, full-time or part-time employees, contingent workers that have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team. |
| Approved Broker | A broker that is included on the Allspring Approved Broker List. These are brokers that provide automated holdings and transactions reporting into ECM through an electronic feed. Subject to the exceptions set forth in the Code, Access Persons and their Immediate Family Members may only maintain personal accounts with Approved Brokers. |
| Automatic Investment Plan | A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. |
| Beneficial Ownership | In general, a person has Beneficial Ownership of an account or security if they, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the account or security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security. *Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members.* |
| ECM | FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA"), is the technology vendor used by Allspring to monitor employees' personal activities, including personal securities transactions, private placements, outside activities, gifts and entertainment, political contributions, and other activities. |
| Immediate Family Member | Any person sharing the same household with an Access Person (including spouses or domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relative, adoptive relative, legal guardian), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities. |
| Investment Person | Any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. |
| Managed Account / Discretionary Account | An account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. |
| Private Placement | A non-public security offering. This includes offerings exempt from registration under Section 4(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. |
| Reportable Account | Any account in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities). Refer to Appendix B for additional guidance. |

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GENERAL<sub>12</sub>

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|:---|:---|
| Reportable Fund | Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds for which Allspring serves as sub-adviser (except for money market funds). This has the same meaning as in rule 204A-1 of the Investment Advisors Act of 1940. |
| Reportable Security | Any security as defined in section 202(a)(18) of the Investment Advisers Act of 1940 and section 2(a)(36) of the Investment Company Act of 1940, except that it does not include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Direct obligations of the U.S. Government;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares issued by money market funds;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Shares issued by open-end funds other than Reportable Funds; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.  |

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GENERAL<sub>13</sub>

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Appendix B - Guidance

The below tables include non-exhaustive lists to be used for reference. Please contact the Allspring Conduct and Ethics Team (<u>Conduct@allspringglobal.com</u>) for additional guidance.

Reportable Accounts

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|:---|:---|
| &nbsp;&nbsp;ACCOUNT | &nbsp;&nbsp;REPORTABLE ACCOUNT? |
| &nbsp;&nbsp;Brokerage accounts (including IRA, GIA, ISA, SIPP, custodial, and trust accounts) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Managed Accounts and Automatic Investment Plans | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Allspring 401(k) plans | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Education/junior savings accounts that can invest in Reportable Securities (e.g., ESA, Junior ISA) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Health Savings Account ("HSA") that can invest in Reportable Securities | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Employee stock purchase or ownership plans ("ESPP" or "ESOP") | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;External (non-Allspring) 401(k) plans that can invest in Reportable Funds | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;External (non-Allspring) 401(k) plan that cannot hold Reportable Funds | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cash management accounts that cannot buy or sell Reportable Securities (e.g., Cash ISA) | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrency accounts | &nbsp;&nbsp;No |

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Reportable Securities and Pre-Clearance

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SECURITY | &nbsp;&nbsp;REPORTABLE SECURITY? | &nbsp;&nbsp;PRE-CLEAR? |
| &nbsp;&nbsp;Stocks (common, preferred, rights and warrants) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Bonds (corporate, municipal, convertible and notes) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Closed-end funds (also referred to as investment trusts) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Options on Reportable Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Open-end Reportable Funds (except for money market funds) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Allspring ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Non-Allspring ETFs (excluding single-stock ETFs) and options on ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Single-stock ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Private placements (i.e., non-public or limited offering) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Direct obligations of the U.S. Government (e.g., U.S. Treasuries) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Money market instruments - bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments (including highly rated direct obligations of sovereign governments, such as U.K. Treasuries) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Money market funds | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Open-end mutual funds (that are not Reportable Funds) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Commodities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Foreign currencies, including futures | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

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GENERAL<sub>14</sub>

## Ex-99.B(P)(9)

**Exhibit 99.B(p)(9)**

Code of Ethics

This Code of Ethics has been adopted by Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**") not only to fulfill technical compliance with applicable regulatory Code of Ethics Rules, including Section 204A and Rule 204A-1 under the Investment Advisers Act of 1940 (the "**Advisers Act**"), and Rule 17j-1 under the Investment Company Act of 1940 (the "**1940 Act**"), but also to prevent or mitigate actual or apparent conflicts of interest between the activities of Covered Persons and their Covered Family Members and the interests of Ares and its Clients and Investors. Please contact <u>Compliance</u> with any inquiries.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse or domestic partner; ii) minor children of you and your spouse or domestic partner; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) any person who is financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Investor** refers to any current, prospective or former investor in a Client and any representatives of the same.

**Policies**

The Code of Ethics is comprised of the below policies:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Political
 Contributions Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Outside
 Business Activity Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
 and Entertainment Policy

**General Standards**

Covered Persons must certify in writing that they have read, understand, and will comply with this Code of Ethics upon becoming a Covered Person and must, at least annually thereafter, acknowledge being subject to the Code of Ethics and attest to continued compliance.

Covered Persons and their Covered Family Members are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· engaging,
 directly or indirectly, in any business investment in a manner detrimental to any Client

&nbsp;&nbsp;&nbsp;&nbsp;· taking
 any actions or making any decisions that are inconsistent with fiduciary duties, honesty,
 and good faith toward Ares and its Clients, or that violate federal securities laws or any
 other applicable law, rule, or regulation

&nbsp;&nbsp;&nbsp;&nbsp;· using
 confidential information gained through their connection to Ares in a manner detrimental
 to any Client

Before recommending or authorizing the purchase, sale, or any other action, of a Security by or for a Client, Covered Persons must disclose to the CCO or designee on behalf of themselves and any Covered Family Members:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 beneficial interest in the Security held by the Covered Person or a Covered Family Member

&nbsp;&nbsp;&nbsp;&nbsp;· any
 interest a Covered Person or Covered Family Member has, or intends to acquire, in any third-party
 account in which the Security is held

&nbsp;&nbsp;&nbsp;&nbsp;· any
 Beneficial Interest in any other Security that may benefit the Covered Person or Covered
 Family Member from the proposed transaction

&nbsp;&nbsp;&nbsp;&nbsp;· any
 interest in, or business relationship with, the issuer of the Security by a Covered Person
 or Covered Family Member

**Confidentiality**

All information submitted as required by this Code of Ethics will be treated as confidential and intended solely for internal use unless Ares is required to disclose it to a regulatory or governmental agency.

Ares Global Ethics and Compliance Manual – December 2025 – Page 1

**Review of Certifications/Reports and Information; Sanctions**

The CCO or designee will oversee the review of all reports/certifications for any potential breaches of the Code of Ethics. If an actual or potential breach is detected, the Covered Person will first be offered an opportunity to supply additional explanatory information or material. If Compliance determines that a breach has occurred, the Company may impose appropriate sanction(s), such as the issuance of a warning or memorandum, reporting to senior management of the Firm, training, a ban on personal trading, disgorgement of profits, a suspension (with or without pay), or termination of employment or affiliation with the firm.

Ares Global Ethics and Compliance Manual – December 2025 – Page 2

Personal Trading Policy

Covered Persons must place the interest of Ares Clients above their own personal interests. This Personal Trading Policy establishes standards of business conduct related to personal securities transactions, holdings, and related accounts. Please contact <u>Compliance</u> with any inquiries.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse, domestic partner or other spousal-equivalent; ii) minor children of you and your spouse, domestic partner or other spousal-equivalent;; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Security** means any note, share, treasury share, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing, and includes, without limitation: (i) equity securities; (ii) shares of or interests in mutual funds, certain exchange-traded funds (ETFs) and unit investment trusts; (iii) derivative instruments or other structured products; (iv) securities issued in private placements; (v) debt/fixed income securities; and (vi) limited partnership and limited liability company interests.

**Covered Security** means any Security other than a Non-Reportable Security.

A **Single-Name Security** is any Covered Security that provides equity or debt exposure to an individual publicly traded company. Single-Name Securities includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of individual companies (common, preferred, ADRs, GDRs, IDRs, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange
 traded funds ("ETFs") and similar instruments that track Single-Name Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Rights

&nbsp;&nbsp;&nbsp;&nbsp;· Warrants

&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 debt

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Development Company ("BDC")

&nbsp;&nbsp;&nbsp;&nbsp;· Real
 Estate Investment Trust ("REIT")

&nbsp;&nbsp;&nbsp;&nbsp;· Special
 Purpose Acquisition Company ("SPAC")

&nbsp;&nbsp;&nbsp;&nbsp;· Structured
 Products (e.g., CLOs, MBS, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Initial
 Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 derivative in which the underlying/referenced security is a Single-Name Security

**Non-Reportable Securities** are:

&nbsp;&nbsp;&nbsp;&nbsp;· direct
 obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;· bank
 certificates of deposit, bankers' acceptances, commercial paper, and high-quality short-term
 debt instruments, such as repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by open-end investment companies registered under the Investment Company Act of 1940,
 unit investment trusts or under a comparable regulatory regime, other than those that are
 advised by, sub-advised by, or otherwise affiliated with Ares

&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;· currencies,
 digital currencies or commodities

&nbsp;&nbsp;&nbsp;&nbsp;· investments
 in 529 college savings plans

Ares Global Ethics and Compliance Manual – December 2025 – Page 3

&nbsp;&nbsp;&nbsp;&nbsp;· interests
 in Ares-sponsored private investment vehicles; these would be reportable except that Ares
 maintains the investor lists and transaction records for these investments (note: this does
 not include <u>Ares-Related Securities</u>)

**Private** **Placement** means a capital raising event that involves the sale of Securities directly to a private investor, rather than as part of a public offering, and includes any offering that is exempt from registration under the Securities Act of 1933, as amended, including, without limitation, pursuant to Section 4(a)(2) (or Rules 504, 505, 506 promulgated thereunder). Includes but is not limited to hedge funds, private equity funds, investment partnerships, fund of funds, Initial Coin Offerings, legal entities raising capital, and private REITs.

**Beneficial Interest** in a Security refers to a direct or indirect pecuniary interest. A Covered Person can have a Beneficial Interest in a Security in cases where sole or shared voting or investment power exists by reason of any contract, arrangement, understanding or relationship, even if the Security is held by another person.

**Covered Account** means any account(s) maintained with any broker, dealer, bank or other financial institution that holds or may hold any Covered Securities in which a Covered Person and/or Covered Family Members have a Beneficial Interest.

**Managed Account** means an account managed by an unaffiliated and strictly autonomous investment manager or third-party and over which a Covered Person or Covered Family Member has no direct or indirect influence or control.

**Ares-Related Security** means any Security issued by Ares Management Corporation or any Fund (including closed-end funds) advised by, sub-advised by, or otherwise affiliated with Ares. A list of <u>Ares-Related Securities</u> is maintained on the Ares intranet.

**Restrictions on Securities Trades**

**Single-Name Security Ban**

Covered Persons and Covered Family Members are prohibited from establishing new positions (long and short) in Single-Name Securities. This restriction is subject to the following exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;· Transaction
 in Ares-Related Securities. See Ares-Related Securities section below for more information.

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Family Member participation in an employee stock purchase plan, or receipt of equity incentive
 awards as part of compensation package and the vesting of such award (e.g. RSUs).

**Ares-Related Securities**

All transactions, including trading plans for future transactions (i.e., 10b5-1s and dividend re-investment plans (DRIPs)), in Ares-Related Securities must be pre-cleared through the designated Compliance portal and are subject to the applicable Insider Trading Policy (or similar Policy) of each entity. Requests to establish or terminate DRIPs on Ares-Related securities will only be processed with pre-approval and within open trading windows. Executive Officers are not permitted to enter into DRIPs on ARES. Voluntary transactions in Ares-Related Securities are subject to a minimum 30-day holding period (e.g., cannot buy and then sell or sell and then buy).

Charitable donations and gifts, including donations to donor advised funds, of any Ares-Related Securities must be pre-approved through the Compliance portal and will only be approved during an open trading window, if applicable.

Ares-Related Securities received traded the quarterly exchange process is approved by Legal and not subject to the pre-approval and reporting requirements outlined in the Personal Trading Policy.

**Blackout Period**

Covered Persons and their Covered Family Members are generally prohibited from trading any Covered Security of an issuer if there is a pending order in a Covered Security of that issuer or within five (5) trading days of the last trade in such issuer's securities on behalf of any Client. Thus, if the Firm executes a Client trade on Monday, the blackout period (T+4) begins, and Covered Persons and their Covered Family Members would not be approved to trade until the fifth trading day after such Client trade date. This restriction is subject to the following exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;· there
 is no blackout period applied to Securities for which pre-approval is not required.

&nbsp;&nbsp;&nbsp;&nbsp;· the
 blackout period may be shortened to two (2) trading days (T+1 following a Client trade
 in the issuer) for issuers that meet a certain market capitalization threshold, as determined
 from time to time by the CCO or designee.

**Pre-Clearing Securities Transactions**

Except as expressly permitted by this Code of Ethics, Covered Persons must have written pre-approval for any transactions in a Covered Security, unless covered under the Pre-Approval Exceptions section below, before completing the transaction, including, without limitation, voluntary transactions in a Private Placement (initial investments, add-on-investments and redemptions).

The CCO or designee has full discretion over the approval process, and in certain circumstances (often related to protecting Ares and preserving confidential information, such as the nature or its trading or restricted issues), the reason for denial of a pre-clearance request or revocation of approval may not be disclosed. Generally, the CCO or designee will deny a pre-clearance request or revoke an approval for a requested personal securities transaction if it has the potential to:

&nbsp;&nbsp;&nbsp;&nbsp;· appear
 as improper conduct

&nbsp;&nbsp;&nbsp;&nbsp;· conflict
 with a transaction for a Client

&nbsp;&nbsp;&nbsp;&nbsp;· violate
 a confidentiality agreement

&nbsp;&nbsp;&nbsp;&nbsp;· involve
 an issuer on our Restricted List

&nbsp;&nbsp;&nbsp;&nbsp;· compromise
 Ares' high ethical standards

**Pre-Clearance** **Procedures**

Before undertaking any transactions in a Covered Security on behalf of a Covered Person or Covered Family Member, a pre-clearance requests must be submitted through the Compliance portal.

Ares Global Ethics and Compliance Manual – December 2025 – Page 4

**Approval Window**

Pre-clearance for any transaction is valid for two (2) business days following the date on which approval is granted and will expire at the close of trading after the second business day. For example, if approval is granted on a Monday, it will remain valid through the close of trading on Wednesday. The only exceptions are Private Placements (for which approvals are valid until the closing of the offering) and any other exceptions specified by the CCO or designee.

If pre-approval expires prior to the execution of a transaction, a new pre-clearance request must be submitted through the Compliance portal prior to the next execution. "Limit," "stop-loss," "good-until-cancelled," or "standing" orders must be fully executed before the pre-approval expires or a new pre-clearance request must be submitted and approved for continued execution of such orders.

**Pre-Clearance Exceptions**

Pre-approval is **not required** for any of the following but transactions are still reportable:

&nbsp;&nbsp;&nbsp;&nbsp;· exchange-traded
 funds ()"**ETFs**") or exchange traded notes ()"**ETNs** "), excluding
 Single-Name Securities, for which the underlying performance is based on a particular market
 index or a portfolio of assets, and in publicly traded closed-end funds ()"**CEFs** "),
 except for any <u>Ares-Related Security</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· municipal
 Securities or auction rate preferred Securities ()"**ARPS** ")

&nbsp;&nbsp;&nbsp;&nbsp;· sovereign
 debt Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 over which a Covered Person or Covered Family Member has no direct or indirect influence
 or control (such as transactions in a Managed Account)

&nbsp;&nbsp;&nbsp;&nbsp;· automatic
 investment plan, automatic rebalancing plan, dividend reinvestment plan, or other program
 with a predetermined schedule and allocation, provided either that the program is generally
 available to shareholders or investors in the issuer or that the initial investment in a
 Security through the plan is approved in advance by Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· acquisitions
 of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock
 splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or
 distributions generally applicable to all holders of the same class of Securities

&nbsp;&nbsp;&nbsp;&nbsp;· other
 non-volitional events (e.g., exercise or assignment of an option contract at expiration (as
 opposed to the exercise or closing of an option contract prior to expiration, which requires
 pre-approval) or sales of involuntary factional shares related to an account transfer/ACAT)

&nbsp;&nbsp;&nbsp;&nbsp;· automatic
 acquisition or disposition of an employer's Securities through the employer's
 401(k) plan, employee stock purchase plan, personal pension plan, ISA or other
 similar program

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 resulting from an exercise of rights issued pro rata to all holders of a class of Securities,
 to the extent these rights were acquired from the issuer, and the sales of such rights

&nbsp;&nbsp;&nbsp;&nbsp;· the
 exercise of a conversion or redemption right, or similar transactions with the issuer of
 a Security under the terms of the Security

&nbsp;&nbsp;&nbsp;&nbsp;· sales
 conducted in an investment account specifically designated for charitable giving (i.e., where
 proceeds from sales of securities transferred to the account are donated to various charitable
 organizations) of which the Covered Person has no discretionary authority

**Gifting Securities**

Gifts of Covered Securities must properly be pre-cleared, as applicable, and reported in the Compliance Portal.

<u>Giving</u>: The gifting (including donations to donor advised funds/charitable giving accounts and donations to non-profits) of a Covered Security by you or your Covered Family Member is considered a sale transaction. As such, the pre-clearance and disclosure requirements outlined in this policy apply. Once pre-approval is received, the gift must be initiated within the approval window.

<u>Receiving</u>: Pre-clearance is not required for the receipt of Covered Securities as long as the donor is not an Ares business partner and the Security was selected at the full discretion of the donor.

**Certifications and Reporting**

Covered Persons must submit various certifications and reports through the Compliance portal or as otherwise directed by Compliance. These certifications and reports must also include Covered Family Members' information.

**Initial Certifications**

Covered Persons must complete and submit an Initial Disclosure Certification within ten (10) calendar days of being deemed a Covered Person. The certification requires, among other things, disclosure of certain Covered Account and Covered Securities holdings. The Covered Accounts and Covered Securities information reported in this certification must be dated within 45 days prior to the Covered Person being deemed a Covered Person. Failure to submit these certifications by the stated deadline will result in a prohibition from engaging in any personal securities transactions that require pre-approval until the certifications are submitted. Other sanctions may be applied as well.

**Quarterly Certifications**

Within 30 days of the end of each calendar quarter, unless on a leave of absence or other exception granted by the CCO or designee, Covered Persons must complete and submit a Quarterly Transaction Certification and a Quarterly Covered Account Certification. The Quarterly Transaction Certification requires disclosure of all Covered Securities transactions made by Covered Persons or their Covered Family Members during the quarter. Compliance may require additional certifications.

**Annual Holdings Report**

Within 30 days of each calendar year end, Covered Persons must complete an Annual Certification to report all Covered Securities held by them or their Covered Family Members as of the end of such calendar year. Covered Securities held in Managed Accounts are exempt from this reporting requirement.

Ares Global Ethics and Compliance Manual – December 2025 – Page 5

**Account Reporting**

All new Covered Accounts opened by Covered Persons and/or their Covered Family Members must be reported promptly through the Compliance portal and reported in the relevant certifications discussed above. Upon request by Compliance, Covered Persons must provide any required authorization to the broker to provide transactions and holdings information to Ares. Covered Persons and their Covered Family Members are prohibited from making any transactions that require pre-approval in a Covered Account unless such account has been reported through the Compliance portal.

U.S.-based Covered Persons must maintain Covered Accounts, for themselves and their Covered Family Members, with an Approved Broker. The <u>List of Approved Brokers</u> is maintained on the Ares intranet.

New U.S.-based Covered Persons must close Covered Accounts with a non-Approved Broker within 90 days from the date on which they become a Covered Person.

**Duplicate Account Information and Electronic Monitoring**

Covered Persons must ensure that transaction confirmations and account statements for Covered Accounts are promptly reported to Compliance. Such information may be forwarded directly to Compliance by the financial institutions where the accounts are maintained. If the financial institution does not or cannot directly provide transaction activity and holdings information on a regular basis, the Covered Person is responsible for promptly providing such trade confirmations and statements to Compliance.

**Exceptions from Reporting Requirements**

Securities holdings or transactions made in Managed Accounts are exempt from the reporting requirements. To qualify for these reporting exceptions, Covered Persons must provide Compliance with a copy of the investment management or advisory agreement evidencing the discretionary nature of the Managed Account. If such agreement is not available, the investment manager must otherwise attest or provide confirmation directly to Compliance that the Covered Person and/or their Covered Family Members cannot directly or indirectly influence the trading or timing of Securities transactions in the account(s).

At the discretion of Compliance, Covered Persons may be required to complete periodic certifications to represent that they do not have the ability to influence or control trading in a Managed Account and that they will not attempt to do so. Covered Persons may also be required to inform their investment manager of Securities that are restricted. Any changes to the discretionary nature of a Managed Account must be promptly reported to Compliance.

**Disclaimer of Beneficial Interest**

For any personal Securities holdings information required to be reported in relation to any Covered Family Members' securities holdings, Covered Persons may at any time deliver to the CCO or designee a statement that the submission of any such personal securities information does not constitute an acknowledgment that the Covered Person has any direct or indirect Beneficial Interest in any Securities about which information has been provided.

Ares Global Ethics and Compliance Manual – December 2025 – Page 6

Political Contributions Policy

Ares has adopted this Political Contributions Policy in accordance with the U.S. Securities and Exchange Commission's Pay-to-Play rule and seeks to avoid the perception that the Firm or its employees (directly or indirectly through family members living in your household) seek to influence the award of business to the Firm through Political Contributions.

Investment advisers that seek to influence the award of advisory contracts by public pension plans by making political contributions to, or soliciting them for, those officials who are in a position to influence the awards, compromise their fiduciary obligations to the public pension plans they advise and defraud prospective clients.

As Ares maintain relations in both the private and public sectors and does business with state and local governments and government entities, certain Political Contributions can result in Ares being disqualified from doing business with certain government entities and consequently unable to receive compensation for managing certain funds for a minimum period of two years. Please contact <u>Compliance</u> with any inquiries.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities, are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Political Contributions** are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Contribution
 of anything of value, including money, to a candidate of an applicable local, state or federal
 election, politically active non-profit organization (e.g., 501(c)(4) or 527 entity),
 political action committee ("PAC"), independent-expenditure committee (e.g. a
 "Super PAC"), joint fundraising committee ("JFC"), political party,
 or any other political committee or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Hosting
 fundraising or other events for a political incumbent, candidate, or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a charitable contribution or soliciting or coordinating a contribution on behalf, or at the
 direction or request of, a political incumbent, candidate or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Non-monetary
 or in-kind contributions such as providing a venue, equipment or personnel in furtherance
 of political activity, volunteering or attending a fundraiser;

&nbsp;&nbsp;&nbsp;&nbsp;· Issuing
 endorsements that will be used in solicitation or other volunteer or fundraising activities;

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 of debt incurred in connection with an election for federal, state or local office; or

&nbsp;&nbsp;&nbsp;&nbsp;· Anything
 of value including a subscription, loan, advance, or deposit of money made for:

- the purpose of influencing an election or other decision-making function

- payment of debt incurred in connection with an election

- transition or inaugural expenses of a successful candidate of an election

**Prohibited Political Contributions**

All Covered Persons, and family members living in their household, are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· Directly
 or indirectly making, soliciting, or coordinating any monetary or in-kind Political Contributions
 to any U.S. state or local candidate or incumbent (including one who is a candidate for federal
 office)

&nbsp;&nbsp;&nbsp;&nbsp;· making
 any Political Contributions on Ares' behalf, unless approved by the General Counsel
 or Chief Compliance Officer

**Pre-Clearance Requirements**

All Political Contributions made by Covered Persons, or family members living in their household, require pre-clearance from Compliance before such contribution is made.

All requests should be submitted for review and pre-clearance through the Compliance portal. Please note that submitting a pre-clearance request does not equate to affirmative approval and, in certain circumstances, requests may be denied.

In addition to being subject to pre-clearance requirements as noted above, all Political Contributions must be reported promptly through the Compliance portal once made.

Ares Global Ethics and Compliance Manual – December 2025 – Page 7

Outside Business Activity Policy

The proper management of conflicts of interest is critical to the business and reputation of Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**"). Ares has adopted this Outside Business Activity Policy that sets out the standards to perform certain activities outside the scope of employment relationships with Ares, and the management of potential conflicts arising from these activities. This policy is designed to detect, minimize and manage actual or potential conflicts of interests: between any outside business interests and the duties of a Covered Person through his or her employment with Ares; arising from work relationships of Covered Family Members; and arising from the previous employment relationships of Covered Persons.

Please contact <u>Compliance</u> with any inquiries.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares
 employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities, are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse, domestic partner or other spousal-equivalent; ii) minor children of you and your spouse, domestic partner or other spousal-equivalent; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) any person financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Outside Business Activities**

Outside business activities are certain interests or activities undertaken by Covered Persons outside their role at or with Ares that may create an actual or perceived conflict of interest.

Covered Persons are prohibited from engaging in any employment, business, or investment activities outside of Ares that might create an actual or perceived conflict of interest, unless such conflict can be appropriately mitigated.

Covered Persons are prohibited from engaging in outside business activities with third-party research providers (e.g., expert networks).

Covered Persons who engage in approved outside business activities (personal or Ares-related) are responsible for promptly reporting any changes to an approved activity to Compliance and to their direct supervisor.

**Pre-Clearance Requirements**

Covered Persons must obtain prior written approval from both their direct supervisor and the CCO or designee for outside business activities. Such approval, if granted, may be subject to restrictions, qualification and/or reporting to the Head of the Covered Person's business unit and is revocable at any time. Examples of activities requiring pre-clearance include:

· full-
 or part-time service as an officer, director, partner, manager, consultant, trustee, advisory
 board member, or employee of another business organization (including acting as a director
 of a publicly traded company)

· service
 on a creditors committee for a business

· any
 agreement to be employed, or to accept directly or indirectly compensation in any form (such
 as a commission, salary, fee, bonus, contingent compensation, etc.)

No approval is required to serve as a director of an organization that is exclusively charitable, civic, religious, or fraternal and is recognized as tax exempt, except in cases where such positions:

· concern
 investment decision-making or recommendations; or

· are
 expected to be compensated.

All pre-approval requests must be submitted through the Compliance portal.

Ares Global Ethics and Compliance Manual – December 2025 – Page 8

Covered Persons who engage in approved outside business activities are responsible for promptly reporting any changes to an approved activity to Compliance and to their direct supervisor. It is incumbent upon each Covered Person to promptly update their outside business activity and contact <u>Compliance</u> if the nature of their role or responsibilities at Ares changes in a way that gives rise to a conflict of interest.

Your request may be denied, and employees may be required to relinquish existing positions if Compliance determines that doing so is in the best interest of Ares or its clients at any time during employment or affiliation with the firm.

**Ares-Related Positions**

Serving as an officer, director, board observer, investment committee member, or other representative of an Ares portfolio company or other Ares-related position requires approval from the Head of the Covered Person's business unit and notice to Legal and Compliance. However, Compliance pre-clearance is not required for Ares-Related positions.

**Conflicts Involving Covered Family Members**

If a Covered Person becomes aware of any situation in which an actual or potential conflict of interest exists regarding a Covered Family Member (for instance, if a Covered Family Member is a potential business partner), such relationship must be promptly reported to Compliance.

If a Covered Family Member serves or is appointed to serve as a director of a publicly traded company, such directorship must also be promptly reported to Compliance.

**Involvement with Competitors**

Except with the approval of the CCO and General Counsel, Covered Persons are not permitted to serve as an officer, director, partner, manager, consultant, trustee, advisory board member, employee, or other representative of a competitor of Ares. This extends to having any substantial interest in or business relationship with such a competitor.

**Interest in Transactions or Portfolio Positions**

Covered Persons must disclose to Compliance any personal or family interest in any transaction by Ares on behalf of a Client. For example, if a Covered Person becomes aware that a transaction being considered or undertaken by Ares may benefit, directly or indirectly, the Covered Person or a Covered Family Member, such possibility must be promptly disclosed to Compliance.

**Loans**

Covered Persons are prohibited from knowingly borrowing from, or becoming indebted to, any person, business, or company that has business dealings or a relationship with Ares, except with respect to customary personal loans (e.g., home mortgage loans, automobile loans, lines of credit) on the same terms as are available generally, unless the arrangement is approved by the CCO, General Counsel or designee. Covered Persons may not use Ares' name, position in a particular market, or goodwill to receive any benefit in loan transactions without the prior express written consent of the CCO, General Counsel or designee.

**Diversion of Business or Investment Opportunities**

Covered Persons are prohibited from acquiring, or deriving personal gain or profit from, any business or investment opportunity that comes to their attention as a result of their association with Ares and in which the Covered Person knows Ares or a Client might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to Ares, offering the opportunity to Ares, and receiving specific authorization from the CCO or designee.

Ares Global Ethics and Compliance Manual – December 2025 – Page 9

Gifts and Entertainment Policy

Ares Management LLC and its related investment advisers (together, "**Ares**" or the "**Firm**") recognize that business gifts and entertainment often promote goodwill and strengthen strategic relationship. However, despite good intentions, these exchanges can create an actual or perceived conflicts of interest while increasing the risk of bribery and corruption. Unethical handling of such activities may cause financial losses, reputational harm, and civil or criminal liability for Ares or the individuals involved.

To identify and mitigate potential conflicts, Ares has adopted this Gifts and Entertainment Policy that guides Covered Persons when providing or accepting anything of value while conducting Ares business. Please contact <u>Compliance</u> with any inquiries.

**Business Entertainment** is any event, including any sporting or social activity, attended by a Business Partner and any Ares Covered Person, in company with each other, that takes place within a business context or that has or could be seen as having a business dimension. This includes travel or lodging related to such event.

**Business Gift** is a gift directly or indirectly given to or received from a Business Partner and any Ares Covered Person that takes place within a business context or that has or could be seen as having a business dimension. For gifts involving any individual with whom there is both a personal and business relationship, please contact a member of Compliance in advance for a determination of whether the gift qualifies as a Business Gift or a personal gift.

**Business Meal** is any event attended by a Business Partner and any Ares Covered Person that takes place within a business context or that has a business dimension, that includes any meal, snacks and/or beverages only.

**Business Partner** is any current or potential Client, Investor, vendor, counterparty, FINRA member or Ares portfolio company – essentially, anyone with whom the Covered Person is conducting or is considering conducting Ares' business.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director or officer including "access persons" as defined under Rule 204(a)-1
 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. Ares employees are generally
 designated Covered Persons effective their first date of employment unless otherwise determined
 by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.

**Investor** refers to any current, prospective, or former investor in a Client and any representatives of the same.

**Political Contributions** are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Contribution
 of anything of value, including money, to a candidate of an applicable local, state or federal
 election, politically active non-profit organization (e.g., 501(c)(4) or 527 entity),
 political action committee ("PAC"), independent-expenditure committee (e.g. a
 "Super PAC"), joint fundraising committee ("JFC"), political party,
 or any other political committee or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Hosting
 fundraising or other events for a political incumbent, candidate, or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a charitable contribution or soliciting or coordinating a contribution on behalf, or at the
 direction or request of, a political incumbent, candidate or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Non-monetary
 or in-kind contributions such as providing a venue, equipment or personnel in furtherance
 of political activity, volunteering or attending a fundraiser;

&nbsp;&nbsp;&nbsp;&nbsp;· Issuing
 endorsements that will be used in solicitation or other volunteer or fundraising activities;

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 of debt incurred in connection with an election for federal, state or local office; or

&nbsp;&nbsp;&nbsp;&nbsp;· Anything
 of value including a subscription, loan, advance, or deposit of money made for:

- the purpose of influencing an election or other decision-making function

- payment of debt incurred in connection with an election

- transition or inaugural expenses of a successful candidate of an election

**Public Official** is any of the following or any employee, agent or an intermediary acting on their behalf:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 U.S. public pension fund, or any elected or appointed trustee, fiduciary, or other official
 whose official duties involve responsibility for such fund.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of a government, quasi-government entity, or public international
 organization.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of an entity owned or controlled by a government, such as a sovereign
 wealth fund, government-owned bank, state utility, or other state-owned enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 entity owned by a government, or "other state-owned enterprise" means an entity
 that is both controlled by, and functions as, a government, whether the entity has monopoly
 over the function it carries out, serves the public at large, is viewed as having a governmental
 function and whether the government subsidizes the services provided by the entity.

Ares Global Ethics and Compliance Manual – December 2025 – Page 10

&nbsp;&nbsp;&nbsp;&nbsp;· a
 political party, or any official of the same.

&nbsp;&nbsp;&nbsp;&nbsp;· a
 candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;· a
 third party acting on behalf of a government official.

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of an organization that has been designated as a "public
 international organization" under the International Organizations Immunities Act or
 by Executive Order of the President of the United States (e.g., the International Monetary
 Fund). A list of designated "public international organizations" can be found <u>here</u>.

**Security** means any note, share, treasury share, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing, and includes, without limitation: (i) equity securities; (ii) shares of or interests in mutual funds, certain exchange-traded funds (ETFs) and unit investment trusts; (iii) derivative instruments or other structured products; (iv) securities issued in private placements; (v) debt/fixed income securities; and (vi) limited partnership and limited liability company interests.

**Business Gifts, Entertainment and Meals**

Business courtesies including gifts, standard business meals, or occasional social events are permitted if they do not improperly influence the recipient or impair the ability to make ethical business decisions that prioritize Ares Clients. In some jurisdictions, the giving and receiving of such Business Gifts, Entertainment or Meal must also be designed to enhance the quality of Ares' services to Clients.

Solicitation of Business Gifts, Business Entertainment, Business Meals or favors of any kind that might create an actual or perceived conflict of interest or impropriety is strictly prohibited. Ares also prohibits all forms of bribery and corruption. Employees should fully comply with this policy and the <u>Anti-Corruption Policy</u>.

All Business Gifts, Business Entertainment and Business Meals given, regardless of dollar value, should be procured using Ares Corporate Amex where possible, and all expenses should be submitted through Concur in accordance with Ares' <u>Travel & Expense Policy</u>.

**Business Gifts**

A Business Gift may be in various forms including gratuity, reward, service, benefit, favor, discount, or anything else of value directly or indirectly given to or received from a Business Partner. To avoid the appearance of making business decisions based on Business Gift exchange, Ares has adopted the following approval and reporting requirements.

For gifts involving any individual with whom there is both a personal and business relationship, please contact Compliance in advance for a determination of whether this Policy applies.

Covered Persons are prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 or receiving Business Gifts of cash, cash equivalents (e.g., gift cards, gift certificates)
 or Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 any gifts to anyone employed by a local, state, or federal regulator or self-regulatory organization

**Pre-Clearance of Business Gifts**

The following Business Gifts require pre-clearance clearance from Compliance <u>before</u> such Business Gift can be given:

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts to be  ***given*** of over  ***US$100/UK£100 or local market equivalent in aggregate per calendar year per Business Partner*** .

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts,
 paid sponsorships, contributions (including charitable contributions), or anything of value
 to be  ***given or made*** at the request of, or for the benefit of,  ***any Public Official <u>regardless of value</u>.*** 

The following Business Gifts require approval from Compliance <u>upon receipt</u>:

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts  ***received*** of over  ***US$100/UK£100 or local market equivalent in aggregate per calendar year per Business Partner*** .

All requests should be submitted to the Compliance portal for review and preclearance. Approval is not guaranteed; if denied, a gift may need to be forfeited, returned, or donated to charity. Covered Persons should not open, consume, or use any Business Gift until approval is granted.

**Reporting of Business Gifts**

***All Business Gifts received, regardless of value, should be promptly reported.*** The following Business Gifts are ***exempt from the pre-clearance and reporting requirements*:**

&nbsp;&nbsp;&nbsp;&nbsp;· Ares
 promotional items of nominal value, such as items that display the Ares logo and are worth
 no more than US$100/UK£100 or local market equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;· Items
 commemorating a business transaction, such as paperweights or plaques and are worth no more
 than US$100/UK£100 or local market equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts given to a group when value is no more than US$100/UK£100 or local market equivalent
 per group member.

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts of minimal value, such as pens, notepads, or modest desk ornaments.

**Charitable Contributions**

Covered Person may not make charitable contributions, whether personally or in the name of the Firm, to obtain or retain business or to gain an improper business advantage. Before making any contributions, you should be informed about the organization to avoid actual or perceived conflicts of interest or impropriety.

All charitable contributions must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 reasonable in both nature and amount.

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 permissible under all applicable laws and regulations.

Ares Global Ethics and Compliance Manual – December 2025 – Page 11

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 transparent, with no appearance of impropriety or expectation of reciprocal benefit.

**Pre-Clearance of Charitable Contributions**

Charitable contributions, sponsorships, and participation in any fundraiser or charitable event requested by a Business Partner or involving a Public Official requires Compliance pre-clearance before making any contributions or commitments.

While Covered Persons are generally prohibited from leveraging Business Partner relationships for personal purposes, soliciting charitable contributions from Business Partners requires pre-clearance from the Head of the Covered Person's business unit and should not take place during active fundraising. If the solicitation involves a Public Official, Compliance pre-clearance is required.

As a reminder, **Political Contributions made by Covered Persons and family members living in the same household require preclearance.** Please refer to the <u>Political Contributions Policy</u> for additional guidance.

**Discounts**

From time to time, business units may arrange discounts related to a Client's investment or control of a company (e.g., access to portfolio company products or services). Any such discounts must be approved by the Head of the business unit managing the investment or their designee.

Discounts should be limited to Covered Persons; business units may impose additional restrictions (e.g., limiting discounts to a subset of Covered Persons).

The following practices are prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;· Receiving
 or providing discounts that exceed those available to the employees of the company.

&nbsp;&nbsp;&nbsp;&nbsp;· Extending
 portfolio company discounts to Business Partners.

**Business Entertainment and Meals**

Business Entertainment and Business Meals must be reasonable and appropriate to the business context and not so frequent, extravagant, or questionable as to create an appearance of impropriety.

If you are attending an event, a Business Partner must be present at the event for the event to be deemed Business Entertainment. If a Business Partner is not present at the event, the invitation would be deemed a Business Gift and thus subject to the Business Gift monetary limitations, restrictions, and approval or reporting requirements covered in this policy.

Likewise, if Ares is offering event tickets to a Business Partner, an Ares Covered Person must attend the event for the event to be deemed to be Business Entertainment and not a Business Gift. If you are invited to receive Business Entertainment and your invitation extends to personal guest(s) (including, but not limited to, a spouse, domestic partner, or child), this would be considered a Business Gift and subject to the policy requirements.

**Pre-clearance of Business Entertainment and Meals**

The following Business Entertainment and Business Meals require pre-clearance from Compliance, and in some cases, the direct manager, or Head of the Covered Person's business unit <u>before</u> such entertainment or meal can be accepted or given.

&nbsp;&nbsp;&nbsp;&nbsp;· Expenses
 or payments to be incurred on behalf of any  ***Public Official regardless of value.*** 

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Entertainment and Business Meals to be  ***given or received*** and valued over  ***US$500/UK£500 or local market equivalent per person per event.*** 

All requests should be submitted for review and preclearance through the Compliance portal.

If a Covered Person cannot obtain pre-clearance, particularly for the receiving of Business Entertainment or Business Meals, the Covered Person must still report promptly upon receipt of any such Business Entertainment or Business Meal.

**Reporting of Business Entertainment and Meals**

Business Entertainment and Business Meals ***received*** valued over ***US$100/UK£100 or local market equivalent per person per event*** should be promptly reported through the Compliance portal.

Ares Global Ethics and Compliance Manual – December 2025 – Page 12

## Ex-99.B(P)(10)

**Exhibit 99.B(p)(10)**

**AXIOM INVESTORS LLC<br> CODE OF ETHICS**

***<u>INTRODUCTION</u>***

This Code of Ethics (the "Code") is based on the principle that you, as officers and employees of Axiom Investors LLC ("Axiom"), owe a fiduciary duty to, among others, the Clients (as defined herein) of Axiom. Axiom is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and as such, Axiom and its employees are subject to the requirements of the Advisers Act with respect to Axiom's Clients. The purpose of this Code is to provide procedures consistent with the requirements of Rule 17j-1 ("Rule 17j-1") under the Investment Company Act of 1940, as amended (the "1940 Act"), and Rule 204A-1 under the Advisers Act.

The Code applies to all employees, members, managers, and officers (collectively, "employees") of Axiom. Axiom shall provide a copy of this Code (and any subsequent amendments) to every employee.<sup>1</sup> Employees must avoid activities, interests and relationships that might interfere with making decisions in the best interests of Clients. As required by Rule 204A-1, employees must comply with all applicable federal securities laws, including the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, and rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing, the Bank Secrecy Act as it applies to mutual funds and investment advisers, and any related rules adopted by the SEC or the Department of the Treasury, as well as all other policies of Axiom and all other laws relating to Axiom and its business. As used in this Code, all references to "you" shall mean all employees of Axiom.

As a general principle, it is imperative to avoid any situation that might compromise, or call into question, the exercise of fully independent judgment by employees in the interests of our Clients. As fiduciaries, employees must at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Place the interests of Clients first. In other words, as a fiduciary you must avoid serving your own personal interests ahead of the interests of our Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conduct all personal securities transactions in full compliance with this Code. Personal securities transactions should comply with both the letter and spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Avoid taking inappropriate advantage of your position or take actions that could otherwise call into question the exercise of your independent judgment.

***<u>Definitions</u>***

For purposes of this Code, the following definitions apply:

"Automatic Investment Plan" is a program in which regular purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>1</sup> Although Rule 204A-1 generally requires that certain provisions of an adviser's Code of Ethics apply to "Access Persons" or "Supervised Persons," Axiom takes a more conservative approach and subjects all employees to its Code of Ethics.

"Beneficial Ownership" means having or sharing the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities. For purposes of this Code, an officer or employee will be deemed to have a "Beneficial Ownership" interest in securities held in any account maintained by or for: 1) any member of an officer's or employee's Immediate Family sharing the same household; 2) any individuals who live in the officers' or employees' household and over whose purchases, sales or trading activities the officer or employee exercises control or investment discretion; 3) any persons for whom the officer or employee provides financial support and either (a) whose financial affairs the officer or employee controls, or (b) for whom the officer or employee provides discretionary advisory services with respect to such person's ownership of securities; (4) any trust or other arrangement which names the officer or employee as a beneficiary remainderman; and (5) any partnership, corporation or other entity in which the officer or employee has a 25% or greater beneficial interest, or in which the officer or employee exercises, either individually or together with others, effective Control.

"Chief Compliance Officer" shall mean the Chief Compliance Officer ('CCO') of Axiom for purposes of Rule 206(4)-7 of the Advisers Act, currently, Denise M. Zambardi.

"Client" means any client of Axiom, including any private investment fund for which Axiom acts as general partner, manager or investment adviser.

"Control" shall have the meaning set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with the company.

"ETF" means all exchange traded funds available in the United States and any equivalent securities available in non-US jurisdictions, including any Single-Stock ETF.

"ETN" An ETN (Exchange-Traded Note) is an unsecured debt security issued by a financial institution that tracks the performance of an underlying index or commodity

"Exempt Security" means any: (1) direct obligations of the U.S. Government, and obligations of any U.S. state, territory, or municipality; (2) bankers' acceptance, bank certificate of deposit, commercial paper, bank repurchase agreement and other high quality short-term debt instrument; (3) shares issued by registered open-end mutual funds (including money-market funds) and unit investment trusts, in each case provided they are not Reportable Funds or ETFs (as such terms are defined herein); and (4) Securities in an account over which you do not have any direct or indirect influence or Control (note that there is a presumption that you can exert some measure of influence or control over accounts held by members of your Immediate Family sharing the same household, but this presumption may be rebutted by convincing evidence acceptable to the CCO in accordance with this Code);

"Immediate Family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law, sister-in-law, and includes any adoptive relationship.

"ComplySci" means ComplySci Platform, a web-based compliance software used by Axiom.

"Reportable Fund" is any investment company registered under the 1940 Act (including an ETF) for which Axiom serves as an investment adviser or sub-adviser or any registered investment company whose investment adviser or principal underwriter controls, is controlled by or is under common control with Axiom. A list of all Reportable Funds is maintained by the CCO.

"Security" means any note, stock, treasury stock, share of any Reportable Fund, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put call, straddle, option, future, swap, derivative contract or other financial instrument or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing. For the avoidance of doubt, the term "Security" as used in this Code includes all ETFs.

"Single-Stock ETF" means an exchange traded product that provides leveraged, inverse, or other exposure to one single security.

"Third Party Managed Account" is an account in which an Axiom employee has Beneficial Ownership and as to which (i) pursuant to an agreement and in actual practice, an investment adviser or broker (who is not an employee or affiliate of Axiom) has full discretionary authority to purchase and sell Securities without prior notification to, discussion with or consent of the accountholder or his/her representatives (including the Axiom employee); and (ii) with respect to which communications with the adviser or broker are limited to confirmations and account statements, fee discussions, and other communications and discussions that do not relate to purchases or sales of specific Securities.

***<u>TRADING AND OTHER RESTRICTIONS</u>***

***<u>Pre-clearance Procedure</u>***

*Required Pre-clearance*. Generally, you may not engage, or permit any other person or entity to engage, in any purchase or sale of a Security in which you have, or by reason of the transaction will acquire, Beneficial Ownership (as defined above) unless you submit a pre-clearance request via ComplySci and receive a response approving the requested transaction. Pre-clearance is required for all Securities transactions unless an exception is specifically identified in this Code. Examples of transactions that require pre-clearance include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 transactions within full service or discount brokerage accounts, self- directed IRAs, 401(k) plan
 brokerage windows and any other trading or investment accounts unless the assets involved
 are specifically exempt under this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 transactions within advisory accounts managed by a financial advisor Or broker who has investment
 discretion but to whom you directly or indirectly suggest transactions in specific Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investments
 in private placements or IPOs, whether offered within the United States or internationally
 (as further described below).

*\*Exceptions to Preclearance Requirement*. A pre-clearance request is not required with respect to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction in Exempt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction in U.S. closed-end or open-end registered investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 are exempt from pre-clearance under the 'Exceptions to Pre-clearance' section,
 except Single-Stock ETFs. ETFs and ETNs remain reportable under the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction in publicly traded corporate bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction in Securities issued by your spouse's employer or a related issuer pursuant
 to an employee stock ownership plan (ESOP) or similar investment program that your spouse
 is required or eligible to participate in by virtue of employment (including investments
 in private funds or related offerings sponsored by the employer), <u>provided</u> that you
 have given the CCO advance notice and information regarding the investment plan or program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction in Securities within a Third Party Managed Account where you have given full
 investment discretion and provided an annual Certification to the CCO (as described below);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 purchase of Securities pursuant to an Automatic Investment Plan, provided that you comply
 with the Automatic Investment Plan Protocol (as defined below).

"Automatic Investment Plan Protocol" refers to the following conditions which must be satisfied on a continuing basis to permit your participation in an Automatic Investment Plan: 1) prior to the first purchase of Securities pursuant to an Automatic Investment Plan, submit to Compliance copies of the documents provided to you by your financial advisor or brokerage firm describing the terms, conditions, trading frequency, and the number and name of the Securities to be purchased by means of the Automatic Investment Plan (if no such documents exist, prepare and submit a description of the Automatic Investment Plan, describing the terms, conditions, trading frequency, and the number and name and ticker symbol of the Securities to be purchased); 2) prior to any trading conducted pursuant to a change in the Automatic Investment Plan, submit a detailed description of the changes in the conditions, trading frequency, and Securities to be purchased; and 3) promptly notify Compliance upon any termination of the Automatic Investment Plan. In each case, all trading and transaction reports shall be submitted in the ordinary course via ComplySci or, if your brokerage account does not support ComplySci, by e-mailing such documents to <u>compliancegroup@axiom-investors.com</u>.

*Special Requirements for Third Party Managed Accounts*. To rely on the pre-clearance exemption for a Third Party Managed Account an employee must annually (i) submit a certification to the CCO via ComplySci or via the hard copy "Certification for Third Party Managed Accounts" (Exhibit 2) and (ii) ensure that the accountholder and his/her representatives (including the employee) do not directly or indirectly suggest transactions in specific Securities to the adviser or broker, or otherwise exercise any discretion over account transactions. If the accountholder or his/her representatives engage in discussions of specific investments in Securities the account will no longer qualify as a Third Party Managed Account.

*Pre-Clearance - Standing Restrictions.* Pre-clearance requests will not be granted for proposed purchases or sales of Securities in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Blackout Period</u>. Pre-clearance requests for trading in a Security will not be approved if (i) any
 Client account has transacted in that Security on the five prior trading days; or (ii) there
 is a pending buy or sell order in the same Security on behalf a Client at the time the request
 is reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Active Consideration:</u> Pre-clearance requests will also not be approved if the CCO determines
 that the Security is currently being actively considered for imminent purchase or sale in
 a Client account (even if there are no pending buy or sell orders in the same Security on
 behalf a Client at the time the request is being reviewed). This also applies when the Security
 is currently being actively considered for imminent inclusion in a Client portfolio through
 a model delivery program or similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Trading Delay:</u> Any pre-cleared purchase or sale must be executed on the same day that approval
 is granted. A delay in trade timing requires submission of a new pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Holding Period</u>: Any acquisition of Securities that requires pre-clearance under this Code is
 generally subject to a minimum holding period of 90 calendar days (see "*Holding Period - Pre-Cleared Securities*" below.)

*CCO-Approved Alternative Pre-Clearance.* Axiom acknowledges that in rare and limited circumstances, the specific processes, restrictions and requirements of the preclearance procedures established above and elsewhere in this Code (including the use of the ComplySci software) may be impractical or otherwise unnecessary with respect to investment in Securities made by Axiom personnel. Accordingly, CCO may, on a case-by-case basis and in his or her discretion, implement alternative preclearance, reporting and recordkeeping procedures. All such alternative pre-clearance procedures and related records shall be documented in writing and maintained by the CCO consistent with Axiom's records retention policy.

***<u>Initial Public Offerings</u>***

You may not acquire Beneficial Ownership of any Security in an initial public offering (IPO), other than Exempt Securities, unless approval has been received from the CCO.

*Purpose/Factors for Preclearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 primary purpose requiring preclearance of IPO investments is to prevent an Axiom employee
 from investing in IPO Securities in circumstances that could disadvantage Axiom or its Clients
 (for example, if the investment opportunity should be reserved for Axiom Clients.) An additional
 goal is to prevent employees from being subject to efforts to curry favor by those who seek
 to do business with Axiom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Factors
 taken into account by the CCO when considering approval will include: (i) whether or
 not the proposed IPO investment relates directly or indirectly to existing or potential investments
 made in Client accounts or in a Client portfolio through a model delivery program or similar
 arrangement; (ii) whether or not individuals involved in the IPO (including the issuers,
 broker, underwriter, placement agent, promoter, fellow investors and affiliates of the foregoing)
 have prior or existing business relationships with Axiom; and (iii) whether the employee
 believes that the such individuals involved in the IPO may expect to have a future business
 relationship with Axiom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Although
 Axiom is not directly subject to FINRA Rules governing IPOs, employees should be aware
 that FINRA Rules 5130 and Rule 5131 establish restrictions on IPOs of equity securities
 ("new issues") that limit the ability of "restricted persons" to
 acquire a beneficial interest in the "new issue," unless certain exceptions apply
 (including a 10% *de minimis* exemption). Principals and portfolio managers of investment
 advisory firms like Axiom are typically considered "restricted persons" and will
 generally be asked to respond to questions regarding their status under these FINRA rules.

***<u>Private Placements</u>***

You may not acquire Beneficial Ownership of any Securities (other than Exempt Securities or Securities acquired pursuant to an Automatic Investment Plan or other investment program exempt from pre-clearance) in a private placement, unless approval has been received from the Chief Compliance Officer.

*Purpose/Factors for Preclearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 primary purpose requiring preclearance of transactions in private placements is to prevent
 an Axiom employee from investing in private placement Securities in circumstances that could
 disadvantage Axiom or its Clients (for example, if the investment opportunity should be reserved
 for Axiom Clients.) An additional goal is to prevent employees from being subject to efforts
 to curry favor by those who seek to do business with Axiom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Factors
 taken into account by the Chief Compliance Officer when considering approval will include:
 (i) whether or not the proposed investment relates directly or indirectly to existing
 or potential investments made in Client accounts or in a Client portfolio through a model
 delivery program or similar arrangement; (ii) whether or not individuals involved in
 the offering (including the issuers, broker, underwriter, placement agent, promoter, fellow
 investors and affiliates of the foregoing) have prior or existing business relationships
 with Axiom; and (iii) whether the employee believes that the such individuals involved
 in the offering may expect to have a future business relationship with Axiom.

***<u>Cryptocurrencies and Digital Assets</u>***

Axiom does not presently trade or invest in any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" (each, a "Digital Asset") in any Client or proprietary accounts. Given these circumstances, and in light of the lack of regulatory guidance regarding whether many popular Digital Assets are considered to be commodity interests, securities or other property under US federal securities laws, Digital Assets are currently not subject to the pre-clearance and reporting requirements outlined in this Code. However, Axiom does require all employees who purchase or sell a Digital Asset that is publicly determined by the SEC to be a "Security", to report the transaction in the employee's quarterly transaction and annual holdings reports. In addition, Axiom employees must refrain from participating in Digital Asset "securities" offerings or trading venues that expressly prohibit participation by U.S. persons.

Employees should be aware that certain Digital Assets may in the future be restricted and require pre-clearance and reporting (e.g., if Axiom begins to trade cryptocurrencies or other Digital Assets for client accounts.)

***<u>Use of Broker-Dealer for Transactions</u>***

You may not engage, and you may not permit any other persons or entity to engage in any purchase or sale of a publicly traded Security (other than Exempt Securities or Securities acquired pursuant to gift or inheritance or an Automatic Investment Plan) of which you have, or by reason of the transaction will acquire, Beneficial Ownership, except through a registered broker- dealer.

Additionally, unless otherwise approved by Compliance each new broker-dealer through which you purchase or sell Securities must participate in ComplySci's live information feed program and must be set up to automatically send transaction data to Axiom. If you would be materially harmed by moving your trading activity from a broker-dealer that does not participate in ComplySci's live information feed program to a broker-dealer that does participate in ComplySci's live information feed program, the Chief Compliance Officer may waive such requirement.

***<u>Holding Period - Pre-Cleared Securities</u>***

*90 Day Minimum Holding Period.* Axiom believes short-term personal trading by its employees can raise compliance and potential conflicts of interest issues. Accordingly, you may not both purchase and sell a Security in a transaction that requires pre-clearance within 90 calendar days, beginning on the day of the initial transaction (the "Holding Period"). The Holding Period will be applied on a "Last-In, First-Out" basis, or according to other procedures as implemented by the Compliance Department.

*Exceptions from Holding Period.* Transactions in Exempt Securities (defined above) <u>do not</u> require pre-clearance under this Code, and are not subject to the Holding Period. The Chief Compliance Officer or a designee may also choose to review and waive the Holding Period on a case-by-case basis.

***<u>Reporting Requirements; Review</u>***

*Applicability of Reporting Requirements*. Generally, all Securities are subject to the reporting requirements under the Code except Exempt Securities. The term "Exempt Securities" is defined on page 2 of this Code, and includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the Government of the United States or other sovereign entity, including all
 state, provincial, and municipal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptance, bank certificate of deposit, commercial paper, bank repurchase agreement and
 other high quality short-term debt instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by registered open-end mutual funds (including money-market funds) and unit investment
 trusts that are **not** ETFs and **not** Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Securities acquired in an account over which you do not have any direct or indirect influence
 or Control.

*Initial Holdings Reports*. Within ten (10) calendar days of becoming an employee of Axiom you must file a report, which must be current as of a date no more than forty-five (45) calendar days prior to the date the report was submitted, with Axiom that lists the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>List of Broker-Dealers and Banks</u>. The name of each broker, dealer or bank with whom you maintained
 an account in which you held direct or indirect Beneficial Ownership of any Securities (including
 Exempt Securities) as of the date of your employment with Axiom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identifying Details of Securities</u>. The title, number of shares and principal amount of each Security
 (other than an Exempt Security) which you had any direct or indirect Beneficial Ownership
 when you became an employee.

*Annual Holdings Reports*. Within thirty (30) calendar days after the end of a calendar year, you must file a report, which must be current as of a date no more than forty-five (45) calendar days prior to the date the report was submitted, with Axiom that lists the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>List of Broker-Dealers and Banks</u>. The name of each broker, dealer or bank with whom you maintained
 an account in which you held direct or indirect Beneficial Ownership of any Securities (including
 Exempt Securities) as of the end of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identifying Details of Securities</u>. The title, number of shares and principal amount of each Security
 (other than an Exempt Security) in which you had any direct or indirect Beneficial Ownership
 as of the end of the calendar year (your final brokerage statement for the year can be accepted
 for this requirement if it contains all of the appropriate details).

In lieu of providing an Annual Holdings Report, you may provide to Axiom, within thirty (30) calendar days after the end of a calendar year, account statements for the period ending December 31, for each brokerage account in which you held a direct or indirect Beneficial Ownership of any Securities (including Exempt Securities). Brokerage accounts that participate in ComplySci's live information feed program and have been set up to automatically send transaction data to Axiom, are deemed to meet this requirement.

*Quarterly Transaction Reports*. You must cause each broker-dealer who maintains an account for any Securities (other than an account containing only Exempt Securities or through which you engage only in purchases pursuant to an Automatic Investment Plan) in which you have Beneficial Ownership to provide Axiom with quarterly broker-dealer statements listing all transactions in Securities (other than Exempt Securities or Securities acquired pursuant to an Automatic Investment Plan) during the quarter. If your brokerage account participates in ComplySci's live information feed program and has been set up to automatically send transaction data to Axiom then this requirement is deemed to be satisfied. These statements must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Effecting Broker-Dealer or Bank</u>. The name of the broker, dealer or bank through which the transaction
 was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identifying Details of Securities and Transactions</u>. The date of the transaction, the title, exchange
 ticker symbol or CUSIP number, interest rate and maturity date (if applicable), the number
 of shares and the principal amount of each Security involved, the nature of the transaction
 (i.e., purchase, sale, etc.) and the price of the Security at which the transaction
 was effected; and

You must provide these statements within thirty (30) calendar days after the end of the quarter. These statements should be sent directly by such broker-dealer to the Chief Compliance Officer or the Director of Compliance.

In addition, with respect to accounts established during the quarter in which Securities in which you have Beneficial Ownership were held during the quarter, you must provide the name of each broker, dealer or bank with whom you established the account, and the date the account was established (other than an account containing only Exempt Securities or through which you engage only in purchases pursuant to an Automatic Investment Plan).

***<u>COMPLIANCE</u>***

***<u>Chief Compliance Officer</u>***

The Chief Compliance Officer or such other person as may be designated by Andrew Jacobson will have primary responsibility for enforcing the Code, including review of personal securities transaction reports required under the Code. The review shall include an assessment of whether the employee has adhered to the Code, including required pre-clearance procedures, but should also compare the trading to any restricted lists (if applicable); assess whether the employee is trading for his or her own account in the same securities he or she is trading for Clients, and if so whether the Clients are receiving terms as favorable as those received by the employee; periodically analyze the employee's trading for patterns that may indicate potential abuse, including short-term trading activity; investigate any substantial disparities between the performance achieved for the employee's accounts and the performance achieved by the employee's Client accounts; and investigate any substantial disparities between the percentage of trades that are profitable when the employee trades for his or her own account and the percentage that are profitable when he or she places trades for Clients.

Edward Azimi, the Chief Operating Officer, shall have responsibility for these review requirements with respect to personal securities transactions of the Chief Compliance Officer.

The Chief Compliance Officer will be responsible for providing periodic training to employees of Axiom regarding the principles and procedures of the Code and is available to answer questions or supply information related to the Code.

***<u>Certificate of Compliance</u>***

You are required to certify upon commencement of your employment and annually thereafter, that you have received a copy of the Code and all amendments thereto and have read and understand this Code and recognize that you are subject to it, which includes an obligation to comply with this Code, other policies of Axiom and federal securities laws and other laws relating to Axiom and its business. Each annual certificate will also state that you have complied with the requirements of this Code, other policies of Axiom and federal securities laws and other laws relating to Axiom and its business during the prior year, and that you have disclosed, reported, or caused to be reported all transactions during the prior year in Securities (other than Exempt Securities) of which you had or acquired Beneficial Ownership and all violations or suspected violations (by you or any other person) of this Code, other policies of Axiom and federal securities laws and other laws relating to Axiom and its business. You must also certify annually that your most recent broker-dealer statements are complete and accurate as to your holdings pursuant to the reporting requirements under the Code. A certification of accounts will be electronically distributed via ComplySci with the Code.

***<u>Reporting Violations</u>***

Employees must promptly report to the Chief Compliance Officer all actual or suspected violations of this Code, of other policies of Axiom and of federal securities laws or other laws relating to Axiom and its business. If you do not receive a reasonably prompt and satisfactory response from the Chief Compliance Officer (or if you need to report a violation or suspected violation effected by the Chief Compliance Officer), you must report the violation or suspected violation to the Chief Operating Officer.

***<u>Remedial Actions</u>***

If you violate this Code, other policies of Axiom and of federal securities laws or other laws relating to Axiom and its business, you are subject to various possible penalties to be imposed by Axiom, which may include, but are not limited to, disgorgement of profits, imposition of substantial fines, demotion, suspension or termination.

***<u>Recordkeeping Requirements</u>***

The following shall be maintained in Axiom's offices for a five (5) year period in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Code as currently in effect and each code of ethics in effect at any time in the prior five
 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 record of a violation of the Code and any action taken as a result of such violation, each
 such record to be maintained for at least five years after the end of the fiscal year in
 which such violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each
 report filed in accordance with the Code and all related documentation (including all Certificates
 of Compliance and duplicate confirmations and periodic statements), each such report and
 all related information to be maintained for at least five years after the end of the fiscal
 year in which the report is made or the information provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A
 list of all persons who are currently, or have within the past five years, been required
 to report personal securities transactions in accordance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A
 list of the names of each person designated from time to time by Axiom to receive and review
 reports of purchases and sales of Securities and to otherwise administer the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Each
 pre-clearance request and any pre-clearance authorization and a record of the reasons supporting
 each such authorization, any such request and authorization to be maintained for at least
 five years after the end of the fiscal year in which such authorization was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A
 record of any request for an exemption to requirements imposed pursuant to the Code and a
 record of any decision to grant an exemption along with the reasons supporting the decision,
 each such record to be maintained for at least five years after the end of the fiscal year
 in which such exemption was granted.

Updated: [October 2025]

**<u>Axiom Investors LLC</u>**

**<u>Code of Ethics and Compliance<br> Program</u>**

**<u>Initial Employment and<br> Annual Certificate of<br> Compliance</u>**

I, ______________________, certify that I have received a copy of the Code of Ethics and all amendments thereto (the "Code of Ethics"), and have read and have full understanding of the Code of Ethics. I hereby certify that I will comply and have complied during the past year with the Code of Ethics, all other policies of Axiom and all federal securities laws and other laws relating to Axiom and its business. In furtherance of my obligation to comply with the Code of Ethics, I have reported to the Chief Compliance Officer all actual or suspected violations known to me of this Code, of other policies of Axiom and of federal securities laws or other laws relating to Axiom and its business.

In furtherance of my obligation to comply with Axiom's compliance program and Code of Ethics, I have arranged to have the required broker-dealer statements sent directly (via paper statements or electronic feed to ComplySci) to the Chief Compliance Officer or the Director of Compliance of Axiom and that the latest statement(s) from the date below is (are) complete and accurate as to my holdings that are required to be reported under the Code of Ethics.

I also certify that my account list in ComplySci, or alternatively, all accounts as submitted via my hard copy Brokerage Accounts Certification form, is a list of all of the accounts with any broker, dealer, bank or similar entity that maintains an account for any Securities in which I have Beneficial Ownership including any Third Party Managed Account (as such capitalized terms are defined in the Code of Ethics).

    <br>Signed Dated

**<u>Exhibit 1 to Axiom Investors LLC<br> Code of Ethics<br> Initial Employment and Annual<br> Certificate of Compliance</u>**

**<u>Brokerage Accounts Certification</u>**

Information is current as of _______________________, 20__, which is not more than 45 days prior to the date set forth below.

---

| | | |
|:---|:---|:---|
| **Name of Broker/Dealer/Bank** | **Account Title** | **Account Number** |

---

I confirm that this list fully discloses all accounts for Securities in which I have Beneficial Ownership, and I understand that I am presumed to have Beneficial Ownership in accounts of Immediate Family members living in the same household, and certain other accounts as detailed in the Code of Ethics.

---

| | |
|:---|:---|
| | Date: |
| Signature | |
| Name: | |

---

*Use additional sheets if necessary.*

**Axiom Investors LLC**

**Code of Ethics**

**<u>Certification for Third Party Managed Accounts</u>**

I hereby certify that I have read and understand the requirements of the Axiom Code of Ethics (the "Code") regarding pre-clearance requirements for transactions in Securities. I understand that transactions in Securities within the Third Party Managed Account(s) identified below will be exempt from the pre-clearance requirements of the Code only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pursuant
 to an agreement and in actual practice, the investment adviser or broker of each Third Party
 Managed Account (who may not be an employee or affiliate of Axiom) has full discretionary
 authority to purchase and sell Securities without prior notification to, discussion with
 or consent of the accountholder or his/her representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· neither
 the accountholder nor his/her representatives, directly or indirectly, suggest or otherwise
 consult or communicate with the investment adviser or broker concerning transactions in specific
 Securities.

I understand that the Code does not prohibit receipt of periodic (after the fact) reports or statements of any Third Party Managed Account or information for preparation of tax returns or from holding periodic discussions with the investment adviser or broker explaining account activity solely for the purposes of describing investment objectives and risk profiles generally or evaluating the past performance, or for any purpose other than to discuss specific Securities or issuers.

I hereby certify that the conditions set forth above are satisfied with respect to each Third Party Managed Account identified below, and that neither I nor any other accountholder will have any communications with the investment adviser or broker relating directly or indirectly to any Security currently held or to be held by the account (except for receiving the reporting information specifically permitted by the last sentence of the preceding paragraph).

---

| |
|:---|
| &nbsp;&nbsp;Name of Investment Adviser or Broker: |
| &nbsp;&nbsp;Accountholder: |
| &nbsp;&nbsp;Account Number: |
| &nbsp;&nbsp;Relationship to Investment Adviser or Broker (e.g. Independent Professional, friend, relative) |

---

    <br>Signed Dated

## Ex-99.B(P)(11)

**Exhibit 99.B(p)(11)**

![](tm262170d1_bxpx11img001.jpg)

**Global Code of Ethics Policy**

**Key Points**

&nbsp;&nbsp;&nbsp;&nbsp;· All
 Barings Associates are required to abide by these rules as a condition of their employment.
 Failure to abide by these rules could lead to dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;· All
 Barings Associates are Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 Associates do not comply with these rules they may be required to cancel or reverse
 any transaction in breach of these rules and any profit realised donated to a charity
 of Barings choosing. Any loss will be borne by the Associate.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 an Associate is prevented from dealing by this Policy they may not seek to get someone else
 to deal for them.

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons' personal securities transactions are subject to certain rules and regulations
 including pre-clearance and reporting obligations depending on the security in question.
 Before Access Persons buy or sell an investment they must check to see if the investment
 requires prior approval.

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 securities transactions subject to this Code must be held for a minimum of 30 calendar days
 unless noted otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 over which an Access Person exercises Investment Control or that he or she has a Beneficial
 Interest in are subject to the requirements of the Code including accounts of spouses and
 other Immediate Family members.

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are not allowed to invest in certain fixed income securities and derivative transactions
 as described further in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons must never knowingly use information concerning the investment intentions of Barings
 or its Clients for personal gain or in a manner detrimental to the interests of Barings or
 its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons should avoid any real or perceived conflict of interest whenever possible.

&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
 to this Code must be approved by the Relevant CCO (or his/her designee).

**Introduction / Policy Statement**

The Global Code of Ethics Policy ("Code" or "Policy") (i) establishes standards of business conduct related to personal securities transactions, holdings and related accounts ("personal trading") that reflect the fiduciary duty of Barings to its Clients; (ii) establishes policies and procedures reasonably designed to detect and prevent activities that are or could be perceived as violating a fiduciary duty, breaching confidentiality obligations, or creating a conflict of interest; (iii) requires those subject to the Code to comply with the securities laws and regulations governing the conduct of Barings Associates.

For purposes of this Code, all Barings Associates are considered Access Persons. Certain other Access Persons are defined within Schedule D: Definitions. All Access Persons are required to acknowledge receipt of this Code and any amendments thereto in writing or electronically. Any person having questions as to the meaning or applicability of the Code should contact the Relevant Chief Compliance Officer ("Relevant CCO") or his or her designee.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 1 -

![](tm262170d1_bxpx11img001.jpg)

Capitalized terms used in the Code that are not otherwise defined, have the meanings contained in Schedule D: Definitions.

**Requirements**

**PART ONE: STANDARD OF CONDUCT AND PERSONAL TRADING RESTRICTIONS**

**Article I: General Policies**

**A. Standard of Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;· The
 principles that govern an Access Person's personal trading and the standard of conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of
 Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 requirement that all personal trading be in compliance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 fundamental expectation that an Access Person should not use their position for personal
 benefit at the expense of a Client or in any way that would create a conflict of interest
 with a Client; and

&nbsp;&nbsp;&nbsp;&nbsp;· The
 requirement to comply with all applicable laws, rules, and regulations.

The Code does not attempt to identify all possible Conflicts of Interest. Literal compliance with the specific provisions of the Code will not excuse Access Persons from personal trading or other conduct that is illegal and/or violates Barings' fiduciary duty to its Clients.

**B. General Prohibitions**

In connection with the purchase, sale or disposition of a Security, an Access Person may not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;· Knowingly
 use information concerning the investment intentions of or influence the investment decision
 making process of Barings or its Clients for personal gain or in a manner detrimental to
 the interests of Barings or its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Employ
 any device, scheme, or artifice to defraud Barings or its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Make
 any untrue statement of a material fact to Barings or its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Omit
 to state a material fact necessary in order to make any statement made to Barings or its
 Clients not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any act, practice, or course of business that operates or would operate as fraud, deceit,
 or breach of trust upon, or by, Barings, or its Clients; or

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 2 -

![](tm262170d1_bxpx11img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any manipulative practice with respect to Barings, or its Clients.

**C. Confidentiality of Client Transactions**

Until or unless disclosed publicly, all information concerning Securities Being Considered for Purchase or Sale will be kept confidential. Any disclosure outside of Barings should only be made as necessary in connection with affecting the transaction and pursuant to relevant Barings policies and procedures regarding the transaction.

**Article II: Specific Policies for Access Persons**

The following are specific policies that govern the personal trading of Access Persons. Unless otherwise subject to the Code by virtue of being an Associate of Barings, Trustees and Directors are only required to comply with the General Policies for Trustees and Directors section of the Code.

It is important to note that these policies not only govern the personal trading of Access Persons, but also apply to the personal trading done by Immediate Family members of such Access Persons and in any account where an Access Person or Immediate Family member has a Beneficial Interest or Investment Control (e.g. individuals living in the same household).

**A. Access Persons Requirements**

**1. Use of Star Compliance ("Star")**

Access Persons must use Star for all reporting and pre-clearance purposes unless otherwise noted below. Star is available 24 hours a day, 7 days a week for reporting needs, including certifications and disclosures. Each Access Person designated to utilize Star is provided with a link to the Star module by the Compliance Department or the link can be found on BaringsXchange.

Access Persons that are unable to report or pre-clear through Star (e.g., not a designated user of Star or otherwise unable to submit through Star through remote access) should contact their relevant Compliance Department for assistance. Please be mindful that assistance with pre-clearance requests and reporting needs may be limited or delayed when made on days or during hours when the Access Person's local Barings office is closed.

**2. Reporting and Certifications**

**a. Initial Reportable Accounts and Holdings Report and Certifications**

In addition to disclosing all Reportable Accounts, each new Access Person must file an Initial Holdings Report disclosing the following for each Reportable Security in which they have direct or indirect Beneficial Interest and/or Investment Control:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name and type of Security;

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 3 -

![](tm262170d1_bxpx11img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· The
 exchange ticker symbol, ISIN, CUSIP number or relevant security identifier (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of shares or principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of brokers or other service providers of Reportable Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;· Submission
 date.

Access Persons must submit an Initial Holdings Report with a certification that they (i) have read and understand the Code; (ii) are subject to and will comply with its requirements; and (iii) have reported all Reportable Securities holdings and Reportable Accounts. The Initial Holdings Report must be submitted by a date prescribed by the relevant Compliance Department but no later than 10 calendar days from becoming an Access Person. Information must be current as of a date no more than 45 calendar days prior to becoming an Access Person.

<u>Personal trading is restricted until this report is filed</u>.

**b. Quarterly Transaction Report and Certification**

Access Persons must file a quarterly report ("Quarterly Transaction Report") certifying that they have reported all Reportable Security transactions in which they had a Beneficial Interest or Investment Control during the quarter. The Quarterly Transaction Report must be submitted no later than 30 calendar days after the end of each calendar quarter. This report is required even if there are no transactions in Reportable Securities during the quarter.

Specifically the Quarterly Transaction Report must disclose the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 transaction dates (i.e. trade dates including any gifts received during the quarter);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name and type of Security;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 exchange ticker symbol, ISIN, CUSIP number, or relevant security identifier (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of shares, units or principal amount held;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 interest rate and maturity date (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 nature of the transaction (e.g., purchase, sale, or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of brokers or other service providers of Reportable Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;· Submission
 date.

While only required annually, Access Persons may also want to consider providing adjustments to their holdings as a result of an Automatic Investment Plan activity, or other transaction exempt from pre-clearance but subject to reporting under the Code on a quarterly basis in an effort to make his or her annual holdings reporting easier.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**c. Annual Holdings Report and Certification**

Access Persons must file an annual report ("Annual Holdings Report") certifying that they have reported all Reportable Securities holdings and Reportable Accounts and disclosed the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name and type of Security;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 exchange ticker symbol, ISIN, CUSIP number, or relevant security identifier (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of shares, units or principal amount held;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of brokers or other service providers of Reportable Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Adjustments
 to Securities due to an Automatic Investment Plan, Involuntary Purchase or Sale, Gift
 Receipt, or other transaction exempt from pre-clearance but subject to reporting under the
 Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Submission
 date.

The Annual Holdings Report must be submitted no later than the date falling 30 calendar days after Barings' fiscal year-end, which is December 31<sup>st</sup>. The information contained in the Annual Holdings Report must be current as of a date no more than 45 calendar days prior to the date the report was submitted. This report is required even if there are no Reportable Securities currently held in any accounts.

**d. Exemptions from Initial Holdings Report, Quarterly Transaction Report and Annual Holdings Report**

All Reportable Security transactions and holdings must be reported except for those listed as exempt from reporting on Schedules A and B of this Code or where the Relevant CCO or his or her designee has otherwise granted an exemption to this requirement.

**e. Periodic Code Certifications**

As amendments to the Code occur and or as requested by the Relevant CCO or his or her designee, Access Persons must submit a certification that they (i) have read and understand the Code; and (ii) are subject to and will comply with its requirements.

**3. Reportable Accounts**

**a. Reportable Account Statements and Duplicate Confirmations**

Access Persons must arrange for copies of confirmations of all Reportable Securities transactions and periodic Reportable Account statements to be sent by brokers or other service providers directly to their relevant Compliance Department in a timely manner. Reportable Account statements must be submitted on at least a quarterly basis and must be delivered within a timely manner after the end of each quarter.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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If an Access Person's broker or service provider is unwilling or unable to provide statements by the deadlines noted above, the Access Person should contact the relevant Compliance Department to receive an exception to the reporting deadline. If an Access Person's broker or service provider is unwilling or unable to send confirmations and statements directly to the Access Person's relevant Compliance Department, it is the responsibility of the Access Person to ensure that his or her relevant Compliance Department receives copies of all such documentation within the prescribed deadlines.

**b. Requirement for Approved and Select Brokers – For U.S. based Access Persons only**

U.S. based Access Persons ONLY hired after November 1, 2009 can only conduct personal trading with brokers offering electronic data feeds who have also been approved by the Compliance Department ("Select Brokers") *(This requirement does not apply to Non-U.S. based Access Persons in Europe or Asia)*. The Compliance Department will make arrangements for the delivery of confirmations and holdings directly to Star on the Access Person's behalf when the Reportable Account is held with a Select Broker. The current list of Select Brokers, which is subject to change from time to time, can be found on the Star homepage.

Upon hire, U.S. based Access Persons have 90 calendar days to transfer a Reportable Account to a Select Broker. If a U.S. based Access Person's hire date was prior to November 1, 2009, his or her Reportable Accounts can continue to be maintained with broker-dealers who have been approved by the Compliance Department ("Approved Brokers"), a list which also includes Select Brokers. However, any newly established Reportable Account is subject to the Select Broker requirement.

The following types of Reportable Accounts do not require the use of Approved or Select Brokers:

&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 401(k) Plans or non-U.S. equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 403(b) Plans or non-U.S. equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 529 College Savings Plans or non-U.S. equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;· Direct-hold
 accounts or accounts where positions are held in certificate form;

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 in which the Access Person has Beneficial Interest but no direct or indirect Investment Control
 (a "Managed Account");

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 held with a Registered Investment Company's transfer agent; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 held with Massachusetts Mutual Life Insurance Company ("MassMutual") or MML Investors
 Services.

**c. Establishing New Reportable Accounts**

Newly established Reportable Accounts must be disclosed promptly in Star and always prior to the execution of any pre-clearable transaction.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**4. Personal Trading Restrictions and Procedures<br> a. Requirement to Pre-clear Transactions**

No Access Person can purchase or sell any Reportable Security in which he or she has, or as a result of such transaction will establish, Beneficial Interest or Investment Control without obtaining pre-clearance as prescribed below.

All Reportable Security transactions must be pre-cleared prior to execution using Star (or through another process prescribed by the relevant Compliance Department) except for those listed as exempt from pre-clearance on Schedules A and B of this Code or where the Relevant CCO or his or her designee has otherwise granted an exemption to this requirement. Pre-clearance requests can only be entered into Star on business days designated by the Access Person's relevant entity and are valid through the end of the business day during which they were submitted (until 11:59 p.m. local time). Requests entered outside of these designated days will automatically be denied. Special arrangements will need to be made with the Compliance Department for foreign market transactions.

Pre-clearance of private investment funds (including those advised or sub-advised by Barings), Private Placements, Limited Offerings, or Initial Public Offerings follow a special approval process administered in Star.

The approval of a pre-clearance request does not supplant an Access Person's obligation to otherwise comply with the requirements of the Code.

**b. Restricted Issuers and Securities**

No Access Person can trade in a Security or Issuer currently included on the Restricted List maintained in Star.

Access Persons are prohibited from trading in Restricted Fixed Income Instruments. Please refer to Schedule B of this Code for more information.

Although Open-End Investment Companies are not subject to the pre-clearance requirement, there may be times when the Compliance Department restricts trading in a Reportable Fund (e.g. MassMutual Advantage Funds). The Compliance Department will communicate periods during which a Reportable Fund would be restricted using Barings' intranet site or other similar means of communication.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**c. Limited Offerings, Initial Public Offerings, Initial Coin Offerings and Co-Investments**

<u>Limited Offerings of Securities, Initial Public Offerings and Initial Coin Offerings:</u>

Access Persons are prohibited from investing in any Initial Public Offering of Securities, Initial Coin Offerings or any other type of Limited Offering (whether public or private) absent written approval from the Relevant CCO or his or her designee.

Pre-clearance requests for such offerings must be submitted manually to the Relevant Compliance Department using a form obtained from the Relevant Compliance Department. If approved, the approved request will remain in effect for 90 calendar days. Any subsequent purchases or dispositions, including any changes made to the intended purchase or sale amount, require additional approval.

<u>Co-Investments</u>:

Pre-clearance requests related to the purchase or disposal of interests in unregistered or unauthorized Funds, given the nature of such investments and the potential conflicts associated therewith, may also be subject to other policies (e.g. for U.S. based Access Persons, Barings LLC's Employee Co-Investment Policy. Requests for such investments must be initiated by contacting the Relevant Compliance Department, and will be granted on a case by case basis under the Code and in accordance with the relevant local policy.

**d. Open Orders**

Access Persons are prohibited from transacting in a Reportable Security subject to pre clearance related to any security where on that same day (i) the security is being considered for purchase and sale for a Client Account, (ii) there exists an actual Open Order related to the security for a Client Account or (iii) the security was actually purchased or sold for a Client Account earlier that same day.

**e. "Blackout" Period**

Access Persons are subject to an additional "blackout" period whereby they cannot purchase or sell any Reportable Security that is subject to pre-clearance in a Reportable Account within the number of calendar days noted below before or after the purchase or sale of the same security for any Client managed by Barings. Any profits realized or losses avoided with respect to such purchase or sale can be subject to disgorgement. Access Persons will not be deemed to have violated this requirement if the transaction involved a Security exempt from the pre-clearance requirement, meets the Large Cap/De Minimis provisions noted below, OR if the transaction occurred in the calendar day period prior to or in the calendar day period after a trade by a Client account in the same security as long as the Compliance Department can reasonably determine that the Access Person did not know and had no reason to know that the trade of a Client account was being considered.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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The "Blackout" Periods are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons located in Taiwan – 7 calendar days

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons located in all other jurisdictions – 5 calendar days

**f. Large Cap/ De Minimis Provision**

An Access Person that requests pre-clearance for a transaction that would otherwise be denied solely because (i) the Security is Being Considered for Purchase or Sale or (ii) the Security is contemporaneously trading in a Client account, may receive approval from the Compliance Department provided that:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 issuer of the Security has a market capitalization exceeding U.S. $3 billion (or the equivalent
 in another currency) ("Large Cap Security"); and

&nbsp;&nbsp;&nbsp;&nbsp;· The
 aggregate amount of such Access Person's transactions across all of his or her Reportable
 Accounts in the Large Cap Security does not exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For
 equity securities: 10,000 shares within any consecutive 5 calendar day period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For
 fixed income Securities: U.S. $100,000 principal amount (or the equivalent in another currency)
 within any consecutive 5 calendar day period.

Such transactions will be subject to all other provisions of the Code.

**g. Special Order Types**

Access Persons are permitted to enter into limit/stop orders (please see below for specific jurisdictional requirements). Pre-clearance approval must be obtained in Star on the date that the original order is entered into with the broker. When requesting pre-clearance, Access Persons must identify the proposed transaction as a limit/stop order and indicate the limit/stop price of the transaction. If the pre-clearance request is not identified as a limit/stop order, it will be treated as a market order and any approval received will only be valid for that day. Limit/stop order approvals in all jurisdictions except Taiwan must be executed within 5 calendar days of the pre-clearance request. Access Persons may choose any term or expiration for the limit/stop order that is less than or equal to 5 days. If an Access Person wishes to amend the terms of the limit/stop order after receiving approval, he or she must enter a new pre-clearance request identifying the new terms of the proposed transaction. After 5 calendar days an unexecuted limit/stop order must be resubmitted for pre-clearance. Any cancellation of a limit/stop order must be submitted for pre-clearance.

Limit/stop order approvals in Taiwan must be executed on the same day as the pre-clearance request.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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The execution of a transaction originally pre-cleared as a limit/stop order must be reported on the next Quarterly Transaction Report.

For the avoidance of doubt, no Access Person can execute a Good Till Cancel market order.

**h. Short Sales and Derivatives**

Access Persons are permitted to engage in short sales and derivative transactions (e.g. futures and options) on exchange traded funds, indexes or currencies. Access Persons may also enter into derivative transactions on commodities and Direct Obligations of the Government of the United States. Such transactions are exempt from the pre-clearance requirement, but are required to be reported. See Schedule B for more detail. Short selling activity or any other form of derivative trading is prohibited.

**i. Ban on Short Term Trading**

Access Persons, in all jurisdictions except Japan, may not sell a Reportable Security or affect the equivalent (e.g. close out a derivative position) within 30 calendar days of last purchase, or buy a Reportable Security or affect the equivalent within 30 calendar days of last sale. For Access Persons located in Japan, the ban on short term trading is 180 days. Share lots will be accounted for by utilizing the last-in-first-out ("LIFO") method. This restriction does not apply to Reportable Securities and/or Reportable Accounts (i.e. managed accounts approved by Compliance) exempt from pre-clearance.

Access Persons should note that there may be other holding period restrictions that might apply to personal securities transactions. See Section 16 Insider Short Swing Profit Prohibition and Excessive Trading and Market Timing sections below.

Certain Access Persons subject to Barings remuneration policies may be subject to additional restrictions. Please see the relevant remuneration policies for these additional requirements.

**j. Section 16 Insider Short Swing Profit Prohibition**

Access Persons who are "insiders" under Section 16 of the Securities Exchange Act of 1934 or Section 30(h) of the 1940 Act are subject to a short swing profit prohibition that requires any profit realized from the purchase and subsequent sale or sale and subsequent re-purchase of a Security they are an insider to within a period of less than six months to be refunded to the issuer.

**k. Excessive Trading and Market Timing**

Access Persons are strongly discouraged from engaging in excessive trading of Reportable Securities and should expect additional scrutiny when the volume of personal trading is high. The Compliance Department monitors personal trading and pre-clearance volume and can place restrictions and/or recommend disciplinary action if there appears to be a pattern of excessive and/or questionable trading. This restriction only applies to Reportable Securities that require pre-clearance.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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Please note that Access Persons that invest in an Open-End Investment Company advised or sub-advised by Barings or participate in MassMutual's 401(k) Plan, are subject to the market timing and excessive trading policies established by those entities.

**l. Gifts of Securities**

With regard to a Gift of Securities given or received by an Access Person, the gift itself does not have to be pre-cleared e.g. giving to a charitable fund. However, the transaction(s) must be reported on the next Quarterly Transaction Report following the date of the gift. A subsequent sale of the Security will be subject to pre-clearance if the Access Person has a Beneficial Interest in the Security and/or Investment Control over the account in which the Security is held.

**m. Investment Clubs**

Access Person are prohibited from participating in investment clubs (i.e., a group of individuals who pool their assets and make joint decisions on how to invest).

**n. Duty to Disclose Conflicts**

Prior to making any recommendation that Barings buy or sell any Security of an issuer for any Client, any individual making such recommendation is required to disclose to the Compliance Department and their management if they (i) have Beneficial Interest or Investment Control of any Securities of the recommended issuer and whether such Beneficial Interest or Investment Control represents a material interest in such issuer (e.g. owning more than 5% of the total outstanding voting shares of such issuer); or (ii) have a real or perceived Conflict of Interest in connection with the Security.

This requirement does not apply to Securities traded or held by Private Investment Funds managed directly or indirectly by Barings to the extent that an individual making a buy or sell recommendation may be deemed to have a Beneficial Interest or Investment Control of any such Security solely by reason of such individual having invested in such fund or being entitled directly or indirectly to receive part of the performance fee or allocation paid by any such fund.

**PART TWO: RELEVANT CCO RESPONSIBILITIES**

**Article I: Relevant CCO**

**A. Appointment**

Each Barings entity that has adopted this Policy has designated a Relevant CCO who will have the authority and responsibility to administer this Code. Additionally, the Relevant CCO can designate persons to act on his or her behalf including handling, without limitation, pre-clearance requests, reviewing transaction and holding reports submitted by Access Persons and granting exceptions to the Code as appropriate.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**B. Primary Responsibilities**

The Relevant CCO or his or her designee must be familiar with investment compliance practices and policies and report any material matter to the Chairman, President, CEO, General Counsel, and/or the relevant governance committee.

The Relevant CCO is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;· Furnishing
 Access Persons with a copy of the Code and any amendments thereto, and periodically informing
 them of their duties and obligations there under;

&nbsp;&nbsp;&nbsp;&nbsp;· Developing
 policies and procedures designed to implement, maintain, and enforce the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· Conducting
 periodic training to explain and reinforce the terms of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· Conducting
 periodic reviews of the reports required to be submitted by Access Persons under the Code,
 the scope and frequency of such review to be determined by the relevant CCO or his or her
 designee;

&nbsp;&nbsp;&nbsp;&nbsp;· Interpreting
 and answering questions regarding the Code, as they relate to laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· Overseeing
 the manner of disposition of any profits required to be disgorged in conformance with the
 Code and related guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;· Maintaining
 confidential information regarding personal trading and holdings and only disclosing such
 information to persons with a clear need to know, as appropriate, including state and federal
 regulators;

&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing
 this Code on a regular basis and recommending material amendments to Barings' Chairman, President,
 CEO, General Counsel, and/or the committee at the relevant entity responsible for oversight
 of such matters, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· Granting
 and documenting exceptions or exemptions on an individual or a class basis, to any of the
 provisions of the Code, provided that such exceptions or exemptions are consistent with the
 principles of the Code, and the requirements of applicable laws and regulations.

**PART THREE: GENERAL INFORMATION**

**Article I: Liability for Losses**

Barings and/or its Clients are not liable for any losses incurred or profits avoided resulting from the implementation or enforcement of the Code. The ability to purchase and sell Securities is limited by the Code and trading activity by Barings and/or its Clients can affect the timing of when a Security can be bought or sold by an Access Person.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**Article II: Violations**

**A. Reporting of Violations**

Actual or potential violations of the Code will be brought to the immediate attention of the Relevant CCO or his or her designee. It is a violation of the Code to deliberately fail to report a violation or withhold pertinent information.

Good faith reporting of suspected violations of the Code by others will not subject the reporting person to penalty or reprisal by Barings.

Associates may exercise their rights to directly contact any regulatory authority, government agency or entity, to report possible violations of law or make other disclosures under applicable whistleblower laws. Nothing in this policy is intended or should not be construed to restrict, discourage or interfere with communications or actions protected or required by state or federal laws or regulations. Associates do not need prior authorization of Barings or their management to make any such reports or disclosures and will not be retaliated against for making such reports or disclosures.

**B. Penalties for Violations**

Penalties for violating applicable relevant rules and regulations can be severe for both the Access Persons involved in such unlawful conduct and Barings. Access Persons can be subject to penalties even if they do not personally benefit from the violation. Penalties can include civil injunctions, disgorgement of profits made or losses avoided, jail sentences, or fines.

Any violation of the Code can also be subject to sanctions imposed by Barings as deemed appropriate by the Relevant CCO or his or her designee. Such sanctions can include but are not limited to: written warnings, fines, bans on personal trading, disgorgement of profits, personnel action (e.g., termination of employment) or referral to civil or criminal authorities. A schedule of sanctions is available upon request from the Compliance Department.

Sanctions for violation of the Code by either an Interested Trustee who is not an Access Person of Barings or a Disinterested Trustee of a Fund will be determined by the relevant CCO or his or her designee and the relevant Fund chief compliance officer.

**Article III: Amendments**

Material amendments to the Code will be approved by the Relevant CCOs, Barings' Governance Committee (or the equivalent committee at the relevant entity responsible for oversight of such matters). Material amendments to the Code will be reported to the relevant Board of Managers/Directors for review at the next meeting following such amendment.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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The Funds and Business Development Company's respective Boards of Trustees and Directors must approve any material amendments to the codes of ethics of the Fund and its investment adviser within six months of the adoption of the material amendments in accordance with the requirements of Rule 17j-1.

The Relevant CCO or his or her designee will provide each Access Person with a copy of any amendments to the Code.

**Article IV: Hardship**

In certain circumstances of hardship, an exception can be requested of the Relevant CCO or his or her designee with respect to otherwise prohibited transactions. In the event that an exception is granted, any profits realized or losses avoided on such transactions can be subject to disgorgement.

**Conflict Resolution and Escalation Process**

Associates should immediately report any issues they believe are a potential or actual breach of this Policy to their relevant business unit management and to the Relevant CCO. The Relevant CCO or designee will review the matter and determine whether the issue is an actual breach and whether to grant an exception, and/or the appropriate course of action. When making such determination, the Relevant CCO or designee may, as part of his/her review, discuss the matter with relevant business unit management, members of the leadership team, governance committees or other parties (i.e. legal counsel, auditor, etc).

The Relevant Compliance Department can grant exceptions to any provision of this Policy so long as such exceptions are consistent with the purpose of the Policy and applicable law, are documented and such documentation is retained for the required retention period. Any questions regarding the applicability of this Policy should be directed to or the Access Person's Relevant Compliance Department.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**Schedule A**

**PRE-CLEARANCE/REPORTING EXEMPTIONS RELATED TO FUNDS AND OTHER COLLECTIVE INVESTMENT VEHICLES**

**(Definitions for *italicized* terms may be found in Schedule D: Definitions.)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Security/Transaction Type** | &nbsp;&nbsp;**Exempt From Pre-Clearance?** | &nbsp;&nbsp;**Exempt from Initial Holdings<br> Report, Annual Holdings Report,<br> and Quarterly Transaction Report?** |
| &nbsp;&nbsp;Money Market Funds (including those advised and sub-advised by Barings) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Shares of an *Open-End Investment Company<sup>3</sup>* that is not deemed to be a *Reportable Fund* | &nbsp;&nbsp;Yes*<sup>3</sup>* | &nbsp;&nbsp;Yes*<sup>3</sup>* |
| &nbsp;&nbsp;Co-investments and carried interest relating to products sponsored or managed by the Company or an affiliate of the Company, where such investments are made or awarded as part of the set-up of the relevant product | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Awards made under the Company's Long Term Incentive Plan (including any re-balancing) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;*Reportable Fund* that is an *Open-End Investment Company (i.e. Premier, Series, BFT, or OFI Funds)* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No<sup>4</sup> |
| &nbsp;&nbsp;*Reportable Fund* that is *a Closed-End Investment Company* | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;*Exchange-Traded Fund* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;UCITS, Unit Trusts, Mutual Funds, Toshin Funds and OEICs authorized or registered for retail investors that meet the definition of an Open-End Investment Company | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;SICAV, UCITS, Unit Trusts, OEICs and Authorized Non-UCITS Retail Schemes that DO NOT meet the definition of an Open-End Investment Company | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Closed-End Investment Company "Closed-End Fund" | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;"Shadow Shares" of a Reportable Fund traded on the NYSE | &nbsp;&nbsp;No5 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Real Estate Investment Trusts (REITS) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

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**Schedule B**

**PRE-CLEARANCE/REPORTING EXEMPTIONS**

**(Definitions for *italicized* terms may be found in <u>Schedule D: Definitions.</u>)**

Securities or transaction types not included below are presumed to be subject to the pre-clearance and reporting requirements of this Policy.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Security/Transaction Type** | &nbsp;&nbsp;**Exempt From Pre-Clearance?** | &nbsp;&nbsp;**Exempt from Initial Holdings Report, Annual Holdings Report, and Quarterly Transaction Report?** |
| &nbsp;&nbsp;American Depositary Receipt (ADR) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bank Certificate of Deposit | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Bankers Acceptance | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Crowdfunding | &nbsp;&nbsp;See Compliance Department as the investments can take different forms | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Repurchase Agreement | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;*Security* traded by a Barings Private Investment Fund<sup>1</sup> | &nbsp;&nbsp;Yes<sup>1</sup> | &nbsp;&nbsp;Yes<sup>1</sup> |
| &nbsp;&nbsp;Spread bets relating to sports events or indices | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Spot FX, cash (including foreign currencies), cash equivalents (e.g..UK National Savings Schemes) and traveler's checks | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Cryptocurrencies | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Initial Coin Offerings (ICO) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Dealings on LIFFE (London International Financial Futures and Options Exchange) where the investment relates to an index | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Securities traded in an *Automatic Investment Plan ("AIP")<sup>2</sup>* | &nbsp;&nbsp;Yes - Only upon pre-approval by the Compliance Department | &nbsp;&nbsp;Partially – Not reportable on Quarterly Transaction Report, but must be reported on the Initial Holdings Report and updated annually on the Annual Holdings Report. |
| &nbsp;&nbsp;Life or general insurance policies including variable annuities and/or variable life insurance | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Partially – Not reportable except those variable products that track a Reportable Fund advised/sub-advised by Barings or a member of the MassMutual family.<sup>4</sup> |
| &nbsp;&nbsp;*Municipal Bond* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;*Exchange-Traded Fund* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Exchange-Traded Note (ETN) based on an ETF, index, currency, commodity or on a *Direct Obligation of the Government of the United States* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Exchange-Traded Commodity | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Derivatives including Accelerated Return Notes (ARN) based on an ETF, index, currency, commodity or on a *Direct Obligation of the Government of the United States* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 16 -

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Security/Transaction Type** | &nbsp;&nbsp;**Exempt From Pre-Clearance?** | &nbsp;&nbsp;**Exempt from Initial Holdings Report, Annual Holdings Report, and Quarterly Transaction Report?** |
| &nbsp;&nbsp;*Involuntary Purchase or Sale Transaction* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;*Gifting of Securities* | &nbsp;&nbsp;Yes – However, any subsequent transaction must be pre-cleared if Access Person has Beneficial Interest and/or Investment Control in the account, including Donor Advised Funds etc. | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Granting of Stock or Stock Option | &nbsp;&nbsp;Yes – However, any subsequent transaction must be pre-cleared (e.g. stock option grant is exempt but exercise is not) | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Rights and Warrants | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Transactions for which you have No *Direct or Indirect Control* (e.g. transaction done in a "managed" account) | &nbsp;&nbsp;Yes - Only upon pre-approval of the Reportable Account by the Compliance Department | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Mortgage-backed Securities / Government Sponsored Entities (e.g. agency bonds including GNMA, FNMA, FHLMC, SLMA) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Sovereign Bonds issued by the following countries – United States, United Kingdom, Taiwan, South Korea, Japan and Hong Kong | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Sovereign Bonds issued by any other country not mentioned above | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Premium Bonds, gilts (and other OECD government securities), savings certificates | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Hong Kong Government Bond Programme including iBond Series, Silver Bond Series and Exchange Fund Bill and Notes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Enterprise Investment Schemes (EIS), Venture Capital Trusts (VCT) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 17 -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent
 that an Access Person is deemed to have Beneficial Interest and/or Investment Control of
 Securities traded or held by a Barings Private Investment Fund solely by reason of having
 invested in the Barings Private Investment Fund or being entitled directly or indirectly
 to receive part of the performance fee or allocation paid by such Barings Private Investment
 Fund, the Access Person does not need to report the Barings Private Investment Fund's trades
 and holdings. The Barings Private Investment Fund's trades and holdings will be deemed incorporated
 into the reports submitted by the Access Person. A "Barings Private Investment Fund"
 is a fund managed directly or indirectly by Barings that is exempt from registration as an
 Investment Company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any transaction
 that overrides the preset schedule or allocation means the program no longer qualifies as
 an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Closed-end
 investment companies irrespective of who the manager is are not exempt from pre-clearance.
 Please refer to the definition of Closed-End Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Holdings
 of Reportable Funds in the MassMutual 401(k) plan or any other Barings offered benefit
 plan or pension plan (including the Group Variable Universal Life (GVUL) product) do not
 need to be separately reported, unless directed by the Relevant CCO. Such holdings will be
 deemed incorporated into the reports submitted by Access Persons. However, Reportable Funds
 held in variable annuities or life insurance products must be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions
 in "Shadow Shares" of a Reportable Fund traded on the NYSE cannot be pre-cleared
 through Star and therefore must be manually pre-cleared through the Compliance Department.

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 18 -

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**Schedule C**

**REPORTABLE ACCOUNT EXEMPTIONS**

**(Definitions for *italicized* terms may be found in <u>Schedule D: Definitions.</u>)**

Account types not included below are presumed to be Reportable, and transactions done within such accounts are resumed to be subject to the pre-clearance and reporting requirements of this Policy.

---

| | | | |
|:---|:---|:---|:---|
| **Account Type** | **Are**<br> **Transactions**<br> **within the<br> Account**<br> **exempt from<br> Pre-Clearance?** | **Is the Account, its**<br> **holdings and**<br> **transactions exempt**<br> **from Initial Holdings**<br> **Report, Annual<br> Holdings Report, and <br> Quarterly Transaction Report?** | **Is pre-approval required**<br> **from the Compliance**<br> **Department for the<br> exemption?** |
| **Mutual Fund And Retirement Accounts** | | | |
| Barings Sponsored Retirement Plan accounts that only offer Reportable and Non- Reportable Fund investment Options | Yes | Yes | No |

---

---

| | | |
|:---|:---|:---|
| Barings Sponsored Retirement Plan accounts that allow for investments in individual securities, closed end funds or other Reportable Securities subject to the preclearance requirements of the Code | No | N/A |
| 401(k) plans (or local equivalent) (excluding the MassMutual 401(k) or other pension account offered by a Barings entity related to your employment) which only offer non-*Reportable Funds* as investment choices (yours or your spouse's account) | Yes | No |
| UTMA or UGMA accounts (or local equivalent) for a minor child where someone other than you is the custodian | Yes | No |
| 529 Plans (or local equivalent) that can only invest in non-*Reportable Funds* (if the Plan can hold ETFs and/or *Reportable Funds* then it is subject to all the relevant reporting requirements of the Code) | Yes – only if the plan allows for investment in non-*Reportable Funds* | No |
| SIPPs and other Retirement or Pension Accounts that only hold *Open-End Investment Companies* as defined by the Code that are not *Reportable Funds* | Yes | No |
| SIPPs and other Retirement or Pension Accounts that hold *Reportable Securities* | No | N/A |
| **Other Accounts** |  |  |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 19 -

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| | | | |
|:---|:---|:---|:---|
| **Account Type** | **Are**<br> **Transactions**<br> **within the<br> Account**<br> **exempt from<br> Pre-Clearance?** | **Is the Account, its**<br> **holdings and**<br> **transactions exempt**<br> **from Initial Holdings**<br> **Report, Annual<br> Holdings Report, and <br> Quarterly Transaction Report?** | **Is pre-approval required**<br> **from the Compliance**<br> **Department for the<br> exemption?** |

---

---

| | | | |
|:---|:---|:---|:---|
| For all access persons employed by or associated with an entity outside the United States only - brokerage or other types of accounts which only hold *Non-Reportable Funds* and do not hold any *Reportable Securities **(Please note that if the Access Person chooses to purchase Reportable Securities in the future, then such account will be subject to both the pre-clearance and reporting requirements of the Code). For avoidance of doubt – individuals employed or associated with a US entity must report all brokerage accounts that can hold reportable securities, whether or not such accounts currently hold any Reportable Securities*** | Yes | Yes | No |
| Cigna Choice Fund HSA Health Savings Account - DEVENIR Self-Directed Mutual Fund Program option or other former employer HSA's that do not hold Reportable Securities | Yes | Yes | No |
| Cigna Choice Fund HSA Health Savings Account - TD Ameritrade Self-Directed | No | No | No |
| Investment Program or other former employer has accounts that holds Reportable Securities | | | |
| Accounts setup solely for an employee stock option plan, dividend re-investment plan, or other direct investment programs | Yes | No | No |
| Accounts where you've been given, but do not currently exercise, Power of Attorney **Note**: account becomes reportable when the Power of Attorney is activated | Yes | Yes | No |
| Accounts where you're listed as a future beneficiary or the registrant upon death of the account owner ("Transfer on Death" or TOD accounts).<br>**Note**: account becomes reportable when triggering event occurs. | Yes | Yes | No |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 20 -

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| | | | |
|:---|:---|:---|:---|
| **Account Type** | **Are**<br> **Transactions**<br> **within the<br> Account**<br> **exempt from<br> Pre-Clearance?** | **Is the Account, its**<br> **holdings and**<br> **transactions exempt**<br> **from Initial Holdings**<br> **Report, Annual<br> Holdings Report, and <br> Quarterly Transaction Report?** | **Is pre-approval required**<br> **from the Compliance**<br> **Department for the<br> exemption?** |

---

---

| | | | |
|:---|:---|:---|:---|
| Accounts of a Roommate not meeting the definition of *Immediate Family* | Yes | Yes | No |
| Cash ISAs, Junior ISAs and Lifetime ISAs that does not currently hold or cannot hold Reportable Securities | Yes | Yes | No |
| **Accounts Requiring Pre-Approval For Exemption** | | | |
| Accounts in which the *Access Person* has *Beneficial Interest* but no direct or indirect *Investment Control* (i.e. an account managed by an adviser or a trust being managed by an entity) | Yes | No | Yes |
| Accounts in which the *Access Person* has direct or indirect *Investment Control* but no *Beneficial Interest* | Yes | No | Yes |
| Accounts for which the Access Persons makes the investment asset class or strategy choice, but specific decisions are made by the manager (for example – Australian Superannuation Funds). | Yes | Yes | Yes |

---

**Schedule D**

**DEFINITIONS**

Capitalized terms used in the Code (unless noted otherwise) are defined as follows:

---

| |
|:---|
| **1940 Act** - The Investment Company Act of 1940. |
| **Access Person** - An Access Person includes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any Associate of Barings.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any director, trustee, officer or employee of a Fund or BDC or Barings (or of any company in a control relationship to the Fund or Barings) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Securities, or who makes any recommendation with respect to such purchases or sales.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any other person as determined by the Relevant CCO as a result of such person's relationship with a Fund, BDC or Barings who obtains information concerning recommendations made with regard to the purchase or sale of Securities by a Fund or BDC. Any director, officer or general partner of a principal underwriter to a Fund or BDC who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Securities by a Fund or BDC for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to a Fund or BDC regarding the purchase or sale of a Security. |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 21 -

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---

| |
|:---|
| **Advisers Act** - The Investment Advisers Act of 1940. |
| **Associate** - An Associate includes: (i) any employee of Barings; (ii) any person who provides investment advice on behalf of Barings and is subject to the supervision and control of Barings; (iii) any contractor, consultant or other temporary employee hired, engaged or performing services by or on behalf of Barings for a period of 30 days or more unless otherwise exempted by the Relevant CCO; or (iv) any other individual as the relevant CCO deems appropriate. |
| **Automatic Investment Plan** - A program in which regular periodic transactions are made automatically in Securities in accordance with a predetermined schedule and allocation. Automatic Investment Plans include automatic dividend reinvestment plans, stock purchase plans and payroll contributions into an employer-offered retirement/401(k) plan or equivalent in other jurisdictions. |
| **Barings** - Barings LLC and each of its subsidiaries which may from time to time adopt this Code. |
| **Barings SIPP**- Self-invested personal pension established to fund the employee retirement benefit plans for employees of Barings (U.K.) Limited. |
| **Being Considered for Purchase or Sale** - A Security is deemed as "Being Considered for Purchase or Sale" when a recommendation has been conveyed between investment professionals or, with respect to the person making the recommendation, any time during which such person seriously considers making such a recommendation. |
| **Beneficial Interest** - Any instance where an Access Person or any member of his or her Immediate Family can directly or indirectly derive a monetary/financial interest from the purchase, sale, disposition or ownership of a Security.<br>An Access Person is considered to have a Beneficial Interest in Securities: (a) owned by the Access Person solely in his/her name or jointly with another; (b) owned through an account or investment vehicle for his/her benefit (e.g., IRA, trust, partnership, etc.); or (c) owned directly, indirectly or jointly by an Immediate Family member.<br>Examples of indirect monetary/financial interests include but are not limited to: (a) interests in partnerships and trusts that hold Securities but does not include Securities held by a blind trust or by a trust established to fund employee retirement benefit plans such as 401(k) plans; (b) a performance-related fee received by the Access Person for providing investment advisory services; and (c) a person's rights to acquire Securities through the exercise or conversion of any derivative instrument, whether or not presently exercisable. |
| **Business Development Company ("BDC")** - A company registered in compliance with Section 54 of the Investment Company Act of 1940. A BDC is an organization that invests in and helps small- and medium-size companies grow in the initial stages of their development. Many BDCs are set up similarly to closed-end investment funds and are typically public companies whose shares are traded on major stock exchanges |

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External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 22 -

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| |
|:---|
| **Relevant CCO** - The Chief Compliance Officer or equivalent of each Barings entity. |
| **Client** - person or entity that has an investment advisory or investment sub-advisory services agreement with Barings. |
| **Closed-End Investment Company ("Closed-End Funds")** - An Investment Company as defined under the 1940 Act that does not issue or have outstanding redeemable securities. Closed-End Investment Companies typically issue a set number of shares and distribute such shares to investors in a public offering, similar to the way corporate Securities are issued and distributed. A Closed-End Investment Company's capitalization is often fixed unless an additional public offering is made. After the initial public offering, shares are distributed and anyone who wants to buy or sell shares does so in the secondary market (either on an exchange or over the counter). Closed-End Investment Companies are also commonly known as "Closed-End Funds." |
| **Compliance Department** - The Access Person's relevant Compliance Department. |
| **Direct Obligation of the Government of the United States** - Any Security directly issued or guaranteed as to principal or interest by the United States. Examples of direct obligations include Cash Management Bills, Treasury Bills, Notes and Bonds, and those Treasury Securities designated by the U.S. Department of Treasury as eligible to participate in the STRIPS (Separate Trading of Registered Interest and Principal of Securities). Agency bonds, including Government National Mortgage Association (GNMA),Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Student Loan Mortgage Association (SLMA) bonds, are not Direct Obligations of the Government of the United States. |
| **Disinterested Trustee** - A Trustee of a Registered Investment Company who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act. |
| **Exchange-Traded Fund ("ETF")** - A type of Investment Company whose investment objective is generally to achieve the same return as a particular market index. An ETF primarily invests in the Securities of companies that are included in a given market index; investing in either all or a representative sample of the Securities included in the index.<br>It should be noted that just because an ETF may trade on an exchange, it does not automatically meet this Policy's definition of Exchange-Traded Fund. To meet this Policy's definition of an Exchange-Traded Fund, the fund must be tied to an index. Access Persons should consult the fund's prospectus and/or consult with Compliance with questions on determining how to classify a fund for purposes of pre-clearance and reporting requirements. |
| **Exchange-Traded Note ("ETN")** - A type of unsecured, unsubordinated debt security first issued by Barclays Bank PLC based on the performance of a market index minus applicable fees, with no period coupon payments distributed and no principal protections. Similar to exchange-traded funds (ETFs), ETNs are traded on a major exchange, such as the New York Stock Exchange (NYSE) during normal trading hours It should be noted that just because an ETN may trade on an exchange, it does not automatically meet this Policy's definition of Exchange-Traded Note. To meet this Policy's definition of an Exchange-Traded Note, the security must be tied to an index. Access Persons should consult the security's prospectus and/or consult with Compliance with questions on determining how to classify a security for purposes of pre-clearance and reporting requirements. |

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External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 23 -

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| |
|:---|
| **Fund or BDC** - Any commingled investment vehicle, that has adopted the Code as its own to satisfy applicable regulatory requirements or for which the Relevant CCO deems this Code to be applicable. |
| **Gift of Securities**- The transfer of Securities where there is no money or other benefit given/received in exchange (i) from you to another party; (ii) between members of an Access Person's Immediate Family; or (iii) to you over which you do not control the timing. |
| **Immediate Family** – Individuals related by blood, marriage, adoption, domestic partnership (registered or unregistered) or civil union and whom live in the same household. Examples include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, "significant other", sibling, mother-, father-, son-, daughter-, brother or sister-in-law, or any person related by adoption who resides in the same household with the Access Person. The Relevant CCO, after reviewing all the pertinent facts and circumstances, may determine, if not prohibited by applicable law, that an indirect Beneficial Interest in or Investment Control of Securities held by a member of the Access Person's Immediate Family does not exist or is too remote for purposes of the Code. |
| **Initial Public Offering ("IPO")** - Generally, an offering of Securities registered under the Securities 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 Exchange Act of 1934. This also includes equivalent offerings elsewhere in the world. |
| **Interested Trustee** - A Trustee of a Registered Investment Company who is an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act. |
| **Investment Control** - Any instance where an Access Person, or an Immediate Family member exercises direct or indirect influence or control over the purchase, sale, disposition or ownership of a Security.<br>Examples of Investment Control include, for example: (a) an account over which a Access Person exercises investment decision-making authority under a power of attorney or are a named trustee or (b) an account over which an Access Person exercises investment decision-making authority for a charitable entity (c) an account for any company, partnership or other entity controlled by you or by a member of your Immediate Family, or in which you or that person has a significant interest; |

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External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 24 -

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| |
|:---|
| **Involuntary Purchase or Sale** - Transactions that are outside of the Access Person's control. This includes activities due to corporate reorganizations such as the acquisition or disposition of a Security through a stock dividend, dividend reinvestment, stock split, reverse stock split, merger, consolidation, spin-off, or other similar event generally applicable to all holders of the same class of securities. Receipt of securities as a gift or inheritance is also considered an Involuntary Purchase or Sale. This would also include a mandatory tender, any transactions executed by a broker to cover negative cash balances, a broker disposition of fractional shares, and debt maturities. <br>Voluntary tenders and other non-mandatory corporate actions are NOT considered involuntary. |
| **Limited Offering** - A Securities offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933, such as a hedge fund offering or a private placement, including such investments managed by Barings. This also includes equivalent offerings elsewhere in the world. |
| **No Direct or Indirect Control** - Purchases, sales or dispositions of Securities over which an Access Person, or an Immediate Family Member, has no direct or indirect influence or control.<br>Examples could include but are not limited to transactions in a (a) blind trust, (b) non-discretionary account, or (c) wrap account. |
| **OEIC** - An open-ended investment company as formed under the Open-Ended Investment Company Regulations 2001 in the United Kingdom. See also Open-End Investment Company. |
| **Open-End Investment Company** - An Investment Company as defined under the 1940 Act that is offering for sale or has outstanding any redeemable security, also known as a mutual fund. End Investment Company shall also include any similar type entity registered under the rules and regulations of a foreign jurisdiction provided that such entity: (a) issues shares that shareholders have the right to redeem on demand; (b) calculates net asset value on a daily basis in a manner consistent with the principles of section 2(a)(41) of the 1940 Act, and rule 2a-4 thereunder, as interpreted by the SEC and its staff; (c) issues and redeems shares at the net asset value that is next calculated after receipt of the relevant purchase or redemption order consistent with the forward pricing principles of rule 22c-1 under the 1940 Act; and (d) there is no secondary market in shares of such entity. Examples can include without limitation AUTs, OEICs, UITs, SICAV and UCITS. <br>It should be noted that shares of investment companies that are not analogous to Open-Ended Investment Companies because of the possibility of backwards pricing or otherwise are subject to all provisions applicable to Reportable Securities and will not be deemed to be shares of an Open-End Investment Company for purposes of the Code. |
| **Registered Investment Company** - An "investment company" registered with the SEC and as defined by Section 3(a) of the 1940 Act, and as regulated by the 1940 Act. Examples include, but are not limited to, Open-End Investment Companies (commonly known as mutual funds), Closed-End Investment Companies and unit investment trusts. |

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External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 25 -

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**Reportable Account** - Any account in which an Access Person has Beneficial Interest or Investment Control and holds, or if the Access Person is associated with a U.S. entity, has the ability to hold, Reportable Securities. These include accounts carried in the Access Person's name, either individually or jointly, or as a member of a partnership, by an Immediate Family Member, or other accounts in which an Access Person exercises investment discretion or control on behalf of another person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reportable Fund -**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any Closed-End Investment Company.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any Open-End Investment Company for which Barings serves as an investment adviser (or sub-adviser) or whose investment adviser (or sub-adviser) or principal underwriter controls, is controlled by, or is under common control with Barings, as well as any "shadow shares" of said funds offered through the various compensation plans offered by Massachusetts Mutual Life Insurance Company and its subsidiaries (e.g. MMLSeries Investment Fund and MML Series Investment Fund II, the MassMutual Premier Funds, MassMutual Advantage Funds, Barings Emerging Markets Corporate Bond Fund, Barings Global Short Duration High Yield Fund). A list of Reportable Funds is published from time to time by the Compliance Department and is always made available in Star.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any Business Development Company for which Barings serves as an investment adviser.<br>

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| |
|:---|
| **Reportable Security** - Any Security as defined herein except those specifically identified as exempt from the initial holding report, annual holdings reports and quarterly transaction reports on Schedules A and B of this Code. |
| **Reportable Security Held Or To Be Acquired** - A Reportable Security which, within the most recent 15 calendar days (i) is or has been held by a Fund or a Client or (ii) is being or has been considered for purchase and sale by a Fund or a Client and (iii) where such information has been conveyed to Trustees. This includes any option to purchase or sell, and any Security that is convertible into or exchangeable for, any Reportable Security that was so held or considered. The relevant CCO may amend this definition to the extent necessary to comply with Rules 17j-1 under the 1940 Act and 204A-1 under the Advisers Act. |
| **Restricted Fixed Income Instruments** - Reportable Securities that include corporate bonds, notes, debentures, or loans; typically an investment that provides a return in the form of fixed periodic payments and the return of principal at maturity. Please refer to Schedule B of this Code for fixed income security types that may fall outside of this definition. |
| **SEC** - U.S. Securities and Exchange Commission. |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 26 -

![](tm262170d1_bxpx11img001.jpg)

---

| |
|:---|
| **Security** - A "security" as defined by Section 3(a)(10) of the Securities Exchange Act of 1934, Section 202(a)(18) of the Advisers Act, Section 2(a)(36) of the 1940 Act or Section 92 of the Corporations Act. The definition of Security is regardless of domicile or registration status (i.e. the term Security includes private or unregistered securities as well as listed and publicly-traded securities, and both).<br>Examples include but are not limited to any stock, treasury stock, security future, financial futures contract or option thereon, note, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, swap, or privilege on any "security" (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privileged entered into on a national securities exchange related to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing. References to a Security in the Code shall include any warrant for, option in, or "security" or other instrument immediately convertible into or whose value is derived from that "security" and any instrument or right which is equivalent to that "security." |
| **Star** - The intranet-based personal securities trading module used by Barings to facilitate pre-clearance, accurate reporting, and oversight of personal trading. |
| **Trustee or Director** - A trustee or director of a Fund or BDC. who is either an "interested person" or "disinterested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act. |
| **Undertakings for Collective Investment in Transferable Securities) ("UCITS")** - A European-regulated product, similar to a U.S.-registered mutual fund. UCITS funds must comply with investment restrictions that include limits on eligible assets, leverage and diversification, but provide investors the opportunity to invest in a wide variety of investment strategies. UCITS funds feature transparency, liquidity and a risk management framework. |

---

**Schedule E<br> GENERAL POLICIES FOR TRUSTEES AND DIRECTORS**

**1. Standard of Conduct**

The principles that govern Trustees', Directors and Certain Fund or Business Development Company ("BDC") Officers' (as determined by the relevant CCO or his or her designee) personal trading and standard of conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of
 the Fund or BDC;

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 27 -

![](tm262170d1_bxpx11img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· The
 requirement that all personal trading be in compliance with the Code, the relevant Fund or
 BDC's policies and procedures. and each Trustee's, Director or Certain Fund or Company
 Officer's fiduciary duty to the Fund or BDC;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 fundamental expectation that a Trustee, Director or Certain Fund Officer should not take
 inappropriate advantage of his/her position; and

&nbsp;&nbsp;&nbsp;&nbsp;· The
 requirement to comply with all applicable laws, rules, and regulations.

**2. Requirements**

**a. Purchase or Sale of Reportable Securities**

No Trustee, Director or Certain Fund Officer can purchase or sell any Reportable Security with the actual knowledge that it is Being Considered for Purchase or Sale by or on behalf of a Fund or BDC for which they act as a Trustee, Director or Certain Fund Officer.

**b. Special Requirements for Trustees, Directors or Certain Fund Officers When Purchasing or Selling BDC or Fund Securities**

Trustees, Directors or Certain Fund Officers as well as the Family Members of said trustees, directors and entities controlled by such persons may not engage in any transaction involving securities issued by a fund or BDC for which they serve on the without first obtaining pre-clearance of the transaction from the Compliance Department. Pre-clearance requests should be submitted via email <u>to compliance@barings.com</u> on US business days and are valid through the end of the business day during which they were submitted (until 11:59 p.m. local time).

The Compliance Department is under no obligation to approve a transaction submitted for pre-clearance, and may determine not to permit the transaction. If a person seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in the relevant BDC or fund securities and should not inform any other person of the restriction.

When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any material nonpublic information about the relevant BDC or fund and should include in his or her preclearance request the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Describe
 any circumstances where he or she may be aware of any material nonpublic information; and

&nbsp;&nbsp;&nbsp;&nbsp;· indicate
 whether he or she has effected any non-exempt "opposite-way" transactions within
 the past six months.

Should the requestor receive approval from the Compliance Department to transact the Director is still responsible for reporting any actual executed transactions to the Compliance Department by email <u>via compliance@barings.com</u> so that the appropriate regulatory filings can be made (e.g. Section 16 - Form 4 or Form 5).

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 28 -

![](tm262170d1_bxpx11img001.jpg)

**b. Certificate of Compliance**

Trustees, Directors and Certain Fund Officers are required to submit a written statement, within 30 calendar days after the end of each quarter, to the relevant CCO or his or her designee stating their compliance with the applicable requirements of the Code.

**c. Holdings and Transaction Report Exemptions**

With the exception of those Interested Trustees or Directors who are also Associates of Barings and therefore subject to all applicable reporting requirements of the Code, Disinterested and Interested Trustees or Directors and Certain Fund Officers are exempt from filing an Initial Holdings Report.

Disinterested and Interested Trustees or Directors and Certain Fund Officers are exempt from filing a Quarterly Transaction Report in accordance with the Reporting Obligations section, except if in the ordinary course of fulfilling official duties as a Trustee, Director or Certain Fund Officer he or she knew or should have known that during the 15 calendar days immediately before and after their transaction that such Security was a Reportable Security Held Or To Be Acquired by the Fund, BDC or its investment adviser.

Interested Trustees or Directors are required to complete an Annual Holdings Report in accordance with the Reporting Obligations section of the Code. However, Disinterested Trustees or Directors and Certain Fund Officers are exempt from completing the Annual Holdings Report.

**d. Serving on Boards of Directors or Trustees**

Trustees, Directors and Certain Fund Officers must notify Barings' Legal Department and/or the chief compliance officer of the Fund or BDC of any service on or termination from a business or non-business board of directors or board of trustees.

**3. Reports**

The relevant Fund or BDC CCO is required to:

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 a quarterly report documenting any material violations during the previous quarter and any
 other significant information concerning the application of the Code and report such information
 to Barings' Governance Committee (or the equivalent committee at the relevant entity responsible
 for oversight of such matters), the Trustees of each Fund or the Board of Directors of each
 BDC advised or sub-advised by Barings;

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 29 -

![](tm262170d1_bxpx11img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 a report, at least annually, summarizing any material exceptions or exemptions concerning
 personal trading made during the past year; listing any violations requiring significant
 remedial action; and identifying any recommended changes to the Code or the procedures there
 under. The report should include any violations that are material, any sanctions imposed
 to such material violations, and any significant Conflict of Interest that arose involving
 the personal investment policies of the organization, even if the conflicts have not resulted
 in a violation of the Code. This report is required to be submitted to Barings' Governance
 Committee (or the equivalent committee at the relevant entity responsible for oversight of
 such matters) and the Board of Trustees of each Fund or Board of Directors of each BDC; and

&nbsp;&nbsp;&nbsp;&nbsp;· Annually
 certify, upon request, to each Fund's Board of Trustees or Board of Directors of each BDC
 that policies and procedures are in place to reasonably prevent Access Persons from violating
 the Code.

**Books and Records Retained**

The table below identifies each record that is required to be retained under this Policy, unless a different retention period is required by local regulations in the relevant jurisdiction. Records may be unique to a jurisdiction or consolidated with those maintained by Barings LLC. Any required record that is required to be retained under applicable Barings Policies, including those produced and/or created in whole or in part by using Generative AI will be retained based on the nature of the data and will be treated like human-created records under the relevant Barings Policy. To ensure proper retention of these records, all business should be conducted by Barings' Associates using a Barings' approved corporate device and/or an approved and supported Barings platform (e.g. mail system, social media account, recording technology, storage medium, trading platform, Barings' supported application, etc.):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/ Requirement** | **Barings Record(s)** | **Creator** | **Owner** | **Retention Period** | **Source** |
| Access Persons are required to acknowledge receipt of the Code and any amendments thereto | Various Code of Ethics Acknowledgements | Access Person | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Exception request and Relevant CCO approval of exceptions | Personal Trading Exceptions | Access Person | Compliance Department | 7 Years | Barings Corporate Policy Requirement |
| New Access Persons must file an Initial Holdings Report | Initial Holdings Report | Access Person | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Access Persons will arrange for copies of confirmations of all Reportable Securities transactions and periodic account statements to be sent by the Access Person's broker(s) directly to Compliance | Personal Brokerage Statements & Transaction Confirmations in lieu of Holdings and Transaction Reports | Access Person's Brokerage Firm | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 30 -

![](tm262170d1_bxpx11img001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/ Requirement** | **Barings Record(s)** | **Creator** | **Owner** | **Retention Period** | **Source** |
| All Access Persons will submit a Quarterly Transaction Report and certify that the Quarterly Transaction Report lists all Reportable Security transactions | Quarterly Transactions Report and Certification | Access Person | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Access Persons must submit an Annual Holdings Report | Annual Holdings Report | Access Person | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Access Persons are required to certify to the list of their Reportable Accounts disclosed at this time, even if there are no Reportable Securities currently held in the accounts | Access Person Certification of Reportable Accounts | Access Person | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Trustees and Directors will submit a written statement to the Relevant CCO that he or she has complied with the applicable requirements of this Code | Trustee & Director Quarterly Transaction <br> Certification or Waiver | Trustee or Director | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| The Relevant CCO will prepare a quarterly violation report as well as an annual material exception report | Relevant CCO Violation Reports | Compliance / Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| The Relevant CCO will annually certify, to each Fund's Board of Trustees and BDC's Board of Directors, that Barings and each Fund or BDC it advises have adopted procedures | Quarterly Compliance Report to Fund Boards | Compliance Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 31 -

![](tm262170d1_bxpx11img001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/ Requirement** | **Barings Record(s)** | **Creator** | **Owner** | **Retention Period** | **Source** |
| A copy of the Code or any other Code which has been in effect during the most recent ten year period | Global Code of Ethics and Personal Securities Transactions Policy | Compliance Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| A record of any Code violations | Code Violation Report | Compliance Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Record of Sanction Memos sent to Access Persons | Sanction Memos | Compliance Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| A list of all Access Persons currently or within the most recent ten year period who are or were required to make reports | Applicable Access Persons List | Compliance Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| A record of the approval of, and rationale supporting, the acquisition of Initial Public Offerings, Limited Offerings and Co-Investments for at least eight years after the end of the fiscal year in which the approval is granted | Private Placement and IPO Participation Request Form, Co- Investment Request Form | Access Person | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |
| Any material amendments to the Code will be reported to the relevant Board of Managers / Directors for review | Code of Ethics Policy Management Report | Compliance Department | Compliance Department | 7 Years | Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |

---

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 32 -

![](tm262170d1_bxpx11img001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/ Requirement** | **Barings Record(s)** | **Creator** | **Owner** | **Retention Period** | **Source** |
| The Fund must approve any material changes to the codes of ethics of the Fund and its investment adviser | Trustee approvals of the Code | Compliance Department | Compliance Department | 7 Years | Rule 17j-1 of 1940 Act |
| Record of Pre- clearance Requests (including those received under the Employee Co- Investment Policy) | Pre-clearance Requests | Access Persons | Compliance Department | 7 Years | Barings Corporate Policy Requirement; |
| List of Reportable Funds | Reportable Funds List | MassMutual Corporate Compliance | Compliance Department | 7 Years | Barings Corporate Policy Requirement |
| Code of Ethics Training Materials and supporting documentation | Code of Ethics Training Materials | Compliance Department | Compliance Department | 7 Years | Barings Corporate Policy Requirement |
| Quarterly Client Certifications and Reporting | Officers and Client Quarterly Certifications | Applicable BDC, Fund or Trust Officers, Applicable Portfolio Managers | Compliance Department | 7 Years | Barings Corporate Policy Requirement; Rule 204A-1 of Advisors Act; Rule 17j-1 of 1940 Act |

---

**Original Date of Policy**: October 2004 (Barings LLC) October 2012 (Barings ex Advisers Limited, Barings Asset Management (Asia) Limited and Barings (U.K.) Limited)

**Last Review Date**: April 2025

**Last Revision Date**: April 2025

External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent and presume said document was provided for the external recipient's internal review and consideration only. These policies and procedures may be subject to change and/or modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by the relevant Barings Chief Compliance Officer or designee.

Global Code of Ethics Policy - 33 -

## Ex-99.B(P)(12)

**Exhibit 99.B(p)(12)**

![](tm262170d1_ex99-bp12img01.jpg)

Benefit Street Partners LLC

October 2025

**Code of Ethics**

Prepared for Professional Investor use only. Not for distribution to Retail Investors.

![](tm262170d1_ex99-bp12img02.jpg)

**Code of Ethics**

October 2025

**Document Content**

1. Definitions 2

1.1. "Automatic
 Investment Plan" 2

1.2. "Cryptocurrency" 2

1.3. "Client" 2

1.4. "Direct or Indirect
 Influence or Control" includes 2

1.5. "Discretionary Account" 3

1.6. "Family/Household"
 includes 3

1.7. "Federal Securities
 Laws" 3

1.8. "Funds" 3

1.9. "Initial Coin Offering" 3

1.10. "Initial Public Offering" 4

1.11. "Personal Account" 4

1.12. "Private Placement
 or Limited Offering" 4

2. Personal Securities
 Transaction Reporting Obligations 4

2.1. Scope and Purpose 4

2.2. Statement of Principles 5

2.3. Accounts and Transactions
 Covered by the Policy 7

2.4. The Pre-Clearance Requirement 7

2.5. Exceptions to the Pre-Clearance
 Requirement 9

2.6. Reporting Requirements 10

2.7. Insider Trading Policies 11

2.8. Administration of the Policy, Waivers and Reporting
 Obligations 11

---

| | |
|:---|:---|
| **Prepared for Professional Investor use only. Not for distribution to Retail Investors.** | ii |

---

**Code of Ethics**

October 2025

The Firm has adopted the policies and procedures (as they may be amended from time to time, the "Policies") set forth in this policies and procedures manual (the "Manual") and implemented a compliance program intended to ensure that all Supervised Persons of the Firm obey the law and conduct themselves ethically.

The Firm, as registered investment advisers with the SEC and as investment managers or sub-advisers to BDCs and/or the Registered Funds, has adopted this code of ethics ("Code of Ethics") as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, to set forth standards of business conduct that the Firm expects of persons employed by, and working with the Firm and others designated by the Chief Compliance Officer. The Firm, as an investment adviser, has a fiduciary duty to act in the best interest of its Clients. The Firm's reputation for integrity, honesty and openness is essential to its continued business success.

All Firm personnel are required to comply with applicable Federal Securities Laws and report violations of the rules set out in the Code of Ethics promptly to the Compliance Team. The Compliance Team shall provide Supervised Persons with a copy of this Code of Ethics which is contained in the Firm's Manual and any amendments. Supervised Persons are expected to read and understand all requirements and procedures of the Code of Ethics. In fact, upon initial receipt of the Code of Ethics, Supervised Persons will be required to provide a certification acknowledging their receipt of the Code of Ethics and certifying that they have read and understand the Code and agree to abide by its provisions. Upon receipt of any amendments and on an annual basis, all Supervised Persons must acknowledge receipt of the updated Code of Ethics and certify that they continue to abide by the Code's provisions. Such certifications may be provided to Supervised Persons through StarCompliance.

We expect our Supervised Persons to put the interest of Clients first and foremost in their business dealings and day-to-day activities. Each Supervised Person is expected to conduct himself or herself in accordance with such standards at all times, and to deal honestly and fairly with all persons with whom he or she has contact. It is generally improper for the Firm or persons covered by the Code of Ethics to **(i)** use for their own benefit (or the benefit of anyone other than a Client) information about the Firm's trading or investment recommendations for a Client or **(ii)** take advantage of investment opportunities that would otherwise be available for a Client.

If Supervised Persons have any doubt or uncertainty about how to react to a particular circumstance or concern, they should contact the Compliance Team. Please **<u>do not</u>** guess at the answer.

Additionally, Supervised Persons should be aware that the Firm expects all persons covered by the Code of Ethics to comply with the spirit of the Code of Ethics, as well as the specific rules contained in the Code of Ethics. Technical compliance with the requirements set forth in this Code of Ethics and the Manual will not insulate Supervised Persons from scrutiny for any actions that create the appearance of a violation. Supervised Persons should also be aware that violations of either the letter or the spirit of the Policies in this Code of Ethics and the Manual will be treated with the utmost seriousness and may result in penalties being imposed at the discretion of the Firm, including but not limited to cancellation of an offending trade (with any resulting loss charged to the Supervised Person and any profits forfeited to the Firm, a charity or our Clients), imposition of penalties or fines, reduction of a Supervised Person's compensation, a letter of censure or reprimand, referrals to regulatory and self-regulatory bodies, suspension, substantial changes in duties and responsibilities, suspension and dismissal, or any combination of the foregoing. Violations may also result in civil or criminal proceedings and penalties. In addition, the Firm may, in its sole and absolute discretion, suspend or revoke a Supervised Person's personal trading privileges. Supervised Persons may also be placed on paid or unpaid leave pending any investigation into whether these policies and procedures have been violated.

Improper trading activity can constitute a violation of the Code of Ethics. Supervised Persons can also violate the Code of Ethics by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Supervised Persons' conduct can violate the Code of Ethics even if neither any Client nor the Firm is harmed by their conduct.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>1</sub>

**Code of Ethics**

October 2025

**1.** **Definitions** 

All capitalized terms used in this Code of Ethics have the meanings set forth in this Code of Ethics and below. Supervised Persons should note that some of these terms (such as "beneficial interest") are sometimes used in other contexts, not related to codes of ethics, where they have different meanings.

**1.1.** **"Automatic Investment Plan"** 

The term "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

**1.2.** **"Cryptocurrency"** 

The term "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 asset and to verify the transfer of the asset, whether or not such asset is characterized as a security under Federal Securities Laws. Such term includes "crypto assets," "digital assets," "digital currencies," "tokens," "virtual currency," and other decentralized finance assets (i.e., Bitcoin and Ethereum). Indirect interests in Cryptocurrency through cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are not included in this definition.

**1.3.** **"Client"** 

The term "Client" means any person or entity that the Firm provides investment advisory services to, including the Funds, any BDCs, the REIT, the Registered Funds, and any separately managed accounts.

**1.4.** **"Direct or Indirect Influence or Control" includes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suggesting
 to anyone that a particular purchase or sale be made for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directing
 anyone to make any particular purchase or sale of investments for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consulting
 with anyone to make any particular allocation of investments to be made in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discussing
 account holdings.

**NOTE:** Discussions about broad asset allocations that would not reasonably be expected to result in the purchase or sale of a particular security and discussions in which a trustee or third-party discretionary manager simply summarizes, describes or explains account activity to an access person would not indicate "direct or indirect influence or control."

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>2</sub>

**Code of Ethics**

October 2025

**1.5.** **"Discretionary Account"** 

The term "Discretionary Account" means any trust or account over which a Supervised Person (or members of their Family/Household) does not exercise any Direct or Indirect Influence or Control, as explained in more detail below.

**1.6.** **"Family/Household" includes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person's spouse or domestic partner (unless they do not live in the same
 household as the Supervised Person and he or she does not contribute in any way to their
 support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person's children under the age of 18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person's children who are 18 or older (unless they do not live in the same
 household as the Supervised Person and the Supervised Person do not contribute in any way
 to their support); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 of these people who live in a Supervised Person's household: a Supervised Person's
 step-children, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law,
 sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships.

**1.7.** **"Federal Securities Laws"** 

The term "Federal Securities Laws" means the Securities Act of 1933, as amended (the "Securities Act"), the Exchange Act, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, as amended, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**1.8.** **"Funds"** 

The term "Fund" means private investment partnerships, investment companies or the foreign investment vehicles advised by the Firm.

**1.9.** **"Initial Coin Offering"** 

The term "Initial Coin Offering" means an offering of a digital asset conducted for the purpose of raising funds for a new venture or project wherein investors obtain interests (in the form of virtual coins or digital tokens) in exchange for legal tender or another established cryptocurrency. The term includes all such offerings, whether or not the venture or project considers the digital asset to be a security.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>3</sub>

**Code of Ethics**

October 2025

**1.10.** **"Initial Public Offering"** 

The term "Initial Public Offering" (or "IPO") means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

**1.11.** **"Personal Account"** 

The term "Personal Account" refers to any account (including any custody account, safekeeping account and any account maintained by an entity that may act as a broker or principal) in which a Supervised Person has any direct or indirect beneficial interest, including personal accounts and trusts for the benefit of such persons. Thus, the term "Personal Accounts" also includes among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Trusts
 for which the Supervised Person acts as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Accounts
 of or for the benefit of the Supervised Person's Family/Household; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accounts
 of or for the benefit of a person who receives material financial support from the Supervised
 Person.

**1.12.** **"Private Placement or Limited Offering"** 

The term "Private Placement or Limited Offering" means an offering of securities that is exempt from registration under the Securities Act pursuant to Sections 4(a)(2) or 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

**2.** **Personal Securities Transaction Reporting Obligations** 

**2.1.** **Scope and Purpose** 

These policies and procedures apply to the personal investment activities of all Supervised Persons.

The purpose of this policy is to summarize the values, principles, and business practices that guide the Firm's business conduct and to establish a set of principles and specific requirements to guide Supervised Persons regarding the conduct required of them when managing their personal investments.

These policies, procedures and requirements apply to all Personal Accounts and Discretionary Accounts of each Supervised Person. The Firm requires that the Compliance Team, under the ultimate direction and control of the Chief Compliance Officer, regularly monitor all trading activity in each Supervised Person's Personal Accounts and Discretionary Accounts. The Compliance Team will undertake to conduct the review and monitoring on a strictly confidential and carefully controlled basis (except to the extent disclosure is required under the Advisers Act or other applicable laws or regulations or any court order or other legal process).

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>4</sub>

**Code of Ethics**

October 2025

It is a condition of all Supervised Persons' employment or association with the Firm that they disclose all of their Personal Accounts and Discretionary Accounts to the Firm. This includes Personal Accounts and Discretionary Accounts of a Supervised Person and his/her Family/Household members.

Each Supervised Person must comply with the requirements described herein, including the disclosure and reporting requirements, even if he/she has no holdings, transactions or accounts to list in any reports required under this policy.

Compliance with the Firm's reporting requirements does not relieve any Supervised Person of any of their other obligations under this Code of Ethics, including but not limited to the requirement that they seek pre-clearance of and obtain the approval for all securities transactions in any Personal Accounts of the Supervised Person and his/her Family/Household members, except as set forth in Subsection 5 (Exceptions to the Preclearance Requirement).

**2.2.** **Statement of Principles** 

All Supervised Persons are required to conduct themselves in a lawful, honest, and ethical manner at all times in their business practices and to maintain an environment that fosters fairness, respect, and integrity.

The interests of the Firm's Clients at all times are and must be treated as paramount, and must always have priority over the personal interests of any Supervised Person.

Information concerning the securities<sup>1</sup>, holdings, operations, financial circumstances, and business activities of the Firm's Clients, as well as the identity of certain Clients, is confidential and Supervised Persons are required to safeguard this information.

The personal investment activities of Supervised Persons must be conducted in a manner **(i)** to avoid actual or potential conflicts of interest with the Firm and the Firm's Clients, **(ii)** to at all times be in full compliance will all applicable laws, rules and regulations, and **(iii)** to at all times avoid exposing such Supervised Persons, the Firm, or the Firm's Clients to any reputational risk, appearance of impropriety, unwanted attention, or any other adverse consequences.

The Firm recognizes the importance to Supervised Persons of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, the Firm has implemented this policy with regard to personal investments of Supervised Persons. This policy is designed to minimize these conflicts and help ensure that the Firm at all times focuses on and fully performs its duties as a fiduciary to its Clients.

<sup>1</sup> For purposes of this Policy, the term "securities" is broadly interpreted and construed by the Firm, and includes but is not limited to debt instruments such as loans, derivative securities and instruments such as futures, options and swaps, and all other assets in which the Firm invests on behalf of its Clients.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>5</sub>

**Code of Ethics**

October 2025

To the extent a Supervised Person learns of an investment opportunity, directly or indirectly, because of his or her position with the Firm, the Supervised Person must always give complete priority and preference to the interests of the Clients, and generally must refrain from pursuing such investment opportunity in any Personal Accounts.

Transactions in a security may not be executed in any Personal Accounts regardless of quantity, if the Supervised Person has access to information regarding, or knowledge or even a presumed knowledge of, Client activity in such security, including proposed activity and recommendations.

Supervised Persons should be aware that their ability to invest in certain securities and to liquidate all or any portion of those positions may be severely restricted under this policy, including but not limited to during times of market volatility. Therefore, as a general matter, the Firm encourages Supervised Persons to exercise caution when investing in securities, particularly in situations where a Supervised Person wishes to invest in securities likely to be held by the Clients in the future or with respect to which the Firm or any Client may have a business or other relationship. Supervised Persons are generally prohibited from purchasing any security held by a Client and, in the event a Client purchases a security held by a Supervised Person, the Supervised Person shall be prohibited from purchasing more of such security; however, such Supervised Person may sell his or her position in such security during such time that any Client holds the security; provided, that such Supervised Person has received approval of his/her pre-clearance request to sell such security and such security is sold in its entirety at such time.

The Firm does not mandate any specific holding period for securities in Supervised Person's Personal Accounts and Discretionary Accounts. Notwithstanding the foregoing, the Firm does not permit Supervised Persons to engage in a pattern of securities transactions that is so excessively frequent that it would potentially impact the Supervised Person's ability to carry out their assigned duties and responsibilities for the Firm and its Clients, that it would increase the possibility of potential conflicts, that would create an appearance of impropriety, or otherwise would violate any Firm policy, including, but not limited to, this policy.

The Firm does not permit Supervised Persons to engage in transactions prohibited by Franklin Templeton's policies and procedures, including but not limited to engaging in transactions in securities subject to blackout periods thereunder.

Supervised Persons generally are prohibited from engaging or participating in any activity that has the potential to cause harm to a Client. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making
 investment decisions, changes in research or ratings, and trading decisions other than exclusively
 for the benefit of, and in the best interest of, the Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking,
 delaying, or omitting to take any action with respect to any research recommendation, report
 or rating, or any investment or trading decision for a Client in order to avoid economic
 injury to themselves or anyone other than the Client;

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>6</sub>

**Code of Ethics**

October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchasing
 or selling a security on the basis of knowledge of a possible transaction by or for a Client
 with the intent of personally profiting from, or avoiding a loss with respect to, personal
 holdings in the same or related securities, including but not limited to, front-running a
 Client, trading ahead of a Client, trading parallel to a Client, or trading opposite of or
 against the interests of a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revealing
 to any other person (except in the normal course of the Supervised Person's duties
 on behalf of the Firm) any information regarding securities transactions by the Firm or any
 Client or the consideration by the Firm or any Client of any such securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging
 in any act, practice, or course of business that operates or would operate as a fraud or
 deceit on the Firm, any Client, or any third-party or engaging in any manipulative practice
 with respect to the Firm, any Client, or any third-party.

Engaging in any act, practice, or course of business that operates or would operate as a fraud or deceit on the Firm, any Client, or any third-party or engaging in any manipulative practice with respect to the Firm, any Client, or any third-party.

**2.3.** **Accounts and Transactions Covered by the Policy** 

This policy covers both Personal Accounts and Discretionary Accounts and, therefore, includes accounts and transactions in which Supervised Persons have or share investment control and/or in which Supervised Persons have direct or indirect pecuniary interests or economic ownership or interests. Generally, a pecuniary interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction. Supervised Persons are presumed to have a pecuniary interest in securities held by members of their Family/Household. This includes Personal Accounts that do not trade in the securities covered by these policies and procedures.

**2.4.** **The Pre-Clearance Requirement** 

Supervised Persons must obtain pre-clearance from the Compliance Team through StarCompliance before buying or selling any security in his/her Personal Account or the Personal Accounts of his/her Family/Household members, except as set forth in Subsection 5 (Exceptions to the Preclearance Requirement) below.

Prior to requesting pre-clearance for a securities transaction, Supervised Persons must attest to the following in the Star Compliance system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 have read and they understand this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are not in possession of non-public information (whether or not material) regarding the security
 or instrument for which they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 their best knowledge, neither the Firm nor any of its affiliates are in possession of non-public
 information (whether or not material) regarding the security or instrument for which they
 are submitting the pre-clearance request;

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>7</sub>

**Code of Ethics**

October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are not aware of any current or pending transaction by any Client in the security or instrument
 for which they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are not considering the purchase, sale, or recommendation of the security or instrument for
 which they are submitting the pre-clearance request for any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 their pre-clearance request is denied, they will not execute any transaction in the security
 or instrument (unless approved in writing pursuant to a subsequent preclearance request).

Approved pre-clearance requests through StarCompliance are valid for only for the remainder of the trading day on the day which they are granted and only for the specific security for which they are granted. The end of the trading day is considered to be the end of the first trading day after approval is granted in the relevant market or on the relevant trading exchange in the local time zone where the Supervised Person is located.

For example, if a Supervised Person wishes to effect another transaction in the same security on the next business day after the Compliance Team's grant of approval of the preclearance request, or a different security of the same issuer on the same business day of the Compliance Team's grant of approval of the pre-clearance request, the Supervised Person must again seek and receive approval from the Compliance Team via a new pre-clearance request through StarCompliance prior to engaging in the subsequent transaction.

It should never be assumed that the Compliance Team will approve a transaction. Further, it should not be expected that the Compliance Team will explain a denial of a pre-clearance request.

For the avoidance of doubt, this pre-clearance requirement applies to <u>all securities</u> (other than Exempt Securities), including but not limited to securities issued by Franklin Templeton and its affiliates, including the Firm, as well as securities issued by entities managed by Franklin Templeton (or its affiliates) and/or issued by entities managed by the Firm (and/or its affiliates), respectively – such as, by way of illustration, all private funds, investment companies, REITS, BDCs and other pooled investment vehicles.

While pre-clearance of Supervised Persons' transactions is a cornerstone of the Firm's compliance efforts, pre-clearance cannot detect all inappropriate or potentially improper transactions, including those transactions where the intent conflicts with the principles of this policy. Thus, the fact that a Supervised Person may receive pre-clearance for proposed transaction received will not constitute a defense against a charge of violating this policy or any applicable securities laws, rules, or regulations.

In order to protect the interests of the Firm and its Clients, all Supervised Persons are reminded to at all times use sound judgment and care to avoid not only a violation of the terms of this policy, but also to at all times avoid any conduct that would create even the appearance of impropriety or even the appearance of a violation of the terms of this policy.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>8</sub>

**Code of Ethics**

October 2025

**2.5.** **Exceptions to the Pre-Clearance Requirement** 

**Transactions in Exempt Securities**

Transactions in the following securities are exempt from the pre-clearance requirement set forth above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies,
 provided that Supervised Persons may not enter into transactions for Cryptocurrencies offered
 through an Initial Coin Offering without pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct
 obligations of the government of the United States or any political subdivision thereof (i.e.,
 treasury bills, treasury bonds, municipal bonds, and other similar instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers'
 acceptances, bank certificates of deposit, commercial paper, and high-quality short-term
 debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by United States registered open-end funds (i.e., open-end mutual funds and exchange
 traded funds (ETFs)) that are broad-based index or similar funds; provided that such funds
 are not Clients of the Firm or an affiliate of the Firm and such fund's investment
 adviser and/or principal underwriter is not controlled or under common with the Firm;

&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
 that are broad-based index or similar funds); provided that such funds are not Clients of
 the Firm or an affiliate of the Firm and such fund's investment adviser and/or principal
 underwriter is not controlled or under common with the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interests
 in certain qualified tuition programs established pursuant to Section 529 of the of
 the Internal Revenue Code of 1986, as amended.

**Certain Transactions Directed by Independent, Professional Third-Parties in Discretionary Accounts**

Transactions in Discretionary Accounts are exempt from the pre-clearance requirement set forth above, provided they are approved by the Firm, reported to the Firm, and managed by an independent, professional third-party in accordance with this policy.

To be exempt from the pre-clearance requirement, the Discretionary Account must be managed in accordance with the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Neither
 the Supervised Person nor any members of such Supervised Person's Family/Household
 may have any direct or indirect influence or control of the Discretionary Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Such
 Discretionary Account must be managed by an independent (i.e., no familial or personal relationship
 to the Supervised Person and no affiliation with the Firm) professional third-party investment
 manager or investment adviser without the advance knowledge, input, or consent of the account
 holder.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>9</sub>

**Code of Ethics**

October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Such
 Discretionary Account must be restricted from purchasing Initial Public Offerings, Initial
 Coin Offerings, and Limited Offerings, either in the agreement governing the Discretionary
 Account or a separate certification of the investment manager or investment adviser.

Notwithstanding the foregoing, a Supervised Person (or any members of such Supervised Person's Family/Household) may discuss general policy matters with his or her Discretionary Account manager such as, for example, such person's tolerance for investment risk, overall defensive or aggressive postures, asset allocation by broad categories, tax matters such as tolerance for gains and losses, and cash disbursement requirements for taxes or otherwise. A Discretionary Account manager may not consult with a Supervised Person (or any members of such Supervised Person's Family/Household), and such person may not provide instructions to his or her Discretionary Account manager, with respect to any specific buy, sell, or hold decisions at any time. Such impermissible instructions include suggesting purchases or sales of investments to the Discretionary Account manager, directing purchases or sales of investments by the Discretionary Account manager, or consulting with the Discretionary Account manager as to the particular allocation of investments to be made in the account.

If a Supervised Person (or any members of such Supervised Person's Family/Household) has a Discretionary Account, such Supervised Person must complete the Discretionary Account Certification, available through StarCompliance, no later than thirty (30) calendar days after such Supervised Person joins the Firm and annually thereafter. If a Supervised Person (or any members of such Supervised Person's Family/Household) opens a Discretionary Account after such Supervised Person joins the Firm, such Supervised Person must complete the Discretionary Account Certification no later than thirty (30) calendar days after such Discretionary Account is opened. In addition, such Supervised Person must provide the Compliance Team with a copy of the agreement governing the Discretionary Account and obtain or facilitate the Firm's obtaining of a certification from such Discretionary Account's third-party manager.

Unless otherwise waived by the Chief Compliance Officer, until the requirements set forth in this section are complied with by a Supervised Person with regards to any of his or her accounts, such accounts will not be treated as Discretionary Accounts and will instead be treated as Personal Accounts.

**2.6.** **Reporting Requirements** 

All Supervised Persons must complete the required initial certification through StarCompliance no later than ten (10) calendar days after the date the person is notified by the Compliance Team of the requirement to do so. In addition, no later than thirty (30) calendar days after the end of each calendar quarter and each calendar year-end, all Supervised Persons must report all transactions in securities covered by this policy in StarCompliance.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>10</sub>

**Code of Ethics**

October 2025

**2.7.** **Insider Trading Policies** 

Insider trading, or trading while in possession of material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. The penalties include, but are not limited to, civil and/or criminal liability, and can result in not only irrevocable damage to a Supervised Person's career, but also, in extreme cases, substantial fines and/or imprisonment. No Supervised Person may affect any transactions, either personally or on behalf of a Client, while in possession of material non-public information with respect to that transaction, or in any way communicate material non-public information to any person outside of the Firm unless expressly authorized to do so by the Compliance Team. For additional information, refer to Section XIV (Policy on Confidential and Other Non-Public Information and Personal Securities Transactions). In addition to this policy, Supervised Persons are required at all times to abide by the applicable policies and procedures prescribed in the

Code of Ethics, the policies contained in the Firm's employee handbooks (as applicable), and various other policies adopted by the Firm from time to time with respect to the use and treatment of material non-public information.

**2.8.** **Administration of the Policy, Waivers and Reporting Obligations** 

Questions regarding this policy and its requirements should be directed to the Compliance Team. Administration of this policy is the responsibility of the Compliance Team, under the ultimate direction and control of the Chief Compliance Officer. As noted herein, the Firm uses StarCompliance, a third-party compliance service provider, to manage the oversight of personal investments.

A Supervised Person that violates this policy will be sanctioned in a manner that the Firm, in its sole discretion, determines to be appropriate. Such sanctions can range from warnings to disgorgement of trading profits to personal trading suspensions, and even the termination of employment of Supervised Persons and the reporting by the Firm of improper conduct to law enforcement and regulatory authorities.

The Chief Compliance Officer may, in his or her discretion, waive compliance by any Supervised Person with the provisions of this policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is
 necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise
 appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
 not be inconsistent with the purposes and objectives of this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
 not adversely affect the interests of the Clients or the interests of Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
 not result in a transaction or conduct that would violate provisions of applicable laws or
 regulations.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>11</sub>

**Code of Ethics**

October 2025

Any such waiver can only be provided in writing by the Chief Compliance Officer (or his or her designee for such purpose).

Supervised Persons are required to report violations of this policy, whether by themselves or by others, to the Compliance Team. The Firm is dedicated to providing Supervised Persons with the means and opportunity to report violations of this policy, or any other instances of wrongdoing, or any other concerns Supervised Persons may have regarding this policy or any other Firm matter. The Firm does not allow retaliation against any Supervised Person who has reported a possible or actual violation of this policy in good faith.

**Prepared for Professional Investor use only. Not for distribution to Retail Investors.**<sub>12</sub>

![](tm262170d1_ex99-bp12img01.jpg)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**London** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Boston** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**West Palm Beach** |
| One Madison Avenue | Cannon Place | 100 Federal Street | 360 South Rosemary Avenue |
| Suite 1600 | 78 Cannon Street | 22<sup>nd</sup> Floor | Suite 1510 |
| New York | London | Boston | West Palm Beach |
| NY 10010 | EC4N 6HL | MA 02110 | FL 33401 |
| USA | UK | USA | USA |

---

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| | |
|:---|:---|
| www.benefitstreetpartners.com<br> www.alcentra.com | ![](tm262170d1_ex99-bp12img02.jpg) |

---

## Ex-99.B(P)(13)

**Exhibit 99.B(p)(13)**

Code of Business Conduct and Ethics

September 29, 2025

![](tm262170d1_ex99-bp13img01.jpg)

---

| |
|:---|
| **Code of Business Conduct and Ethics** |
| Effective Date: September 29, 2025 |

---

**1.** **Introduction** 

This global Code of Business Conduct and Ethics ("Code") governs the general commitment by BlackRock, Inc. and its subsidiaries (collectively, "BlackRock") to conduct its business activities in the highest ethical and professional manner and to put client interests first. BlackRock's reputation for integrity is one of its most important assets and is instrumental to its business success. While this Code covers a wide range of business activities, practices, and procedures, it does not cover every issue that may arise in the course of BlackRock's many business activities. Rather, it sets out basic principles designed to guide BlackRock's employees and directors. Consultants and contingent, contract, or temporary workers are expected to comply with the principles of this Code and policies applicable to their location, function, and status.

Upon becoming a BlackRock employee, and on an annual basis thereafter, BlackRock employees are required to acknowledge their receipt of this Code and any subsequent amendments. BlackRock employees are provided with the Code and any amendments through the Policy Library.

Every BlackRock employee and director — whatever his or her position — is responsible for upholding high ethical and professional standards and must seek to avoid even the appearance of improper behavior. Any violation of this Code may result in disciplinary action to the extent permitted by applicable law. Any employee who becomes aware of an actual or potential violation of this Code or other BlackRock policy is required to follow the reporting process described in the Global Policy for Reporting Illegal or Unethical Conduct and in Section 10 below.

**2.** **Compliance with Laws and Regulations** 

BlackRock's global business activities are subject to extensive governmental regulation and oversight and it is critical that BlackRock and its employees comply with applicable laws, rules, and regulations, including those relating to insider trading. Employees are expected to refer to the guidance contained in the Compliance Manual and the various policies and procedures contained in the Policy Library in compliance with these laws and regulations and to seek advice from supervisors and Legal & Compliance ("L&C") as necessary.

**3.** **Conflicts of Interest** 

Conflicts of interest may arise when a person's private interest interferes, or appears to interfere, with the interests of BlackRock, or where the interests of an employee or the firm are inconsistent with those of a client or potential client, resulting in the risk of damage to the interests of BlackRock or one or more of its clients. A conflict may arise, for example, if an employee takes an action or has an interest that could appear to make it difficult for the employee to conduct the employee's responsibilities to BlackRock and/or the client objectively and effectively, or if such employee or any person associated with the employee, including but not limited to members of the employee's family or household, receives an improper personal benefit, such as money or a loan, as a result of the individual's position at BlackRock. BlackRock has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Global Conflicts of Interest Policy and the Global Outside Activity Policy. Employees are required to comply with these and other compliance related policies, procedures, and controls and to help mitigate potential conflicts of interest by adhering to the following standard of conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act
 solely in the best interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Uphold
 BlackRock's high ethical and professional standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identify,
 report, and manage actual, apparent, or potential conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make
 full and fair disclosure of any conflicts of interests, as may be required.

Conflicts of interest may not always be clear-cut and it is not possible to describe every situation in which a conflict of interest may arise – any question with respect to whether a conflict of interest exists, together with any actual or potential conflict of interest, should be directed to managers and L&C.

Limited

![](tm262170d1_ex99-bp13img02.jpg)

Code of Business Conduct and Ethics

September 29, 2025

**4.** **Insider Trading and Personal Trading** 

Employees and directors who have access to confidential information about BlackRock, its clients, or issuers in which it invests client assets, are prohibited from using or sharing that information for security trading purposes or for any other purpose except in the proper conduct of our business. All non-public information about BlackRock or any of our clients or issuers should be considered "confidential information." Use of material, non-public information in connection with any investment decision or recommendation or to "tip" others who might make an investment decision on the basis of this information is unethical and illegal and could result in civil and/or criminal penalties. Under the Global Personal Trading Policy, BlackRock employees are required to pre-clear all transactions in securities (except for certain exempt securities). Employees should consult the Global Insider Trading Policy for additional information.

**5.** **Gifts and Entertainment** 

Employees must act in the best interests of our clients and consider the reputation of BlackRock when receiving or providing any gift or entertainment. Employees are prohibited from offering, promising, giving or receiving, or authorizing others to offer, promise, give or receive anything of value, either directly or indirectly, to any party in order to improperly obtain or retain business, or to otherwise gain an improper business advantage.

In addition, strict laws (including criminal laws) govern the provision of gifts and entertainment, including meals, transportation, and lodging, to public officials. Employees are prohibited from providing gifts or anything of value to public officials or their employees or family members in connection with BlackRock's business for the purpose of obtaining or retaining business or a business advantage. Employees should consult the Global Gifts and Entertainment Policy for additional information. Regional specific regulatory restrictions also apply.

**6.** **Political Contributions** 

Employees are required to pre-clear political contributions in accordance with the Global U.S. Political Contributions Policy.

**7.** **Corporate Opportunities** 

Employees and directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· are
 prohibited from taking personal opportunities for themselves that are discovered through
 the use of corporate property, information, or position without the consent of L&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· are
 prohibited from using corporate property, information, or position for improper personal
 gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may
 not compete with BlackRock either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· owe
 a duty to BlackRock to advance its legitimate interests when the opportunity to do so arises.

Limited

![](tm262170d1_ex99-bp13img02.jpg)

Code of Business Conduct and Ethics

September 29, 2025

**8.** **Competition and Fair Dealing** 

BlackRock seeks to outperform its competition fairly and honestly by seeking competitive advantage through superior performance; BlackRock does not engage in illegal or unethical business practices. BlackRock and its employees and directors should endeavor to respect the rights of, and deal fairly with, BlackRock's clients, vendors, and competitors. Specifically, the following conduct is prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· misappropriating
 proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· possessing
 trade secret information obtained without the owner's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inducing
 disclosure of proprietary information or trade secret information by past or present employees
 of other companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· taking
 unfair advantage of anyone through manipulation, concealment, abuse of privileged information,
 misrepresentation of material facts, or any other intentional unfair-dealing practice.

**9.** **Confidentiality** 

BlackRock's employees and directors have an obligation of confidentiality to BlackRock and its clients. Confidential information includes non-public information that might be of use to competitors or that might harm BlackRock or its clients, if disclosed, and non-public information that clients and other parties have entrusted to BlackRock. The obligation to preserve confidential information continues even after employment ends. This obligation does not limit employees from reporting possible violations of law or regulation to a regulator or from making disclosures under whistleblower provisions, as discussed in greater detail in the Global Policy for Reporting Illegal or Unethical Conduct and relevant confidentiality policies and agreements.

**10.** **Reporting Any Illegal or Unethical Behavior** 

Every employee is required to report any illegal or unethical conduct about which they become aware, including those concerning accounting or auditing matters. Employees may report concerns to L&C by contacting a Managing Director in L&C directly or by contacting the Business Integrity Hotline, contact details for which are available via the intranet homepage.

BlackRock will not retaliate or discriminate against any employee because of a good faith report. Employees have the right to report directly to a regulator and may do so anonymously; employees may provide protected disclosures under whistleblower laws and cooperate voluntarily with regulators, in each case without fear of retaliation by BlackRock. Employees should consult the Global Policy for Reporting Illegal or Unethical Conduct and local compliance manuals for additional detail.

**11.** **Protection and Proper Use of BlackRock Assets** 

Employees and directors should make every effort to protect BlackRock's assets and use them efficiently. This obligation extends to BlackRock's proprietary information, including intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, systems, software programs, designs, databases, records, salary information, and any unpublished financial data and reports. Unauthorized use or distribution of proprietary information constitutes a violation of BlackRock policy and could result in civil and/or criminal penalties. Employees should refer to the Intellectual Property Policy and the Corporate Information Security and Acceptable Use of Technology Policy for additional information on the obligation to protect BlackRock's property.

**12.** **Bribery and Corruption** 

BlackRock employees and directors are prohibited from making payments or offering or giving anything of value, directly or indirectly, to public officials of any country, or to persons in the private sector, if the intent is to influence such persons to perform (or reward them for performing) a relevant function or activity improperly or to obtain or retain business or an advantage in the course of business conduct.

Employees should refer to the Global Anti-Bribery and Corruption Policy for additional information.

Limited

![](tm262170d1_ex99-bp13img02.jpg)

Code of Business Conduct and Ethics

September 29, 2025

**13.** **Equal Employment Opportunity and Harassment** 

The diversity of BlackRock's employees is a tremendous asset. BlackRock is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. In particular, it is BlackRock's policy to afford equal opportunity to all qualified applicants and existing employees without regard to race, ethnicity, religion, color, national origin, sex, pregnancy status, pregnancy-related medical conditions, gender, gender identity or expression, sexual orientation, age, ancestry, physical or mental disability, familial or marital status, political affiliation, citizenship status, genetic information, or protected veteran or military status or any other basis that would be in violation of any applicable ordinance or law. In addition, BlackRock will not tolerate harassment, bias, or other inappropriate conduct on the basis of any of the above protected categories. BlackRock's Equal Employment Opportunity policies and other employment policies are available to employees in the Policy Library.

**14.** **Recordkeeping** 

BlackRock requires honest and accurate recording and reporting of information in order to conduct its business and to make responsible business decisions. BlackRock, as a financial services provider and a public company, is subject to extensive regulations regarding maintenance and retention of books and records. BlackRock's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect BlackRock's transactions, and must conform both to applicable legal requirements and to BlackRock's system of internal controls. Employees should consult the Global Records Management Policy and other record retention policies, available to employees in the Policy Library, for additional information.

**15.** **Waivers of the Code** 

Any waiver of this Code for an executive officer or director must be made only by BlackRock's Board of Directors or a Board committee and must be promptly disclosed as required by law or stock exchange regulation.

Limited

![](tm262170d1_ex99-bp13img02.jpg)

## Ex-99.B(P)(14)

**Exhibit 99.B(p)(14)**

![](tm262170d1_ex99-bp14img01.jpg)

**Blackstone Inc.**

Code of Business

Conduct and Ethics

**JANUARY 2025**

**Table of Contents**

---

| | |
|:---|:---|
| **A Message from Stephen A. Schwarzman** | **1** |
| **Employee and Reporting Hotline** | **4** |
| **Waivers of the Code** | **5** |
| **Respect at Blackstone** | **5** |
| **Confidential Information** | **5** |
| **Conflicts of Interest** | **7** |
| **Family Members and Close Personal Relationships** | **7** |
| **Outside Employment / Directorships** | **8** |
| **Consultants and Agents** | **8** |
| **Other Situations** | **8** |
| **Corporate Opportunities** | **8** |
| **Protection and Proper Use of Firm Assets** | **8** |
| **Fair Dealing** | **9** |
| **Relationships with Suppliers** | **9** |
| **Compliance with Laws** | **9** |
| **Governmental Filings and Responding to Governmental and Regulatory Requests** | **9** |
| **Insider Trading** | **10** |
| **Document Retention** | **10** |
| **Taxes** | **11** |
| **Maliciously False, Defamatory, or Other Unlawful Remarks** | **11** |
| **Doing Business Internationally** | **11** |
| **Foreign Corrupt Practices Act / UK Bribery Act** | **12** |
| **Disclaimer** | **12** |

---

Blackstone Inc. Blackstone \| i

**CODE OF BUSINESS CONDUCT AND ETHICS**

**A Message from Stephen A. Schwarzman**

All of us have every reason to be proud of Blackstone's high standards. The Firm is committed to preserving its reputation for excellence and integrity in everything we do. Our reputation today is a tribute to all of you and the manner in which you conduct the Firm's business, and for that we want to thank you wholeheartedly.

It has taken the Firm since 1985 to build that reputation, but we should be fully aware that reputations can be destroyed in a fraction of that time by one brief shortcoming.

None of you can be unaware of the trials and tribulations that have beset Wall Street. More than a few of these problems have arisen because of poor ethical judgments or simply a lack of appropriate standards.

To ensure that everyone fully understands the Firm's approach and the standards by which we measure ourselves, the enclosed comprehensive Code of Business Conduct and Ethics has been prepared to help guide you in your decision-making.

It is imperative that you read and abide by these standards so that we can continue to be a successful and admired organization in the years ahead.

Thank you again for your diligence and cooperation in helping Blackstone maintain its stellar reputation.

![](tm262170d1_ex99-bp14img02.jpg)

**Stephen A. Schwarzman**

Chairman and Chief Executive Officer

Blackstone Inc. Blackstone \| 1

**CODE OF BUSINESS CONDUCT AND ETHICS**

Integrity, honesty and sound judgment are fundamental to the reputation and success of Blackstone Inc. and its respective subsidiaries and affiliates (collectively, "Blackstone" or the "Firm"). The policies outlined in this Code of Business Conduct and Ethics (the "Code") apply to Blackstone employees and senior managing directors, all of whom the Legal and Compliance Department ("LCD") deems to be "supervised persons" within the meaning of Section 202(a)(25) of the Advisers Act, as well as certain individuals whom the LCD also deems to be "supervised persons" within the meaning of Section 202(a)(25) of the Advisers Act, (collectively for the purposes of this Code, "Employees"), as well as Blackstone directors and officers. Some provisions of this Code, where noted, will apply to (i) the Employee's spouse / domestic partner; (ii) a child of the Employee or of the Employee's spouse / domestic partner, provided that the child resides in the same household as or is financially dependent upon the Employee; and (iii) relatives over whose account the Employee has control (the Employee's "Family").

This Code is designed to ensure that all Blackstone directors, officers and Employees not only conduct themselves lawfully at all times, but also maintain the highest ethical standards in every aspect of their dealings with other Employees, the business community, clients, suppliers and government authorities.

The Firm is committed to providing equal employment opportunities to all Employees and applicants for employment without regard to race, color, religion, creed, gender, sex, pregnancy, sexual orientation, self-identified or perceived sex, gender identity or expression, the status of being transgender, national origin or ancestry, ethnicity, alienage or citizenship status, age, disability, marital, familial, or partnership status, military or veteran status, predisposing genetic characteristics, status as a victim of domestic violence, sex offense, stalking, arrest or conviction record, caregiver status, credit history, unemployment status, uniformed service, or any other class or status protected by law in accordance with applicable federal, state and local laws. This policy applies to all terms and conditions of employment, including but not limited to hiring, placement, promotion, termination, transfer, leave of absence, compensation and training. In addition, Blackstone prohibits any discriminatory conduct of its agents and non-Employees who have contact with Employees during working hours or at work-related events.

No Employee should be misguided by any sense of false loyalty to the Firm or a desire for profitability that might cause him or her to disobey any applicable law or Firm policy or act in any way contrary to the Firm's fiduciary duty to its clients. Violation of Firm policy will constitute grounds for disciplinary action, including, when appropriate, termination of service.

The Firm believes our people are our most important resource. We seek to hire the brightest and most talented and empower them to be better.

Management seeks to (1) foster a stimulating culture where there is a commitment to excellence; (2) promote and reward our personnel for their contributions and achievements; and (3) promote an ethical environment and a sense of mutual trust and shared responsibility.

The material contained in this Code, the Firm's Global Compliance Policies Manual (together with the related supplements, the "Manual") and the Firm's Code of Ethics, as well as other materials, serve as a guide for Employees when faced with legal or ethical questions. This Code, the Manual and the Code of Ethics are not all-inclusive, and the Firm expects Employees to use their own judgment at all times to follow the high ethical standards to which the Firm is committed.

Blackstone Inc. Blackstone \| 2

**CODE OF BUSINESS CONDUCT AND ETHICS**

The Firm takes this Code very seriously. All Employees must follow the ethical standards set forth in this Code and are obligated to report, in a timely fashion, any possible violations of this Code, law or of our ethical standards that they may witness or have a reasonable basis to believe exist.

Reporting in good faith possible ethical violations by others will not subject you to reprisal. An Employee retaliating or punishing another Employee for reporting suspected unethical or illegal conduct or any questionable situation may be subject to disciplinary action, up to and including termination, and may be acting in violation of the law. As discussed below, all reports and inquiries will be handled confidentially to the greatest extent possible under the circumstances. It is the responsibility of Employees to read carefully and understand this Code, but we do not expect this Code to answer every possible question an Employee may have in the course of conducting business. To this end, Employees should keep in mind the following steps as they consider a particular problem or concern:

▪ **Always ask first, act later.** If you are unsure of what to do in any situation, seek guidance
 before you act.

▪ **Make sure you have all the facts.** In order to reach the right solutions, we must be as fully
 informed as possible.

▪ **Ask yourself: What specifically am I being asked to do?** Does it seem unethical or improper?
 This will enable you to focus on the specific question you are faced with, and the alternatives
 you have. Use your judgment and common sense; if something seems unethical or improper, it
 probably is.

▪ **Clarify your responsibility and role.** In most situations, there is shared responsibility. Are
 your colleagues informed? It may help to get others involved and discuss the problem.

▪ **Discuss the problem with your supervisor.** This is the basic guidance for all situations. In many
 cases, your supervisor will be more knowledgeable about the question, and will appreciate
 being brought into the decision-making process. Remember that it is your supervisor's
 responsibility to help solve problems.

▪ **Seek help from individuals other than your supervisor.** In situations where it may not be appropriate
 to discuss an issue with your supervisor, or where you do not feel comfortable approaching
 your supervisor with your question, consider discussing the issue with someone from the Human
 Resources department. If the issue relates to a specific Securities and Exchange Commission
 ("SEC"), Financial Industry Regulatory Authority ("FINRA") or Investment
 Advisers Act of 1940 (as amended) matter, consider discussing the issue with the LCD. In
 the case of accounting, internal accounting controls or auditing matters, consider discussing
 the issue with the Chief Financial Officer or the audit committee of the board of directors.
 Interested parties may also communicate directly with the Firm's non-management directors
 through contact information located in the Firm's Annual Report on Form 10-K.

Blackstone Inc. Blackstone \| 3

**CODE OF BUSINESS CONDUCT AND ETHICS**

If Employees are concerned about an ethical situation or are not sure whether specific conduct meets the Firm's standards of conduct, Employees are responsible for asking their supervisors or managers, the Chief Legal Officer ("CLO") or any other representative of the LCD, or the Human Resources Department any questions that they may feel are necessary to understand the Firm's expectations of them.

If you believe you or another Employee may have violated this Code, the law or our ethical standards, it is your responsibility to immediately report the violation to your supervisor or manager, a representative of the LCD or the Human Resources Department, or, to the extent permitted by applicable law, the Employee and Reporting Hotline or website described below. Similarly, if you are a supervisor or manager and you have received information from an Employee concerning activity that they believe may violate this Code or that you believe may violate this Code, you should report the matter to a representative of the LCD or the Human Resources Department, the Audit Committee or the Employee and Reporting Hotline or website described below.

Employees who fail to comply (either in letter or spirit) with these policies, including supervisors or managers who fail to detect or report wrongdoing, may be subject to disciplinary action, up to and including termination of employment. The following are examples of conduct that may result in discipline:

▪ Actions
 that violate a Firm policy;

▪ Requesting
 others to violate a Firm policy;

▪ Failure
 to promptly disclose a known or suspected violation of a Firm policy;

▪ Failure
 to cooperate in Firm investigations of possible violations of a Firm policy;

▪ Retaliation
 against another Employee for reporting a good faith integrity concern; and

▪ Failure
 to demonstrate the leadership and diligence needed to ensure compliance with Firm policies
 and applicable law.

It is important to understand that a violation of certain of these policies may subject the Firm and the individual Employee to civil liability and damages, regulatory sanction and/or criminal prosecution.

**Employee and Reporting Hotline**

Employees interested in communicating a concern anonymously may call the Employee and Reporting Hotline toll-free, 24 hours a day from any country in which Blackstone has an office. The hotline is hosted by a third-party provider, EthicsPoint (also known as NAVEX Global). In the US, the hotline can be reached by dialing 1-855-657-8027. Callers from outside the US can find country-specific dialing instructions at <u>www.blackstone.ethicspoint.com</u> by choosing the relevant location from the drop-down menu. Employees may also submit a report online at <u>www.blackstone.ethicspoint.com</u>.

Blackstone Inc. Blackstone \| 4

**CODE OF BUSINESS CONDUCT AND ETHICS**

At no time will the Employee Hotline utilize "Caller ID" technologies to identify an Employee who wishes to remain anonymous. In order to facilitate positive action in response to Employees' concerns, callers may give their names and work locations. Callers from the European Economic Area are encouraged to give their names and work locations.

All reports and inquiries will be handled confidentially to the maximum extent practicable under the circumstances. As mentioned above, no Employee will be subject to retaliation or punishment for good faith reporting of suspected violations of law or of our ethical standards by another Employee or for coming forward to alert the Firm of any questionable situation. Furthermore, any person who participates in retaliation against such Employee will be subject to disciplinary action, up to and including termination of employment.

**Waivers of the Code**

Any waiver of any provision of this Code for executive officers or directors of Blackstone Inc. must be approved by the board of directors or a committee of the board of directors of Blackstone Inc. and will be promptly disclosed as required by applicable securities law and/or stock exchange rules.

**Respect at Blackstone**

When Steve Schwarzman and Pete Peterson formed the Firm in 1985, their aim was to build a group of related businesses, to attract the very best people and to provide an environment in which we could grow to become among the leaders in our respective business areas. That has meant fostering an environment in which there was and is freedom of expression, constant interaction, attentive listening and consideration to personal and business issues at all levels.

All personnel should treat everyone, including fellow Employees, clients, vendors and guests, with respect and dignity. We are all individually responsible for creating and maintaining a work environment that is built on these values.

**Confidential Information**

The Firm regularly comes into possession of Confidential Information (as that term is defined below) in the course of the Firm's business. The Firm is strongly committed to protecting Confidential Information, whether entrusted to the Firm by an actual or prospective client, investor or portfolio company, generated within the Firm or obtained from some other source. The Firm is also strongly committed to avoiding the misuse, or the appearance of misuse, of such information, whether in connection with the trading of securities or otherwise.

During the course of employment by or association with Blackstone, Employees may learn of or have access to information concerning the (i) business, (ii) affairs, (iii) operations, (iv) strategies, (v) policies, (vi) procedures, (vii) organizational and personnel matters related to any present or former Employee of Blackstone, including compensation and investment arrangements, (viii) terms of agreements, (ix) financial structure, (x) financial position, financial results or other financial affairs, (xi) actual or proposed transactions or investments, (xii) investment results, (xiii) existing or prospective clients or investors, (xiv) computer programs or (xv) other confidential information related to the business of Blackstone or to its affiliates, actual or prospective portfolio companies or other third parties. Such information may have been or may be provided in written or electronic form or orally or otherwise accessed via a data room portal such as Intralinks. All of such information, from whatever source learned or obtained and regardless of Blackstone's connection to the information, is "Confidential Information."

Blackstone Inc. Blackstone \| 5

**CODE OF BUSINESS CONDUCT AND ETHICS**

Without limiting the foregoing, Confidential Information includes any information, whether public or not, which (i) represents, or is aggregated in such a way as to represent, or purport to represent, all or any portion of the financial or investment results of, or any other information about the investment "track record" of, (a) Blackstone (b) a business group of Blackstone, (c) one or more funds managed by affiliates of Blackstone, affiliates managing such funds or portfolio companies of such funds, or (d) any individual or group of individuals during their time at Blackstone, or (ii) describes an individual's role in achieving or contributing to any such investment results.

Confidential Information does not include information that has been made generally available to the public, but information that when viewed in isolation may be publicly known or can be accessed by a member of the public will still constitute Confidential Information for these purposes if such information has become proprietary to Blackstone through Blackstone's aggregation or interpretation of such information.

The need to exercise care in the handling and use of Confidential Information must be of constant concern to all Employees. If an Employee has any question as to the meaning of, or whether a particular action would violate, any of the policies or procedures set forth in this Code, they should promptly contact the LCD and, in any event, always do so before undertaking any such action.

Because all of its Confidential Information constitutes a valuable asset of Blackstone and/or Blackstone's clients, without the prior written consent of Blackstone (which may be given or withheld in Blackstone's sole discretion) or Blackstone's clients, as applicable, no Employee of Blackstone or any of its affiliates may, while they are employed by or associated with Blackstone or at any time thereafter, (a) disclose any Confidential Information to any person except at the direction of Blackstone or its clients, as applicable, (b) make any other use of any Confidential Information except in the business of Blackstone and in a manner which at all times is intended to serve the interests of Blackstone or its clients, or (c) disclose any information (whether or not Confidential Information) concerning Blackstone or its affiliates or its present or former Employees, clients or investors to any reporter, author or similar person or entity or take any other action likely to result in such information being made available to the public in any form, including books, articles or writings of any other kind, film, videotape, electronic means of communication or any other medium, except in compliance with Blackstone policy.

Any Firm personnel who fail to comply, either in letter or spirit, with these important policies may be subject to disciplinary action, up to and including termination of employment. The Firm may pursue appropriate legal action against present or former Employees or members to enforce these policies.

In addition to complying with the important policies set forth above, Employees and members are required to execute a confidentiality agreement prior to the commencement of employment and familiarize themselves with and acknowledge that agreement by their signature, as well as adhere to the policies and procedures set forth in the Manual and the Firm's Investment Adviser Compliance Policies and Procedures. The latter documents contain important additional policies and procedures concerning Confidential Information and related matters.

Blackstone Inc. Blackstone \| 6

**CODE OF BUSINESS CONDUCT AND ETHICS**

Notwithstanding any confidentiality or non-disclosure agreement (whether in writing or otherwise, including without limitation as part of an employment agreement, separation agreement or similar employment or compensation arrangement) applicable to current or former Employees, the Firm does not restrict any current or former Employee from reporting, communicating, cooperating, or filing a complaint on possible violations of federal, state or local law or regulation to or with any governmental agency or regulatory authority (collectively, a "Governmental Entity"), including, but not limited to, the SEC, FINRA, Equal Employment Opportunity Commission or National Labor Relations Board, or from making other disclosures to any Governmental Entity that are protected under the whistleblower provisions of federal, state or local law or regulation, provided that in each case such communications and disclosures are consistent with applicable law. Moreover, Employees do not need to give prior notice to (or get prior authorization from) Blackstone regarding any such communication or disclosure. In addition, the Firm does not restrict Employees from discussing, disclosing or inquiring about wages to the extent consistent with applicable pay equity laws, or from engaging in activity protected by the National Labor Relations Act; for example, non-managerial and non-supervisory Employee discussions regarding their terms and conditions of employment.

**Conflicts of Interest**

A conflict of interest occurs when an individual's private interest interferes, or even appears to interfere, with the interests of the Firm as a whole. A conflict of interest may arise when an Employee takes actions or has interests that may make it difficult to perform their work objectively and effectively. Conflicts of interest also arise when an Employee, officer or director, or a member of their family, receives improper personal benefits as a result of their position in the Firm. Loans to, or guarantees of obligations of, such persons are of special concern.

Employees may not have outside interests that conflict or appear to conflict with their ability to make business decisions in their work at Blackstone that are consistent with their fiduciary duties to the Firm's clients. Employees must not be influenced by a personal interest that may result from other individual or business concerns. Conflicts of interest are to be scrupulously avoided and, if unavoidable, must be disclosed to the LCD at the earliest opportunity. If you have any uncertainty about whether your actions or relationships present a conflict of interest, contact the LCD for guidance.

**Family Members and Close Personal Relationships**

Conflicts of interest may arise when doing business with organizations in which Employees' family members have an ownership or employment interest. Family members include spouses, parents, children, siblings and in-laws.

Employees may not conduct business on behalf of the Firm and may not use their influence to get the Firm to do business with family members or an organization with which an Employee or an Employee's family member is associated unless specific written approval has been granted in advance by the Chairman and Chief Executive Officer or the CLO.

Blackstone Inc. Blackstone \| 7

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Outside Employment / Directorships**

All Employees are expected to devote their best efforts to their job at all times. Employees may not maintain outside employment activities that compromise job performance or that may present a conflict of interest. All outside business activities are subject to the prior approval of the Firm's LCD.

**Consultants and Agents**

Whenever it becomes necessary to engage the services of an individual or firm to consult for or represent the Firm, special care must be taken to ensure that no conflicts of interest exist between the Firm and the person or firm to be retained. Employees must also ensure that outside consultants and agents of the Firm are reputable and qualified. Agreements with consultants or agents should be in writing and should be approved by the CLO.

**Other Situations**

Because other conflicts of interest may arise, it would be impractical to attempt to list all possible situations. Any Employee, officer or director who becomes aware of a conflict of interest or a potential conflict of interest should bring it to the attention of a supervisor, manager or other appropriate personnel, the LCD or the CLO.

**Corporate Opportunities**

It is the Firm's policy that Employees, officers and directors may not take opportunities for themselves that are discovered through the use of Firm property, information or position, or use Firm property, information or position for personal gain. Furthermore, Employees may not compete with the Firm directly or indirectly. Employees, officers and directors have a duty to the Firm to advance its legitimate interests when the opportunity to do so arises.

**Protection and Proper Use of Firm Assets**

Theft, carelessness and waste have a direct impact on the Firm's profitability. Employees, officers and directors have a duty to safeguard Firm assets and ensure their efficient use. Firm assets should be used only for legitimate business purposes and Employees and directors should take measures to ensure against their theft, damage, or misuse.

Firm assets include intellectual property such as trademarks, business and marketing plans, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Firm policy.

Blackstone Inc. Blackstone \| 8

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Fair Dealing**

Each Employee, officer and director shall endeavor to deal fairly with the Firm's clients, equity holders, competitors, suppliers and Employees. No Employee or director shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practice.

No bribes, kickbacks or other similar payments in any form shall be made directly or indirectly to or for anyone for the purpose of obtaining or retaining business or obtaining any other favorable action. The Firm and the Employee, officer or director involved may be subject to disciplinary action as well as potential civil or criminal liability for violation of this policy.

**Relationships with Suppliers**

The Firm encourages good supplier relations. However, Employees may not benefit personally, whether directly or indirectly, from any purchase of goods or services for the Firm. Employees whose responsibilities include purchasing (be it merchandise, fixtures, services or other), or who have contact with suppliers, must not exploit their position at the Firm for personal gain. Generally, Employees may not receive cash or other items of value from any supplier, whether directly or indirectly, unless it is not pursuant to a quid pro quo and is not related to hiring or other business decisions (e.g., random chance raffle). Ordinary and customary periodic holiday gifts of a de-minimis amount are also permitted, subject to compliance with any requirements of Blackstone as well as the business group in question.

**Compliance with Laws**

The Firm operates strictly within the bounds of the laws, rules and regulations that affect the conduct of our business. All Employees are expected to know and to follow the law (e.g., all applicable federal securities laws and regulations). Supervisors, managers or other appropriate personnel must ensure that Employees understand and are informed of the requirements relating to their jobs. They must also be available to answer Employee questions or concerns and, when necessary, to guide them to other subject-matter experts, including the Firm's outside counsel. There are serious consequences for failing to follow any applicable laws, rules and regulations, up to and including termination of employment and potential criminal and civil penalties.

**Governmental Filings and Responding to Governmental and Regulatory Requests**

It is Firm policy to cooperate with all reasonable requests concerning Firm business from US federal, state, municipal and foreign government agencies, such as the Federal Trade Commission, the SEC and the Department of Justice, and from regulatory organizations such as FINRA and the New York Stock Exchange. All contacts, inquiries, or requests – written or oral – for information or documents by governmental or self-regulatory authorities, including representatives of the SEC, FINRA, the states and non-US regulators, should be reported immediately to the CLO. In the case of telephone requests, the Employee receiving the request should make sure to obtain the name, agency, address, and telephone number of the representative making such request and refer the inquiry to the LCD. With respect to filings made with US federal, state, municipal and foreign governmental agencies, particularly those filings (e.g., Hart-Scott-Rodino filings) that are made in connection with an investment by the Firm, it is Firm policy that counsel retained by the Firm must generally be consulted prior to the submission of the filing with such agencies. In the event a decision not to contact outside counsel is made, written notification must be made to the CLO.

Blackstone Inc. Blackstone \| 9

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Insider Trading**

The Firm's policy against insider trading is designed to promote compliance with securities laws and to protect the Firm as well as Firm representatives from the very serious liability and penalties that can result from violations of these laws. The Firm is committed to maintaining its reputation for integrity and ethical conduct and this policy is an important part of that effort. It is Blackstone's policy that directors, executive officers and other Employees of Blackstone may not trade securities, of the Firm or otherwise, about which they learn material, non-public information. They are also prohibited from passing on such information to others who might make an investment decision based on it. Any questions as to whether information is material or has been adequately disclosed should be directed to the LCD.

In addition, directors, executive officers and Employees are prohibited from engaging in transactions in Blackstone's securities that are inconsistent with a long-term investment in Blackstone, signal a lack of confidence in Blackstone or may lead to the appearance of insider trading. Such transactions include any trading activity designed to profit from fluctuations in the price of these securities, such as "day trading" and arbitrage trading, short sales, buying securities on margin, and the use of forward contracts, equity swaps, collars, exchange funds, puts, calls, options and other derivative securities or any instruments designed to increase in value as a result of, or hedge or offset any decrease in, the market value of Blackstone's securities.

Any violation of the Firm's policies and procedures regarding personal securities trading by an Employee or an Employee's family member may result in dismissal, suspension, with or without pay, or other disciplinary sanctions against the Employee, whether or not the violation of the Firm's policy also constitutes a violation of law.

**Document Retention**

Destruction or falsification of any information that the Firm is required to retain pursuant to legal or regulatory requirements, or that is potentially relevant to any violation of law, government investigation or civil legal matter, may lead to prosecution for obstruction of justice, regulatory action, legal sanctions or other adverse consequences for the Firm. The Firm's Information Management and Legal Holds Policies govern the Firm's retention, preservation or destruction of information. Employees are required to manage, retain and dispose of Firm information in accordance with those policies. Questions with regard to retention or destruction of information should be directed to the CLO. Please refer to the Firm's Information Management Policy, Legal Holds Policy, and various compliance manuals for other provisions relating to information retention and disposal.

Blackstone Inc. Blackstone \| 10

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Taxes**

The Firm and its Employees, whether acting on behalf of the Firm or individually, are not permitted to attempt to evade taxes or the payment of taxes. Neither should Employees solicit clients on the basis of nor actively participate in assisting clients in attempting to evade the tax laws. The Firm and its Employees, whether acting on behalf of the Firm or individually, are not permitted to (i) make false statements to tax authorities regarding any matter, (ii) file fraudulent returns, statements, lists or other documents, (iii) conceal property or withhold records from tax authorities, (iv) willfully fail to file tax returns, keep required records or supply information to tax authorities or (v) willfully fail to collect, account for or pay a tax.

None of this prevents you from arranging your personal affairs in a manner serving to lawfully minimize the tax you are required to pay, and in so doing, you can consider all allowable deductions and credits that you may be entitled to claim.

In addition to complying with the tax laws, Employees must cooperate fully with any regulatory entity or governmental authority and may not interfere with the administration of the tax laws. Payments and gifts to tax agents and other government officials are strictly prohibited. To this end, Employees are required to refer business inquiries to the CLO and respond immediately to personal inquiries from a tax authority, including summons to testify or produce books, accounts, records, memoranda or other papers.

**Maliciously False, Defamatory, or Other Unlawful Remarks**

Maliciously false, defamatory, or other unlawful remarks or statements about the Firm or any of its personnel are strictly prohibited. No Employee of the Firm, directly or indirectly, may make, while in the employ of the Firm or at any time thereafter, any such remarks or statements (whether of a professional or personal nature) to any individual or other third party (including without limitation any present or former member, partner or Employee of the Firm) or entity regarding the Firm or any of their respective affiliates, members, partners or Employees, or regarding such Employee's relationship with the Firm or the termination of such relationship.

Employees who violate this policy may be subject to disciplinary action, up to and including termination of employment. The Firm may also pursue appropriate legal action against present or former Employees or members to enforce this policy.

This policy does not prohibit Employees from making truthful disclosures to governmental agencies.

**Doing Business Internationally**

While the Firm must adapt to business customs and market practices in global markets, all Employees worldwide should adhere to applicable US laws and regulations and Firm standards. Every Employee involved in non-US operations should also respect the laws, cultures and customs of all countries in which the Firm operates and should conduct the Firm's overseas activities in a way that contributes to development in all such locales.

Blackstone Inc. Blackstone \| 11

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Foreign Corrupt Practices Act / UK Bribery Act**

Blackstone and its Employees, agents and representatives must conduct their activities in full compliance with all applicable anti-corruption laws, including without limitation, the US Foreign Corrupt Practices Act ("FCPA"), the UK Bribery Act, and any other anti-corruption laws that are in effect in the country in which the Blackstone Employee, agent or representative operates.

The FCPA reaches conduct occurring outside of the territorial boundaries of the United States and applies to domestic and foreign subsidiaries of Blackstone and to both US citizens and non-US citizens. Under the FCPA:

▪ Blackstone
 and its Senior Managing Directors, agents, officers and Employees are prohibited from making
 or authorizing the payment of either money or anything of value, directly or indirectly,
 to government officials, political parties or candidates for political office outside the
 United States to win or retain business or influence any act or decision of such officials;

▪ All
 books, records and accounts, domestic and overseas, must accurately and fairly reflect business
 transactions and dispositions of Blackstone's assets; and

▪ A
 system of internal accounting controls must be maintained to provide adequate corporate supervision
 over the accounting and reporting activities at all levels.

**Disclaimer**

This Code is designed to acquaint directors, executive officers and Employees with the Firm's policies with respect to business conduct and ethics.

The information contained in this Code is not intended to represent all of the Firm's policies. In addition, directors, executive officers and Employees should be aware that the Firm may revise, supplement or rescind any policies or portions of this Code at any time as it deems appropriate, in its sole and absolute discretion. This Code is the property of the Firm.

Blackstone Inc. Blackstone \| 12

## Ex-99.B(P)(15)

**Exhibit 99.B(p)(15)**

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| ![](tm262170d1_ex99-bxpx15img002.jpg) <br> **Franklin Resources, Inc.**<br>**Code of Ethics and**<br>**Business Conduct** | ![](tm262170d1_ex99-bxpx15img001.jpg) |

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This Code of Ethics and Business Conduct (this "Code") has been adopted by the Board of Directors (the "Board") of Franklin Resources, Inc. ("Franklin") in connection with its oversight of the management and business affairs of Franklin.

1. **Purpose and Overview.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Application*. This Code is applicable
 to all officers, directors, employees and temporary employees (each, a "Covered Person")
 of Franklin and all of its United States ("U.S.") and non-U.S. subsidiaries and
 affiliates, including specialist investment managers ("SIMs") (Franklin and such
 entities collectively, the "Company" or "Franklin Templeton"). Many
 subsidiaries, affiliates and/or business units within the Company, including SIMs, have adopted
 individual policies and procedures on various topics, including topics covered by this Code,
 that may be different from and, in some cases, more restrictive than, this Code. Covered
 Persons must know and comply with any such policies and procedures that apply to them. When
 this Code conflicts with another Company policy or procedure, Covered Persons must comply
 with the more restrictive provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Purpose*. This Code summarizes the
 values, principles and business practices that guide the business conduct of the Company
 and also provides a set of basic principles to guide Covered Persons regarding the minimum
 ethical requirements expected of them. This Code supplements the Company's existing
 employee policies, including those specified in applicable U.S. or non-U.S. employee handbooks.
 All Covered Persons are expected to become familiar with this Code and to apply these principles
 in the daily performance of their jobs.

This Code is intended to promote each Covered Person's awareness of their responsibilities on a variety of legal and ethical issues and to help each Covered Person determine the appropriate course of action under a variety of circumstances. This Code is not intended to cover every ethical issue that a Covered Person may confront while working or serving for the Company, but it sets out basic principles designed to guide Covered Persons in their conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Overriding Responsibilities*. It is the responsibility of all Covered Persons to maintain a work
 environment that fosters fairness, respect and integrity. The Company requires all Covered
 Persons to conduct themselves in a lawful, honest and ethical manner in all of the Company's
 business practices. A Covered Person must never compromise these ethics, or even give the
 appearance that they may have done so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Questions*.
 Covered Persons should contact their supervisor or manager, representatives of Human Resources,
 their local Legal and Compliance resources, Franklin Templeton's Legal or Regulatory
 Compliance groups, or the General Counsel of Franklin, for additional guidance or if there
 is any question about issues discussed in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Violations.* If any Covered Person observes possible unethical or illegal conduct, such concerns or
 complaints should be reported as set forth in Section 16 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Definition of Executive Officer*. For the purposes of this Code, the term "Executive Officer"
 shall mean those officers, as shall be determined by the Board from time to time, who are
 subject to the reporting obligations of Section 16(a) of the Securities Exchange
 Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Definition of Director*. For purposes of this Code, the term "Director" shall mean a
 member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Definition of Government Agency*. For purposes of this Code, the term "Government Agency"
 includes any U.S. or non-U.S. national, federal, provincial, regional, state, or local government
 agency, commission or legislative body, or self-regulatory organization, including, by way
 of representative example only, any securities, financial, employment and labor regulators.

2. **Compliance with Laws, Rules and Regulations**. The Company operates in a highly regulated industry.
 While a Covered Person is not expected to be an expert on all applicable laws and regulations,
 each Covered Person is expected to know the laws and regulations well enough to recognize
 when an issue arises and to seek the advice of their local Legal and Compliance resources
 for support. All Covered Persons of the Company are required to comply with all of the applicable
 laws, rules and regulations of the U.S. and other countries, and the states, counties,
 cities and other jurisdictions, in which the Company conducts its business, although traffic
 violations and other minor offenses will not be considered violations of this Code. Local
 laws may in some instances be less restrictive than the principles set forth in this Code.
 In those situations, Covered Persons should comply with this Code, even if the conduct would
 otherwise be legal under applicable local laws. On the other hand, if local laws are more
 restrictive than this Code, Covered Persons should comply with applicable local laws. Further,
 any provision of this Code that is contrary to law in a particular jurisdiction will have
 no force or effect in that jurisdiction solely with respect to such provision(s), although
 this Code (including any such provision) will remain applicable in all other jurisdictions.

3. **Securities Transactions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Insider Trading*. Material non-public information is often referred to as inside information.
 Covered Persons must comply with applicable insider trading laws and Company insider trading
 policies that prohibit Covered Persons from trading securities, or encouraging others to
 trade securities, or recommending securities, either personally or on behalf of others, while
 in possession of applicable material non-public information or communicating such material
 non-public information to others in violation of the law. Securities include common stocks,
 bonds, options, futures and other financial instruments. Material information includes any
 information that a reasonable investor would consider important in a decision to buy, hold,
 or sell securities, or any information that could reasonably be expected to affect the price
 of such securities. Information about an issuer is non-public if it has not been publicly
 disclosed or released. In addition, sharing inside information with another person who buys
 or sells securities is known as "tipping" and is illegal, even if there is no
 personal pecuniary benefit. Applicable insider trading laws provide substantial civil and
 criminal penalties for companies and individuals who fail to comply. Insider trading restrictions
 are described in more detail in applicable Company insider trading policies, various Company
 employee handbooks and compliance policies. In addition, the Company has implemented trading
 restrictions to reduce the risk, or appearance, of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Rule 10b5-1(c) Plans*.
 The Company may permit exemptions from the insider trading policies and procedures described
 above for transactions in securities issued by Franklin effected pursuant to pre-approved,
 written trading plans or arrangements complying with Rule 10b5-1(c) under the Securities
 Exchange Act of 1934, as amended. Rule 10b5-1(c) plans or arrangements may not
 be entered into or modified either during trading blackout periods or when the Covered Person
 is aware of material, non-public information relating to Franklin or its securities. All
 such plans or arrangements (and any modification or termination thereof) must be pre-approved
 by the General Counsel of Franklin (or such person's designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rumors*.
 The dissemination of false or misleading information about companies or securities, particularly
 in volatile or fragile market conditions, can be a damaging form of market abuse, which can
 affect both the firm concerned as well as general market conditions. It is against the law
 to start or circulate a rumor (defined as "information that is circulated purporting
 to be fact but which has not yet been verified") if that rumor is likely to influence
 the market price of that security or that a reasonable person would expect to have a material
 effect on the price of a security if it were widely circulated. Starting or disseminating
 any rumor with the intention of influencing the price movement of a security is a breach
 of this Code and may also constitute a violation of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Short Sales.* Covered Persons are prohibited from effecting short sales, including "short
 sales against the box" of securities issued by Franklin and securities issued by any
 closed-end fund sponsored or advised by the Company. Also prohibited are economically equivalent
 transactions, whether in the form of call or put options, swap transactions or other derivative
 transactions, that would result in a Covered Person having a net short exposure to Franklin
 or any closed-end fund sponsored or advised by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Short-term Trading.* Covered Persons must comply with the Frequent Trading Policy described in the
 prospectus of each fund in which they invest and must not engage in trading activity that
 violates that policy. Accordingly, Covered Persons must not engage in any short-term or excessive
 trading in funds. Violations are subject to discipline, including termination of employment
 and permanent suspension of such person's ability to purchase shares in any funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pledged
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 otherwise previously approved by the Company's Compensation Committee, Directors and
 Executive Officers are prohibited from directly or indirectly pledging, hypothecating or
 otherwise encumbering securities issued by Franklin as collateral for indebtedness. This
 prohibition includes, but is not limited to, holding such securities in a margin account
 that could cause securities issued by Franklin to be subject to a margin call or serve as
 collateral for a margin loan. Securities issued by Franklin which were not received by the
 Director or Executive Officer as compensation are not subject to this prohibition, provided
 that the pledge of such securities does not cause the holder to be out of compliance with
 applicable Stock Ownership Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 any person has subject securities issued by Franklin pledged as collateral or held in a margin
 account when such person becomes a Director or Executive Officer, the pledge must be released
 within one year from the date the person becomes a Director or Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 pledged securities under this provision shall remain subject to Franklin's Trading
 Blackout Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Questions
 Regarding Securities Transactions. All questions regarding insider trading or reports of
 impropriety in connection with securities transactions should be directed to Franklin Templeton's
 Regulatory Compliance group or through the applicable local Legal and Compliance resources.
 See also Section 16 below.

4. **Conflicts of Interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Avoidance of Conflicts*. All Covered Persons are required to conduct themselves in a manner and
 with such ethics and integrity so as to avoid a conflict of interest, either real or apparent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Conflict of Interest Defined*. A conflict of interest is any circumstance where an individual's
 personal interest interferes with the interests of the Company. All Covered Persons have
 a duty to avoid financial, business or other relationships that might be opposed to the interests
 of the Company or might cause a conflict with the performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Potential Conflict Situations*. A conflict can arise when a Covered Person takes actions or has
 interests that may make it difficult to perform their Company-related work objectively and
 effectively. Conflicts also may arise when a Covered Person, or a member of their family,
 receives improper personal benefits as a result of their position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Examples of Potential Conflicts*. Some of the areas where a conflict could arise include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employment
 by a competitor, regardless of the nature of the employment, while employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Placement
 of business with any firm or organization in which a Covered Person, or any member of the
 Covered Person's family, has a substantial ownership interest or management responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Making
 endorsements or testimonials for third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Processing
 a transaction on the Covered Person's personal account(s), or their friends'
 or family members' account(s), through the Company's internal systems without
 first submitting the transaction request to the Company's Customer Service Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Disclosing
 the Company's confidential information to a third party (other than as permitted in
 accordance with Section 9 below) without the prior consent of senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Questions Regarding Conflicts*. All questions regarding conflicts of interest and whether a particular
 situation constitutes a conflict of interest should be directed to Franklin Templeton's
 Regulatory Compliance group or through the applicable local Legal and Compliance resources.
 See also Section 16 below.

5. **Corporate Opportunities**. Covered Persons are prohibited from (i) taking for themselves opportunities
 that are discovered through the use of Company property, information or position, (ii) using
 Company property, information or position for personal gain, and/or (iii) competing
 with the Company. For example, to the extent that a Covered Person learns of an investment
 opportunity because of their position with the Company, the Covered Person must not disadvantage
 fund or client accounts by personally taking advantage of the trading opportunity.

6. **Gifts, Entertainment and Contributions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Receipt of Gifts and Entertainment.* The Company's aim is to deter providers of gifts or
 entertainment from seeking or receiving special favors from Covered Persons in connection
 with activities performed by or for, or business relationships established with, the Company.
 The concern is that gifts of more than a nominal value may cause Covered Persons to feel
 placed in a position of "obligation" and/or give the appearance of a conflict
 of interest. Covered Persons should not solicit any third party for any gift, gratuity, entertainment
 or any other item regardless of its value. Covered Persons, including members of their immediate
 families, may accept or participate in "reasonable entertainment." Covered Persons
 are encouraged to be guided by their own sense of ethical responsibility, along with any
 policies or guidelines adopted from time to time by the Company with respect to gifts and
 entertainment. This Section 6 is not intended to limit Directors who do not also serve
 in management positions within the Company from accepting compensation, bonuses, fees and
 other similar consideration paid in the normal course of business as a result of their outside
 business activity, employment or directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Anti-Corruption.* All Covered Persons are strictly prohibited from offering or giving gifts, meals or entertainment
 to business partners or others (including government officials, government employees, certain
 other government-related entities and persons, and certain family members of the foregoing)
 in order to improperly influence them. Covered Persons should consult the Company's
 Anti-Corruption Policy before providing gifts or other items of value, including entertainment
 and travel, to others and should seek to avoid even the appearance of any impropriety. Covered
 Persons should be aware that practices that may be acceptable in the commercial business
 environment (such as providing certain transportation, meals, entertainment and other things
 of value) may be unacceptable and even illegal when they involve government officials, government
 employees, certain other government-related entities and persons, or certain family members
 of the foregoing, or others who act on behalf of government entities or persons. Therefore,
 Covered Persons are required to comply with the relevant laws and regulations governing relations
 between government officials, government employees and related entities or persons, on the
 one hand, and customers and suppliers, on the other hand, in every country where the Company
 conducts business.

Additional information regarding anti-corruption can be found in the Company's Anti-Corruption Policy. In addition to these responsibilities, Covered Persons should also remember that a number of the Company's subsidiaries, affiliates and/or business units have specific policies and procedures relating to the prevention of money laundering. Covered Persons must know and comply with any such policies and procedures that apply to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Political
 Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Election
 laws in many jurisdictions generally prohibit political contributions by corporations to
 candidates. Many local laws also prohibit corporate contributions to local political campaigns.
 In accordance with these laws, the Company does not make direct contributions to any candidates
 for federal, state or local offices where applicable laws make such contributions illegal
 and, in such cases, contributions to political campaigns must not be made with or reimbursed
 by the Company's funds or resources. The Company's resources include, but are
 not limited to, the Company's facilities, office supplies, letterhead, computer equipment,
 telephones and fax machines.

Political contributions by the Company are subject to restriction and require prior approval by designated members of senior management within the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employee's
 personal political contributions also may be restricted by U.S. and non-U.S. federal, state
 or local election laws. For certain employees associated with U.S.-registered investment
 advisers, political contributions are highly restricted and require prior approval and reporting.
 Employees of regulated entities such as investment advisers or broker/dealers should look
 to their specific policies and procedures and/or ask their relevant local Legal and Compliance
 resources for further guidance. The Legal and Compliance resources should escalate applicable
 questions and concerns regarding political contributions to Franklin Templeton's Regulatory
 Compliance group as necessary.

7. **Outside Employment/Business Activities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Restrictions*.
 Subject to any applicable departmental or other restrictions, Covered Persons are permitted
 to engage in outside employment/outside business activity ("Outside Activity")
 if it is free of any actions that could be considered a conflict of interest in accordance
 with the Company's applicable requirements, policies and processes. Outside Activity
 must not adversely affect a Covered Person's job performance at the Company, and Outside
 Activity must not result in absenteeism, tardiness or a Covered Person's inability
 to work overtime when requested or required. Covered Persons may not engage in Outside Activity
 that requires or involves using Company time, materials, resources, trademarks, intellectual
 property, or confidential or other proprietary information or data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Self-Employment*.
 For purposes of this Code, Outside Activity includes self-employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Required Approvals*. Due to the fiduciary nature of the Company's business, there may be
 potential conflicts of interest that could result from a Covered Person's Outside Activity.
 Employees should look to their local policies and/or ask their relevant Legal and Compliance
 resources or Human Resources for further guidance prior to entering any Outside Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Outside Directors Exempt*. This Section 7 is not applicable to Directors who do not also
 serve in management positions within the Company.

8. **Service as a Director.** Covered Persons who wish to serve as a director or trustee (or in a similar
 capacity) for a non-affiliated, for-profit, public or private company or entity should consult
 the Company's Employee Service as an Outside Director Policy. With respect to non-affiliated,
 for-profit public entities, Covered Persons may not serve as a director, trustee, or in a
 similar capacity for any for-profit public entity without approval from an appropriate member
 of Franklin's Executive Committee and the Head or Co-Head of Franklin Templeton's
 Regulatory Compliance group, or their respective designees. Covered Persons who are interested
 in serving on a board of directors, as a trustee or in a similar capacity should, in the
 first instance, consult with their relevant local Legal and Compliance resources and review
 and comply with other policies that may apply. This Section 8 is not applicable to Directors
 who do not also serve in management positions within the Company.

9. **Confidential Information Obligations.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Confidentiality*.
 Covered Persons are responsible for maintaining the confidentiality of information entrusted
 to them as a result of their roles with the Company, except when disclosure is authorized
 or legally mandated. The sensitive nature of the investment business requires that Covered
 Persons be continuously aware of the confidential nature of the information to which they
 may have access.

As a result of employment or service with the Company, a Covered Person may produce, receive, or become acquainted with the confidential information or trade secrets of the Company, information the Company has received from others that the Company is required to treat as confidential, including information concerning the Company's employees, stockholders, clients, customers, business partners, and mutual fund shareholders and other product investors, and other commercially sensitive information the privacy, confidentiality, and secrecy of which is valued by the Company (collectively, "Confidential Information"). Each Covered Person must comply with all applicable Company policies concerning confidentiality and/or public statements, as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *What Is Included in Confidential Information*. Confidential Information includes, without limitation,
 non-public corporate and mutual fund and other product: financial information, including
 cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing
 and sales data, and pricing lists or schedules; client and business prospect identities and
 information (including but not limited to financial advisors and consultants and sales information);
 marketing strategies and methods; market analyses or projections; products, services, and
 the pricing for same; business plans, strategies, methods, templates, models, policies and
 procedures; software, databases, hardware configurations, or other technology or tools created,
 developed or compiled by the Company; formulas, discoveries, inventions, designs, improvements,
 concepts and ideas; client, supplier, or other third party confidential and/or proprietary
 information received in confidence by the Company, and any information that may be subject
 to non-disclosure or confidentiality agreements between the Company and said parties; any
 confidential and privileged legal advice given to the Company, which legal privilege belongs
 to the Company; applicant and employee private or otherwise protected information or data
 obtained by a Covered Person in connection with the Covered Person's employment or
 service with the Company, including, but not limited to, personal information contained in
 applications and resumes submitted to the Company and in Company performance evaluations,
 and Company termination information and agreements not otherwise available outside of the
 Company; the Company's internal reporting or organizational structure information and
 personnel lists; and the Company's compensation structure and formula information (except
 with respect to a Covered Person's own compensation amount) for any business purpose
 competitive to the Company.

Nothing herein is intended to prohibit, limit, or dissuade (or create or suggest any understanding of a Covered Person's rights that would prohibit, limit, or dissuade) a Covered Person from engaging in activities protected by applicable law, including under U.S. federal or state law, such as the National Labor Relations Act or under any similar laws in other jurisdictions, for example by communicating with fellow employees or others about their wages, hours, workplace complaints, benefits or other terms of employment.

Confidential Information shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company, the Company's employees, or the Company's business partners, stockholders, clients, mutual fund shareholders or other product investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disclosure Restrictions*. Except as provided in Section 9(e) below, both during a Covered
 Person's employment or service with the Company (except where use and/or disclosure
 is required and authorized in connection with the Covered Person's enumerated job duties
 to third parties with confidentiality obligations to the Company) and after a Covered Person's
 employment or service with the Company ends for any reason, a Covered Person must: (i) keep
 the Confidential Information confidential; (ii) not disclose any Confidential Information
 to any non-governmental third parties, including without limitation any former Company employees,
 without the prior consent of senior management; and (iii) not use Confidential Information
 for the Covered Person's personal benefit or for the benefit of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Continuing Obligations*. The obligations under this Code shall: (i) with regard to Confidential
 Information, remain in effect for so long as such information constitutes Confidential Information
 as defined in this Code; and (ii) with regard to any trade secret specifically, remain
 in effect for as long as such information constitutes a trade secret as defined by applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Exception For Disclosure to a Government Agency*. Nothing in this Code shall limit or interfere
 with a Covered Person's right to file a charge or complaint with any Government Agency
 or ability, without notice to or authorization from the Company, to communicate with any
 Government Agency for the purpose of reporting a reasonable belief that a possible violation
 of law has occurred or may occur, or to participate, cooperate, provide information or cause
 information to be provided (including documents) or testify in any inquiry, investigation,
 proceeding or action that may be conducted by any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Responding to Legal Process*. Separately, to the extent a Covered Person receives any subpoena, court
 order, or other legal process issued in any private litigation or arbitration regarding any
 matter or action involving the Company, then to the extent permitted by law or regulation,
 the Covered Person shall, before providing any Confidential Information, give prompt prior
 written notice to the Company's General Counsel, or to the Covered Person's local
 Legal and Compliance resources who will then escalate to Franklin Templeton's Legal
 or Regulatory Compliance groups as necessary in order to provide the Company with a reasonable
 opportunity to take appropriate steps to protect its Confidential Information to the fullest
 extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Acknowledgments*.
 Upon request, all Covered Persons of the Company are expected to sign an agreement or acknowledgment
 regarding the confidentiality terms set forth herein, including from time to time as the
 Company may amend its confidentiality provisions.

10. **Ownership of Intellectual Property.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Company Ownership*. The Company owns all Intellectual Property, as defined below, in all of the
 works and inventions created or made by a Covered Person at and/or for the Company, whether
 partial or completed. A Covered Person shall hold on trust for, and is obligated to assign
 to, the Company all Intellectual Property that does not by operation of law in any specific
 jurisdiction automatically vest in the Company, in any works or inventions that the Covered
 Person creates or develops, alone or with others, while working for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *What Is Included in Intellectual Property*. "Intellectual Property" includes all
 trademarks and service marks, trade secrets, patents and patent subject matter and inventor
 rights in the U.S. and foreign countries and related applications. It includes all U.S. and
 foreign copyrights and subject matter and all other literary property and author rights,
 whether or not copyrightable. It includes all creations, not limited to inventions, discoveries,
 developments, works of authorship, ideas and know-how. It does not matter whether or not
 the Company can protect them by patent, copyright, trade secrets, trade names, trade or service
 marks or other intellectual property right. It also includes all materials containing any
 intellectual property. These materials include but are not limited to flash drives and other
 electronic media storage devices now known or hereafter developed, electronic files, printouts,
 notebooks, drawings, artwork and other record types, media, or documentation. To the extent
 applicable, non-trade secret intellectual property constitutes a "work made for hire"
 owned by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exceptions*.
 The Company will not be considered to have a proprietary interest in a Covered Person's
 work product if: (i) the work product is developed entirely on the Covered Person's
 own time without the use or aid of any Company resources, including without limitation, equipment,
 supplies, facilities, or Confidential Information; (ii) the work product does not result
 from the Covered Person's employment with the Company; and (iii) at the time a
 Covered Person conceives or reduces the creation to practice, it is neither related to the
 Company's business nor the Company's actual or expected research or development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Required Disclosure and Cooperation*. Upon request, a Covered Person must promptly disclose in
 writing to the Company, including through their local Human Resources or Legal resources,
 all Intellectual Property conceived or developed while working for the Company. To the extent
 not otherwise covered by the power of attorney required to be granted to the Company in accordance
 with Section 10(f) below, if requested, a Covered Person must sign all documents
 necessary to memorialize the Company's ownership of Intellectual Property under and
 in accordance with this Code, including, but not limited to, assignments and patent, copyright
 and trademark applications. A Covered Person must take any other actions reasonably required
 by the Company to accomplish the assignment contemplated in this section, and to assist the
 Company in any registration, perfection, or enforcement of such assigned rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Prior Inventions*. A Covered Person is not conveying any rights to Intellectual Property that
 the person may have made, conceived, or first reduced to practice before the person's
 employment or service with the Company of which the person has provided written notice to
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Acknowledgments, Powers of Attorney and Waiver of Moral Rights*. Upon request, all Covered Persons of the
 Company are expected to sign an agreement or acknowledgment regarding the intellectual property
 terms set forth herein, including from time to time as the Company may amend its intellectual
 property provisions. Upon request, all employees are expected to (i) execute powers
 of attorney in favor of the Company to have the Company execute on the person's behalf
 all applications, specifications, oaths, assignments and all other instruments that the Company
 shall deem necessary in order to apply for them and obtain such rights and in order to assign
 and convey to the Company and its successors, assigns and nominees sole and exclusive rights,
 title and interest in and to such Intellectual Property and/or rights relating thereto; and
 (ii) waive all applicable moral rights under the United Kingdom Copyright, Designs and
 Patents Act 1988 (and all similar rights in other jurisdictions) that the person has or will
 have in any existing or future Intellectual Property referred to in this Section 10.

11. **Fair Dealing**. The Company seeks to succeed through superior performance, service, diligence,
 effort and knowledge, and not through any unfair advantage. Each Covered Person should deal
 fairly and in good faith with the Company's customers, suppliers, competitors and Covered
 Persons and not take unfair advantage of anyone through manipulation, concealment, abuse
 of privileged information, misrepresentation of material facts or any other unfair dealing
 practice.

12. **Protection and Use of Company Property**. Each Covered Person is responsible for safeguarding the
 Company's assets and properties under their control. All Covered Persons should ensure
 that the Company's assets are used for legitimate business purposes. Improper use includes
 unauthorized personal appropriation or use of the Company's assets, data or resources,
 including computer equipment, software and information.

13. **Standards of Business Conduct.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Respectful Work Environment*. The Company is committed to fostering a work environment in which all
 individuals are treated fairly and with respect and dignity. Each individual should be permitted
 to work in a business-like atmosphere that promotes equal employment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Prohibited Conduct*. The following conduct will not be tolerated and any misconduct, whether or not
 specifically listed below, could result in disciplinary action (including termination) and
 civil and/or criminal penalties, subject to applicable laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 act which causes doubt about a Covered Person's integrity, such as the falsifying of
 Company records and documents, competing in business with the Company, unauthorized use or
 disclosure of the Company's Confidential Information, or engaging in any criminal conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 act which may create a dangerous situation, such as carrying weapons, firearms or explosives
 on Company premises or surrounding areas, assaulting another individual, or disregarding
 property and safety standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 use, sale or purchase or attempted use, sale or purchase of alcohol, unless at a Company-sponsored
 or approved event, or illegal drugs while at work, or reporting to work in a condition not
 fit for work, such as reporting to work under the influence of alcohol or illegal drugs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Insubordination,
 including refusal to perform a job assignment or to follow a reasonable request from a Covered
 Person's supervisor or manager, or discourteous conduct toward customers, associates,
 or supervisors or managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Harassment
 of any form including threats, intimidation, abusive behavior and/or coercion of any other
 person in the course of doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Falsification
 or destruction of any timekeeping record, intentionally clocking in on another Covered Person's
 attendance or timekeeping record, assisting another Covered Person's tampering with
 their attendance record or tampering with one's own attendance record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Failure
 to perform work that meets the standards/expectations of the Covered Person's position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Excessive
 unauthorized absenteeism, chronic tardiness, or consecutive absence of three or more days
 without notification or authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any
 act of dishonesty or falsification of any Company records or documents, including obtaining
 employment based on false, misleading, or omitted information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disciplinary Action*. A Covered Person or the Company may terminate the employment or service relationship
 at will, at any time, without cause or advance notice (except as may be agreed to in writing
 or required by law). Thus, the Company does not strictly adhere to a progressive disciplinary
 system in connection with misconduct by a Covered Person given each incident of misconduct
 may have a different set of circumstances or differ in its severity. The Company will take
 such disciplinary action as it deems appropriate and commensurate with any misconduct of
 the Covered Person, including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Covered Persons are also subject to any
 standards of business conduct of the particular subsidiary, affiliate or business unit in
 which they work, which may be different from, and more restrictive than, this Code.

14. **Disclosure in Reports and Documents.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Filings and Public Materials*. Any Covered Person involved in the preparation or review of materials
 that are filed or disseminated to the public must use caution to ensure that the information
 in the materials is truthful and accurate in all material respects. It is important that
 the Company's filings with Government Agencies are full, fair, accurate, timely and
 understandable. The Company also makes many filings with Government Agencies on behalf of
 the funds that its subsidiaries and affiliates manage. Further, the Company prepares mutual
 fund account statements, client investment performance information, prospectuses and advertising
 materials that are sent out to its mutual fund shareholders and clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Disclosure and Reporting Policy*. Each Covered Person is responsible for ensuring the accuracy and
 completeness of any business information, reports and records under their control. The Company's
 policy is to comply with all disclosure, financial reporting and accounting regulations applicable
 to the Company. The Company maintains the highest commitment to its disclosure and reporting
 requirements, and expects all Covered Persons to record information accurately and truthfully
 in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Information for Filings*. Depending on their position with the Company, a Covered Person may be called
 upon to provide necessary information to ensure that the Company's public reports and
 regulatory filings are full, fair, accurate, timely and understandable. The Company expects
 all Covered Persons to be diligent in providing accurate information to the inquiries that
 are made related to the Company's public disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Controls and Procedures and Internal Control Over Financial Reporting*. Covered Persons
 are required to cooperate and comply with the Company's disclosure controls and procedures
 and internal control over financial reporting so that the Company's reports and documents
 filed with Government Agencies comply in all material respects with applicable laws, rules and
 regulations, and provide full, fair, accurate, timely and understandable disclosure.

15. **Accountability for Adherence to this Code.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Honesty and Integrity*. The Company is committed to upholding ethical standards in all of its
 corporate and business activities. All Covered Persons are expected to perform their work
 with honesty, truthfulness and integrity and to comply with the general principles set forth
 in this Code. Covered Persons are also expected to perform their work with honesty and integrity
 in any areas not specifically addressed by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Disciplinary Actions*. A violation of this Code may result in appropriate disciplinary action including
 the possible termination from employment with the Company. Nothing in this Code restricts
 the Company from taking any disciplinary action on any matters pertaining to the conduct
 of a Covered Person, whether or not expressly set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Annual Certifications*. Directors and Executive Officers will be required to certify annually,
 on a form to be provided by Franklin Templeton's Regulatory Compliance group, that
 they have received, read and understand this Code and have complied with the requirements
 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Training
 and Educational Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Orientation*.
 New Covered Persons will receive a copy of this Code during the orientation process conducted
 by representatives of Human Resources or as part of integration activities in connection
 with Company acquisitions and shall acknowledge that they have received, read and understand
 this Code and will comply with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Continuing Education*. Covered Persons shall be required to complete such additional training and
 continuing education requirements regarding this Code and matters related to this Code as
 the Company shall from time to time establish.

16. **Reporting Violations of this Code.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Questions and Concerns*. Described in this Code are procedures generally available for addressing
 ethical issues that may arise. As a general matter, if a Covered Person has any questions
 or concerns about compliance with this Code, they are encouraged to speak with their supervisor
 or manager, representatives of Human Resources, Company Ombudsman, their local Legal and
 Compliance resources, Franklin Templeton's Legal or Regulatory Compliance groups, or
 the General Counsel of Franklin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Compliance and Ethics Hotline*. If a Covered Person does not feel comfortable talking to any of the
 persons or resources listed above for any reason, they may report an issue or instance of
 misconduct, including anonymously, through the applicable Compliance and Ethics Hotline online
 or by telephone. Contact information for the Company's Compliance and Ethics Hotline
 is located below and on the Intranet website of the Company and/or individual subsidiaries.
 If a Covered Person does not feel comfortable stating their name, reports to the Company
 Compliance and Ethics Hotline may be made anonymously.

Covered Persons and applicable third parties may access <u>https://franklintempleton.ethicspoint.com</u> to report an issue or instance of misconduct online or for local dialing instructions to make a report by telephone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Responsibility to Report Violations of this Code and Law*. As part of its commitment to ethical and lawful conduct, the Company
 strongly encourages Covered Persons to promptly report any suspected violations of this Code
 or law. Covered Persons have multiple avenues for reporting such matters, including through
 the Company Ombudsman, their local Legal and Compliance resources, or to Franklin Templeton's
 Legal or Regulatory Compliance groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Confidentiality and Investigation*.
 The Company will treat the information set forth in a report of any suspected violation of
 this Code or law, including the identity of the caller, in a confidential manner and will
 conduct a prompt and appropriate evaluation and investigation of any matter reported. Covered
 Persons are expected to cooperate in any investigations of reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Protection of Covered Persons*.
 It is a violation of this Code to retaliate against anyone for reporting to the Company information
 that such person reasonably and in good faith believes constitutes a violation of this Code
 or that is otherwise illegal or unethical, or for participating in an investigation of such
 a report. It is also a violation of this Code to retaliate against anyone who has communicated
 with any Government Agency in accordance with Section 9€ above. A Covered Person
 may not be discharged, demoted, suspended, threatened, harassed or in any other manner discriminated
 against in the terms and conditions of employment on account of having provided the Company
 with information about, or otherwise assisted the Company in any investigation regarding,
 any conduct that the Covered Person reasonably and in good faith believes constitutes a violation
 of this Code or is otherwise illegal or unethical. Equally, a Covered Person may not be discharged,
 demoted, suspended, threatened, harassed or in any other manner discriminated against in
 the terms and conditions of employment because the Covered Person communicated with a Government
 Agency in accordance with Section 9(e) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Accounting/Auditing Complaints*.
 The law requires that the Company's Audit Committee have in place procedures for the
 receipt, retention and treatment of complaints concerning accounting, internal accounting
 controls, or auditing matters and procedures for Covered Persons to submit their concerns
 regarding questionable accounting or auditing matters.

Complaints concerning accounting, internal accounting controls or auditing matters will be directed to the attention of the Audit Committee, or the appropriate members of that committee. For direct access to the Company's Audit Committee, please address complaints regarding accounting, internal accounting controls, or auditing matters to:

Audit Committee

Franklin Resources, Inc.

One Franklin Parkway

San Mateo, California 94403

Complaints or concerns regarding accounting or auditing matters may also be made to the applicable Compliance and Ethics Hotline, in the manner described in Section 16(b) above.

17. **Waivers of this Code.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Waivers
 by Directors and Executive Officers. Any change in or waiver of this Code for Directors or
 Executive Officers may be made only by the Board or a committee thereof in the manner described
 in Section 17(d) below, and any such waiver (including any implicit waiver) shall
 be promptly disclosed to stockholders of Franklin to the extent required by the applicable
 laws, rules and regulations of any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waivers by Other Covered Persons*. Any requests for waivers of this Code for Covered Persons other
 than Directors and Executive Officers may be made to Franklin Templeton's Regulatory
 Compliance group in the manner described in Section 17(e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Definition of Waiver*. For the purposes of this Code, the term "waiver" shall mean a
 material departure from a provision of this Code. An "implicit waiver" shall
 mean the failure of the Company to take action within a reasonable period of time regarding
 a material departure from a provision of this Code that has been made known to an Executive
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Manner for Requesting Director and Executive Officer Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Request and Criteria*. If a Director or Executive Officer wishes to request a waiver of this Code,
 the Director or Executive Officer may submit to Franklin Templeton's Regulatory Compliance
 group a written request for a waiver of this Code only if they can demonstrate that such
 a waiver:

&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) is
 necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise
 appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) will
 not be inconsistent with the purposes and objectives of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) will
 not adversely affect the interests of clients of the Company or the interests of the Company;
 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;(D) will
 not result in a transaction or conduct that would violate provisions of applicable laws or
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Discretionary
 Waiver and Response. Franklin Templeton's Regulatory Compliance group will forward
 the waiver request to the Board or a committee thereof for consideration. Any decision to
 grant a waiver from this Code shall be at the sole and absolute discretion of the Board or
 committee thereof, as appropriate. The Secretary of Franklin will advise Franklin Templeton's
 Regulatory Compliance group in writing of the Board's decision regarding the waiver,
 including the grounds for granting or denying the waiver request. Franklin Templeton's
 Regulatory Compliance group shall promptly advise the Director or Executive Officer in writing
 of the Board's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Manner for Requesting Other Covered Person Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Request and Criteria*. If a Covered Person who is a non-Director and non-Executive Officer wishes
 to request a waiver of this Code, the Covered Person may submit to Franklin Templeton's
 Regulatory Compliance group a written request for a waiver of this Code only if they can
 demonstrate that such a waiver would satisfy the same criteria set forth in Section 17(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Discretionary Waiver and Response*. The Head or Co-Head of Franklin Templeton's Regulatory Compliance
 group (or their designee) shall, after appropriate consultation with the applicable business
 unit head, forward the waiver request to the General Counsel of Franklin for consideration.
 The decision to grant a waiver request shall be at the sole and absolute discretion of the
 General Counsel of Franklin. The General Counsel will advise Franklin Templeton's Regulatory
 Compliance group in writing of their decision regarding the waiver, including the grounds
 for granting or denying the waiver request. Franklin Templeton's Regulatory Compliance
 group shall promptly advise the Covered Person in writing of the General Counsel's
 decision.

18. **Internal Use**. This Code is intended solely for the internal use by the Company and does not constitute
 an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

19. **Other Policies and Procedures**. The following nonexclusive list of policies and procedures adopted
 by the Company or entities within the Company provide additional requirements that, depending
 upon the specific terms of such policies and procedures and the applicable subsidiary, affiliate
 or business unit involved, may apply to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources, Inc. Anti-Corruption Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources, Inc. Global Human Rights Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources, Inc. Trading Blackout Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Templeton Corporate Policy on Public and Media Communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Templeton Employee Service as an Outside Director Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Templeton Outside Employment/Business Activities Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Templeton Personal Investments and Insider Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Templeton Policy for Reporting and Investigation of Suspected Dishonest or Fraudulent Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Templeton Social Media Policy

In addition, individual subsidiaries, affiliates and business units within the Company, including SIMs, may have their own applicable policies with which their respective employees are required to comply.

Last approved by the Board on October 21, 2024.

## Ex-99.B(P)(16)

**Exhibit 99.B(p)(16)**

**<u>CODE OF ETHICS (PERSONAL TRADING) & <br> INSIDER TRADING</u>**

**<u>CODE OF ETHICS - PERSONAL TRADING BY BRIGADE CAPITAL AND ITS PERSONNEL</u>**

**(1)**  **<u>Introduction</u>** 

High ethical standards are essential for the success of Brigade Capital to maintain the confidence of its Advisory Clients. Brigade Capital's long-term business interests are best served by adherence to the principle that its Advisory Clients' interests come first. Brigade Capital has a fiduciary duty to its Advisory Clients, which requires individuals associated with Brigade Capital to act solely for the benefit of the Advisory Clients. Potential conflicts of interest may arise in connection with the personal trading activities of individuals associated with investment advisory firms. In recognition of Brigade Capital's fiduciary obligations to the Advisory Clients and Brigade Capital's desire to maintain its high ethical standards, Brigade Capital has adopted this Code of Ethics which it reasonably believes complies with the requirements of Rule 204A-1 under the Advisers Act and the Access Person reporting and preclearance requirements of Rule 17j-1 under the Investment Company Act, containing provisions designed to: (i) prevent improper personal trading by Access Persons; (ii) prevent improper use of confidential and material, non-public information about securities recommendations made by Brigade Capital or securities holdings of the Advisory Clients; (iii) identify conflicts of interest; and (iv) provide a means to resolve any actual or potential conflict in favor of the Advisory Client.

Brigade Capital's goal is to allow its Access Persons to engage in *certain, limited* personal securities transactions while protecting Brigade Capital, its Advisory Clients and its Access Persons from the conflicts that could result from a violation of the securities laws or from real or apparent conflicts of interest. While it is impossible to define all situations that might pose such a risk, this Code of Ethics is designed to address those circumstances where such risks are likely to arise. It is the personal responsibility of every employee to avoid any conduct that could create a conflict, or even the appearance of a conflict, with the Advisory Clients, or do anything which could damage or erode the trust the Advisory Clients place on Brigade Capital and its Access Persons.

**Adherence to the Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment for employees and Access Persons of Brigade Capital. If there is any doubt as to the propriety of any activity, employees should consult with the Chief Compliance Officer or his designee.** The Chief Compliance Officer is charged with the administration and distribution of this Code of Ethics, has general compliance responsibility for Brigade Capital, and may offer guidance on securities laws and acceptable practices, as the same may change from time to time. The Chief Compliance Officer may rely upon the advice of outside legal counsel or outside compliance consultants.

Interns will be considered "Access Persons" for purposes of the Code of Ethics.

**Access Persons must acknowledge receipt and understanding of this Code of Ethics on an annual basis.** Such acknowledgement will generally be completed via ComplianceAlpha.

**(2)**  **<u>Applicability of Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Personal Accounts of Access Persons.</u>** This Code of
Ethics applies to all Personal Accounts of all Access Persons where "Reportable
Securities" (as defined in **Section 3(d)** of this Code of Ethics below) are held and includes any account in which
an Access Person has any direct or indirect beneficial ownership. A Personal Account also includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Access Person's spouse (other than a legally separated
or divorced spouse of the Access Person), domestic partner and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any individuals who live in the Access Person's household
and over whose purchases, sales, or other trading activities the Access Person exercises control or investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any persons to whom the Access Person provides primary financial
support, and either (i) whose financial affairs the Access Person controls, or (ii) for whom the Access Person provides discretionary
advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any trust or other arrangement which names the Access Person
as a beneficiary or remainderman; 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;· Any partnership, corporation, or other entity of which the
Access Person is a director, officer or general partner or in which the Access Person has a 25% or greater beneficial interest, or in
which the Access Person owns a controlling interest or exercises effective control; provided, however, that the accounts of the Advisory
Clients managed by Brigade Capital are not deemed to be Personal Accounts of an Access Person.

**Upon becoming an Access Person, the Access Person must disclose all Personal Accounts to Brigade Capital's Chief Compliance Officer through ComplianceAlpha.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Access Person as Trustee. A Personal Account does not include any account for which an Access Person serves as trustee of a trust for the benefit of (i) a person to whom the Access Person does not provide primary financial support, or (ii) an independent third party.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Personal Accounts of Other Access Persons. A Personal Account of an Access Person that is managed by another Access Person is considered to be a Personal Account only of the Access Person who has a Beneficial Ownership in the Personal Account. The account is considered to be a client account with respect to the Access Person managing the Personal Account.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Solicitors/Consultants. Non-employee Solicitors or consultants are not subject to this Code of Ethics unless the relevant Solicitor or consultant, as part of his/her duties on behalf of Brigade Capital, (i) makes or participates in the making of investment recommendations for the Advisory Clients, or (ii) obtains information on recommended investments for the Advisory Clients.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Client Accounts. A client account includes any account managed by Brigade Capital which is not a Personal Account.</u>** 

**(3)**  **<u>Restrictions on Personal Investing Activities</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>: It is the responsibility of each Access Person
to ensure that a particular securities transaction being considered for his/her Personal
Account is not subject to a restriction contained in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities
transactions for Access Persons may be affected only in accordance with the provisions of this Code of Ethics. It should be noted that
the Chief Compliance Officer may grant exceptions to certain of the trading restrictions described in this Code of Ethics. Such exceptions
will be documented and only be permitted if there is no material conflict of interest with the Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restriction on Excessive Trading</u>. Access Persons shall
not engage in "day trading" or any type of "excessive" trading that would be contrary to the best interests of
Brigade Capital's Advisory Clients and Investors. For these purposes, Access Persons shall not engage in more than thirty (30)
reportable transactions<sup>1</sup> (e.g., buys and sells) across all of his/her Personal Accounts during a particular calendar quarter.
Such trading restriction is subject to limited exceptions for extenuating circumstances (e.g., financial hardship), as determined in
the sole discretion of the Chief Compliance Officer, the Chief Operating Officer & General Counsel and the Managing Member.
All trading is subject to the review of the Chief Compliance Officer or his designee on at least a quarterly basis.

1 This does not limit the number of lots in which a reportable transaction can be executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Prohibition of Trading with or against Advisory Clients</u>:
It should be noted that the Chief Compliance Officer does not generally intend to permit Access Persons to execute transactions in the
types of securities that the Advisory Clients typically invest in. The Advisory Clients typically hold securities of domestic and international
leveraged companies, debt or debt-like obligations rated below investment grade by one or more of the major rating agencies, or securities
trading at yields comparable to the high yield market and high yield issuers. It should be noted, however, that Access Persons may be
permitted to invest in exchange-traded or open-ended funds that invest in the debt markets, subject to the pre-clearance requirements
described in **Paragraph (f)** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>General Permissible Securities Transactions ("Permissible Securities")</u>: Access Persons will generally be permitted to engage in *certain, limited* personal securities transactions
(certain of which require pre-clearance) in the following Permissible 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;I. <u>Permissible Securities that **Do Not Require Pre-Clearance**</u> :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Government debt obligations of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bankers' acceptances, bank certificates of deposit, commercial
paper and high quality short term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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;(v) Shares issued by <u>open-end</u> funds (excluding exchange traded funds) that are registered under the
Investment Company Act of 1940 (or equivalent European registered open-ended funds), as amended, *provided* that such funds are NOT
registered funds managed by Brigade Capital or registered funds whose adviser or principal underwriter controls, is controlled by, or
is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds; *provided* that such funds are NOT advised by Brigade Capital or an affiliate and such fund's adviser or principal underwriter
is not controlled by or under common control with Brigade Capital; 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;(vii) Cryptocurrencies\* (as defined below).

<u>\*Cryptocurrencies</u>: This includes any virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank (e.g., Bitcoin, Litecoin, Ethereum, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Permissible Securities that **Require Pre-Clearance**</u> ("Reportable 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;(i) Shares issued by <u>closed-end</u> funds that are registered under the Investment Company Act of 1940,
as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shares issued by <u>open-end</u> funds that are registered under the Investment Company Act of 1940, as
amended, <u>IF</u> they are managed by Brigade Capital, or their adviser or principal underwriter controls, is controlled by, or
is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds, <u>IF</u> such funds are advised by Brigade Capital or an affiliate, or such fund's
adviser or principal underwriter is controlled by or under common control with Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by exchange traded funds or "ETFs" including
open-end ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Securities of business development companies or "BDCs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Securities of Real Estate Investment Trusts or "REITs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Non-distressed municipal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Securities in limited offerings (which include investments in
hedge funds, private equity funds, SPAC sponsors and the Advisory Clients);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Options, Contract for Differences (CFDs) and Spread Bets on Permissible
Securities except for Legacy Positions (as defined below), or on 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;(x) Legacy Positions\* (as defined below);

<u>\*Legacy Positions</u>: In the event that an Access Person already owns a security (a "Legacy Position") that does not fall under the other categories of the Permissible Securities (as detailed above), the Access Person may not add to such Legacy Position, but may only close out or cover such securities, subject to the pre-clearance and reporting requirements and other restrictions that are applicable to Reportable 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;(xi) Options and ETFs related to cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Initial Coin Offerings ("ICOs"); 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;(xiii) Securities of special purpose acquisition companies or "SPACs".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Holdings List, Restricted List and Watch List</u>: Each Access Person is strictly prohibited from trading
in the securities of issuers that are included on the Holdings List, Restricted List and Watch List. Issuers on the Holdings List include
the issuers of securities that the Advisory Clients have held in the past seven (7) calendar days and the issuers of securities that
the Advisory Clients currently hold. Issuers on the Restricted List include the issuers of securities about which Brigade Capital has
come into contact with material non-public or certain confidential information. Issuers on the Watch List generally include open orders
on Brigade Capitals allocation blotter that are not already on the Holdings List. It should be noted that the Chief Compliance Officer
has the discretion to add any other issuers to the Holdings List, Restricted List and Watch List as he deems appropriate. The current
Holdings List, Restricted List and Watch List are available on Brigade Capital's intranet and ComplianceAlpha. In the event that
an Access Person owns a security prior to the issuer of such security being added to the Holdings List, or the Watch List, Access Persons
are not allowed to add to the position; however, they may close out or cover such securities as long as the Advisory Clients have not
traded in such securities or plan to trade in such securities within seven (7) calendar days and all other personal trading requirements
have been met. To the extent that an Access Person owns a security of an issuer prior to that issuer being added to the Restricted List,
the Access Person may not conduct transactions in such security until the issuer is no longer on the Restricted List.

Notwithstanding the foregoing, such trading prohibitions shall *<u>not</u>* apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Permissible Securities that do not require pre-clearance (as listed
above in **Section 3(d)(I)**) of the same or affiliated issuer that the Advisory Clients held in the past seven (7) calendar
days, currently hold or intend on holding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) securities issued by a subsidiary of an issuer that the Advisory
Clients held in the past seven (7) calendar days, currently hold or intend on holding, although the Chief Compliance Officer still
retains the authority to deny any such pre-clearance requests if believed to be in the best interests of Advisory Clients.

*For Example:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· JPMorgan
Chase & Co. (ticker: JPM) is put on the Holdings List; however, an Access Person may be permitted to trade an open-ended
mutual fund (i.e., a Permissible Security that does not require pre-clearance) managed or sponsored by JPM and/or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Blackstone
Group L.P. (ticker: BX) is put on the Watch List; however, an Access Person may be permitted to trade Permissible Securities issued
by investment funds managed or sponsored by BX and/or its affiliate; and

As detailed below, all security transactions in Reportable Securities (as defined above in **Section 3(d)(II)**) are subject to pre-clearance requirements and other restrictions described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Pre-clearance of Transactions in Personal Account</u>: Prior to trading a Reportable Security (as defined
above in **Section 3(d)(II)**), an Access Person must obtain the prior written approval of (i) the Chief Compliance Officer,
(ii) the Compliance Officer – UK/Europe, (iii) the Chief Operating Officer & General Counsel, or (iv) the
Associate General Counsel or the (v) the Associate, Compliance (each an "Authorized Approver"). It should be noted that
this includes, but is not limited to, investments in limited offerings (which include private or restricted offerings). An Authorized
Approver submitting his/her own pre-clearance request must obtain such pre-approval from an alternate Authorized Approver. For the avoidance
of doubt, an Authorized Approver may not pre-clear his/her own personal transactions.

Requests for pre-clearance generally must be submitted via ComplianceAlpha. If the trade requests meet certain criteria (e.g. the Reportable Security is not on the Restricted List, the Holding List and does not violate rules with respect to excessive personal trading), it will be automatically approved by ComplianceAlpha. Other requests will be reviewed by the relevant Compliance personnel and approved or rejected as necessary. Any approval given under this paragraph will remain in effect for 24 <u>business day hours</u>, except for pre-approvals given for transactions in limited offerings, which may be in effect for a longer period as noted in the respective pre-approval. In the case of transactions in the Funds, pre-approvals are made via the subscription agreement, additional contribution forms or withdrawal/redemption request forms for the respective Fund. In consideration of the fact that the Funds require significant advance notice for processing purposes, pre-clearance approvals provided via the Funds' subscription agreements, additional contribution forms or withdrawal/redemption request forms are in effect from the date they are acknowledged as received by Brigade Capital and/or the Administrator through the date the subscription, contribution or withdrawal/redemption is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Holding Period</u>: To the extent that an Access Person was granted approval to purchase a
 particular Reportable Security, such Access Person must generally hold the Reportable Security for sixty (60) days before selling
 such Reportable Security, subject to the approval of two of the Authorized Approvers. Further, Access Persons that hold Reportable
 Securities upon employment with Brigade Capital will be subject to the sixty (60) day holding period which commences on their
 employment start date with Brigade Capital; provided, however, this requirement will not apply to the extent such Access Person
 demonstrates to the Chief Compliance Officer that the Reportable Security was held sixty (60) days prior to such date. However, it
 should be noted that, from time to time, certain exceptions to the sixty (60) day holding
period may be granted for Access Persons by the Chief Compliance Officer, the Chief Operating Officer & General Counsel and the
Managing Member. Prior to granting an exception, the Chief Compliance Officer will review the trade to determine whether it presents a
conflict of interest for any Advisory Client and will deny the application if a conflict of interest is present. The conflict of interest
review and exceptions will be documented by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Short Sales</u>: An Access Person shall not engage in any short sale of a security if, at the time
of the transaction, any Advisory Client account managed by Brigade Capital has a long position in such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Shadow Trading</u>: An Access Person shall not engage in "shadow trading", i.e., using
confidential information about one issuer to trade the securities of another issuer on the basis that the market prices of the two securities
are reasonably likely to be positively or negatively correlated when the information becomes public.

**(4)**  **<u>Reporting Requirements</u>** 

All Access Persons are required to submit to the Chief Compliance Officer (subject to the applicable provisions of **Section 5 below**) the following reports via ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report</u> – Access Persons are required to provide the Chief Compliance Officer
with an Initial Holdings Report via ComplianceAlpha within ten (10) days of becoming an Access Person, which includes the following
information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All of the Access Person's current securities holdings with
the following content for each Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any
direct or indirect Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** title
 and type of Reportable 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;**·** ticker
 symbol or CUSIP number (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;**·** number
 of shares; 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;**·** principal
amount of each Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with which the Access Person
maintains an account in which any Reportable Securities are held.

Information contained in Initial Holding Reports must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person of Brigade Capital. The report must be dated the day the Access Person submits it. Access Persons generally must submit their Initial Holdings Reports via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Holdings Report</u> – Subject to the applicable provisions of **Section 5** below,
Access Persons must also provide at least one Annual Holdings Report of all current Reportable Securities holdings during each twelve
(12) month period (the "Annual Holdings Certification Date"). For purposes of this Code of Ethics, the Annual Holdings Certification
Date is October 31. From a content perspective, each such Annual Holdings Report must comply with the requirements of **Section 4(a)(i)-(ii) above**.
Access Persons generally must submit their Annual Holdings Reports via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Transaction Reports</u> – Subject to the applicable
provisions of **Section 5** below, Access Persons must also provide quarterly securities transaction reports for each transaction
in a Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any direct or indirect Beneficial Ownership of (each a "Quarterly
Transaction Report"). Such Quarterly Transaction Reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Content Requirements – Quarterly Transaction Reports must
include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date
 of transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· title
 of Reportable 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;· ticker
 symbol or CUSIP number of Reportable Security (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;· interest
 rate or maturity rate (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number
 of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· principal
 amount of Reportable 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;· nature
 of transaction (i.e., purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· price
 of Reportable 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;· name
 of broker, dealer or bank through which the transaction was effected; and

· date
 upon which the Access Person submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Timing Requirements – Subject to **Section 5(c)**, Access Persons must submit a Quarterly Transaction Report no later
than the next month end after the end of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Quarterly Transaction Reports requirement generally will be
fulfilled by employees attesting to the accuracy of the past quarter's transactions set forth in their ComplianceAlpha accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>"Non-Discretionary" Personal Accounts/Personal Accounts Managed by a Third Party</u> – As explained below in **Section 5**, the reporting and pre-clearance requirements
do not apply to any transaction executed, or holding maintained in Personal Accounts over which an Access Person has no direct or any
influence or control (e.g., the Access Person has delegated investment discretion over such account to a third party) (a "Non-Discretionary/Managed
Account"). However, Access Persons with Non-Discretionary/Managed Accounts will be required to provide the Chief Compliance Officer
with the following information via Compliance Alpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 notification via ComplianceAlpha within ten (10) days of opening a Non-Discretionary/Managed
 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;· An
 initial attestation from the broker for the Non-Discretionary/Managed Account within thirty
 (30) days of the date the account is opened. In addition, Access Persons must obtain this
 attestation for all Non-Discretionary/Managed Accounts in existence as of the date of this
 Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 annual confirmation from the broker via negative consent that the Access Person has no direct
 influence or control over the relevant accounts. The Chief Compliance Officer or his designee
 will send the initial version of the certification to the broker and if there are no changes,
 no response will be required; 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;· An
 annual attestation to be completed via ComplianceAlpha for any Non-Discretionary/Managed
 Account.

**(5)**  **<u>Exceptions from Reporting Requirements/Alternative to Quarterly Transaction Reports</u>** 

This **Section 5** sets forth exceptions from the reporting requirements of this Code of Ethics. All other requirements will continue to apply to any holding or transaction exempted from reporting pursuant to this **Section 5**. Accordingly, the following transactions will be exempt only from the reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Initial, Annual or Quarterly Transaction Report is required to be filed by an Access Person with respect
to securities held in any Personal Account over which the Access Person has (or had) no direct or indirect influence or control. However,
Access Persons must provide certain details and complete the applicable forms related to such Non-Discretionary/Managed Account(s), as
explained in **Section 4(d)** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Transaction Reports are not required to be submitted with respect to any transactions effected
pursuant to an automatic investment plan (although holdings need to be included on Initial and Annual Holdings Reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quarterly Transaction Reports are not required if the report would duplicate information contained in
broker trade confirm or account statements that an Access Person has already provided to the Chief Compliance Officer (including, for
the avoidance of doubt, information in the Access Person's ComplianceAlpha account); provided, that such broker trade confirm or
account statements are provided to the Chief Compliance Officer no later than the next month end after the end of the applicable calendar
quarter. This paragraph has no effect on an Access Person's responsibility related to the submission of Initial and Annual Holdings
Reports.

Access Persons that would like to avail themselves of this exception in **Section 5(c)** should ensure that the content of such broker confirms or account statements meet the content required for Quarterly Transaction Review Reports set forth above in **Section 4(c)** under the heading "Quarterly Transaction Reports."

**(6)**  **<u>Protection of Confidential Information About Securities / Investment Recommendations</u>** 

In addition to other provisions of this Code of Ethics and Brigade Capital's Manual (including the Insider Trading Procedures which are detailed in this Manual), Access Persons should note that Brigade Capital has a duty to safeguard confidential information (including material, non-public information) about securities/investment recommendations provided to (or made on behalf of) Advisory Clients. As such, Access Persons should not share such information outside of Brigade Capital. Notwithstanding the foregoing, Access Persons and Brigade Capital may provide such information to persons or entities providing services to Brigade Capital or its Advisory Clients, where such information is required to effectively provide the services in question. Examples of such service providers are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· brokers;

· accountants
or accounting support service firms;

· custodians;

· transfer
agents;

· bankers;

· compliance
consultants; and

· lawyers.

If there are any questions about the sharing of confidential information related to securities/investment recommendations made by Brigade Capital, please see the Chief Compliance Officer.

**(7)**  **<u>Oversight of Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting.</u> Any situation that may involve a conflict of interest or other possible violation of
this Code of Ethics must be promptly reported to the Chief Compliance Officer who must report it to the executive management of Brigade
Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review of Transactions.</u> Each Access Person's transactions in his/her Personal Accounts will be
reviewed on a regular basis and compared to transactions entered into by Brigade Capital for its Advisory Clients. Any transactions that
are believed to be a violation of this Code of Ethics will be reported promptly to the Chief Compliance Officer who must report them to
the executive management of Brigade Capital. Any noted violations shall be properly documented for Brigade Capital's compliance
files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sanctions.</u> The executive management of Brigade Capital, with advice of outside legal counsel, at
its discretion, shall consider reports made to management and upon determining that a violation of this Code of Ethics has occurred, may
impose such sanctions or remedial action management deems appropriate or to the extent required by law (as may be advised by outside legal
counsel or other advisors). These sanctions may include, among other things, disgorgement of profits, fines, suspension or termination
of employment with Brigade Capital, or criminal or civil penalties.

**(8)**  **<u>Compliance with Federal Securities Law</u>** 

All employees are required to comply with applicable Federal Securities Laws. Failure to adhere to Federal Securities Laws could expose an employee to sanctions imposed by Brigade Capital, the SEC or law enforcement officials. These sanctions may include, among others, disgorgement of profits, suspension or termination of employment by Brigade Capital, or criminal or civil penalties. If there is any doubt as to whether a Federal Securities Law applies, employees should consult the Chief Compliance Officer.

**(9)**  **<u>Confidentiality</u>** 

All reports of securities transactions and any other information filed pursuant to this Code of Ethics shall be treated as confidential to the extent permitted by law.

## Ex-99.B(P)(18)

**Exhibit 99.B(p)(18**)

**Exhibit I – Code of Ethics**

**Introduction**

Copeland Capital Management, LLC (hereinafter "Copeland" or "the Company") is guided in all actions by the highest ethical and professional standards. Accordingly, the Company has embraced the SEC's adoption of Rule 204A-1 under the Investment Advisers Act of 1940, as amended, the "Code of Ethics rule," as an opportunity to affirm its duty to its clients.

Pursuant to the SEC's adoption of this rule, the Company has adopted this Code of Ethics (the "Code") in order to set the standards of conduct to be followed by all persons associated with the Company. The Code is intended to protect client interests at all times and to demonstrate the Company's commitment to its fiduciary duties of honesty, good faith and fair dealing with clients. All officers, directors, and employees ("associated persons") are subject to this Code and the procedures outlined within it. The policies and guidelines set forth in this Code of Ethics must be strictly adhered to by all associated persons. Severe disciplinary actions, including dismissal, may be imposed for violations of this Code of Ethics.

The Company has several goals in adopting this Code. First, the Company desires to comply with all applicable laws and regulations governing its practice. We believe that compliance with such regulations is a signal to our clients that we exist to serve them, not ourselves, and that we support the efforts of those organizations dedicated to upholding the law.

Next, the management of the Company has set forth guidelines for professional standards, under which all associated persons are to conduct themselves. All associated persons are expected to strictly adhere to these guidelines, as well as the procedures for approval and reporting established in the Code. This will serve to inform and educate associated people regarding appropriate activities. The Company has instituted, as a deterrent, a policy of disciplinary actions to be taken with respect to any associated person who violates the Code.

All registered representatives, registered staff members, and investment adviser representatives (hereafter "registered persons") must provide electronic notice to, and receive electronic acknowledgement from, Copeland initially when this policy is added to the Compliance Manual and Code of Ethics, and once in effect, prior to engaging in any outside business activity ("OBA"). While FINRA limits this requirement to all registered reps, Copeland extends this requirement to all personnel for compliance review purposes to ensure there are no undisclosed conflicts of interest with your OBA.

Finally, the Company has adopted specific policies and procedures designed to assist in the implementation of the guidelines outlined below. Such policies and procedures will serve to assist in reviewing the effectiveness of the implementation of the Code on an ongoing basis.

**Definitions**

"Supervised Person." This term includes directors, officers, partners, and employees of the Company, as well as any other person occupying a similar status or performing similar functions. The Company may also include in this category temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer ("CCO"). For purposes of the Code, such 'outside individuals' will generally only be included in the definition of a supervised person if their duties include access to certain types of information, which would put them in a position of sufficient knowledge to necessitate their inclusion under the Code. The CCO shall make the final determination as to which of these are considered supervised persons.

"Access Person". An Access Person is a Supervised Person who has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. All of the Firm's directors, officers, and partners and most of its employees are presumed to be access persons.

"Associated Person." For the purposes of this Code, all Supervised and Access Persons are subject to the provisions of the Code and are collectively referred to as 'associated persons'.

"Advisory Client". Any person to whom or entity to which the Company serves as an investment adviser, renders investment advice, or makes any investment decisions for a fee is considered to be a client.

"Reportable" or "Covered" Securities". Such securities include stocks, bonds, exchange traded funds (ETFs), notes, debentures and other evidence of indebtedness (including loan participations and assignments), limited partnership interests, investment contracts, and all derivative instruments, such as options and warrants.

"Non-Reportable securities". Specifically exempt from the definition of reportable or covered securities are: treasury securities; bank certificates of deposits, commercial paper, etc.; money market fund shares; shares of open-end mutual funds that are not advised or sub-advised by the Company; and units of a unit investment trust if the UIT is invested exclusively in unaffiliated mutual funds.

**Guidelines for Professional Standards**

&nbsp;&nbsp;&nbsp;&nbsp;· All associated persons must at all times reflect
the professional standards expected of those engaged in the investment advisory business and shall act within the spirit and the letter
of the federal, state and local laws and regulations pertaining to investment advisers and the general conduct of business.

&nbsp;&nbsp;&nbsp;&nbsp;· All associated persons are required to report
any violation of the Code by any person, to the CCO or the Management Committee immediately. Such reports will be held in confidence.

&nbsp;&nbsp;&nbsp;&nbsp;· Associated persons must place the interests of
Advisory Clients first. All associated persons must scrupulously avoid serving their own personal interests ahead of the interests of
the Company's Advisory Clients. In addition, associated persons must work diligently to ensure that all clients are treated fairly.
Copeland's trading policy and procedures address this important issue in more detail.

&nbsp;&nbsp;&nbsp;&nbsp;· All associated persons are naturally prohibited
from engaging in any practice that defrauds or misleads any client or engaging in any manipulative or deceitful practice with respect
to clients or securities.

&nbsp;&nbsp;&nbsp;&nbsp;· No associated person may serve on the board of
directors of any publicly traded company without prior written permission from the CCO or the Management Committee.

&nbsp;&nbsp;&nbsp;&nbsp;· Associated persons must avoid taking inappropriate
advantage of their positions. The receipt of investment opportunities, perquisites, or gifts from clients or potential clients could call
into question the exercise of the independent judgment of an associated person. Associated persons should therefore use caution in these
circumstances and always consult the CCO when in doubt. Generally, gifts valued over $100 are not permitted to be given or accepted by
any associated person. Charitable donations by associated persons are generally not restricted, so long as there is no intent to induce
a recipient to engage the Company for services or any other benefit to the Company or the associated person.

&nbsp;&nbsp;&nbsp;&nbsp;· While some state laws have legalized marijuana
(cannabis) use, federal laws maintain its use as an illegal act. The Company bans employees from being under the influence of any controlled
substance during all business activities. Medical use of substances derived from cannabis, such as cannabidiol (known as CBD) products,
which do not contain THC, a psychoactive component of the plant, will be admissible in the workplace when prescribed for a serious medical
condition so long as it does not impair brain function; a physician's note will be required. Where permitted by law, the Company
may require a drug test be administered under reasonable suspicion of an employee who appears to be under the influence.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Pay to Play</u>: POLITICAL CONTRIBUTIONS ARE
PROHIBITED to prevent a "pay to play" situation. Any exception must be pre-approved in writing in advance and signed by a
member of the Management Committee. See the Pay-to-Play policy in the Compliance Manual for more details.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Rumor Dissemination:</u> No employee shall
originate or circulate in any manner any statement or report regarding any issuer or security that the employee knows or has reasonable
grounds to believe is false or misleading and could improperly influence the market price for such security. Any employee found to have
engaged in knowingly spreading any rumor (concerning any publicly traded company, or any other investment institution, potential or current
holding, or any purported market development) is subject to disciplinary action(s) including termination. This policy applies to
all forms of communication, including but not limited to social media, email, instant messages, PIN, and text messages, blogs, and chat
rooms.

&nbsp;&nbsp;&nbsp;&nbsp;· Associated persons must conduct all personal
securities transactions in full compliance with this Code, including both pre-clearance and reporting requirements. Doubtful situations
always should be resolved in favor of Advisory Clients and in cooperation with the CCO. Technical compliance with the Code's provisions
shall not automatically insulate from scrutiny any securities transactions or actions that could indicate a violation of the Company's
fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;· Personal transactions in securities by associated
persons must be accomplished to avoid conflicts of interest on the part of such personnel in the interests of the Company's clients.
Likewise, associated persons must avoid actions or activities that allow a person to profit or benefit from his or her position with the
Adviser at the expense of clients, or that otherwise bring into question the person's independence or judgment. The Personal Trading
Policies are a part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company has adopted Insider Trading Policies,
which set parameters for the establishment, maintenance, and enforcement of policies and procedures to detect and prevent the misuse of
material non-public information. The Insider Trading Policies are a part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;· Associated persons are prohibited from accepting
compensation for services from outside sources without the specific permission of the CCO or the Management Committee. This is not intended
to include compensation for services from a different non-related industry (e.g., a part-time job not investment related).

&nbsp;&nbsp;&nbsp;&nbsp;· When any associated person faces a conflict or
potential conflict between their personal interest and the interests of client, they are required to immediately report the conflict to
the CCO for instruction regarding how to proceed.

&nbsp;&nbsp;&nbsp;&nbsp;· The recommendations and actions of the Company
are confidential and private matters that are not to be distributed, discussed, or communicated outside the Company, except to broker/dealers
or other bona fide service providers in the ordinary course of business. In addition, no information obtained during the course of employment
regarding particular securities (including internal reports and recommendations) may be transmitted, distributed, or communicated to anyone
who is not affiliated with the Company, without the prior written approval of the CCO. In addition, we have adopted a Privacy Policy to
prohibit the transmission, distribution, or communication of any information regarding securities transactions in client accounts or other
non-public client information. Violation of the Privacy Policy is also considered a violation of this Code of Ethics.

**Conflicts of Interest Policy**

All Copeland employees should handle actual and apparent conflicts of interest ethically. A "conflict of interest" occurs when an employee's personal interests interfere with the interests of, or her or his service to, Copeland's clients. A conflict of interest can arise when an employee takes actions or has interests that may make it difficult to perform his or her duties to a client objectively and effectively. Service to clients should never be subordinated to either a direct or indirect personal gain or advantage. Copeland believes that all clients must be treated fairly in cases where actual or potential conflicts of interest arise as a result of Copeland providing management or advisory services to those clients. As such, Copeland takes all necessary steps, where possible, to avoid any conflicts of interest that arise or have the potential to arise in the course of providing services to its clients. However, if a conflict cannot reasonably be avoided, then it takes all necessary steps to mitigate, manage, and disclose such conflicts.

Each employee must:

&nbsp;&nbsp;&nbsp;&nbsp;· avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;· not use her or his personal influence or personal
relationships improperly to influence investment decisions or reporting for clients whereby the employee would benefit personally to the
detriment of a client;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause a client to take action, or fail to
take action, for the individual personal benefit of the employee rather than the benefit the client; and

&nbsp;&nbsp;&nbsp;&nbsp;· not engage in personal, business, or professional
relationships or dealings, which would impair his independence of judgment or adversely affect the performance of her or his duties in
the best interests of clients.

Copeland has established adequate organizational and structural measures to: (i) identify circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of any client; (ii) provide procedures, mechanisms, and systems to manager or resolve any conflicts of interest; and (iii) to maintain a record of any actual or potential conflict and to ensure reporting to affected clients. When a conflict cannot otherwise be avoided, Copeland ensures that both it and its staff always act in the best interests of clients.

Staff must remain alert to the possibility of conflicts of interest arising. If concerns are raised as to any activity which has the potential to result in a conflict of interest or which indicates any irregularity in the application of this Policy, then the activity must not be executed without first raising the matter with Copeland's Management Committee and Compliance.

<u>Staff Conflicts</u>

Employees must notify Compliance of personal conflicts. Each submission is reviewed by Compliance and may also be sent to the Management Committee for review. Employees should always consult with Compliance when in doubt about whether a particular activity presents a conflict of interest. Examples of types of potential conflicts of interest and/or outside business activities that must be reported to Compliance are provided below:

&nbsp;&nbsp;&nbsp;&nbsp;· Being a director of an unaffiliated company

&nbsp;&nbsp;&nbsp;&nbsp;· Being active in any other business, including
part-time employment

&nbsp;&nbsp;&nbsp;&nbsp;· Any public speaking or writing activities

&nbsp;&nbsp;&nbsp;&nbsp;· Having a relative that works in the financial
industry

&nbsp;&nbsp;&nbsp;&nbsp;· Making a co-investment in a product that you
manage

&nbsp;&nbsp;&nbsp;&nbsp;· Affiliations with government officials

&nbsp;&nbsp;&nbsp;&nbsp;· Having a relative that works for an accounting/auditing
firm

Employees engaged in activities where a conflict of interest has arisen or may arise must carry on those activities with a suitable degree of independence, considering: (i) the size and nature of the activities; and (ii) the potential risk of damage to the interests of the affected clients.

Conflicts of interest are recorded, reviewed by Compliance and, where the procedures are not sufficient to manage a particular conflict, disclosed to the affected clients, and may require Copeland to decline the business activity.

<u>Internal Wall or Chinese Wall Policy</u>

This is the term used for the established arrangements, which prevent the unauthorized flow of confidential information from one pre-defined part of Copeland to another pre-defined part of Copeland. These arrangements define the circumstances in which each Copeland team can communicate confidential information, either within the Company, and the procedures which must be followed. The nature of the Copeland's business is such that it does not need to have Chinese walls in place on a permanent basis, but such arrangements could be used on an ad hoc basis if and when the need arises.

Compliance and the Management Committee consistently review its strategies and products to determine whether a Chinese Wall is necessary to be established, at which point policies will be implemented to maintain a permanent and effective Chines Wall, which may include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Inside information restricted to specific locations
within the building;

&nbsp;&nbsp;&nbsp;&nbsp;· The habitual use of code words to refer to price
sensitive transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· Records maintained of the staff who require access
to inside information for the proper discharge of their function;

&nbsp;&nbsp;&nbsp;&nbsp;· Staff trades in companies for which inside information
is held within Chinese Walls are monitored;

&nbsp;&nbsp;&nbsp;&nbsp;· All staff with access to inside information are
adequately supervised, and suitably trained to understand and fulfil their obligations with regard to Chinese Walls;

&nbsp;&nbsp;&nbsp;&nbsp;· All information is treated as confidential and
the 'need to know' principle applies at all times.

**Insider Trading and Market Abuse**

The purpose of these policies and procedures (the "Insider Trading and Market Abuse Policies") is to educate our associated persons regarding insider trading, and to detect and prevent insider trading by any person associated with Copeland. The term "insider trading" is not specifically defined in the securities laws, but generally refers to the use of material, non-public information ("MNPI") to trade in securities or the communication of material, non-public information to others.

<u>Prohibited Activities</u>

All associated persons of the Company, including contract, temporary, or part-time personnel, or any other person associated with the Adviser are prohibited from the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) trading or recommending trading in securities for any account (personal or client) while in possession
of material, non-public information about the issuer of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) communicating material, non-public information about the issuer of any securities to any other person.

The activities described above are not only violations of these Insider Trading Policies, but also may be violations of applicable law.

<u>Reporting of Material, Non-Public Information</u>

Any associated person who possesses or believes that she/he may possess material, non-public information about any issuer of securities must report the matter immediately to the CCO or a member of the Management Committee if, for example, the CCO possesses MNPI about any issuer of securities. The CCO, or Management Committee member when appropriate, will review the matter and provide further instructions regarding appropriate handling of the information to the reporting individual.

<u>Definitions</u>

**Material Information.** "Material information" generally includes:

· any information that a reasonable investor would
likely consider important in making his or her investment decision; or

· any information that is reasonably certain to
have a substantial effect on the price of a company's securities.

Examples of material information include, but are not limited to, the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

**Non-Public Information.** Information is "non-public" until it has effectively communicated to the market and the market has had time to "absorb" the information. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, <u>The Wall Street Journal,</u> or other publications of general circulation would be considered public.

**Insider Trading.** While the law concerning "insider trading" is not static, it generally prohibits: (1) trading by an insider while in possession of material, non-public information; (2) trading by non-insiders while in possession of material, non-public information, where the information was either disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; and (3) communicating material, non-public information to others.

**Insiders.** The concept of "insider" is broad and includes all employees of a company. In addition, any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company's affairs and as a result has access to information solely for the company's purposes. Any person associated with the Adviser may become a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following: a company's attorneys, accountants, consultants, bank-lending officers, and the employees of such organizations.

<u>Penalties for Insider Trading</u>

The legal consequences for trading on or communicating material, non-public information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below and/or other penalties even if he/she does not personally benefit from the violation. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;· civil injunctions

&nbsp;&nbsp;&nbsp;&nbsp;· jail sentences

&nbsp;&nbsp;&nbsp;&nbsp;· revocation of applicable securities-related registrations
and licenses

&nbsp;&nbsp;&nbsp;&nbsp;· fines for the person who committed the violation
of up to three times the profit gained, or loss avoided, whether the person benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;· fines for the employee or other controlling person
of up to the greater of $1,000,000 (or such other amount as may be legally permitted) or three times the amount of the profit gained,
or loss avoided.

<u>E. Market Abuse</u>

Employees are prohibited from disseminating price-sensitive information regarding investments or securities, including: 1) Disclosing/tweeting information about an upcoming issuance of securities in which Copeland is due to invest but which is not publicly known about; 2) Posting information that the share price of a listed company is going to decrease in value without any basis for such a forecast; 3) Posting non-public, price sensitive information relating to companies or their securities; or 4) Disclosing information which is misleading or which could create a false impression about a security or the markets in which particular securities are traded.

In addition, the Company's management will impose serious sanctions on any person who violates the Insider Trading and Market Abuse Policies. These sanctions may include suspension or dismissal of the person or persons involved.

**Personal Trading Policies**

<u>General Information</u>

The following policies and procedures apply to all accounts owned, shared or controlled by an associated person, those accounts owned, shared or controlled by members of the associated person's immediate family, including any relative by blood, marriage or domestic partnership living in the same household, and any account in which the associated person or their immediate family has any beneficial interest, such as a trust. These accounts are collectively referred to as "covered accounts." If an associated person has a 'casual roommate,' as opposed to a fiancé or other domestic partner, the accounts of the roommate may be exempt from the Code provisions, subject to the CCO's determination. Any account in question should be addressed to the CCO immediately to determine if it is a covered account.

Copeland has adopted the following principles governing personal investment activities by Copeland's associated persons:

&nbsp;&nbsp;&nbsp;&nbsp;· The interests of client accounts will at all
times be placed first;

&nbsp;&nbsp;&nbsp;&nbsp;· All personal securities transactions will be
conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust
and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;· Associated persons must not take inappropriate
advantage of their positions.

<u>Pre-Approval</u>

Pre-clearance of personal trading is required in reportable or covered securities (as defined earlier in the Code) by our associated persons, subject to certain exemptions.

No trading in reportable securities is allowed in any covered account until pre-clearance approval has been obtained. Approval is contingent upon the CCO or member of the IPC determining that the contemplated transaction will raise no conflict of interest. An associated person who wishes to place a trade in a covered account shall submit the pre-clearance request through an automated trade pre-clearance system. If the trade is not placed or is placed but not executed within the day, a new pre-clearance request must be submitted for approval.

The CCO shall obtain trade pre-approval from either the COO or member of the IPC. The COO is responsible for signing-off on the CCO's Code of Ethics certification forms.

The IPC is aware of client trades contemplated/executed and securities restricted for various reasons, in order for members of the IPC to effectively approve or deny pre-clearance requests. Also, lists of securities that have been traded in client accounts are uploaded to the automated pre-clearance system, which will immediately deny personal securities transactions that have occurred in clients' accounts.

**Exemptions from Pre-Approval**

(1) <u>Non-reportable securities</u>

Rule 204A-1 specifically excludes the following from the definition of reportable or covered securities:

· Direct Obligations of the US Treasury

· Bankers' acceptance, Certificates of deposit,
commercial paper, and the like

· Money market fund shares

· Shares of open-end mutual funds, as long as neither
Copeland nor any affiliate serves as the adviser or sub-adviser to the fund

· Shares issued by unit investment trusts that
are invested exclusively in one or more open-end funds, none of which is advised or sub-advised by Copeland

· Transactions in Copeland Funds that occur in
Copeland's 401(k) Plan

<u>Delegated Discretion Accounts</u>

Pre-clearance is not required on trades in a covered account over which an associated person has no discretion and no direct influence or control if:

· the associated person provides to the CCO a copy
of the written contract pursuant to which investment discretion of the account has been delegated in writing to a fiduciary;

· the associated person certifies in writing that
she/he will not discuss potential investment decisions with the independent fiduciary; and

· the associated person ensures that duplicate
broker-dealer trade confirmations and monthly/quarterly statements of the discretionary account holdings are provided to the Adviser.

Having "no direct or indirect influence or control" means: (i) Not suggesting purchases or sales of investments; (ii) No directing purchases or sales of investments; (iii) No consultations as to the allocation of investments to be made in the account; and (iv) No discussions regarding account holdings.

**NOTE:** Transactions in reportable securities in such accounts **shall** be reported on a quarterly basis.

<u>Automatic Reinvestment Plans</u>

Pre-Clearance is not required for transactions within an automatic reinvestment plan.

<u>Blackout Periods</u>

Trades in any reportable security, including options on such underlying securities, within 3 business days before and 3 business days after any client account trades or considers trading the same security are prohibited ("Blackout Period").

In the event that a client trade occurs after an Access Person has engaged in a personal trade in the same security, Compliance will evaluate the personal trade to determine if it is in violation of the Blackout Period. For example, a personal trade initiated by an Access Person may not be in violation of the Blackout Period if a program trade (e.g., client cash flows or subscriptions and redemptions) occurs for a client account. Furthermore, personal trades in the opposite direction of a trade placed by Copeland for a client account may not cause the personal trade to be in violation of the Blackout Period. A "limit order" for a client account that is placed before and executed during the Blackout Period is permitted. A personal trade that is executed with proper approval that is followed by an unplanned portfolio trade (such as an across the board trade based on new information about a security) may not be in violation of the Blackout Period, however, the employee will not be allowed to achieve a price better than the average price achieved by clients, with excess gain/loss donated to charity. If there is a consistent pattern of the activity described herein, the transactions may be subject to review and the employee will be subject to disciplinary action in the event that it is determined that there is breach of the Code.

Some associated persons and their immediate family are paying clients of the Company. As such, no Pre-Clearance Form is required, and the accounts will trade in the same manner in which the strategy is traded with the same trade rotation and other rules listed for Advisory Client trades under the trading policies and procedures.

<u>Holding Period</u>

Copeland requires associated persons to hold personal trade purchases for a minimum of 30 days.

<u>Quarterly reporting requirements</u>

Each associated person must complete through the automated compliance system a Personal Securities Transaction Report (the "PST Report") within 30 days after the end of each quarter or such other date as the CCO may delegate. PST Report forms shall be circulated by the CCO or their designee each quarter. Each PST Report shall require the covered person to certify that, for the preceding quarter: (i) the information on the PST (or in lieu thereof or in conjunction with, attached brokerage statements) represents all of the associated person's trading activity for the preceding quarter, and (ii) the covered person has complied with the Adviser's trading policies in this Code of Ethics and applicable federal and state law in all respects.

If no broker is involved in a trade (unbrokered trades) by an associated person other than those that are also Advisory Clients, he or she shall provide a transaction report within 10 days of the trade.

<u>Initial and Annual reporting requirements</u>

Within 10 days of beginning employment, or such other date as the CCO may delegate, and annually thereafter, each associated person must provide a list of brokerage accounts and securities owned or controlled by the associated person, his or her spouse or minor children, or any other person or entity in which the associated person may have a beneficial interest or derive a direct or indirect benefit. This list must be current as of a date no more than 45 days prior to the date the report is submitted. Additionally, each associated person shall instruct the broker for these accounts (the "Covered Accounts") to send duplicate confirmations and brokerage statements for these accounts to the Company, c/o the CCO. Finally, each associated person must notify the CCO of any updates or changes to his or her Covered Accounts within 10 days of such update or change.

<u>Monitoring and Review of Personal Securities Transactions</u>

The CCO or the CCO's designee will monitor and review all reports required under the Code for compliance with Copeland's policies regarding personal securities transactions and applicable SEC rules and regulations. Any transactions for any accounts of the CCO will be reviewed and approved by another designated supervisory person.

<u>Prohibited and Restricted Transactions</u>

· Associated persons are **prohibited** from
participating in **IPO's** (Initial Public Offerings) without proper pre-clearance.

· Short sales of securities are **prohibited.** 

· Purchases and sales of **restricted securities** issued by public companies are generally **prohibited**, unless CCO determines that the contemplated transaction will raise no
actual, potential, or apparent conflict of interest.

· **Short-term trading** by associated persons
in their personal accounts, while not strictly prohibited, is **discouraged. Copeland requires a minimum holding period of 30 days for personal securities transactions.** 

· Any associated person wishing to purchase or
sell a security obtained through a **private placement**, including purchase of any interest in a private fund (such as a hedge fund),
must **first seek approval** by the CCO. In addition, if an associated person who owns a security in a private company knows that the
company is about to **engage in an IPO**, she/he must **disclose** this information to the CCO and will likely be prohibited from
inclusion. If possible, an exclusion for IPOs should be placed on the associated person's Limited Partnership account.

· Participation in **Investment Clubs** must
be **approved in writing by the CCO** in advance of any such participation.

· Investments in domestic and international micro-cap,
small cap, and smid cap stocks in which Copeland is currently invested or is currently researching for investment are prohibited. Existing
investments in these stocks prior to implementation of this policy as of April 1, 2024, or existing investments prior to the stock
becoming a Copeland holding are grandfathered and do not have to be immediately sold; however, future investments by associated persons
in these stocks will be prohibited during the period in which Copeland is invested in these stocks.

Case-by-Case Exemptions

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the Prohibitions on Trading on a case-by-case basis. Any request for such consideration must be submitted by the covered person in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential, or apparent conflict of interest.

**Gifts and Entertainment Policy**

No associated person shall receive or give any gift (including gifts of nominal value as noted below), entertainment, or other consideration in merchandise, service, or otherwise that is excessive in value or frequency from (or to) any person, firm, corporation, association or other entity ("Outside Entity") that does business with or on behalf of Copeland or a fund for which Copeland acts as investment adviser. As described more fully below, gifts are generally subject to a $100 limit. Notwithstanding the guidance set forth below, please note that giving or receiving gifts or entertainment to or from federal, state, or local government officials, and state or local pension or retirement plan officials, may be subject to more stringent requirements. ***No exceptions will be granted for gifts subject to FINRA's $100 gift limit (see below).*** Please consult with the CCO for further guidance.

<u>Gifts</u>

The term "gift" includes the giving or receipt of gratuities, merchandise, service, and the enjoyment or use of property or facilities for personal use. The term "gift" does not include "business entertainment" as defined more fully below, but does include meals, tickets to events and other entertainment that does not qualify as "business entertainment."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts must be reasonable in terms of frequency and value. It may be reasonable to give or receive gifts
on a more frequent basis under certain limited circumstances, *e.g.*, holiday season.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Gifts, favors, or other things of value which could influence decision-making or make one feel beholden
to a person or an Outside Entity may not be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Gifts, favors, or other things of value that could be viewed as overly generous or aimed at influencing
decision-making or making an Outside Entity feel beholden to Copeland may not be offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Gifts should not be sent to the home of a Copeland associated person or employee. If they are, the associated
person or employee must request that the gift giver discontinue this practice in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Gifts may be received from an Outside Entity so long as their aggregate annual value does not exceed the
equivalent of $100. Gifts may be given to an Outside Entity so long as the aggregate annual value does not exceed the equivalent of $100.
(To determine an item's value, use the higher of cost, face, or market value (*e.g.,* what it would cost to purchase on the
open market). Any exception to this Policy must be approved by a member of the Management Committee and/or the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Under no circumstances should cash gifts be given to or accepted from an Outside Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any gift received that is prohibited should be refused; however, if it is not possible in the interest
of business, the gift should be donated to a charitable organization after consultation with the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. This policy applies to gifts given to or received by family and friends on behalf of employees, vendors,
or clients.

<u>Exceptions</u>

If an associated person believes that it would be appropriate to give a gift with a value exceeding the $100 limit, he or she must submit a written request to, and obtain written approval from, the CCO ***before*** the gift is given. The request should specify (i) the name of the giver; (ii) the name of the intended recipient and his or her employer, if applicable; (iii) a description of the gift; (iv) the gift's monetary value; (v) the nature of the business relationship; and (vi) the reason the gift is being given. ***No exceptions will be granted for gifts subject to FINRA's $100 gift limit.<sup>8</sup>***

<u>Reporting of Gifts</u>

All associated persons are required to notify Compliance of all gifts given or received believed to be valued in excess of $50 within thirty days. Annually, all associated persons will be required to attest that they have reported all reportable gifts according to the Firm's policy. Compliance will maintain a log of reportable gifts and entertainment.

<sup>8</sup> FINRA Rule 3220, *Influencing or Rewarding Employees of Others*, provides: "No member or person associated with a member shall, directly or indirectly, give or permit to be given anything of value, including gratuities, in excess of one hundred dollars per individual per year to any person, principal, proprietor, employee, agent or representative of another person where such payment or gratuity is in relation to the business of the employer of the recipient of the payment or gratuity. A gift of any kind is considered a gratuity."

<u>Business Entertainment</u>

Business entertainment is considered part of a business relationship and occurs when a Copeland employee is in the presence of an Outside Entity (either when the business contact is being entertained by a Copeland employee or vice versa). If a Copeland employee and the Outside Entity do not *both* plan to be present, the item will be considered a gift and be subject to the gift restrictions and reporting requirements noted above. For all business entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Entertainment must be reasonable in terms of frequency and value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Entertainment of value which could influence decision-making or make one feel beholden to a person or
an Outside Entity may not be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Entertainment of value that could be viewed as overly generous or aimed at influencing decision-making
or making an Outside Entity feel beholden to Copeland may not be offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Entertainment involving personnel associated with Outside Entities may only be used to foster and promote
business relationships with Outside Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Business meals, business-related conferences, sporting events and other entertainment events at the expense
of the giver may be attended only if the expense is reasonable and both the Copeland employee and the giver are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Travel or other accommodations may not be accepted without prior written approval from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This policy applies to entertainment given to or received by family and friends on behalf of employees,
vendors, or clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Entertainment offered or received in connection with a *bona fide* personal relationship is excluded
from this policy (e.g., dinner at the home of a long-time friend).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Business entertainment received from an Outside Entity that exceeds $100 in the aggregate per quarter
should be reported to the CCO within thirty days after the quarter end.

<u>Illegal Payments</u>

Federal, State, and laws of other countries prohibit the payment of bribes, kickbacks, inducements or other illegal gratuities or payments by or on behalf of Copeland or any fund for which Copeland acts as investment adviser. The U.S. Foreign Corrupt Practices Act makes it a crime to corruptly give, promise or authorize payment, in cash or in kind, for any service to a foreign government official or political party in connection with obtaining or retaining business. If you are solicited to make or receive an illegal payment or have any questions regarding whether any solicitation to receive or make a payment is illegal, contact the CCO.

**Sanctions**

Associated persons who violate any provision of the Code of Ethics may be subject to sanctions, which may include, among other things, education, or formal censure; a letter of admonition; disgorgement of profits; restrictions on such person's securities transactions; fines, suspension, reassignment, demotion or termination of employment; or other significant remedial action.

All disciplinary responses to violations to the Code of Ethics shall be administered by the CCO, subject to approval, as applicable, by the Management Committee. Determinations regarding appropriate disciplinary responses will be administered on a case-by-case basis, subject to the following specific policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Associated persons who violate the Pre-Clearance Procedures described above shall have personal trading privileges under these Personal Trading Policies suspended for three months following the discovery of the violation, and may face further discipline for repeated violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Associated persons who fail to timely submit PST Reports to the CCO as described above shall be fined a minimum of $100 per offense and may face further discipline for repeated violations.

**Certification**

Upon Copeland's adoption of this Code of Ethics and the Compliance Manual, and annually thereafter, all associated persons are required to certify online or in writing his or her understanding and continuing acceptance of, as well as agreement to abide by, the guidelines and policies set forth herein. Additionally, any substantive change or modification to the Code of Ethics and the Compliance Manual will be distributed to all associated persons and they will be required to certify online or in writing their receipt, understanding, and acceptance of the change(s).

**Copeland will maintain the following records with regard to this Code:**

· Copies of the original Code of Ethics and all
revisions to the Code;

· Certification from all associated persons regarding
their acknowledgement and acceptance of the Code and subsequent revisions;

· When there are greater than 25 employees, a list
will be kept of all associated persons subject to the Code;

· Annual representation by each employee regarding
his or her holdings in Reportable Securities;

· Annual representation by each employee listing
his or her covered accounts; and

· Quarterly reports, submitted by each associated
person within 30 days following the end of each calendar quarter, or such other date as the CCO may delegate, reflecting personal securities
transactions during the quarter.

## Ex-99.B(P)(20)

**Exhibit 99.B(p)(20)**

![](tm262170d1_ex99bxpx20img01.jpg)

Easterly Investment Partners LLC<br> Easterly Securities LLC

**Code of Ethics Policy**

Effective October 2, 2023<br> Updated: March 15, 2024

CONFIDENTIAL

**Table of Contents**

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| | |
|:---|:---|
| **Topic** | **Page** |
| **Statement of General Policy** | **3** |
| **Standards of Business Conduct** | **5** |
| **Conflicts of Interest** | **6** |
| **Reporting Violations** | **11** |
| **Insider Trading Policy** | **8** |
| **Employee Personal Trading** | **11** |
| **Prohibited Transactions** | **16** |
| **Gifts and Entertainment** | **17** |
| **Political Contributions** | **19** |
| **Outside Business Affiliations** | **20** |
| **Employee Compliance Procedures** | **21** |
| **Certifications** | **23** |
| **Recordkeeping** | **24** |
| **Administration, Recordkeeping and Enforcement** | **25** |
| **Definitions** | **26** |

---

CONFIDENTIAL

**Statement of General Policy**

This Code of Ethics ("Code") has been adopted by Easterly Investment Partners LLC ("Easterly"), Easterly Funds LLC ("EF"), and Easterly Securities LLC, collectively "Easterly" and is designed to comply with Rules 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and 17j-1 under the Investment Company Act of 1940 (the "1940 Act").

This Code establishes rules of conduct for all employees, directors, and officers of Easterly and is designed to, among other things, govern personal securities trading activities in the accounts of employees, immediate family/household accounts and accounts in which an employee has a beneficial interest. The Code is based upon the principle that Easterly and its employees owe a fiduciary duty to Easterly clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with the firm and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

The Code is designed to ensure that the high ethical standards long maintained by Easterly continue to be applied. The purpose of the Code is to preclude activities which can lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct. The excellent name and reputation of our firm continues to be a direct reflection of the conduct of each employee.

Pursuant to Section 206 of the Advisers Act, both Easterly and its employees are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. Compliance with this section involves more than acting with honesty and good faith alone. It means that Easterly has an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Easterly and its employees are subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty to have a reasonable, independent basis for the investment advice provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty to obtain best execution for a client's transactions where the Firm is in a position
 to direct brokerage transactions for the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty to ensure that investment advice is suitable to meeting the client's individual
 objectives, needs and circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
duty to be loyal to clients.

In meeting its fiduciary responsibilities to its clients, Easterly expects every employee to demonstrate the highest standards of ethical conduct for continued employment with Easterly. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Easterly. Easterly's reputation for fair and honest dealing with its clients has taken considerable time to build. This

CONFIDENTIAL

standing could be seriously damaged as the result of even a single securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Employees are urged to seek the advice of the Chief Compliance Officer regarding any questions about the Code or the application of the Code to their individual circumstances. Employees must also understand that a material breach of the provisions of the Code can constitute grounds for disciplinary action, including termination of employment with Easterly.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Easterly employee conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, he/she is advised to consult with the Chief Compliance Officer. The Chief Compliance Officer may grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

In summary, the Easterly Code is intended to reflect fiduciary principles that govern the conduct of Easterly and its Employees. The Code is supplementary to an Employees duty to comply with the Easterly Code of Business Conduct.

The Chief Compliance Officer will periodically report to Easterly senior management to document compliance with this Code.

CONFIDENTIAL

**Standards of Business Conduct**

Easterly places the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in our firm and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures to achieve these goals. This Code is intended to comply with the various provisions of the Advisers Act and requires that all employees comply with the various applicable provisions of the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and applicable rules and regulations adopted by the Securities and Exchange Commission ("SEC").

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. Such policies and procedures are contained in this Code. The Code also contains policies and procedures with respect to personal securities transactions of all Easterly employees as defined herein. These procedures cover transactions in a reportable security in which a supervised person has a beneficial interest in or accounts over which the supervised person exercises control as well as transactions by members of the supervised person's immediate family.

Section 206 of the Advisers Act makes it unlawful for Easterly or its agents or employees to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices. This Code contains provisions that prohibit these and other enumerated activities and that are reasonably designed to detect and prevent violations of the Code, the Advisers Act and rules thereunder.

Sections 208(d) and 48(a) of the Advisers and 1940 Act, respectfully, makes it unlawful for any person indirectly, or through or by any other person, to do any act or thing which it would be unlawful for such person to do directly under the provisions of these respective titles or any rule or regulation thereunder.

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**Conflicts of Interest**

Easterly shall seek to identify and review conflicts of interest. Ongoing identification of conflicts and potential conflicts of interest will assist the firm in addressing situations that could have a negative impact on the interests of our clients.

Conflicts of interest may arise under any number of circumstances, including, for example, various lines of business or outside business activities. Conflicts can also arise where the firm or its employees have reason to favor the interests of one client over another client (*e.g.,* larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which employees have made material personal investments, accounts of close friends or relatives of employees). Such favoritism would constitute a breach of fiduciary duty and is strictly prohibited.

In addition, access persons are prohibited from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly or indirectly, as a result of such transactions, including by purchasing or selling such securities.

To assist the firm in identifying conflicts and potential conflicts of interest, and to meet our reporting obligations to the registered investment companies to which the firm provides investment management services, Easterly has adopted the procedures set forth below. Additional procedures set forth throughout this Code of Ethics also seek to prohibit situations giving rise to conflicts of interest or to otherwise ensure our fiduciary duties. Employees are always encouraged to raise concerns regarding any situation that could constitute a conflict or potential conflict of interest with firm clients to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Easterly
shall request that conflicts arising from Easterly's, its principals', its executive officers', or their affiliates'
(whether affiliated with Easterly or not) (hereafter jointly referred to as "Parties") other business activities be reported
to the Chief Compliance Officer. Any such activities are tracked, and the Chief Compliance Officer shall seek to reasonably ensure that
these activities are disclosed in the firm's Form ADV as required and/or appropriately mitigated. Easterly has created an
Employee Questionnaire for these purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Easterly
has established, pursuant to this Code of Ethics, a review process to identify potential conflicts of interest that may arise between
our clients and the Parties as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
operation of a non-investment management business in which Easterly or an affiliated person of Easterly engages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Easterly
engaging in a new business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Easterly
 making available new investment products or services; and Easterly changing significantly
 the manner in which it operates its investment management business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Easterly
 shall document the results of conflict of interest reviews of any registered investment company
 managed by the firm by responding to quarterly certifications, or other reasonable requests
 for information.

CONFIDENTIAL

**Statement of Easterly Policy on Insider Trading and Disclosure**

**Introduction**

This Statement of Easterly Policy on Insider Trading and Disclosure (this "Insider Trading Policy") is designed to prevent insider trading or the appearance of impropriety, to satisfy Easterly's obligation to reasonably supervise the activities of its personnel, and to help Easterly personnel avoid the severe consequences associated with violations of insider trading laws. **It is your obligation to understand and comply with this Insider Trading Policy.** You should refer all inquiries regarding this Insider Trading Policy to the officer, employee or consultant designated from time to time by the Company to serve as its insider trading compliance officer (the "Compliance Officer").

Trading securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose you, other employees and Easterly to significant monetary fines and stringent penalties. and/or issue an order permanently barring you from the securities industry. Easterly and/or the supervisors of the person engaged in insider trading may also be required to pay civil penalties of up to the greater of $1,275,000 or three times the profit made, or loss avoided, as well as criminal penalties of up to $25,000,000, and could under certain circumstances be subject to private lawsuits. Finally, employees and Easterly may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to securities trading and information handling by employees of Easterly and their immediate family members.

**General Policy**

No supervised person should trade, either personally or on behalf of others (such as investment funds and private accounts managed by Easterly), while in the possession of material, nonpublic information, nor should any personnel of Easterly communicate material, nonpublic information to others in violation of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *What is Material Information?*

Information is material where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer.

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

CONFIDENTIAL

Material information also can relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also could be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to Easterly's securities recommendations and client securities holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *What is Nonpublic Information?*

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through the Internet, a public filing with the SEC or some other government agency, the Dow Jones "tape" or The Wall Street Journal or some other publication of general circulation, and after sufficient time has passed so that the information has been disseminated widely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Identifying Inside Information*

Before executing any trade for yourself or others, including investment funds or private accounts managed by Easterly ("Client Accounts"), you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report
 the information and proposed trade immediately to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do
 not purchase or sell the securities on behalf of yourself or others, including investment
 funds or private accounts managed by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do
 not communicate the information inside or outside the firm, other than to the Chief Compliance
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· After
 the Chief Compliance Officer has reviewed the issue, the firm will determine whether the
 information is material and nonpublic and, if so, what action the firm will take.

You should consult with the Chief Compliance Officer before taking any action. This high degree of caution will protect you, our clients, and the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Contacts with Public Companies*

Contacts with public companies may represent an important part of our investment and research efforts. The firm may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, during these contacts, a supervised person of Easterly or other person subject to this Code becomes aware of material, nonpublic information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes selective disclosure of adverse news to a handful of investors. In such situations, Easterly must make a judgment as to its further conduct. To protect yourself, your clients and the firm, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information.

CONFIDENTIAL

Other examples for consideration are: research and political consultants, virtual data rooms (VDRs), sub-advisers selected to manage client assets/accounts, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Tender Offers*

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Employees of Easterly and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Restricted/Watch Lists*

The Chief Compliance Officer may consider placing certain securities on a "restricted list. Employees are prohibited from personally, or on behalf of an advisory account, purchasing or selling securities during any period they are listed. Securities issued by companies about which a number of employees are expected to regularly have material, nonpublic information should generally be placed on the restricted list. The Chief Compliance Officer would take steps to immediately inform all employees of the securities listed on the restricted list. Although Easterly does not typically receive confidential information from portfolio companies or other sources, it may, if it receives such information, take appropriate procedures to establish restricted or watch lists in certain securities.

An example of a security on the restricted list is Easterly Government Properties (DEA), given the affiliate relationship between Easterly Investment Partners and Easterly Government Properties as a publicly traded company. Trades by individuals who own DEA stock must be precleared and are subject to trading windows. Insiders of DEA, such as Board members who also have a direct relationship with Easterly, are also subject to the Easterly Government Properties Insider Trading Policy and have unique reporting and filing requirements. Contact the Chief Compliance Officer at Easterly and/or DEA with specific questions regarding DEA stock trading matters.

The Chief Compliance Officer can also place certain securities on a "watch list."

CONFIDENTIAL

Securities issued by companies about which a limited number of employees possess material, nonpublic information would generally be placed on the watch list. The list will be disclosed only to the Chief Compliance Officer and a limited number of other persons who are deemed necessary recipients of the list because of their roles within the company. Currently, Easterly does not have a watch list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Reporting Potential Insider Trading Activity*

You should refer all inquiries regarding this Insider Trading Policy to the officer, employee or consultant designated from time to time by the Company to serve as its insider trading compliance officer (the "Compliance Officer").

**Your failure to observe this Insider Trading Policy could lead to significant legal problems, including fines and/or imprisonment, and could have other serious consequences, including the termination of your employment or service relationship with the Company.**

CONFIDENTIAL

**Employee Personal Trading**

*General Policy*

Easterly has adopted the following principles governing personal investment activities by Easterly's employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
interests of client accounts will at all times be placed first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 personal securities transactions will be conducted in such manner as to avoid any actual
 or potential conflict of interest or any abuse
of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 must not take inappropriate advantage of their positions.

*Covered (Reportable) Accounts*

Easterly Access persons and ES registered representatives are required to disclose covered accounts and holdings as defined (see "Definitions" section) within 10 days of hire or becoming an Access person. Subsequent changes to such accounts must be disclosed on a timely basis (no less than quarterly) to the firm in ComplySci. An automatic transaction feed from the broker where the account is held will be established between the broker and ComplySci, where available. In the event an automatic feed is unavailable on the platform, paper statements will be required to be uploaded on a quarterly basis.

*Covered (Reportable) Securities*

See Definitions section for a full listing of Reportable Securities requiring reporting and preclearance.

*Pre-Clearance Standards*

*General:* Trades will only be pre-cleared if it is determined that, considering all of the facts and circumstances, the transaction is consistent with the provisions of this Code of Ethics.

*Compliance with Insider Trading Policies:* In connection with requesting preclearance of a personal securities transaction, Access Persons are reminded of their obligation to adhere to applicable Easterly policies with respect to material and non-public information.

*Duties of Investment Persons:* A security shall be considered to be recommended when a buy or sell recommendation is made by an Investment Person for a Client's account, or such recommendation is under active consideration by an Investment Person. An Investment Person may not fail to make a recommendation to a Client in order to avoid limitations on or conflicts with regard to his or her personal securities transactions.

CONFIDENTIAL

***PreClearance Process***

**Easterly Access persons and ES registered representatives are required to preclear transactions in covered securities as defined (see "Definitions" section) in accordance with the following process:**

&nbsp;&nbsp;&nbsp;&nbsp;· **Enter a trade preclearance request into ComplySci indicating:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Transaction type** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Quantity of shares to be traded** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Security to be traded (trades may not be batched into a single preclearance request – enter individually) and ensure that the security populated in the Selected Security field is accurate** 

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| | |
|:---|:---|
| ![](tm262170d1_ex99bxpx20img02.jpg) | **Select "Advanced Search" for additional information in identifying the correct security** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Click Submit** 

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| | |
|:---|:---|
| ![](tm262170d1_ex99bxpx20img02.jpg) | **Any Access person that has an urgent need to trade should contact the Compliance department <u>in advance</u> of submission to help identify and manage any potential conflicts.** |

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&nbsp;&nbsp;&nbsp;&nbsp;· **Your request will be automatically reviewed against certain trade rules in the system** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Restricted List: Any security that appears on the restricted list would result in a Review or Denial of a preclearance request.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Firm Trade Conflicts:: Access Persons are prohibited from trading within 2 days before or after and the day of a client trade.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **PreClearance decisions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o**  ***Approvals*: Good for day of approval only. If trading is not completed by the end of the day, a new PreClearance Request must be reentered the following day.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o**  ***Denials*: Any preclearance request that receives a Denial will be denied for the entire day and must be resubmitted the following day.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o**  ***Requested*: The Compliance department will make every effort to review PreClearance requests within an hour of submission.** 

***PreClearance Required for Participation in IPOs***

**No Easterly Access person shall acquire any beneficial ownership in any securities in an Initial Public Offering for his or her account, as defined herein without the prior written approval of the Chief Compliance Officer who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of**

**the supervised person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.**

***Easterly Securities LLC personnel:***

***Registered representatives of Easterly Securities LLC are prohibited from investing in IPOs.***

***They may purchase securities offered only on the secondary market.***

CONFIDENTIAL

*Restricted Securities List*

No supervised person shall acquire any beneficial ownership in stock or other security for an individual company without the prior written approval of the Chief Compliance Officer or other designated individual. Restricted lists will be maintained for each of the clients (funds) and investment requests will be checked against these lists.

*Blackout Periods*

Access persons may not trade (buy or sell) a security (or a derivative of the security) directly or indirectly which has been traded for a client account of the firm within 2 days (before and after) of the client's trading activity (trade date = Day 0). If there is a securities trade in a client account, any employee preclearance request to trade in the same security or a derivative of that security will be denied for that day and for the two days following the client trade. If a securities transaction is executed by a client within two (2) business days after an Access person executed a transaction in the same security, the Chief Compliance Officer will review the supervised person's and the client's transactions to determine whether the supervised person did not meet his or her fiduciary duties to the client in violation of this Code.

*Interested Transactions*

No supervised person shall recommend any securities transactions for a client without having disclosed his or her interest, if any, in such securities or the issuer thereof, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
direct or indirect beneficial ownership of any securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
contemplated transaction by such person in such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
position with such issuer or its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 present or proposed business relationship between such issuer or its affiliates and such
 person or any party in which such person has a significant interest

*Beneficial Ownership*

An Access or supervised person may, directly or indirectly, acquire or dispose of beneficial ownership (as defined in Section 16 of the Securities Act of 1934) of a reportable security in a publicly listed company, an initial public offering or a limited offering, only if: (i) such purchase or sale has been approved, prior to execution, by the Compliance Officer or supervisory person designated by Easterly; (ii) the approved transaction is completed by the close of business on the second trading day after approval is received; and (iii) the designated supervisory person has not rescinded such approval prior to execution of the transaction. *Post-approval is not permitted.*

*Private Securities Transactions*

Prior to participating in any private securities transaction, an associated person of the broker/dealer shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person's proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction; provided however that, in the case of a series of related transactions in which no selling compensation has been or will be received, an associated person may provide a single written notice.

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*Pre-Clearance Required for Private or Limited Offerings*

No supervised person shall acquire beneficial ownership of any securities in a limited offering or private placement without the prior written approval of the Chief Compliance Officer who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the supervised person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

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**Prohibited and Limited Transactions**

All Access Persons are required to obtain approval from the CCO before they acquire securities in an Initial Public Offering*.* Approval shall be obtained by following the Pre-Clearance Procedures set forth elsewhere in this Code of Ethics, or as otherwise directed by the CCO.

***Front Running***

The term "front-run" means knowingly trading before a contemplated transaction by a Client, whether or not the Access Person's trade and the Client's trade take place in the same market, in order to take advantage of, or avoid changes in, market prices effected by Client transactions in a Reportable Security. An Access Person is prohibited from front-running.

***Scalping***

An Access Person is prohibited from purchasing (or selling short) a Reportable Security (or its economic equivalent) with the intention of recommending that the security be purchased (or sold) for a Client for the purpose of supporting or increasing (or protecting) the price of the security for the benefit of the Access Person, rather than the benefit of the Client. This activity, referred to as "scalping" is prohibited whether or not an Access Person realizes a profit from the subject transaction.

***Blackout Periods***

An Access Person is prohibited from engaging in a transaction in a Reportable Security which such person knows or should have known at the time there to be pending, on behalf of any Client, a "buy" or "sell" order in the same or related security or instrument. The existence of recent Client trades and pending orders will be checked as part of the Pre-Clearance Process described elsewhere in this Code of Ethics, and pre-clearance may be denied if the CCO determines it is inconsistent with the best interests of any Client.

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***Limit Orders***

Access Persons that are subject to the pre-clearance provisions of this Code of Ethics generally should avoid placing "good until cancelled" orders or any limit orders other than a "same-day" limit order. Such orders are difficult to pre-clear and can cause inadvertent pre-clearance violations.

***Trading Activity***

You are discouraged from engaging in a pattern of investment transactions that either: is so frequent as to potentially impact your ability to carry out your assigned responsibilities, give rise to conflicts or perceived conflicts with the best interest of Easterly's clients, or uses company resources for personal gain. At the discretion of the CCO, your supervisor may be notified of excessive trading.

***Insider Trading***

Access Persons are reminded that they are prohibited from trading, either personally or for the accounts of the Fund or other Clients, while in possession of material non-public information or communicating material non-public information to others in violation of the law. Access Persons are responsible for ensuring they are in compliance with any insider trading policies and procedures that may be applicable to them, including Easterly's Insider Trading Policy and Easterly's Standards of Business Conduct.

***Hedge Funds, Investment Clubs and Partnerships***

Access Persons (except Independent Fund Directors and Independent Easterly Directors) are not permitted to participate in hedge funds, investment clubs, partnerships or other similar investment vehicles unless approved in advance by the CCO (or his or her designee). Any approval will be conditioned upon the person providing a written certification that he or she does not and will not have any direct or indirect influence or control over trading for such vehicle, or alternatively, subjecting all the underlying securities or commodity trading in the vehicle to the Code of Ethics, including the Code of Ethics' pre-clearance and reporting requirements, as applicable.

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**Gifts and Entertainment**

*General Policy Statement:* Giving, receiving or soliciting gifts in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Easterly has adopted the policies set forth below to guide employees in this area.

Easterly's specific policy requirements with respect to gifts and entertainment are as follows:

**Gifts**

*Clients or Prospective Clients of the Firm (including Investment Consultants*. No Staff member may give or accept lavish or otherwise extravagant gifts to or from an investor, prospective investor, or any person or entity that does or seeks to do business with or on behalf of Easterly (including vendors, service providers and consultants).

*Note: FINRA registered representatives of Easterly Securities LLC are subject to the regulatory gift limit of one hundred dollars ($100) per individual recipient per year, which is calculated by aggregating all gifts and gratuities given by the Firm or the Firm's personnel on a calendar year basis, per FINRA Rule 3220.*

*Government Officials.* No gift or entertainment event of any value involving government officials or their families may be given or sponsored by Easterly or any Staff member without the prior written approval of the Compliance Officer. Please refer to Political Contributions for additional information.

*Cas*h. No Employee may give or accept cash gifts or cash equivalents, e.g., gift cards, etc., to or from clients, brokers, vendors, or other persons that do business with the Firm.

*Solicitation of Gifts.* All solicitation of gifts or gratuities is considered unprofessional and is strictly prohibited.

**Entertainment**

*Clients or Prospective Clients of the Firm (including Investment Consultants*.** Employees may receive or provide reasonable entertainment to such persons provided that (i) there is a specific business purpose for the entertainment; (ii) both the Employee and the recipient are present; Employees may not provide entertainment that is considered lavish or extravagant.

Entertainment having a reasonable value at which both the Employee and the giver are present (e.g., business lunches and dinners, sporting and cultural events) may be accepted. Employees may not accept entertainment that is (i) considered lavish or extravagant and unless (i) unless there is a specific business purpose for such event; (ii) both the Employee and the giver are present.

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*No Quid pro quo*.** Furthermore, Staff members should not accept entertainment from any person in connection with Easterly's business if the acceptance of such would influence any material decision of such Staff member or otherwise cause the Staff member to feel obliged to do something in return for the entertainment.

*Charitable Contributions*.** Employees may not solicit charitable contributions from Clients, brokers, vendors, or other persons that do business with the Firm without the prior approval of the Chief Compliance Officer in ComplySci. All such approvals must be documented and include information regarding the Employee, the charity, the date of the solicitation and the amounts received.

**Reporting Requirements**

The Chief Compliance Officer will maintain a gift log in ComplySci that records all gifts sent and received. Each employee is responsible for reporting ALL gifts sent to or received from clients.

The reporting of a gift does not relieve any supervised person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift, please consult the Chief Compliance Officer.

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**Political Contributions Requirements**

The Firm and its covered associates\* shall not make, coordinate or solicit any person, party or political action committee (PAC) to make a political contribution to an official of a government entity (as defined in Rule 206(4)-5 of the Investment Advisers Act and FINRA Rule 2030 – see Definitions) on behalf of an investment adviser that provides or is seeking to provide investment advisory services for compensation to such government entity within two years after a contribution to an official of the government entity is made by the Firm or a covered associate (including a person who becomes a covered associate within two years after the contribution is made).

&nbsp;&nbsp;&nbsp;&nbsp;· *New Hires:* Political contributions made by a potential new hire of the adviser within the
 prior 6 months must be disclosed on or before hire to allow for a potential conflicts analysis.

&nbsp;&nbsp;&nbsp;&nbsp;· *Contribution Threshold*: Contribution thresholds are not to exceed $350 in a jurisdiction where the
 covered associates is entitled to vote or $150 where the covered person is not entitled to
 vote. Similar restrictions may apply to gifts or benefits given to non-U.S. officials.

&nbsp;&nbsp;&nbsp;&nbsp;· *Preclearance:* Prior to making a non-Federal political contribution, defined as a gift, subscription,
 loan, advance or deposit of money or anything of value, by Easterly or covered person of
 the firm, the proposed contribution must be cleared by the Compliance officer (regardless
 of amount), who will consult with others, as required.

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**Outside Business Affiliations**

Access Persons must report every activity, described below, that they are, or wish to get involved in must be disclosed within 10 days from the start date of the activity or when you become an Access Person.

A person may be engaged in an outside business activity if they are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) employed by any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) receiving compensation from any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) serving as an officer, director, or partner of another entity, including a non-profit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) serving in a fiduciary capacity (e.g., trustee, executor or power of attorney) for someone other than a family member, including a non-profit for which that person may have fiduciary responsibility**.**

No supervised person shall serve as an officer or on the board of directors of any publicly or privately traded company without prior authorization by the Compliance Officer or a designated supervisory person based upon a determination that any such board service or officer position would not be inconsistent with the interest of Easterly's clients. Where board service or an officer position is approved, Easterly would implement appropriate procedures to isolate such person from making decisions relating to the company's securities and/or that of its affiliates.

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**Access Person Compliance Procedures**

*Pre-clearance*

An Access or person may, directly or indirectly, acquire or dispose of beneficial ownership of a reportable security or publicly listed company only if: (i) such purchase or sale has been approved by a supervisory person designated by Easterly; (ii) the approved transaction is completed by the close of business on the second trading day after approval is received; and (iii) the designated supervisory person has not rescinded such approval prior to execution of the transaction. Post-approval is not permitted.

Clearance must be obtained by completing a Pre-clearance Request Form in ComplySci. The Chief Compliance Officer monitors all transactions by all Access persons to ascertain any pattern of conduct which may evidence conflicts or potential conflicts with the principles and objectives of this Code, including a pattern of front running.

Advance trade clearance in no way waives or absolves any supervised person of the obligation to abide by the provisions, principles and objectives of this Code.

Note that preclearance is provided for a single day of trading. All trading in the security for which an employee has received preclearance must be completed on the day of approval. If trading is not completed, another preclearance request must be submitted.

*Reporting Requirements*

Every supervised and Access person shall provide initial and annual holdings reports and quarterly transaction reports to the Chief Compliance Officer which must contain the information described below, or provide duplicate electronic trade confirms and statements. The initial and annual holdings will be disclosed via the ComplySci Dashboard. As part of the onboarding process the associated person will be provided a user id and will be asked to set up a confidential password to the system. It is the policy of Easterly that each supervised person must arrange for their brokerage firm(s) to send electronic duplicate brokerage account statements and trade confirmations of all securities transactions to the Chief Compliance Officer (via ComplySci).

As required by Section 16 of the Securities Act of 1934 employees must also disclose beneficial ownership of more than 10% of any class of a registered equity security or publicly listed company, as well as directors and officers of the issuer of such security (collectively, "Section 16 Persons"). The Firm is a Section 16 Person if its clients collectively hold more than 10% of any class of a registered equity or publicly listed company.

If based upon the Firm's trading activity, the CCO determines that the Firm must make any securities filings, the CCO will ensure that such filings are filed in a timely manner.

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Quarterly Transaction Reports

Every supervised person must, no later than ten (10) days after the end of each calendar quarter, file a quarterly transaction report containing the following information:

With respect to any transaction during the quarter in a reportable security in which the employees had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest
 rate and maturity date (if applicable), the number of shares and the principal amount (if
 applicable) of each covered security;

&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;· The
 price of the reportable security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
date the report is submitted by the supervised person.

Exempt Transactions

A supervised person need not submit a report with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 effected for, securities held in, any account over which the person has no direct or indirect
 influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
effected pursuant to an automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 quarterly transaction report if the report would duplicate information contained in securities
 transaction confirmations or brokerage account statements that Easterly holds in its records
 so long as the firm receives the confirmations or statements no later than 10 days after
 the end of the applicable calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction or holding report that Easterly already has on a supervised person, so long as
 the firm maintains records of the information otherwise required to be reported

Monitoring and Review of Personal Securities Transactions

The Chief Compliance Officer or designee monitors and reviews all reports required under the Code for compliance with Easterly policies regarding personal securities transactions and applicable SEC rules and regulations. The Chief Compliance Officer will also initiate inquiries of employees regarding personal securities trading, if necessary. Supervised and Access persons are required to cooperate with such inquiries and any monitoring or review procedures employed by Easterly. Any transactions for any accounts of the Chief Compliance Officer will be reviewed and approved by a designated supervisory person. The Chief Compliance Officer shall at least annually identify all employees who are required to file reports pursuant to the Code and will inform such employees of their reporting obligations.

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**Certifications**

*Initial, Quarterly and Annual Accounts & Holdings, Political Contribution, Gifts & Entertainment and Code of Ethics Policy Receipt Disclosure and Certification:*

All Access Persons are provided with an electronic copy of the Code and must initially certify electronically via ComplySci to the Chief Compliance Officer that they have: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; (iv) complied with all requirements of the Code (as applicable); and (v) report all account holdings as required by the Code.(v) report political contributions made within the last two years.

*Acknowledgement of Policy Amendments:* All employees shall receive any amendments to the Code and must certify to the Chief Compliance Officer electronically via ComplySci that they have: (i) received a copy of the amendment; (ii) read and understood the amendment; (iii) and agreed to abide by the Code as amended.

*Further Information:* Employees should contact the Chief Compliance Officer regarding any inquiries pertaining to the Code or the policies established herein.

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**Recordkeeping Requirements**

The Chief Compliance Officer shall maintain the following records for a period of not less than five years, the first two in an easily accessible place. Easterly utilizes the ComplySci system to comply with recordkeeping requirements of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of any Code of Ethics adopted by the Firm pursuant to Advisers Act Rule 204A-1
 which is or has been in effect during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of Easterly's Code and any action that was taken as a result
 of such violation for a period of five years from the end of the fiscal year in which the
 violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of all written acknowledgements of receipt of the Code and amendments thereto for
 each person who is currently, or within the past five years was, a supervised person which
 shall be retained for five years after the individual ceases to be a supervised person of
 Easterly; A copy of each report made pursuant to Advisers Act Rule 204A-1, including
 any brokerage confirmations and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of all persons who are, or within the preceding five years have been, Access persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any decision and reasons supporting such decision to approve a employees' acquisition
 of securities in IPOs and limited offerings within the past five years after the end of the
 fiscal year in which such approval is granted.

*Retention Period*

Copies of the Code of Ethics (and any amendments thereto) must be kept for five years after the last date it was in effect. Copies of receipt acknowledgements of the Code of Ethics must be kept for five years after the date the signers cease being subject to the Code of Ethics. Lists of Access Persons and Investment Persons must be kept for five years, even if some of the individuals listed are no longer classified as such. Each other record shall be maintained 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.

*Confidentiality*

All procedures, reports and records monitored, prepared or maintained pursuant to the Code of Ethics shall be considered confidential and proprietary, and shall be maintained and protected accordingly.

The Code of Ethics is solely for internal use by the Companies and none of the Code of Ethics or any forms, reports or other records created hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) constitute
 an admission, by or on behalf of any individual or any Company or its affiliates, as to any
 fact, circumstance or legal conclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) evidence,
 describe or define any relationship of control between or among any persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) form
 the basis for describing or defining any conduct by an individual or Company or its affiliates
 that should result in such person being liable to any other person, except insofar as conduct
 in violation of the Code of Ethics is sufficient cause for any sanction hereunder up to and
 including termination of employment or any other association with a Company or its affiliates.

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**Administration, Recordkeeping and Enforcement**

*Compliance Training Program*

Easterly's CCO is responsible for developing a compliance training program designed to ensure that all personnel who are subject to the CODE OF ETHICS are furnished a copy of the Code of Ethics and have read and understand their responsibilities under it. Easterly's CCO is also responsible for ensuring that the compliance training program and procedures (discussed below) are kept current and personnel are informed of material changes and re-trained as needed. All individuals subject to the CODE OF ETHICS are required to participate in all compliance training programs that Easterly's CCO determines are mandatory for them to attend.

*Supervisory Process and Procedures*

Easterly's CCO is responsible for implementing compliance supervisory processes and procedures that are reasonably designed to prevent, detect and correct violations of the Code of Ethics. These procedures include the review of personal trading reports in order to detect potential issues such as: front-running, trades against the Restricted and Watch Lists and the 30 day profit rule.

*Approval and Annual Review of Code of Ethics*

Adoption of the Code of Ethics by Easterly shall be in accordance with their bylaws and other governing instruments. Any material changes to the Code of Ethics and policies and procedures reasonably designed to enforce its provisions and prevent violations, all as they relate to Easterly in its capacity as investment adviser. The CCO or designee shall review, at least annually, the adequacy of the Code of Ethics and the effectiveness of its implementation.

*Interpretations, Waivers and Exceptions*

The Chief Compliance Officer may interpret issues and waive or except compliance with provisions of the Code of Ethics if he or she finds that such interpretation, waiver or exception (i) is necessary to alleviate undue hardship, in view of unforeseen circumstance, or is otherwise appropriate under the facts and circumstances; (ii) is consistent with the purposes and objectives of the Code of Ethics; (iii) will not adversely affect the interests of any Clients, Easterly or its affiliates; and (iv) will not result in a transaction or conduct that would violate applicable law, regulations or fiduciary principles.

In addition, the Chief Compliance Officer and Easterly shall also certify annually in writing that Easterly has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

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**Definitions**

For the purposes of this Policy, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access person**: Any supervised person(s):(A) Who has access to nonpublic information regarding
 any clients' purchase or sale of securities, or nonpublic information regarding the portfolio
 holdings of any reportable fund, or (B) Who is involved in making securities recommendations
 to clients, or who has access to such recommendations
that are nonpublic. As providing investment advice is Easterly's primary business, all of its directors, officers and partners
are presumed to be Access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may
also include any other persons who the CCO determines to treat as Access Persons because of their status, the functions they perform
or the information they obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Client** is consistent with the definition within the Investment Advisers Act but, in general,
 means any person for whom Easterly provides investment advisory services for compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Beneficial Ownership** is interpreted in the same way as in determining whether a person has beneficial
 ownership of a security for purposes of Section 16a-1(a) (2) of the Securities
 Exchange Act of 1934, and includes ownership by any person who, directly or indirectly, through
 any contract, arrangement, understanding, relationship or otherwise, has or shares a direct
 or indirect pecuniary interest in a security. For example, a person should consider himself
 or herself the beneficial owner of securities held by his or her spouse, his or her minor
 children, a relative who shares his or her home, or other persons by reason of any contract,
 arrangement, understanding or relationship that provides him or her with sole or shared voting
 or investment power. If any Access Person has a question about whether he or she beneficially
 owns a security, he or she should consult the Chief Compliance Officer or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Covered Associates (relating to Political Contributions)** *:* (1) a regulated person
 or (2) An executive officer, general partner, managing member (or, in each case, a person
 with similar status or function), or employee of the investment adviser. Covered associates
 are prohibited from doing anything indirectly that would be prohibited if done directly (e.g.,
 directing a spouse or domestic/civil union partner to contribute to an official to avoid
 directly violating the Pay-to-Play Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Government Official</u>** <u>:</u> any officer or employee of a Governmental Authority or any department,
 agency or instrumentality thereof, including state-owned entities, or of a public organization
 or any person acting in an official capacity for or on behalf of any such government, department,
 agency, or instrumentality or on behalf of any such public organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Government Entity</u>** <u>:</u> (a) any federal, state, provincial or similar government, and any
body, board, department, commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise
exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government
entity

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Immediate Family**: generally means any relative by blood or marriage living in the individual's
 household, any domestic partner or other minor child residing in his or her household and,
 whether or not living in the individual's household, any other relative with respect
 to whose investments the individual has influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Initial Public Offering (IPO):** a registered offering under the Securities Act of 1933, where
 the issuer, immediately before the registration, was not subject to the reporting requirements
 of the Securities Exchange Act of 1934. This term does not include secondary public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Person:** an Access Person who makes, or participates in making, decisions regarding the
 purchase or sale of securities by or on behalf of any Client and any person who directly
 assists in the process. Investment Persons include portfolio managers, assistant portfolio
 managers, research analysts, traders, and other individuals designated by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Limited Offering:** an offering exempt from registration under specific private offering and investor
 exemptions provided in the Securities Act of 1933. Such investments are commonly referred
 to as private placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Preclearance:** Approval, authorization, or permission granted in advance of a particular activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Private Securities Transactions** shall mean any securities transaction outside the regular course
 or scope of an associated person's employment with a member, including, though not limited
 to, new offerings of securities, or private securities, which are not registered with the
 Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reportable Account** The term "reportable account" (also known as a (personal or covered
 account) means any securities account in which a Staff member has any direct or indirect
 "beneficial ownership," and includes any personal account of the Staff member's
 immediate family (including any relative by blood or marriage either living in the Staff
 member's household or financially dependent on the Staff member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Externally Managed Accounts*: If an Employee directly or indirectly influences transactions in their
 managed/discretionary account, this account is considered to be a Personal Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Examples of a personal 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;· An
 account owned by a Staff member or a Staff member's spouse or domestic partner;

· An
 account owned by a Staff member's child who is under the age of 18;

· An account owned by a Staff member's child who is 18 or older, and the child (i) lives in the same household as the Staff member or (ii) the Staff member contributes in any way to the child's support; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 account owned by any of the following persons who live in the Staff member's household:
 (i) a stepchild; (ii) a grandchild; (iii) a parent; (iv) a grandparent;
 (v) a sibling; (vi) any of the foregoing who are in-laws.

· 401(k) accounts
 that offer a self-directed investment option (such as the Easterly 401(k) plan) *which is actively used by the employee.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reportable Security:** includes all securities as defined in section 202(a)(18) of the Exchange Act
 of 1940 (15 U.S.C. 80b–2(a)(18), but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Debt
and equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Options
on securities, on indices, and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mutual
funds advised or sub advised by Easterly or its affiliates ·

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All
 forms of limited partnership and limited liability company interests, including interests
 in private investment funds (such as hedge funds), and interests in investment clubs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o also
 known as private securities transactions for FINRA registered representatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Foreign
unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exchange
 traded funds ("ETFs") advised or sub-advised by Easterly or its affiliates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cryptocurrency
(not required to be precleared; subject to change)

Employees <u>do not</u> need to disclose accounts that can <u>only</u> hold the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Direct
obligations of the U.S. government (e.g., treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;o Shares
 issued by money market funds where the fund maintains a stable $1.00 net asset value, or
 cash or cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 529
Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares
 of open-end mutual funds and ETF's that are not advised or sub-advised by Easterly
 (or Easterly 's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end mutual
 funds, none of which are funds advised or sub-advised by Easterly (or Easterly's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Venture
Capital Trusts/Enterprise Investment Schemes (EMEA); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bank
Deposit Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Restricted List:** means a list maintained by the CCO in which trading for the account of any Easterly
 client, Easterly Account, or Easterly Access Person is prohibited with respect to a company
 in any securities or instruments issued by or with respect to the company (including derivatives
 on or related to the company or its securities). Securities or other instruments of companies
 on the Restricted List shall include securities or instruments for which Easterly and its personnel
have inside information. A company will be removed from the Restricted Trading List only after the CCO determines that restricted status
is no longer necessary.

CONFIDENTIAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Watch list:** Securities issued by companies about which a limited number of employees possess
 material, nonpublic information would generally be placed on the watch list.

CONFIDENTIAL

**Page intentionally left blank**

CONFIDENTIAL

## Ex-99.B(P)(21)

**Exhibit 99.B(p)(21)**

**FRED ALGER MANAGEMENT, LLC ("FAM")<br> FRED ALGER & COMPANY, LLC ("FAC")<br> WEATHERBIE CAPITAL, LLC ("WC")<br> REDWOOD INVESTMENTS, LLC ("RI")<br> ALGER MANAGEMENT, LTD. ("AML")<br> THE ALGER FUNDS<br> THE ALGER FUNDS II<br> THE ALGER INSTITUTIONAL FUNDS<br> THE ALGER PORTFOLIOS<br> ALGER GLOBAL EQUITY FUND<br> THE ALGER ETF TRUST**

**CODE OF ETHICS**

Effective as of May 2025

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| OVERVIEW AND SCOPE | 2 |
| Purpose | 2 |
| Definitions | 2 |
| General Principles of Conduct | 4 |
| PERSONAL SECURITIES TRANSACTIONS | 5 |
| Brokerage Accounts | 5 |
| Securities Not Held in a Brokerage Account | 6 |
| Pre-Clearance Transactions | 6 |
| Private Placements | 7 |
| Prohibited Personal Securities Transactions | 7 |
| Considerations for Approval of Personal Securities Transactions | 7 |
| Restrictions and Blackout Periods | 7 |
| Holding Period | 8 |
| Excessive Trading | 8 |
| INITIAL AND ONGOING REPORTING REQUIREMENTS | 8 |
| Brokerage Accounts | 8 |
| Discretionary Account | 8 |
| Securities Not Held in a Brokerage Account | 8 |
| Personal Securities Transactions | 9 |
| Private Placements | 9 |
| Current Directorships | 10 |
| Outside Activities | 10 |
| Confidentiality | 10 |
| ADMINISTRATION OF THE CODE | 10 |
| Responsibilities of the Chief Compliance Officer | 10 |
| Fund Board of Trustees Reporting and Approval | 11 |
| Use of Preferred Brokers | 11 |
| Exceptions to the Code | 12 |
| Violations and Sanctions | 12 |
| Maintenance of Records | 12 |

---

**OVERVIEW AND SCOPE**

**Purpose**

This Code of Ethics (the "Code") is adopted by Fred Alger Management, LLC ("FAM"), Fred Alger & Company, LLC ("FAC"), Weatherbie Capital, LLC ("WC"), Redwood Investments, LLC ("RI"), and Alger Management, Ltd. ("AML"), and The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Equity Fund and The Alger ETF Trust (each a "Fund" and collectively the "Alger Funds") in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act"), as amended. FAM, FAC, WC, RI, AML and the Alger Funds will collectively be referred to as "Alger" throughout this Code.

The purpose of the Code is to ensure that all activities comply with Federal securities laws as well as all other laws and regulations that apply to Alger. For the purposes of this Code, the Federal securities laws include (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act and Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing statutes, and (ii) the Bank Secrecy Act (as it applies to Alger and any investment companies (public or private) advised by it) and any rules adopted thereunder by the SEC or the Department of the Treasury. AML is governed by personal dealings regulations set forth under the Financial Services and Markets Act 2000, as amended by the Financial Services Act of 2012.

If you have reason to believe that certain acts, actions, or practices engaged in by an Alger employee would constitute a violation of Federal or state securities laws to which Alger is subject or would violate Alger's policies or procedures inclusive of the Code, you must report it to a member of the Compliance or Legal Departments.

All Access Persons are responsible for, and have agreed as a requirement of their employment, to review, be familiar with, and comply with the Code. Any questions with respect to the Code should be directed to the Chief Compliance Officer ("CCO") or a member of the Compliance Department of Alger.

A list of terms and related definitions can be found below.

**Definitions**

<u>Access Person</u> - An employee of any Alger entity, including any full-time consultant or contractor, and any long-term temporary worker on more than a six (6) month assignment.

<u>Analyst</u> - A person employed by Alger as a Senior Analyst, Analyst, Associate Analyst, Research Associate or in a comparable position whose function relates to providing information, advice or recommendations.

<u>Beneficial Owner</u> - A person is the Beneficial Owner of the following securities (which may be held in a Brokerage Account or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held in the person's own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held with another in joint tenancy, community property or other joint ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a bank or broker as nominee or custodian on behalf of an Access Person or pledged
 as collateral for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by members of the Access Person's immediate family sharing the same household
 ("immediate family" means any child, stepchild, grandchild, parent, stepparent,
 grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a relative of an Access Person not residing in the person's home if the Access
 Person is a custodian, guardian, or otherwise has controlling influence over the purchase,
 sale or voting of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a trust of which the Access Person is a beneficiary and has or shares the power to
 make purchase or sale decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a trust for which the Access Person serves as a trustee and in which the person has
 a pecuniary interest (including pecuniary interests by virtue of performance fees or by virtue
 of holdings by the person's immediate family);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a general partnership or limited partnership in which the Access Person is a general
 partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a corporation in which the Access Person has a control position or in which the Access
 Person has or shares investment control over the portfolio securities (other than a registered
 investment company).

<u>Brokerage Account</u> - Any account which is an arrangement between an Access Person (or account over which the Access Person has a beneficial interest and/or discretion) and a licensed brokerage firm that allows the Access Person to deposit funds with the firm and place investment orders for securities through the brokerage firm, which then carries out the transactions on the Access Person's behalf. Brokerage Accounts where only exchange-traded funds ("ETFs"), and open- and closed-end investment companies are the only investment option are excluded from this definition. An example of these types of accounts includes retirement accounts that do not have individual equities, fixed income or other similar securities as an investment option. Robo-advisor accounts such as Betterment, Acorn, Intelligent (Schwab) and Wealthfront are not exempt if such accounts permit investments in individual equities, fixed income or other similar securities as an investment option.

<u>Client</u> - Any person, entity or investment vehicle to which any Alger entity provides investment advisory or other services.

<u>Compliance system</u> – MyComplianceOffice or such other comparable system that may be used from time to time.

<u>Alger Trustee</u> - A Trustee of the Board of Trustees of any Alger entity who is not an Officer or employee of Alger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alger
 Trustees are only subject to the quarterly reporting requirements of this Code to the extent
 that a trustee knows, or, in the ordinary course of fulfilling his/her duties as a trustee
 of a Fund or Alger, should know that during the fifteen (15) day period immediately before
 or after the date of the transaction in a Security by the trustee, a Fund or account has
 purchased or sold the Security or such purchase or sale by a Fund or account was considered
 by the Fund or Alger. In such case, the Alger Trustee should seek pre-clearance for the transaction
 with the CCO.

<u>Portfolio Manager</u> – An Alger employee with the responsibility, authority, and ability to make investment decisions with respect to a Client.

<u>Personal Security Transaction</u> - A transaction in any Security in which an Access Person is or will become a Beneficial Owner.

<u>Private Placement</u> - A Private Placement is a passive investment in any securities of an issuing entity that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act of 1933, as amended.

<u>Security</u> - Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit), or relating to foreign currency, or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate of participation for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing.

<u>Trader</u> - Any person employed by Alger who is responsible for placing trades on behalf of Clients.

**General Principles of Conduct**

Access Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· act
 in the best interests of Clients at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 consider their personal financial (or any other personal) situation in connection with transactions
 for any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conduct
 themselves in a manner to avoid any actual, potential or perceived conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 abuse their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 take inappropriate advantage of their position in relationship to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 divulge to any person any information regarding transactions for any Client, except in the
 performance of their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 divulge to any person the composition of creation baskets for The Alger ETF Trust, except
 as authorized in the course of their employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 transact in any securities that are restricted from purchase or sale by any Alger entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 allow Personal Securities Transactions to otherwise interfere with their ability to fulfill
 their responsibilities.

In consideration of these General Principles of Conduct, an Access Person may not recommend a transaction in any Security for any Client unless they have first disclosed to the Compliance Department their interest in such Security (or, if relevant, the issuer of such Security), including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct
 or indirect Beneficial Ownership of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 position with the issuer of such Security or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 current or proposed business relationship with the issuer of such Security, its affiliates,
 or any party which has a significant interest in the Security or its issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 ownership interest in a Security acquired through a Private Placement, where transactions
 in securities of the same issuer are now being considered for any Client.

In furtherance of these principles, an Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain
 prior written authorization of the CCO to serve on the board of directors (or trustees) of
 any company. Such authorization will be based on a determination that the board service would
 be consistent with the interests of its Clients or would otherwise not conflict with Alger's
 ability to provide services to its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disclose
 all business, investment, or charity-related outside activities regardless of their nature
 or scope (e.g., additional employment, volunteer work, investment in real estate).

**PERSONAL SECURITIES TRANSACTIONS**

**Brokerage Accounts**

No Access Person shall open or maintain a Brokerage Account in which they have a Beneficial Interest without the express prior written approval of the Compliance Department.

An Access Person must report to the Compliance Department all Brokerage Account(s) in which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established and the date the account was established. An Access Person is responsible for ensuring that the Compliance Department receives duplicate copies of all confirmations and account statements *prior to trading* in any Brokerage Account. Please see the exemptions for accounts that only transact in open- and closed-end funds and ETFs.

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security (or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment that allow the participant to hold individual securities and not just mutual funds.

**Pre-Clearance Transactions**

All Access Persons must pre-clear all Personal Securities Transactions (including Private Placements, options or futures on broad-based market indices and ETFs, single stock ETFs, and foreign local shares of a security) with the Compliance Department, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 transaction effected under an arrangement through which an Access Person has given a third-party
 full trading discretion over the Access Person's Brokerage Account and/or assets and,
 the Access Person does not have any direct or indirect influence or control over the transactions
 in such Brokerage Account. The Access Person must have first provided the discretionary agreement
 or letter with the third-party to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 resulting from the exercise of rights acquired from an issuer as part of a pro-rata distribution
 to all holders of a class of Securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sales
 pursuant to tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 pursuant to stock splits and involuntary share buy-backs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· gifts
 or bequests (either receiving or giving), although the sale of any Security received as a
 gift or bequest must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 in municipal securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 in shares of open- and closed-end investment companies (exception does not apply to closed-end
 investment companies for which Alger acts as adviser or sub-adviser; such closed-end investment
 companies must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 (exception does not apply to single stock ETFs; single stock ETFs must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct
 obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· banker's
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perpetual
 bonds and similar instruments that are not redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currency
 transactions including currency options and futures

An Access Person may engage in no more than five (5) de minimis transactions at or below a value of $5,000 in a calendar month; however, such transactions require pre-clearance from Compliance. The de minimis exception may not be used as a means for building a position in a security, and such activity is not permitted under the Code.

An Access Person may only make a request for a Personal Securities Transaction prior to 10 a.m. by submitting a pre-clearance form through the Compliance system. Compliance will use its best efforts to review and approve pre-clearance requests received after 10 a.m. A pre-clearance form for de minimis transactions may be submitted any time throughout the day.

Any approval to place a Personal Security Transaction is valid only for the day on which it is granted. The Compliance Department will communicate approval or denial of the trade via email or by logging into the Compliance system. Please note all trades are considered denied until official approval is granted. If approved, an Access Person may only transact in a Security on the date the approval is given (or during trading hours for foreign securities traded in foreign markets) and for the approximate number of shares/units of each Security requested. If the Access Person does not transact within this time period, they must re-submit their request before placing the transaction in the future.

**Private Placements**

An Access Person shall not make an investment in a Private Placement without the express prior written approval of a member of the Compliance Department.

**Prohibited Personal Securities Transactions**

An Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· acquire
 any Security in an initial public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage
 in "short-selling" in an individual Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchase
 or sell (write) options or futures on an individual Security.

**Considerations for Approval of Personal Securities Transactions**

***Restrictions and Blackout Periods***

An Access Person will not be able to execute a Personal Securities Transaction if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· there
 is a pending transaction in such Security for a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *If currently Alger does not hold position in any Client account*: an Analyst (or the sector/industry
 head if the Security in question is not covered by any Analyst), currently intends to (or
 believes that there are circumstances about the Security which may lead him/her to) issue
 a recommendation to transact in such Security within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *If Alger currently holds a position in any Client account*: any Portfolio Manager or Analyst
 who owns such Security (or such Security is otherwise appropriate for a Portfolio Manager
 or Analyst to own) for a Client indicates their intent to purchase or sell the Security for
 a Client within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 transaction in the Security for a Client has occurred in the past seven (7) calendar
 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 Security is held in or will be added to the Alger Russell Innovation Index during the Index
 rebalancing period (4 times per year).

An Analyst and Portfolio Manager will not be able to execute a Personal Securities Transaction in any Security in the primary industry or industries that they cover. The de minimis requirement of $5,000 will not apply in this situation. For purposes of this Code, Portfolio Managers, Traders and Analysts who are generalists are deemed to cover all industries.

***Holding Period***

An Access Person may not sell a Security that they have purchased within any sixty (60) day period unless they are selling the Security at a loss. An Access Person who sells a Security that they have purchased within sixty (60) days at a gain may be required to donate to a charity of the employee's choice equivalent to the profit made from the sale of the Security or face further sanctions. For clarity, open- and closed-end funds, and ETFs (except single stock ETFs, and funds subadvised by Alger) are not subject to the 60-day holding period. The holding period is calculated using the LIFO (last-in first-out) method.

***Excessive Trading***

Excessive or inappropriate trading is prohibited. The Compliance Department monitors all Access Persons' trading. In the determination of the CCO, a pattern of excessive trading may lead to disciplinary action under the Code up to and including termination. Excessive trading includes successive trades in the same security even if such trades are within the de minimis exception listed above.

**INITIAL AND ONGOING REPORTING REQUIREMENTS**

No later than ten (10) calendar days after an Access Person becomes employed by Alger and thereafter generally within twenty (20) calendar days after the end of each calendar quarter, each Access Person shall submit a quarterly compliance certification to the Compliance Department containing the following information:

**Brokerage Accounts**

For all Brokerage Accounts for which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established, and the date the account was established. Accounts that only transact in open- and closed-end funds and/or ETFs are exempt from reporting (*e.g.* 529 plans, certain 401(k) accounts, etc.).

**Discretionary Account**

With respect to an Access Person who has given discretion to have transactions placed by a third party and for which the Access Person does not have any direct or indirect influence or control over the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 discretionary agreement or letter with the third-party must be provided to the Compliance
 Department at initial reporting of the account, and periodically, as requested

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 name of the Security (or Securities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 quantity held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 date the Security was acquired.

This includes 401(k) plans from prior employment that allow the participant to hold individual Securities and not just mutual funds.

**Personal Securities Transactions**

With respect to all Personal Securities Transactions (including those mentioned above):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 approximate number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 name of the broker-dealer or bank with or through whom the transaction was effected.

**Private Placements**

With respect to all Private Placements and prior to engaging in such transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price at which the transaction will be effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 draft Private Placement Memorandum Offering and any other relevant documents.

Upon approval from a member of the Compliance Department, and following execution of the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 executed Private Placement Memorandum Offering and other relevant documents.

Digital Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With
 respect to investment in digital assets, investment in such assets are not subject to pre-clearance
 requirements; however, annually through the certification Access Persons will report the
 year-end value of digital assets held by asset type and the approximate number of trades
 made in digital assets during the prior year.

**Current Directorships**

An Access Person must disclose if they serve on the board of directors (or trustees) of any company.

**Outside Activities**

An Access Person must disclose all outside activities regardless of their nature or scope (*e.g.* additional employment, volunteer work (specifically leadership roles), investment in real estate). If Compliance determines that the number of outside activities and/or hours are deemed to be excessive, Compliance will contact the Access Person's manager for further discussion. In addition, if an outside activity might potentially be inconsistent with Alger's business activities and values, it may be denied.

*If the information required to be reported in this section has already been provided through another medium (such as information contained in broker trade confirmations or account statements, or a personal trade pre-clearance form received by the Compliance Department), that information does not need to be reported again, provided that a quarterly report is filed with respect to any account established or closed during the quarter by the Access Person. Additionally, the Access Person is not relieved of reporting responsibilities with respect to any information not reported through other mediums and required by the Code.*

**Confidentiality**

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of employee activities hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**ADMINISTRATION OF THE CODE**

**Responsibilities of the Chief Compliance Officer**

The CCO is responsible for the administration of the Code. The oversight duties of the CCO or his/her designees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trade
 pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintenance
 of a current list of all Access Persons with a description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· furnishing
 all Access Persons a copy of this Code and initially and periodically informing them of their
 duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reviewing
 transaction and holdings reports of Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintaining
 all records required by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· preparing
 listings of all transactions effected by Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interpreting
 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conducting
 such inspections or investigations, as shall reasonably be required to detect and report
 any apparent or actual violations of this Code to Alger and to the Trustees of the Alger
 Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· submitting
 a quarterly report to the Board of Directors of each entity as applicable that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o certifies
 that the procedures to implement the Code are reasonably necessary to prevent violations
 of the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o summarizes
 the existing procedures to monitor the Code and any changes to the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o provides
 statistics regarding activity under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o describes
 any violation of the Code and any sanctions imposed as a result, and summarizes any interpretations
 issued,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o details
 any exemptions granted,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o reports
 on any training provided, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o reports
 any other significant information concerning the Code.

**Fund Board of Trustees Reporting and Approval**

The Board of Trustees of each Fund, as applicable, including a majority of the Alger Funds' Trustees who are not "interested persons" of each Fund (as such term is defined in the Investment Company Act), must approve this Code and any material changes to it. This approval shall be based on the determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Alger shall provide a certification to the Board that Alger and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Alger shall furnish to the Board of Trustees, and the Board of Trustees must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Describes
 any issues arising under the Code or procedures since the last report to the Board of Trustees,
 including, but not limited to, information about material violations of the Code or procedures
 or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certifies
 that the Funds and Alger have adopted procedures reasonably necessary to prevent Access Persons
 from violating the Code.

**Use of Preferred Brokers**

All Access Persons are strongly encouraged to maintain their personal trading accounts at, and execute all transactions in Covered Securities through, one or more brokers that provide automated feeds to the Compliance system. Accounts with brokers who provide account information to Compliance electronically may be more accurate and require less reconciliation for the Access Person at certification time. Please contact the Compliance Department for a list of such brokers. *Note that an Access Person is not relieved of reporting responsibilities with respect to any information not reported electronically through the Compliance system and required by the Code.*

For non-electronic brokerage accounts, duplicate statements must be provided by the employee or received directly from the broker.

**Exceptions to the Code**

Exceptions to the Code may be granted from time to time by the CCO or his or her designee. All exceptions, unless otherwise stated below, shall be documented and shall provide the details of the transaction including the name and title of the Access Person, the amount of shares, direction of the trade (buy or sell), trade date, Security description, and rationale for the granting of the exception.

**Violations and Sanctions**

Access Persons must report any violations or potential violations of this Code promptly to the CCO or another member of the Compliance Department immediately upon becoming aware of such violation.

Upon discovering that an Access Person has not complied with the requirements of this Code, the CCO, in consultation with other senior officers of Alger and/or the Trustees of the Alger Funds, may impose on that person whatever sanctions they deem appropriate, including, among other things, disgorgement of profits, fines, censure, suspension of trading, or termination of employment. Severity of sanctions may depend on the type of violation, severity of the violation, and prior history of violations, among other considerations. For example, a first-time violation that is deemed immaterial may result in a warning and training for the employee, while a repeat violation may result in additional monitoring or more severe sanctions.

**Maintenance of Records**

Alger shall maintain and make available records with respect to the implementation of the Code in the manner and for the time required by the Federal securities laws, including without limitation, Rule 17j-1(d) under the Investment Company Act. Specifically, the CCO shall maintain the following for the time and manner specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of any Code that is in effect, or at any time within the past five (5) years was
 in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· effect,
 must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of any such Code, and of any action taken as a result of such violation,
 must be maintained in an easily accessible place for at least five (5) years after the
 end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of each report made by an Access Person, as well as trade confirmations and/or account
 statements that contain information not duplicated in such reports, must be maintained for
 at least five (5) years after the end of the fiscal year in which the report was made
 or the information was provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of each report made must be maintained for at least five (5) years after the end
 of the fiscal year in which it was made, the first two (2) years in an easily accessible
 place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of all persons, currently or within the past five (5) years, who are or were required
 to make reports pursuant to Rule 17j-1 and this Code, and a list of those persons responsible
 for reviewing these reports must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any decision, and the reasons supporting the decision, (i) to permit an Access
 Person to invest in a Private Placement, (ii) any exceptions granted by the CCO from
 the requirements of the Code, and (iii) relating to any material violation of the Code
 by an Access Person must be maintained for at least five years after the end of the fiscal
 year in which the approval was granted.

## Ex-99.B(P)(22)

**Exhibit 99.B(p)(22)**

![](tm262170d1_ex99bxpx22img01.jpg)

This Code of Ethics and Business Conduct (this "Code") has been adopted by the Board of Directors (the "Board") of Franklin Resources, Inc. ("Franklin") in connection with its oversight of the management and business affairs of Franklin.

1. **Purpose and Overview**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Application*. This Code
is applicable to all officers, directors, employees and temporary employees (each, a "Covered Person") of Franklin and all
of its United States ("U.S.") and non-U.S. subsidiaries and affiliates, including specialist investment managers ("SIMs")
(Franklin and such entities collectively, the "Company" or "Franklin Templeton"). Many subsidiaries, affiliates
and/or business units within the Company, including SIMs, have adopted individual policies and procedures on various topics, including
topics covered by this Code, that may be different from and, in some cases, more restrictive than, this Code. Covered Persons must know
and comply with any such policies and procedures that apply to them. When this Code conflicts with another Company policy or procedure,
Covered Persons must comply with the more restrictive provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Purpose*.
 This Code summarizes the values, principles and business practices that guide the business
 conduct of the Company and also provides a set of basic principles to guide Covered Persons
 regarding the minimum ethical requirements expected of them. This Code supplements the Company's
 existing employee policies, including those specified in applicable U.S. or non-U.S. employee
 handbooks. All Covered Persons are expected to become familiar with this Code and to apply
 these principles in the daily performance of their jobs.

This Code is intended to promote each Covered Person's awareness of their responsibilities on a variety of legal and ethical issues and to help each Covered Person determine the appropriate course of action under a variety of circumstances. This Code is not intended to cover every ethical issue that a Covered Person may confront while working or serving for the Company, but it sets out basic principles designed to guide Covered Persons in their conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Overriding Responsibilities*. It is the responsibility of all Covered Persons to maintain a work
 environment that fosters fairness, respect and integrity. The Company requires all Covered
 Persons to conduct themselves in a lawful, honest and ethical manner in all of the Company's
 business practices. A Covered Person must never compromise these ethics, or even give the
 appearance that they may have done so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Questions*.
 Covered Persons should contact their supervisor or manager, representatives of Human Resources,
 their local Legal and Compliance resources, Franklin Templeton's Legal or Regulatory
 Compliance groups, or the General Counsel of Franklin, for additional guidance or if there
 is any question about issues discussed in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Violations.* If any Covered Person observes possible unethical or illegal conduct, such concerns or
 complaints should be reported as set forth in Section 16 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Definition of Executive Officer*. For the purposes of this Code, the term "Executive Officer"
 shall mean those officers, as shall be determined by the Board from time to time, who are
 subject to the reporting obligations of Section 16(a) of the Securities Exchange
 Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Definition of Director*. For purposes of this Code, the term "Director" shall mean a
 member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Definition of Government Agency*. For purposes of this Code, the term "Government Agency"
 includes any U.S. or non-U.S. national, federal, provincial, regional, state, or local government
 agency, commission or legislative body, or self-regulatory organization, including, by way
 of representative example only, any securities, financial, employment and labor regulators.

2. **Compliance with Laws, Rules and Regulations**. The Company operates in a highly regulated industry. While a Covered Person is not expected to be an expert on all applicable laws and regulations, each Covered Person is expected to know the laws and regulations well enough to recognize when an issue arises and to seek the advice of their local Legal and Compliance resources for support. All Covered Persons of the Company are required to comply with all of the applicable laws, rules and regulations of the U.S. and other countries, and the states, counties, cities and other jurisdictions, in which the Company conducts its business, although traffic violations and other minor offenses will not be considered violations of this Code. Local laws may in some instances be less restrictive than the principles set forth in this Code. In those situations, Covered Persons should comply with this Code, even if the conduct would otherwise be legal under applicable local laws. On the other hand, if local laws are more restrictive than this Code, Covered Persons should comply with applicable local laws. Further, any provision of this Code that is contrary to law in a particular jurisdiction will have no force or effect in that jurisdiction solely with respect to such provision(s), although this Code (including any such provision) will remain applicable in all other jurisdictions.

3. **Securities Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Insider Trading*. Material non-public information is often referred to as inside information.
 Covered Persons must comply with applicable insider trading laws and Company insider trading
 policies that prohibit Covered Persons from trading securities, or encouraging others to
 trade securities, or recommending securities, either personally or on behalf of others, while
 in possession of applicable material non-public information or communicating such material
 non-public information to others in violation of the law. Securities include common stocks,
 bonds, options, futures and other financial instruments. Material information includes any
 information that a reasonable investor would consider important in a decision to buy, hold,
 or sell securities, or any information that could reasonably be expected to affect the price
 of such securities. Information about an issuer is non-public if it has not been publicly
 disclosed or released. In addition, sharing inside information with another person who buys
 or sells securities is known as "tipping" and is illegal, even if there is no
 personal pecuniary benefit. Applicable insider trading laws provide substantial civil and
 criminal penalties for companies and individuals who fail to comply. Insider trading restrictions
 are described in more detail in applicable Company insider trading policies, various Company
 employee handbooks and compliance policies. In addition, the Company has implemented trading
 restrictions to reduce the risk, or appearance, of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Rule 10b5-1(c) Plans*.
 The Company may permit exemptions from the insider trading policies and procedures described
 above for transactions in securities issued by Franklin effected pursuant to pre-approved,
 written trading plans or arrangements complying with Rule 10b5-1(c) under the Securities
 Exchange Act of 1934, as amended. Rule 10b5-1(c) plans or arrangements may not
 be entered into or modified either during trading blackout periods or when the Covered Person
 is aware of material, non-public information relating to Franklin or its securities. All
 such plans or arrangements (and any modification or termination thereof) must be pre-approved
 by the General Counsel of Franklin (or such person's designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rumors*.
 The dissemination of false or misleading information about companies or securities, particularly
 in volatile or fragile market conditions, can be a damaging form of market abuse, which can
 affect both the firm concerned as well as general market conditions. It is against the law
 to start or circulate a rumor (defined as "information that is circulated purporting
 to be fact but which has not yet been verified") if that rumor is likely to influence
 the market price of that security or that a reasonable person would expect to have a material
 effect on the price of a security if it were widely circulated. Starting or disseminating
 any rumor with the intention of influencing the price movement of a security is a breach
 of this Code and may also constitute a violation of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Short Sales.* Covered Persons are prohibited from effecting short sales, including "short
 sales against the box" of securities issued by Franklin and securities issued by any
 closed-end fund sponsored or advised by the Company. Also prohibited are economically equivalent
 transactions, whether in the form of call or put options, swap transactions or other derivative
 transactions, that would result in a Covered Person having a net short exposure to Franklin
 or any closed-end fund sponsored or advised by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Short-term Trading.* Covered Persons must comply with the Frequent Trading Policy described in the
 prospectus of each fund in which they invest and must not engage in trading activity that
 violates that policy. Accordingly, Covered Persons must not engage in any short-term or excessive
 trading in funds. Violations are subject to discipline, including termination of employment
 and permanent suspension of such person's ability to purchase shares in any funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Pledged Securities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 otherwise previously approved by the Company's Compensation Committee, Directors and
 Executive Officers are prohibited from directly or indirectly pledging, hypothecating or
 otherwise encumbering securities issued by Franklin as collateral for indebtedness. This
 prohibition includes, but is not limited to, holding such securities in a margin account
 that could cause securities issued by Franklin to be subject to a margin call or serve as
 collateral for a margin loan. Securities issued by Franklin which were not received by the
 Director or Executive Officer as compensation are not subject to this prohibition, provided
 that the pledge of such securities does not cause the holder to be out of compliance with
 applicable Stock Ownership Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 any person has subject securities issued by Franklin pledged as collateral or held in a margin
 account when such person becomes a Director or Executive Officer, the pledge must be released
 within one year from the date the person becomes a Director or Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 pledged securities under this provision shall remain subject to Franklin's Trading
 Blackout Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Questions Regarding Securities Transactions*. All questions regarding insider trading or reports
 of impropriety in connection with securities transactions should be directed to Franklin
 Templeton's Regulatory Compliance group or through the applicable local Legal and Compliance
 resources. See also Section 16 below.

4. **Conflicts of Interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Avoidance of Conflicts*. All Covered Persons are required to conduct themselves in a manner and
 with such ethics and integrity so as to avoid a conflict of interest, either real or apparent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Conflict of Interest Defined*. A conflict of interest is any circumstance where an individual's
 personal interest interferes with the interests of the Company. All Covered Persons have
 a duty to avoid financial, business or other relationships that might be opposed to the interests
 of the Company or might cause a conflict with the performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Potential Conflict Situations*. A conflict can arise when a Covered Person takes actions or has
 interests that may make it difficult to perform their Company-related work objectively and
 effectively. Conflicts also may arise when a Covered Person, or a member of their family,
 receives improper personal benefits as a result of their position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Examples of Potential Conflicts*. Some of the areas where a conflict could arise include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employment
 by a competitor, regardless of the nature of the employment, while employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Placement
 of business with any firm or organization in which a Covered Person, or any member of the
 Covered Person's family, has a substantial ownership interest or management responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Making
 endorsements or testimonials for third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Processing
 a transaction on the Covered Person's personal account(s), or their friends'
 or family members' account(s), through the Company's internal systems without
 first submitting the transaction request to the Company's Customer Service Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Disclosing
 the Company's confidential information to a third party (other than as permitted in
 accordance with Section 9 below) without the prior consent of senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Questions Regarding Conflicts*. All questions regarding conflicts of interest and whether a particular
 situation constitutes a conflict of interest should be directed to Franklin Templeton's
 Regulatory Compliance group or through the applicable local Legal and Compliance resources.
 See also Section 16 below.

5. **Corporate Opportunities**. Covered Persons are prohibited from (i) taking for themselves opportunities that are discovered through the use of Company property, information or position, (ii) using Company property, information or position for personal gain, and/or (iii) competing with the Company. For example, to the extent that a Covered Person learns of an investment opportunity because of their position with the Company, the Covered Person must not disadvantage fund or client accounts by personally taking advantage of the trading opportunity.

6. **Gifts, Entertainment and Contributions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Receipt of Gifts and Entertainment.* The Company's aim is to deter providers of gifts or
 entertainment from seeking or receiving special favors from Covered Persons in connection
 with activities performed by or for, or business relationships established with, the Company.
 The concern is that gifts of more than a nominal value may cause Covered Persons to feel
 placed in a position of "obligation" and/or give the appearance of a conflict
 of interest. Covered Persons should not solicit any third party for any gift, gratuity, entertainment
 or any other item regardless of its value. Covered Persons, including members of their immediate
 families, may accept or participate in "reasonable entertainment." Covered Persons
 are encouraged to be guided by their own sense of ethical responsibility, along with any
 policies or guidelines adopted from time to time by the Company with respect to gifts and
 entertainment. This Section 6 is not intended to limit Directors who do not also serve
 in management positions within the Company from accepting compensation, bonuses, fees and
 other similar consideration paid in the normal course of business as a result of their outside
 business activity, employment or directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Anti-Corruption.* All Covered Persons are strictly prohibited from offering or giving gifts, meals or entertainment
 to business partners or others (including government officials, government employees, certain
 other government-related entities and persons, and certain family members of the foregoing)
 in order to improperly influence them. Covered Persons should consult the Company's
 Anti-Corruption Policy before providing gifts or other items of value, including entertainment
 and travel, to others and should seek to avoid even the appearance of any impropriety. Covered
 Persons should be aware that practices that may be acceptable in the commercial business
 environment (such as providing certain transportation, meals, entertainment and other things
 of value) may be unacceptable and even illegal when they involve government officials, government
 employees, certain other government-related entities and persons, or certain family members
 of the foregoing, or others who act on behalf of government entities or persons. Therefore,
 Covered Persons are required to comply with the relevant laws and regulations governing relations
 between government officials, government employees and related entities or persons, on the
 one hand, and customers and suppliers, on the other hand, in every country where the Company
 conducts business.

Additional information regarding anti-corruption can be found in the Company's Anti-Corruption Policy. In addition to these responsibilities, Covered Persons should also remember that a number of the Company's subsidiaries, affiliates and/or business units have specific policies and procedures relating to the prevention of money laundering. Covered Persons must know and comply with any such policies and procedures that apply to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Political Contributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Election
 laws in many jurisdictions generally prohibit political contributions by corporations to
 candidates. Many local laws also prohibit corporate contributions to local political campaigns.
 In accordance with these laws, the Company does not make direct contributions to any candidates
 for federal, state or local offices where applicable laws make such contributions illegal
 and, in such cases, contributions to political campaigns must not be made with or reimbursed
 by the Company's funds or resources. The Company's resources include, but are
 not limited to, the Company's facilities, office supplies, letterhead, computer equipment,
 telephones and fax machines.

Political contributions by the Company are subject to restriction and require prior approval by designated members of senior management within the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employee's
 personal political contributions also may be restricted by U.S. and non-U.S. federal, state
 or local election laws. For certain employees associated with U.S.-registered investment
 advisers, political contributions are highly restricted and require prior approval and reporting.
 Employees of regulated entities such as investment advisers or broker/dealers should look
 to their specific policies and procedures and/or ask their relevant local Legal and Compliance
 resources for further guidance. The Legal and Compliance resources should escalate applicable
 questions and concerns regarding political contributions to Franklin Templeton's Regulatory
 Compliance group as necessary.

7. **Outside Employment/Business Activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Restrictions*.
 Subject to any applicable departmental or other restrictions, Covered Persons are permitted
 to engage in outside employment/outside business activity ("Outside Activity")
 if it is free of any actions that could be considered a conflict of interest in accordance
 with the Company's applicable requirements, policies and processes. Outside Activity
 must not adversely affect a Covered Person's job performance at the Company, and Outside
 Activity must not result in absenteeism, tardiness or a Covered Person's inability
 to work overtime when requested or required. Covered Persons may not engage in Outside Activity
 that requires or involves using Company time, materials, resources, trademarks, intellectual
 property, or confidential or other proprietary information or data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Self-Employment*.
 For purposes of this Code, Outside Activity includes self-employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Required Approvals*. Due to the fiduciary nature of the Company's business, there may be
 potential conflicts of interest that could result from a Covered Person's Outside Activity.
 Employees should look to their local policies and/or ask their relevant Legal and Compliance
 resources or Human Resources for further guidance prior to entering any Outside Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Outside Directors Exempt*. This Section 7 is not applicable to Directors who do not also
 serve in management positions within the Company.

8. **Service as a Director.** Covered Persons who wish to serve as a director or trustee (or in a similar capacity) for a non-affiliated, for-profit, public or private company or entity should consult the Company's Employee Service as an Outside Director Policy. With respect to non-affiliated, for-profit public entities, Covered Persons may not serve as a director, trustee, or in a similar capacity for any for-profit public entity without approval from an appropriate member of Franklin's Executive Committee and the Head or Co-Head of Franklin Templeton's Regulatory Compliance group, or their respective designees. Covered Persons who are interested in serving on a board of directors, as a trustee or in a similar capacity should, in the first instance, consult with their relevant local Legal and Compliance resources and review and comply with other policies that may apply. This Section 8 is not applicable to Directors who do not also serve in management positions within the Company.

9. **Confidential Information Obligations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Confidentiality*.
 Covered Persons are responsible for maintaining the confidentiality of information entrusted
 to them as a result of their roles with the Company, except when disclosure is authorized
 or legally mandated. The sensitive nature of the investment business requires that Covered
 Persons be continuously aware of the confidential nature of the information to which they
 may have access.

As a result of employment or service with the Company, a Covered Person may produce, receive, or become acquainted with the confidential information or trade secrets of the Company, information the Company has received from others that the Company is required to treat as confidential, including information concerning the Company's employees, stockholders, clients, customers, business partners, and mutual fund shareholders and other product investors, and other commercially sensitive information the privacy, confidentiality, and secrecy of which is valued by the Company (collectively, "Confidential Information"). Each Covered Person must comply with all applicable Company policies concerning confidentiality and/or public statements, as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *What Is Included in Confidential Information*. Confidential Information includes, without limitation,
 non-public corporate and mutual fund and other product: financial information, including
 cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing
 and sales data, and pricing lists or schedules; client and business prospect identities and
 information (including but not limited to financial advisors and consultants and sales information);
 marketing strategies and methods; market analyses or projections; products, services, and
 the pricing for same; business plans, strategies, methods, templates, models, policies and
 procedures; software, databases, hardware configurations, or other technology or tools created,
 developed or compiled by the Company; formulas, discoveries, inventions, designs, improvements,
 concepts and ideas; client, supplier, or other third party confidential and/or proprietary
 information received in confidence by the Company, and any information that may be subject
 to non-disclosure or confidentiality agreements between the Company and said parties; any
 confidential and privileged legal advice given to the Company, which legal privilege belongs
 to the Company; applicant and employee private or otherwise protected information or data
 obtained by a Covered Person in connection with the Covered Person's employment or
 service with the Company, including, but not limited to, personal information contained in
 applications and resumes submitted to the Company and in Company performance evaluations,
 and Company termination information and agreements not otherwise available outside of the
 Company; the Company's internal reporting or organizational structure information and
 personnel lists; and the Company's compensation structure and formula information (except
 with respect to a Covered Person's own compensation amount) for any business purpose
 competitive to the Company.

Nothing herein is intended to prohibit, limit, or dissuade (or create or suggest any understanding of a Covered Person's rights that would prohibit, limit, or dissuade) a Covered Person from engaging in activities protected by applicable law, including under U.S. federal or state law, such as the National Labor Relations Act or under any similar laws in other jurisdictions, for example by communicating with fellow employees or others about their wages, hours, workplace complaints, benefits or other terms of employment.

Confidential Information shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company, the Company's employees, or the Company's business partners, stockholders, clients, mutual fund shareholders or other product investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disclosure Restrictions*. Except as provided in Section 9(e) below, both during a Covered
 Person's employment or service with the Company (except where use and/or disclosure
 is required and authorized in connection with the Covered Person's enumerated job duties
 to third parties with confidentiality obligations to the Company) and after a Covered Person's
 employment or service with the Company ends for any reason, a Covered Person must: (i) keep
 the Confidential Information confidential; (ii) not disclose any Confidential Information
 to any non-governmental third parties, including without limitation any former Company employees,
 without the prior consent of senior management; and (iii) not use Confidential Information
 for the Covered Person's personal benefit or for the benefit of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Continuing Obligations*. The obligations under this Code shall: (i) with regard to Confidential
 Information, remain in effect for so long as such information constitutes Confidential Information
 as defined in this Code; and (ii) with regard to any trade secret specifically, remain
 in effect for as long as such information constitutes a trade secret as defined by applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Exception For Disclosure to a Government Agency*. Nothing in this Code shall limit or interfere
 with a Covered Person's right to file a charge or complaint with any Government Agency
 or ability, without notice to or authorization from the Company, to communicate with any
 Government Agency for the purpose of reporting a reasonable belief that a possible violation
 of law has occurred or may occur, or to participate, cooperate, provide information or cause
 information to be provided (including documents) or testify in any inquiry, investigation,
 proceeding or action that may be conducted by any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Responding to Legal Process*. Separately, to the extent a Covered Person receives any subpoena, court
 order, or other legal process issued in any private litigation or arbitration regarding any
 matter or action involving the Company, then to the extent permitted by law or regulation,
 the Covered Person shall, before providing any Confidential Information, give prompt prior
 written notice to the Company's General Counsel, or to the Covered Person's local
 Legal and Compliance resources who will then escalate to Franklin Templeton's Legal
 or Regulatory Compliance groups as necessary in order to provide the Company with a reasonable
 opportunity to take appropriate steps to protect its Confidential Information to the fullest
 extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Acknowledgments*.
 Upon request, all Covered Persons of the Company are expected to sign an agreement or acknowledgment
 regarding the confidentiality terms set forth herein, including from time to time as the
 Company may amend its confidentiality provisions.

10. **Ownership of Intellectual Property**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Company Ownership*. The Company owns all Intellectual Property, as defined below, in all of the
 works and inventions created or made by a Covered Person at and/or for the Company, whether
 partial or completed. A Covered Person shall hold on trust for, and is obligated to assign
 to, the Company all Intellectual Property that does not by operation of law in any specific
 jurisdiction automatically vest in the Company, in any works or inventions that the Covered
 Person creates or develops, alone or with others, while working for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *What Is Included in Intellectual Property*. "Intellectual Property" includes all
 trademarks and service marks, trade secrets, patents and patent subject matter and inventor
 rights in the U.S. and foreign countries and related applications. It includes all U.S. and
 foreign copyrights and subject matter and all other literary property and author rights,
 whether or not copyrightable. It includes all creations, not limited to inventions, discoveries,
 developments, works of authorship, ideas and know-how. It does not matter whether or not
 the Company can protect them by patent, copyright, trade secrets, trade names, trade or service
 marks or other intellectual property right. It also includes all materials containing any
 intellectual property. These materials include but are not limited to flash drives and other
 electronic media storage devices now known or hereafter developed, electronic files, printouts,
 notebooks, drawings, artwork and other record types, media, or documentation. To the extent
 applicable, non-trade secret intellectual property constitutes a "work made for hire"
 owned by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exceptions*.
 The Company will not be considered to have a proprietary interest in a Covered Person's
 work product if: (i) the work product is developed entirely on the Covered Person's
 own time without the use or aid of any Company resources, including without limitation, equipment,
 supplies, facilities, or Confidential Information; (ii) the work product does not result
 from the Covered Person's employment with the Company; and (iii) at the time a
 Covered Person conceives or reduces the creation to practice, it is neither related to the
 Company's business nor the Company's actual or expected research or development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Required Disclosure and Cooperation*. Upon request, a Covered Person must promptly disclose in
 writing to the Company, including through their local Human Resources or Legal resources,
 all Intellectual Property conceived or developed while working for the Company. To the extent
 not otherwise covered by the power of attorney required to be granted to the Company in accordance
 with Section 10(f) below, if requested, a Covered Person must sign all documents
 necessary to memorialize the Company's ownership of Intellectual Property under and
 in accordance with this Code, including, but not limited to, assignments and patent, copyright
 and trademark applications. A Covered Person must take any other actions reasonably required
 by the Company to accomplish the assignment contemplated in this section, and to assist the
 Company in any registration, perfection, or enforcement of such assigned rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Prior Inventions*. A Covered Person is not conveying any rights to Intellectual Property that
 the person may have made, conceived, or first reduced to practice before the person's
 employment or service with the Company of which the person has provided written notice to
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Acknowledgments, Powers of Attorney and Waiver of Moral Rights*. Upon request, all Covered Persons of the
 Company are expected to sign an agreement or acknowledgment regarding the intellectual property
 terms set forth herein, including from time to time as the Company may amend its intellectual
 property provisions. Upon request, all employees are expected to (i) execute powers
 of attorney in favor of the Company to have the Company execute on the person's behalf
 all applications, specifications, oaths, assignments and all other instruments that the Company
 shall deem necessary in order to apply for them and obtain such rights and in order to assign
 and convey to the Company and its successors, assigns and nominees sole and exclusive rights,
 title and interest in and to such Intellectual Property and/or rights relating thereto; and
 (ii) waive all applicable moral rights under the United Kingdom Copyright, Designs and
 Patents Act 1988 (and all similar rights in other jurisdictions) that the person has or will
 have in any existing or future Intellectual Property referred to in this Section 10.

11. **Fair Dealing**. The Company seeks to succeed through superior performance, service, diligence, effort and knowledge, and not through any unfair advantage. Each Covered Person should deal fairly and in good faith with the Company's customers, suppliers, competitors and Covered Persons and not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice.

12. **Protection and Use of Company Property**. Each Covered Person is responsible for safeguarding the Company's assets and properties under their control. All Covered Persons should ensure that the Company's assets are used for legitimate business purposes. Improper use includes unauthorized personal appropriation or use of the Company's assets, data or resources, including computer equipment, software and information.

13. **Standards of Business Conduct**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Respectful Work Environment*. The Company is committed to fostering a work environment in which all
 individuals are treated fairly and with respect and dignity. Each individual should be permitted
 to work in a business-like atmosphere that promotes equal employment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Prohibited Conduct*. The following conduct will not be tolerated and any misconduct, whether or not
 specifically listed below, could result in disciplinary action (including termination) and
 civil and/or criminal penalties, subject to applicable laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 act which causes doubt about a Covered Person's integrity, such as the falsifying of
 Company records and documents, competing in business with the Company, unauthorized use or
 disclosure of the Company's Confidential Information, or engaging in any criminal conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 act which may create a dangerous situation, such as carrying weapons, firearms or explosives
 on Company premises or surrounding areas, assaulting another individual, or disregarding
 property and safety standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 use, sale or purchase or attempted use, sale or purchase of alcohol, unless at a Company-sponsored
 or approved event, or illegal drugs while at work, or reporting to work in a condition not
 fit for work, such as reporting to work under the influence of alcohol or illegal drugs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Insubordination,
 including refusal to perform a job assignment or to follow a reasonable request from a Covered
 Person's supervisor or manager, or discourteous conduct toward customers, associates,
 or supervisors or managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Harassment
 of any form including threats, intimidation, abusive behavior and/or coercion of any other
 person in the course of doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Falsification
 or destruction of any timekeeping record, intentionally clocking in on another Covered Person's
 attendance or timekeeping record, assisting another Covered Person's tampering with
 their attendance record or tampering with one's own attendance record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Failure
 to perform work that meets the standards/expectations of the Covered Person's position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Excessive
 unauthorized absenteeism, chronic tardiness, or consecutive absence of three or more days
 without notification or authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any
 act of dishonesty or falsification of any Company records or documents, including obtaining
 employment based on false, misleading, or omitted information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disciplinary Action*. A Covered Person or the Company may terminate the employment or service relationship
 at will, at any time, without cause or advance notice (except as may be agreed to in writing
 or required by law). Thus, the Company does not strictly adhere to a progressive disciplinary
 system in connection with misconduct by a Covered Person given each incident of misconduct
 may have a different set of circumstances or differ in its severity. The Company will take
 such disciplinary action as it deems appropriate and commensurate with any misconduct of
 the Covered Person, including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Covered
 Persons are also subject to any standards of business conduct of the particular subsidiary,
 affiliate or business unit in which they work, which may be different from, and more restrictive
 than, this Code.

14. **Disclosure in Reports and Documents**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Filings and Public Materials*. Any Covered Person involved in the preparation or review of materials
 that are filed or disseminated to the public must use caution to ensure that the information
 in the materials is truthful and accurate in all material respects. It is important that
 the Company's filings with Government Agencies are full, fair, accurate, timely and
 understandable. The Company also makes many filings with Government Agencies on behalf of
 the funds that its subsidiaries and affiliates manage. Further, the Company prepares mutual
 fund account statements, client investment performance information, prospectuses and advertising
 materials that are sent out to its mutual fund shareholders and clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Disclosure and Reporting Policy*. Each Covered Person is responsible for ensuring the accuracy and
 completeness of any business information, reports and records under their control. The Company's
 policy is to comply with all disclosure, financial reporting and accounting regulations applicable
 to the Company. The Company maintains the highest commitment to its disclosure and reporting
 requirements, and expects all Covered Persons to record information accurately and truthfully
 in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Information for Filings*. Depending on their position with the Company, a Covered Person may be called
 upon to provide necessary information to ensure that the Company's public reports and
 regulatory filings are full, fair, accurate, timely and understandable. The Company expects
 all Covered Persons to be diligent in providing accurate information to the inquiries that
 are made related to the Company's public disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Controls and Procedures and Internal Control Over Financial Reporting*. Covered Persons
 are required to cooperate and comply with the Company's disclosure controls and procedures
 and internal control over financial reporting so that the Company's reports and documents
 filed with Government Agencies comply in all material respects with applicable laws, rules and
 regulations, and provide full, fair, accurate, timely and understandable disclosure.

15. **Accountability for Adherence to this Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Honesty and Integrity*. The Company is committed to upholding ethical standards in all of its
 corporate and business activities. All Covered Persons are expected to perform their work
 with honesty, truthfulness and integrity and to comply with the general principles set forth
 in this Code. Covered Persons are also expected to perform their work with honesty and integrity
 in any areas not specifically addressed by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Disciplinary Actions*. A violation of this Code may result in appropriate disciplinary action including
 the possible termination from employment with the Company. Nothing in this Code restricts
 the Company from taking any disciplinary action on any matters pertaining to the conduct
 of a Covered Person, whether or not expressly set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Annual Certifications*. Directors and Executive Officers will be required to certify annually,
 on a form to be provided by Franklin Templeton's Regulatory Compliance group, that
 they have received, read and understand this Code and have complied with the requirements
 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Training and Educational Requirements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Orientation*.
 New Covered Persons will receive a copy of this Code during the orientation process conducted
 by representatives of Human Resources or as part of integration activities in connection
 with Company acquisitions and shall acknowledge that they have received, read and understand
 this Code and will comply with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Continuing Education*. Covered Persons shall be required to complete such additional training and
 continuing education requirements regarding this Code and matters related to this Code as
 the Company shall from time to time establish.

16. **Reporting Violations of this Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Questions and Concerns*. Described in this Code are procedures generally available for addressing
 ethical issues that may arise. As a general matter, if a Covered Person has any questions
 or concerns about compliance with this Code, they are encouraged to speak with their supervisor
 or manager, representatives of Human Resources, Company Ombudsman, their local Legal and
 Compliance resources, Franklin Templeton's Legal or Regulatory Compliance groups, or
 the General Counsel of Franklin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Compliance and Ethics Hotline*. If a Covered Person does not feel comfortable talking to any of the
 persons or resources listed above for any reason, they may report an issue or instance of
 misconduct, including anonymously, through the applicable Compliance and Ethics Hotline online
 or by telephone. Contact information for the Company's Compliance and Ethics Hotline
 is located below and on the Intranet website of the Company and/or individual subsidiaries.
 If a Covered Person does not feel comfortable stating their name, reports to the Company
 Compliance and Ethics Hotline may be made anonymously.

Covered Persons and applicable third parties may access <u>https://franklintempleton.ethicspoint.com</u> to report an issue or instance of misconduct online or for local dialing instructions to make a report by telephone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Responsibility to Report Violations of this Code and Law*. As part of its commitment to ethical and lawful
 conduct, the Company strongly encourages Covered Persons to promptly report any suspected
 violations of this Code or law. Covered Persons have multiple avenues for reporting such
 matters, including through the Company Ombudsman, their local Legal and Compliance resources,
 or to Franklin Templeton's Legal or Regulatory Compliance groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Confidentiality and Investigation*. The Company will treat the information set forth in a report of any
 suspected violation of this Code or law, including the identity of the caller, in a confidential
 manner and will conduct a prompt and appropriate evaluation and investigation of any matter
 reported. Covered Persons are expected to cooperate in any investigations of reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Protection of Covered Persons*. It is a violation of this Code to retaliate against anyone for reporting
 to the Company information that such person reasonably and in good faith believes constitutes
 a violation of this Code or that is otherwise illegal or unethical, or for participating
 in an investigation of such a report. It is also a violation of this Code to retaliate against
 anyone who has communicated with any Government Agency in accordance with Section 9€
 above. A Covered Person may not be discharged, demoted, suspended, threatened, harassed or
 in any other manner discriminated against in the terms and conditions of employment on account
 of having provided the Company with information about, or otherwise assisted the Company
 in any investigation regarding, any conduct that the Covered Person reasonably and in good
 faith believes constitutes a violation of this Code or is otherwise illegal or unethical.
 Equally, a Covered Person may not be discharged, demoted, suspended, threatened, harassed
 or in any other manner discriminated against in the terms and conditions of employment because
 the Covered Person communicated with a Government Agency in accordance with Section 9(e) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Accounting/Auditing Complaints*. The law requires that the Company's Audit Committee have in place procedures
 for the receipt, retention and treatment of complaints concerning accounting, internal accounting
 controls, or auditing matters and procedures for Covered Persons to submit their concerns
 regarding questionable accounting or auditing matters.

Complaints concerning accounting, internal accounting controls or auditing matters will be directed to the attention of the Audit Committee, or the appropriate members of that committee. For direct access to the Company's Audit Committee, please address complaints regarding accounting, internal accounting controls, or auditing matters to:

Audit Committee

Franklin Resources, Inc.

One Franklin Parkway

San Mateo, California 94403

Complaints or concerns regarding accounting or auditing matters may also be made to the applicable Compliance and Ethics Hotline, in the manner described in Section 16(b) above.

17. **Waivers of this Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (a) *Waivers by Directors and Executive Officers*. Any change in or waiver of this Code for Directors
 or Executive Officers may be made only by the Board or a committee thereof in the manner
 described in Section 17(d) below, and any such waiver (including any implicit waiver)
 shall be promptly disclosed to stockholders of Franklin to the extent required by the applicable
 laws, rules and regulations of any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waivers by Other Covered Persons*. Any requests for waivers of this Code for Covered Persons other
 than Directors and Executive Officers may be made to Franklin Templeton's Regulatory
 Compliance group in the manner described in Section 17(e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Definition of Waiver*. For the purposes of this Code, the term "waiver" shall mean a
 material departure from a provision of this Code. An "implicit waiver" shall
 mean the failure of the Company to take action within a reasonable period of time regarding
 a material departure from a provision of this Code that has been made known to an Executive
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Manner for Requesting Director and Executive Officer Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Request and Criteria*. If a Director or Executive Officer wishes to request a waiver of this Code,
 the Director or Executive Officer may submit to Franklin Templeton's Regulatory Compliance
 group a written request for a waiver of this Code only if they can demonstrate that such
 a waiver:

&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) is
 necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise
 appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) will
 not be inconsistent with the purposes and objectives of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) will
 not adversely affect the interests of clients of the Company or the interests of the Company;
 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;(D) will
 not result in a transaction or conduct that would violate provisions of applicable laws or
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Discretionary Waiver and Response*. Franklin Templeton's Regulatory Compliance group will forward
 the waiver request to the Board or a committee thereof for consideration. Any decision to
 grant a waiver from this Code shall be at the sole and absolute discretion of the Board or
 committee thereof, as appropriate. The Secretary of Franklin will advise Franklin Templeton's
 Regulatory Compliance group in writing of the Board's decision regarding the waiver,
 including the grounds for granting or denying the waiver request. Franklin Templeton's
 Regulatory Compliance group shall promptly advise the Director or Executive Officer in writing
 of the Board's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Manner for Requesting Other Covered Person Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Request and Criteria*. If a Covered Person who is a non-Director and non-Executive Officer wishes
 to request a waiver of this Code, the Covered Person may submit to Franklin Templeton's
 Regulatory Compliance group a written request for a waiver of this Code only if they can
 demonstrate that such a waiver would satisfy the same criteria set forth in Section 17(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Discretionary Waiver and Response*. The Head or Co-Head of Franklin Templeton's Regulatory Compliance
 group (or their designee) shall, after appropriate consultation with the applicable business
 unit head, forward the waiver request to the General Counsel of Franklin for consideration.
 The decision to grant a waiver request shall be at the sole and absolute discretion of the
 General Counsel of Franklin. The General Counsel will advise Franklin Templeton's Regulatory
 Compliance group in writing of their decision regarding the waiver, including the grounds
 for granting or denying the waiver request. Franklin Templeton's Regulatory Compliance
 group shall promptly advise the Covered Person in writing of the General Counsel's
 decision.

18. **Internal Use**. This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

19. **Other Policies and Procedures**. The following nonexclusive list of policies and procedures adopted by the Company or entities within the Company provide additional requirements that, depending upon the specific terms of such policies and procedures and the applicable subsidiary, affiliate or business unit involved, may apply to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Resources, Inc. Anti-Corruption Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Resources, Inc. Global Human Rights Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Resources, Inc. Trading Blackout Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Corporate Policy on Public and Media Communications

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Employee Service as an Outside Director Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Outside Employment/Business Activities Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Personal Investments and Insider Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Policy for Reporting and Investigation of Suspected Dishonest or Fraudulent Conduct

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Social Media Policy

In addition, individual subsidiaries, affiliates and business units within the Company, including SIMs, may have their own applicable policies with which their respective employees are required to comply.

Last approved by the Board on October 21, 2024.

## Ex-99.B(P)(24)

**Exhibit 99.B(p)(24)**

![](tm262170d1_ex99-bxpx24img1.jpg)

Global Credit Advisers, LLC

CODE OF ETHICS

**December 2025**

**100 Park Avenue<br> 35<sup>th</sup> Floor<br> New York, NY 10017<br> 212-949-1860**

**1.** **Introduction and Basic Principles.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Introduction</u>.

Global Credit Advisers, LLC ("GCA", or the "Firm"), which is registered with the Securities and Exchange Commission (the "SEC") as an investment adviser, has adopted this code of ethics ("Code of Ethics") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Although Rule 204A-1 includes a legal requirement that GCA adopt such a code, this Code of Ethics also reflects GCA's own high standards for the conduct of its business and for the proper performance of GCA's duties with respect to GCA's Clients which are primarily Private Funds ("GCA Clients"). GCA Clients also include one or more funds ("'40 Act Fund" or "'40 Act Funds") registered under the Investment Company Act of 1940, as amended (the "Company Act"), and this Code of Ethics that is consistent with the requirements of Rule 17j-1 under the Company Act and written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the Company Act) by a '40 Act Fund and GCA. This Code of Ethics represents, therefore, more than a technical regulatory obligation with which all of GCA's employees ("GCA Employees") are expected to comply. The principles enunciated herein are central to GCA's goal of serving the best interests of its GCA Clients.

GCA has reviewed its business, and the attendant risks of unethical conduct, and has drafted this Code of Ethics on the basis of this review. The Chief Compliance Officer ("CCO") reviews this Code of Ethics at least annually and based on this review, revises this Code of Ethics as appropriate to keep pace with changes in GCA's business and applicable law and regulations. Any amendments are distributed to all GCA Employees as soon as practicable after their adoption.

All GCA Employees are required to review this Code of Ethics, to be familiar with it, and to refer to it and to GCA's senior management for guidance whenever they have a question about any activity which could have even the appearance of violating this Code of Ethics or subjecting GCA to any adverse publicity or criticism or concern on the part of GCA Clients.

It is the responsibility of every GCA Employee to comply with applicable laws and regulations and this Code of Ethics. Failure to comply with applicable laws and regulations and this Code of Ethics can result in termination, as well as civil and criminal penalties. Any violation of this Code of Ethics must be promptly reported to the COO and the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Certain Definitions</u>.

For purposes of this Code of Ethics, capitalized terms not otherwise defined shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <u>Advisers Act</u>. The Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <u>Advertisement</u>. An Advertisement is (i) any direct or indirect communication an investment
adviser makes to more than one person, or to one or more persons if the communication includes Hypothetical Performance, that offers the
investment adviser's investment advisory services with regard to securities to prospective clients or investors in a Private Fund
advised by the investment adviser or offers new investment advisory services with regard to securities to current clients or investors
in a Private Fund advised by the investment adviser, but does not include: (A) extemporaneous, live, oral communications; (B) information
contained in a statutory or regulatory notice, filing, or other required communication, provided that such information is reasonably designed
to satisfy the requirements of such notice, filing, or other required communication; or (C) a communication that includes Hypothetical
Performance that is provided: (1) in response to an unsolicited request for such information from a prospective or current client
or investor in a Private Fund advised by the investment adviser; or (2) to a prospective or current investor in a Private Fund advised
by the investment adviser in a one-on-one communication; and (ii) any Endorsement or Testimonial for which an investment adviser
provides compensation, directly or indirectly, but does not include any information contained in a statutory or regulatory notice, filing,
or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing,
or other required communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 <u>Affiliated company and affiliated person</u>. "Affiliated company" means a company which
is an affiliated person of another person. "Affiliated person" of another person means (A) any person directly or indirectly
owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of such other person; (B) any
person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by
such other person; (C) any person directly or indirectly controlling, controlled by, or under common control with, such other person;
(D) any officer, director, partner, copartner, or employee of such other person; (E) if such other person is an investment company,
any investment adviser thereof or any member of an advisory board thereof; and (F) if such other person is an unincorporated investment
company not having a board of directors, the depositor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 <u>Automatic Investment Plan</u>. An Automatic Investment Plan is a program in which regular periodic
purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 <u>Beneficial Ownership / Beneficial Interest</u>. A person has "Beneficial Ownership" of,
or a "Beneficial Interest" in, securities in which he or she has or shares a direct or indirect "financial interest."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 <u>GCA Client</u>. Any person to which GCA provides investment advisory services. Currently, GCA is the
investment manager or sub-adviser to Private Funds, a UCITS fund and a '40 Act Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 <u>Chief Compliance Officer (CCO)</u>. Timothy Finn is GCA's Chief Compliance Officer ("CCO").
Unless otherwise provided, the CCO may designate in writing other qualified GCA Employees to implement specific responsibilities assigned
to the CCO in this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8 <u>Chief Financial Officer (CFO)</u>. Frank Pizzo is GCA's Chief Financial Officer ("CFO").
Unless otherwise provided, the CFO may designate in writing other qualified GCA Employees to implement specific responsibilities assigned
to the CFO in these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9 <u>Chief Operating Officer (COO)</u>. Brian Hessel is GCA's Chief Operating Officer ("COO").
Unless otherwise provided, the COO may designate in writing other qualified GCA Employees to implement specific responsibilities assigned
to the COO in these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10 <u>Company Act</u>. The Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.11 <u>Control</u>. "Control" means the power to exercise a controlling influence over the management
or policies of a company, unless such power is solely the result of an official position with such company. Any person who owns beneficially,
either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control
such company. Any person who does not own more than 25% of the voting securities of any company is presumed not to control such company.
A natural person is presumed not to be a controlled person. Any such presumption may be rebutted by evidence, but continues until a determination
to the contrary made by an order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.12 <u>Controller</u>. Matthew Alfano is GCA's Controller ("Controller"). Unless otherwise
provided, the Controller may designate in writing other qualified GCA Employees to implement specific responsibilities assigned to the
Controller in these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13 <u>Endorsement</u>. An Endorsement is any statement by a person other than a current client or investor
in a Private Fund advised by the investment adviser that: (i) indicates approval, support, or recommendation of the investment adviser
or its supervised persons or describes that person's experience with the investment adviser or its supervised persons; (ii) directly
or indirectly solicits any current or prospective client or investor to be a client of, or an investor in a Private Fund advised by, the
investment adviser; or (iii) refers any current or prospective client of, or an investor in a Private Fund advised by, the investment
adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.14 <u>Exchange Act</u>. The Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15 <u>Federal Securities Laws</u>. Federal Securities Laws means the Advisers Act, the Securities Act, the
Exchange Act, the Sarbanes-Oxley Act of 2002, the Company Act, Title V of the Gramm-Leach-Bliley Act, and rules adopted by the SEC
under any of these laws, the Bank Secrecy Act (as it applies to '40 Act Funds and investment advisers), and any rules adopted
thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.16 <u>'40 Act Fund</u>. A '40 Act Fund is an investment company registered under the Company
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.17 <u>GCA Employees</u>. Any employee of GCA. GCA Employees also include "covered associates"
as defined in Rule 206(4)-5 under the Advisers Act (the Political Contributions rule). Covered associates are defined as: (i) any
general partner, managing member or executive officer, or other individual with a similar status or function; (ii) any employee who
solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee; and (iii) any
political action committee controlled by the investment adviser or any covered associate defined in Rule 206(4)-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.18 <u>Gender; Number</u>. Any terms herein in the male gender shall be deemed to be in the female or neuter
gender, and vice versa, as the context may require. Any terms herein in the singular shall be deemed to be plural, and vice versa, as
the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.19 <u>Hypothetical Performance</u>. Performance results that were not actually achieved by any portfolio
of the investment adviser, including, but not limited to: (1) performance derived from model portfolios; (2) performance that
is back-tested by the application of a strategy to data from prior time periods when the strategy was not actually used during those time
periods; and (3) targeted or projected performance returns with respect to any portfolio or to the investment advisory services with
regard to securities offered in the Advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.20 <u>Immediate Family</u>. Immediate Family means a person's parents, mother-in-law or father-in-law,
spouse, brother or sister, brother-in-law or sister-in-law, child, son-in-law or daughter-in-law, grandchild, or any other person (whether
or not a legal or blood relative) who is supported, directly or indirectly, to a material extent by the person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.21 <u>Managing Member</u>. Steven Hornstein is GCA's Managing Member ("Managing Member").
Unless otherwise provided, the Managing Member may designate in writing other qualified GCA Employees to implement specific responsibilities
assigned to the Managing Member in these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.22 <u>Portfolio Manager</u>. A Portfolio Manager is a GCA Employee who manages the securities portfolio of
a GCA Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.23 <u>Private Fund</u>. A Private Fund is a pooled investment vehicle that is not registered or required
to be registered under the Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.24 <u>Reportable Fund</u>. A Reportable Fund means (i) any Private Fund for which GCA serves as investment
adviser or sub-adviser, (ii) any UCITS fund for which GCA serves as a sub-adviser, or (iii) any '40 Act Fund whose investment
adviser or principal underwriter is controlled by, or is under common control with, GCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.25 <u>Reportable Security</u>. A Reportable Security is any Security other than (i) direct obligations
of the U.S. government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term
debt instruments, including repurchase agreements, (iii) shares issued by money market funds, (iv) shares issued by open-end
 '40 Act Funds (excluding ETFs) other than Reportable Funds, and (v) shares issued by unit investment trusts that are invested
exclusively in one or more open-end '40 Act Funds, none of which are Reportable Funds. Each of (i) through (v) being a
 "Non-Reportable Security."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.26 <u>Rule</u>. A rule adopted by the SEC under the Advisers Act, unless another law, such as the Exchange
Act, is indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.27 <u>SEC</u>. The United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.28 <u>Securities Act</u>. The Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.29 <u>Security</u>. Security means any note, stock, bond, investment contract, partnership interests or,
in general, any interest or instrument commonly known as a "security", or any receipt for, guarantee for, or warrant or right
to subscribe to or purchase, any of the foregoing. For purposes of this document, the term Security includes any swap or other hybrid
or derivative instrument or loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.30 <u>A Security "held or to be acquired" by a '40 Act Fund</u>. A Security "held
or to be acquired" by a '40 Act Fund means (A) any Security which, within the most recent fifteen days, (i) is or
has been held by a '40 Act Fund, or (ii) is being or has been considered by GCA for purchase by a '40 Act Fund; (B) and
any option to purchase or sell and any Security convertible into or exchangeable for any Security described in (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.31 <u>Supervisory Personnel</u>. The following persons ("Supervisory Personnel"; each a "Supervising
Person"), have been assigned supervisory duties with respect to GCA's advisory business, as described in these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Managing Member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· COO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CFO

Unless otherwise provided, any person identified above may designate in writing other qualified GCA Employees to implement specific responsibilities assigned to him in these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.32 <u>Testimonial</u>. A Testimonial is any statement by a current client or investor in a Private Fund advised
by the investment adviser: (i) about the client or investor's experience with the investment adviser or its supervised persons;
(ii) that directly or indirectly solicits any current or prospective client or investor to be a client of, or an investor in a Private
Fund advised by, the investment adviser; or (iii) that refers any current or prospective client or investor to be a client of, or
an investor in a Private Fund advised by, the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Standards of Conduct</u>.

GCA has been entrusted with responsibility for providing advice to GCA Clients, who depend on GCA to act in their interests and to maintain the highest ethical standards. GCA requires all GCA Employees to conduct themselves at all times in compliance with the following standards of business conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· GCA has a strict policy of complying with all
applicable laws, rules and regulations, including, but not limited to, Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As a fiduciary for GCA Clients, it is GCA's
policy to act in the interests of its GCA Clients and adhere to the highest ethical standards in its dealings with GCA Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· GCA and GCA Employees shall deal with all GCA
Clients in the utmost good faith and shall disclose to GCA Clients all material facts relating to the advisory relationship.

In order to comply with these standards, GCA Employees must be alert to any potential conflict of interest between GCA's interest and the interests of GCA Clients and for any improper activity on the part of other GCA Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 <u>Violations</u>. Each GCA Employee must promptly report any violation of this Code of Ethics or Federal
Securities Laws to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 <u>GCA Client Complaints</u>. Each GCA Employee must promptly report any GCA Client complaint (oral or
written) regarding any violation or alleged violation of this Code of Ethics to the CCO. The CCO is responsible for investigating the
complaint, taking appropriate action, and documenting the investigation and action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 <u>Distribution and Acknowledgement of Code of Ethics</u>. The CCO must give each GCA Employee a copy
of this Code of Ethics and any amendments. Each GCA Employee must give the CCO written acknowledgment of his receipt of this Code of Ethics,
as amended, by signing, dating, and returning the acknowledgment page of this Code of Ethics to the CCO via ComplySci's Personal
Trading Control Center ("PTCC").

**2.** **Insider Trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Policy Statement on Insider Trading</u>.

GCA forbids any GCA Employee from trading, either personally or on behalf of others (including GCA Clients), on the basis of material nonpublic information ("MNPI") or communicating MNPI to others in violation of law (as explained further in this Section). This prohibited conduct is referred to as "insider trading." GCA's policy applies to every GCA Employee and extends to activities within and outside his duties at GCA. Any questions regarding GCA's policy and procedures on insider trading should be referred to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 <u>Definition of "Insider Trading."</u> The term "insider trading" generally refers
to the purchase or sale of a Security of any issuer, on the basis of MNPI about the Security or issuer, in breach of a duty of trust or
confidence that is owed directly or indirectly to the issuer of that Security or the shareholders of that issuer, or to any other person
who is the source of the MNPI.

Generally, for this purpose, a purchase or sale of a Security of an issuer is "on the basis of MNPI about that security or issuer if the person making the purchase or sale was in possession of MNPI when the person made the purchase or sale.

The law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading by an insider, while in possession of
MNPI, 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;· trading by a non-insider, while in possession
of MNPI, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential
or was misappropriated, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· communicating MNPI to others ("tipping"),
when the information was obtained by the tipper under circumstances that would prohibit the tipper from using it for himself.

&nbsp;&nbsp;&nbsp;&nbsp;&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 elements of insider trading and the penalties
for this unlawful conduct are discussed below. If, after reviewing this policy statement, you have any questions, you should consult the
CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <u>Who is an Insider?</u> The concept of "insider" is broad. It includes officers, directors
and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential
relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's
purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers,
and the employees of these organizations. In addition, GCA may become a temporary insider of a company it advises or for which it performs
other services. In order for an outsider to be considered an insider, the company must expect the outsider to keep the disclosed nonpublic
information confidential and the relationship must at least imply such a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 <u>Duties of Trust or Confidence with Respect to Misappropriation of MNPI</u>. The law generally prohibits
trading while in possession of inside information that was misappropriated in breach of a duty of trust or confidence. A "duty of
trust or confidence" exists in various circumstances, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whenever a person agrees to maintain information
in confidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whenever the person communicating the MNPI and
the person to whom it is communicated have a history, pattern, or practice of sharing confidences, such that the recipient of the information
knows or reasonably should know that the person communicating the MNPI expects that the recipient will maintain its confidentiality; 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;· whenever a person receives or obtains MNPI from
his or her spouse, parent, child or sibling, provided, however, that the person receiving or obtaining the information may demonstrate
that no duty of trust or confidence existed with respect to the information, in certain extremely limited circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 <u>What is Material Information?</u> Trading on inside information is not a basis for liability unless
the information is material. "Material information" generally is defined as information for which there is a substantial likelihood
that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain
to have a substantial effect on the price of a company's securities.

Examples of information that GCA Employees should consider material include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· private-side bank debt 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;· a binding commitment to issue a substantial block
of a listed security (or convertible notes or other instruments that are convertible into such a security) at a price below the current
market price of that 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;· dividend changes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· earnings estimates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in previously released earnings estimates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· significant merger or acquisition proposals or
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;· major litigation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· liquidity problems, 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;· extraordinary management developments.

Information may be material even though it relates to a projected future event that may or may not occur. For future events, the probability of the event must be factored against its magnitude, as well as how soon it is likely or certain to occur. For example, information that an issuer is in advanced negotiations to be acquired probably would be considered material, even though the issuer has not yet entered into any binding agreement, since the magnitude of that event would be large for that issuer.

If a loan issuer has no public securities, a GCA Employee may elect to be on the private side and have access to non-public information about the issuer and may trade the issuer's loans based on that nonpublic information.

If a GCA Employee has elected to switch from having access to private information to the public side, at least one Form 10-Q or an equivalent quarterly financial report (or specific cleanse) available to investors must be filed or released by the issuer before GCA may trade in the issuer's Securities.

Material information does not have to relate to a company's business. For example, a *Wall Street Journal* reporter was found criminally liable for disclosing to others material information that was not related to a company's business, but that was expected to affect the market value of the company's securities. In that case, the material information consisted of the dates that reports on various companies would appear in *The Wall Street Journal* and whether those reports would be favorable or not for the company. In other words, the principal factors that determine whether information is material are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· How "big" is it?

&nbsp;&nbsp;&nbsp;&nbsp;&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 definite is it?

&nbsp;&nbsp;&nbsp;&nbsp;&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 soon is it likely (or certain) to happen?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Would the information when made public move the
price of the security?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 <u>What is Nonpublic Information?</u> Information is nonpublic until it has been effectively communicated
to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information
found in a report filed with the SEC, or appearing in Reuters, *The Wall Street Journal*, Bloomberg, or discussed on a public conference
call by an issuer, or in other publications of general circulation would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 <u>What is Trading "On the Basis Of' MNPI?</u> The purchase or sale of a Security is "on
the basis of MNPI about the security or issuer if the person making the purchase or sale was in possession of the MNPI when he or she
made the purchase or sale, unless he or she can prove that this awareness did not affect his or her decision to trade. Under Exchange
Act Rule 10b5-1, a person may be able to rebut the presumption that his or her possession of material inside information resulted
in or affected his trading activity if, before becoming aware of the MNPI, he or she had in place a prearranged contract, instruction
or plan for the trading activity that met detailed requirements and all trading was done consistent with the contract, instruction or
plan. For information on these requirements, contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 <u>Penalties for Insider Trading</u>. Penalties for trading on or communicating MNPI are severe, both
for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even
if he or she does not personally benefit from the violation. Penalties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· civil injunctions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· treble damages,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disgorgement of profits,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· jail sentences,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· civil penalties for the person who committed
the violation of up to three times the profit realized or loss avoided, whether or not the person actually benefited (tipper), 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;· civil penalties for the employer or other controlling
person of up to the greater of $1,000,000 or three times the amount of the profit realized or loss avoided.

**ANY VIOLATION OF THIS POLICY CAN BE EXPECTED TO RESULT IN SERIOUS SANCTIONS BY GCA, INCLUDING DISMISSAL OF THE PERSON(S) INVOLVED.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Procedures to Implement Policy on Insider Trading</u>.

The following procedures have been established to aid GCA Employees in avoiding insider trading, and to aid GCA in preventing, detecting and imposing sanctions against insider trading. Every GCA Employee must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties. (See "Penalties for Insider Trading," above.) If you have any questions about these procedures, you should consult the CCO.

Non-public meetings with issuer insiders must be reported on the GCA Company Contact Calendar ("CCC") to which the COO, CFO, and CCO have access. The meeting date, names of participants, and subject matter all must be reported on the GCA Company Contact Form provided on the CCC in Microsoft Outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Identifying Inside Information</u>. Before trading for yourself or others, including GCA Client accounts,
in the securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&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>Is the information material?</u> Is this information
that an investor would consider important in making his investment decisions? Is this information that would substantially affect the
market price of the securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&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>Is the information nonpublic?</u> To whom
has this information been provided? Has the information been effectively communicated to the marketplace by filing with the SEC, or by
being published in Reuters, *The Wall Street Journal*, Bloomberg, discussed on a public conference call by an issuer, or in other
publications of general circulation? Has the marketplace had the opportunity to assimilate the information? If it has been communicated
to the marketplace, has this been done by means reasonably likely to be noticed by the investing public?

If, after consideration of these factors, you believe that the information is material and nonpublic, or if you have questions as to whether the information is material and nonpublic, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report the matter immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not purchase or sell the securities on behalf
of yourself, your Immediate Family or for a GCA Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not communicate the information inside or
outside GCA, other than to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Restrict access to the information to those at
GCA whose duties for GCA give rise to a need for them to know this 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;· After the CCO has reviewed the issue, you will
be instructed to continue the prohibitions against trading and communication, or you will be allowed to trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Restricting Access to MNPI</u>. Information in your possession that you identify as material and nonpublic
may not be communicated to anyone, including persons within GCA, except the CCO. In addition, care should be taken so that such information
is kept secure. For example, files containing MNPI should be sealed or otherwise protected; access to computer files containing MNPI should
be restricted by limiting access to the files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Resolving Issues Concerning Insider Trading</u>. If, after consideration of the factors described above
in Sections 2.1.4 and 2.2.1, you have questions remaining as to whether information is material or nonpublic, or if there is any unresolved
question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be disclosed
to and discussed with the CCO, and you must have the approval of the CCO, before trading or communicating the information to anyone. Only
the CCO is authorized to decide whether or not the information is material and nonpublic. The CCO may consult with legal counsel to the
extent necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Restricted List Securities</u>. The Restricted List is comprised of companies on which GCA may have
MNPI and which have publicly traded securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Role of CCO</u>.

The role of the CCO is critical to the implementation and maintenance of GCA's policies and procedures against insider trading. Supervisory Procedures can be divided into two classifications - prevention of insider trading and detection of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Prevention of Insider Trading</u>. To prevent insider trading, the CCO will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide education appropriate to familiarize
GCA Employees with GCA's policies and procedures on insider trading as well as the risks associated with communicating with corporate
insiders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· answer questions about GCA's policies and
procedures on insider trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· resolve issues of whether information received
by a GCA Employee is material and nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review, on a regular basis, and update, as necessary,
GCA's policies and procedures on insider trading; 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;· when it has been determined that a GCA Employee
has MNPI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o implement measures to prevent dissemination of such information, 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;o if necessary, restrict GCA Employees from trading the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Detection of Insider Trading</u>. To detect insider trading, the CCO will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review the trading activity reports filed by
each GCA Employee under Section 4 of this document,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review the trading activity of accounts managed
by GCA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review the trading activity of GCA's own
account, if applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· coordinate these reviews with any related reviews
performed by other GCA Employees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· monitor the CCC and, on a sample basis, review
information provided to GCA Employees by issuers during these meetings as the CCO deems appropriate. In addition, the CCO will compare
the names of companies on the CCC with both the trading GCA conducts on behalf of its clients and GCA Employee personal securities trading
activities to determine if there is any adjacency of trading that could indicate potential trading based on MNPI. The CCO will also retain
supporting documentation of these reviews,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· systematically review GCA trades on at least
a monthly basis. Moreover, the CCO will review the Unusual Trading Report, a daily report comparing GCA trade prices against an automated
run of prices (both past and future) provided by third-party pricing sources, looking for unusually large price changes from transaction
levels which are generally 10% for fixed income instruments and loans and 30% for equities and equity derivatives. The CCO will review
those unusual favorable price changes by inquiring of the COO, traders and/or analysts as appropriate until the CCO is satisfied that
no illegal activity was involved on GCA's part in trading the position in question, 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;· review other reports on the trading and pricing
of GCA-managed portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Special Reports to Management</u>. If a GCA Employee learns of a potential violation of this policy
on insider trading, he or she must promptly submit a written report to the CCO providing full details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Annual Review by Management</u>. On an annual basis, the CCO will review the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· existing procedures to detect and prevent insider
trading,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full details of any investigation, either internal
or by a regulatory agency, of any suspected insider trading and the results of such investigation,

&nbsp;&nbsp;&nbsp;&nbsp;&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 current procedures and any improvements that
he or she believes desirable, 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;· GCA's educational program regarding insider
trading.

**3.** **Certain Transactions in GCA Client Accounts and by GCA Employees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Certain Transactions in GCA Client Accounts</u>.

A GCA Employee or his Immediate Family must not cause or attempt to cause any GCA Client account to acquire, dispose of, or hold any Security of the same class as a Security in which such GCA Employee or his Immediate Family has direct or indirect Beneficial Ownership (or which is linked in value to a Security in which the GCA Employee or his Immediate Family has a direct or indirect Beneficial Interest) unless the GCA Employee or his Immediate Family has first disclosed in writing to the CCO all facts reasonably necessary to identify the nature of the GCA Employee's or his Immediate Family's Beneficial Interest in the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Certain Transactions by GCA Employees</u>.

GCA Employees or their Immediate Family may own, purchase, or sell securities that are purchased or sold for GCA Client accounts. If the GCA Employee or his Immediate Family purchases or sells a Security for his or her own account, or for an account in which he or she has Beneficial Ownership, on the same day as a transaction in the same Security is effected for a GCA Client account, the GCA Client account will receive a price not less favorable than the price received by the GCA Employee's or his Immediate Family's account, to the extent of the size of the GCA Employee's or his Immediate Family's transaction. If a proposed transaction in a Security by a GCA Employee or his Immediate Family requires pre-approval and, in the opinion of the CCO, the proposed transaction would adversely affect the price of a transaction for a GCA Client account that could not be rectified by switching prices, the CCO will not approve the transaction until such time that it will not adversely affect transactions for GCA Client accounts.

The price adjustment provisions will not apply to transactions which would otherwise be covered by this Section, but which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases or sales effected in any account over
which the GCA Employee or his Immediate Family or GCA have no direct or indirect influence or control, such as a "blind trust"
or an account over which the GCA Employee or his Immediate Family does not have investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases or sales which are non-volitional on
the part of either the GCA Employee or his Immediate Family or the GCA Client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases which are a part of an automatic dividend
reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases and sales of Non-Reportable Securities.

If GCA Employees or their Immediate Family have accounts with the same broker-dealers that effect securities transactions for GCA Client accounts, GCA may include transactions for GCA Employees or their Immediate Family in a bunched order with transactions for GCA Client accounts. In this case, the GCA Employee or his Immediate Family will receive the same price as GCA Client accounts. If, however, in GCA's opinion, bunching transactions for GCA Employees or his Immediate Family with GCA Client account orders would adversely affect the price of the bunched order, GCA will forego transactions for GCA Employees or their Immediate Family until such time that they will not adversely affect transactions for GCA Client accounts.

**4.** **Personal Transaction and Affiliations Approval and Reporting Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Prior Approval</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 <u>GCA Employees or Immediate Family</u>. Except as provided in this Section 4 and unless otherwise
notified in writing by the CCO, each GCA Employee (for himself or his Immediate Family) must submit a Preclearance Trade request for any
Reportable Security by logging on to Comply Sci' s Personal Trading Control Center (PTCC) at https://secure.complysci.com; then,
on the left side of the screen, under "Preclearance," select "Trade Request" and fill-out and submit the form.
Each request must be approved by two of the Authorized Signatories (as defined below). Once the GCA Employee receives approval via email
from PTCC, he or his Immediate Family have the balance of the trading day to complete the transaction. For those Preclearance Trade requests
that cannot be entered in PTCC, the GCA Employee (for himself or his Immediate Family) must submit to the CCO a completed Trading Authorization
Form (<u>Exhibit A</u>) for those Reportable Securities transactions. Every Trade Request must be approved by two of the Managing
Member, COO or the CCO (collectively, the "Authorized Signatories"). The Trade Request is valid for only one business day
(except in connection with non-volitional orders which may be executed in the future, i.e., Stop and Limit Orders - these orders must
be approved however on the order date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 <u>IPOs, Limited Offerings and Certain '40 Act Funds</u>. Before a GCA Employee or his Immediate
Family directly or indirectly can acquire a Beneficial Interest in any Security in an initial public offering or a Limited Offering or
 '40 Act Funds that are GCA Clients, ETFs or closed-end '40 Act Funds, he must request trade preclearance through PTCC and
receive electronic authorization from two of the Authorized Signatories, or submit a completed Trading Authorization Form (Exhibit A)
in writing and receive written approval from two of the Authorized Signatories when any Security is unavailable for selection in PTCC.
In determining whether to grant approval, the Authorized Signatories will take into account that it is not improper for a GCA Employee
or his Immediate Family, or any account in which a GCA Employee or his Immediate Family has Beneficial Ownership, to engage in a purchase
or sale of a Security that such GCA Employee or his Immediate Family knows or has reason to know is held or to be acquired by GCA Client
accounts, if, in the judgment of the Authorized Signatories, such transaction is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· only remotely potentially harmful to GCA Client
accounts because it would be unlikely to affect trading in or the market value of the Security; 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;· clearly not related economically to the securities
to be acquired, disposed of, or held by GCA Client accounts; 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;· in light of all relevant facts and circumstances,
otherwise not disadvantageous to GCA Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Holdings Reports</u>.

Except as provided in Section 4.4, every GCA Employee or his Immediate Family must submit to the CCO a report indicating all of the Securities in which he has any direct or indirect Beneficial Ownership. This report is due within 10 business days after any GCA Employee is hired and will be updated at least annually thereafter on a date selected by the CCO. If the GCA Employee or his Immediate Family opens an account containing Reportable Securities at a broker, dealer, bank or other intermediary not listed in the most recently submitted Holdings Report, he will promptly update the list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 Each Holdings Report required by this Section 4.2 shall 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;· The title and type of Security, and, as applicable,
the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&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 every broker, dealer, bank or other
intermediary that holds an account containing any securities (including non-Reportable Securities) for the direct or indirect benefit
of the GCA Employee or his Immediate Family; 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;· The date on which the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 The information contained in any Holdings Report required by this Section 4.2 must be current as
of a date no more than 45 calendar days before the date on which any person becomes a GCA Employee (for initial Holdings Reports) or no
more than 45 days prior to the date on which the report is submitted (for annual Holdings Reports).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Transactions Reports</u>.

Except as provided in Section 4.4, every GCA Employee or his Immediate Family must submit a quarterly report via PTCC to the CCO reporting any transaction in which he has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in any Reportable Security that occurred during such quarter in an account ("Transactions Report"). This report should also list any new accounts opened within the quarter being reported. This report shall be due within 30 days after the end of the applicable calendar quarter and may contain a statement that the report should not be construed as an admission by the person making the report that, for purposes of the Exchange Act, he has any direct or indirect Beneficial Interest in the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 Each Transactions Report required by this Section 4.3 shall 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;· 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 the 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;· 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;· The price 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;· The name of the broker, dealer or bank with or
through whom 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;· The date on which the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 In addition, every GCA Employee or his Immediate Family must arrange to have his broker send to PTCC duplicate
statements for each account in which the trading of Reportable Securities is or may be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Exceptions to Reporting Requirements</u>.

Notwithstanding the provisions of the foregoing Sections 4.2 and 4.3, no GCA Employee or his Immediate Family is required to submit any such:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 Holdings Reports or Transactions Reports regarding securities held in accounts over which he has no discretion,
or which have no Reportable Securities; however, all GCA Employees or their Immediate Family must disclose the existence of such accounts
to the CCO (including discretionary separately managed accounts and mutual fund-only accounts, except for accounts holding '40 Act
Funds that are GCA Clients). The CCO may, on a sample basis, request holdings reports and transaction reports for such accounts to identify
transactions that may have been prohibited if not for this exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 Transactions Reports regarding transactions effected pursuant to an Automatic Investment Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 Transactions Reports in cases where the report would duplicate information contained in broker trade confirmations
or account statements that GCA has otherwise received and kept on file, so long as these documents are received by GCA no later than 30
days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Monitoring of Trades against those for GCA Client Accounts</u>.

The CCO will periodically (but no less frequently than once a year) compare trades reported by GCA Employees or their Immediate Family to trades arranged by GCA for GCA Client accounts. In doing so, the CCO will look for evidence of improper trading and misuse of information by GCA Employees or their Immediate Family in trading for accounts in which they hold a Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 One form of improper trading for which the CCO will review accounts is "front running," which
is the practice (prohibited by law and Firm policy) of trading ahead of GCA Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>GCA Employees' or their Immediate Family's Outside Business; Affiliations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 <u>Outside Business Activities</u>. A GCA Employee or his Immediate Family is required to obtain the written
approval of the CCO prior to serving as an officer, director, employee, or consultant or in any similar capacity, for any company or enterprise
unaffiliated with GCA, unless such post is in connection with the normal and ordinary activities of such GCA Employee's employment
with GCA. This information is viewed not only for purposes of enforcing insider trading policy but also for potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 <u>List of Accounts and Affiliations</u>. Each GCA Employee or his Immediate Family must give the CCO
a list, to be updated whenever any of the information therein changes, identifying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· his service as a director or officer of any corporation
or similar entity; 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;· his direct or indirect Beneficial Ownership of
5% or more of the stock of any corporation or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Certifications</u>.

Every GCA Employee or his Immediate Family must certify compliance with GCA's policies and procedures on insider trading and personal securities transactions and furnish a complete list of securities in which he has a Beneficial Interest to the CCO upon request. The CCO requests such certification and a copy of such securities list from each GCA Employee or his Immediate Family at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Other '40 Act Fund-Related Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1 No GCA Employee shall, in connection with the purchase or sale, directly or indirectly, by such person
of a Security held or to be acquired by any '40 Act Fund that is a GCA Client: (i) employ any device, scheme or artifice to
defraud such '40 Act Fund; (ii) make to such '40 Act Fund any untrue statement of a material fact or omit to state to
such '40 Act Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they
are made, not misleading; (iii) engage in any act, practice or course of business which would operate as a fraud or deceit upon such
 '40 Act Fund; or (iv) engage in any manipulative practice with respect to a '40 Act Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.2 With respect to each '40 Act Fund that is a GCA Client, GCA shall: (i) promptly report to the
appropriate '40 Act Fund in writing any material amendments to this Section 4; (ii) promptly furnish to such '40
Act Fund, upon request, copies of any reports made pursuant to this Section 4 by any GCA Employee; (iii) immediately furnish
to such '40 Act Fund, upon request, all material information regarding any violation of this Section 4 by any GCA Employee;
and (iv) at least once a year, provide such '40 Act Fund a written report that describes any issue(s) that arose during
the previous year under this Section 4, including any material violations and any resulting sanction(s), and a certification that
it has adopted measures reasonably necessary to prevent its personnel from violating this Section 4.

**5.** **Gifts and Entertainment.** 

GCA has adopted the following policies to avoid the appearance of conflicts or actual conflicts that may arise from providing or accepting gifts and entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Giving Gifts</u>.

GCA Employees and their Immediate Family are not permitted to give gifts, gratuities or other favors to any person or firm where the payment relates in any way to the business of the recipient or the recipient's employer or to government officials, except to the extent such gifts are in compliance with applicable law, of insignificant value, and not given in consideration or expectation of any action by the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Accepting Gifts</u>.

GCA Employees must not accept or permit any member of their Immediate Family to accept, any gifts, gratuities or other favors from any GCA Client, supplier or other person doing or seeking to do business with GCA, other than items of insignificant value. Any gifts that are not of insignificant value should be returned immediately and reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Entertainment</u>.

Common sense and moderation should prevail in travel and business entertainment undertaken on behalf of GCA. GCA Employees and their Immediate Family should not provide, or accept, business entertainment to or from anyone doing business or seeking to do business with GCA unless the entertainment is infrequent, reasonable in the circumstances and intended to serve legitimate business goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Pay to Play Rule</u>.

Rule 206(4)-5 addresses so-called "pay to play" practices in which investment advisers make campaign contributions to elected officials of state or municipal governments in order to influence the award of contracts to manage public pension plan assets and other government investment accounts. The rule applies to SEC-registered investment advisers, certain exempt reporting advisers, and foreign private advisers, who provide investment advisory services, or are seeking to provide investment advisory services, to state and municipal government entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Prohibitions*. The rule contains three main prohibitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Two-Year Time Out*. An investment adviser is prohibited from receiving compensation for providing advice to a government entity, either directly or through a "covered investment pool," within two years after a contribution by the adviser, or by any of its "covered associates" (which include the adviser's general partner or managing member, executive officers or other individuals with a similar status or function, solicitors, and political action committees they control) to an official of that government entity who can influence the award of advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Third-Party Solicitor Ban*. Neither an investment adviser nor any of its covered associates may provide or agree to provide, directly or indirectly, payment to any third-party to solicit government clients for GCA unless such person is a "regulated person."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) Bundling Ban*. Rule 206(4)-5 prohibits an adviser and its covered associates from "bundling" others' contributions, i.e. coordinating or soliciting any person or political action committee to make (A) any contribution to an official of a government entity to which the adviser is providing or seeking to provide investment advisory services; or (B) any payment to a political party of a state or locality where GCA is providing or seeking to provide investment advisory services to a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Catch All Provision*. Rule 206(4)-5(d) prohibits acts done indirectly, which, if done directly, would violate the rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Covered Investment Pools*. Rule 206(4)-5 includes a provision that applies each of the prohibitions of the rule to an adviser that manages assets of a government entity through a "covered investment pool" defined as (i) any investment company registered under the Company Act that is an investment option of a plan or program of a government entity; or (ii) any company that would be an investment company under section 3(a) of the Company Act but for the exclusions from that definition provided by section 3(c)(1), section 3(c)(7) or section 3(c)(11) of that Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Recordkeeping*. Rule 204-2 was amended to require registered advisers that provide investment advisory services to a government entity, or to a covered investment pool in which a government entity is an investor, to make and keep certain records related to the pay to play rule.

The giving and acceptance of any payments or other consideration in the nature of bribes and kickbacks are absolutely prohibited by law and Firm policy. Additionally, GCA Employees must obtain pre-clearance from the CCO before making any campaign contributions to candidates for, or incumbents in, state and municipality official office.

**6.** **Electronic Communication and Social Media.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Background</u>.

As a result of recent financial industry issues and several regulatory actions against major firms involving very significant fines, financial industry regulators, e.g., SEC and FINRA are focusing attention on adviser and broker-dealer policies and practices on the use of e-mail, other electronic communications and retention practices.

The Books and Records rule (Rule 204-2(a) (7)) provides that specific, written communications must be kept including those relating to a) investment recommendations or advice given or proposed; b) receipt or delivery of funds or securities; and c) placing and execution of orders for the purchase or sale of securities.

All electronic communications are viewed as written communications, and the SEC has publicly indicated its expectation that firms retain all electronic communications for the required record retention periods. If a method of communication lacks a retention method, then it must be prohibited from use by GCA.

Further, SEC regulators also will request and expect all electronic communications of GCA Employees to be monitored and maintained for the same required periods.

E-mails consisting of spam or viruses are not required to be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Policy</u>.

GCA's policy provides that e-mail, instant messaging, social networks and other electronic communications are treated as written communications and that such communications must always be of a professional nature. GCA's policy covers electronic communications for GCA, to or from GCA Clients, any personal e-mail communications within GCA and social networking sites.

All Firm and GCA Client-related electronic communications must be on GCA's systems, and use of personal e-mail addresses, personal social networks and other personal electronic communications for Firm or GCA Client communications is prohibited. GCA prohibits any use of social networking sites of any confidential Firm information including any information about GCA Clients, investment recommendations or trading activities. GCA prohibits the use of file hosting services (e.g., Google Drive, Dropbox) for GCA business related purposes with the exception of GCA-monitored SharePoint Online and OneDrive on the Microsoft Azure cloud platform.

GCA prohibits employees from creating or maintaining any individual blogs or network pages on behalf of GCA.

Firm employees may divulge GCA's name and their position on a professional network such as LinkedIn. Any information beyond that is prohibited without prior approval from the CCO.

While Firm employees may divulge GCA's name as their employer on social network sites such as Facebook, GCA Employees should not divulge their position or discuss GCA, their role or any other information relating to their employment. Any communication on any other social network site is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Responsibility</u>.

Each employee has an initial responsibility to be familiar with and follow GCA's e-mail and electronic communication policy with respect to their individual communications. The CCO has the overall responsibility for making sure all employees are familiar with GCA's policy, implementing and monitoring GCA's policy, practices, and recordkeeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Procedures</u>.

GCA has adopted procedures to implement its policy and conduct reviews to monitor and ensure that GCA's policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 GCA's e-mail and electronic communication (social media) policy has been communicated to all persons
within GCA and any changes in the policy are promptly communicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 E-mails and any other electronic communications relating to GCA's advisory services and GCA Client
relationships are maintained and monitored by compliance on an on-going basis through sampling of e-mails and instant messages ("IMs")
archived by GCA's archiving vendor (Global Relay).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 All GCA and GCA Client related electronic communications must be on GCA's systems, to, from or copied
to a GCA email address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4 Use of personal e-mail addresses, personal social networks and other personal electronic communications
for GCA or GCA Client communications is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5 GCA prohibits employees from creating or maintaining any individual blogs or network pages on behalf
of GCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6 GCA prohibits any use on social networking sites of any confidential Firm information including any information
about GCA Clients, investment recommendations or trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.7 GCA prohibits the use of any misleading information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.8 Electronic communications records are maintained and arranged for easy access and retrieval in order to
provide true and complete copies with appropriate backup and separate storage for the required periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.9 Electronic communications will be maintained in electronic media for a period of five years.

**7.** **Policy against Discrimination and Harassment and Safe and Sick Leave Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Please see Exhibit C for GCA's Policy against Discrimination and Harassment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Please see Exhibit D for GCA's Safe and Sick Leave Policy.

**Exhibit A — Trading Authorization Form**

**<u>TRADING AUTHORIZATION FORM</u>**

This Form must be completed by each GCA Employee for themselves or their Immediate Family for each Reportable Securities transaction not entered into PTCC. This Form is valid for one business day only (except in connection with non-volitional orders which may be executed in the future, i.e., stop and limit orders, which must be approved on the order date). Capitalized terms have the meanings given to them in the Global Credit Advisers, LLC Code of Ethics.

Name of Security   Symbol  

Number Being Purchased or Sold  

Trading Date   , 20__

Name of GCA Employee  

I am not aware of any information which, if made public, would materially change the price of the Security being transacted.

---

| | | |
|:---|:---|:---|
| | | Date |
| GCA Employee Signature | GCA Employee Signature |  |
| (Two signatures required) | (Two signatures required) | |
| Authorized by | | Date |
|  | Steven S. Hornstein | |
|  | Managing Member | |
| Authorized by | | Date |
|  | Brian L. Hessel | |
|  | Chief Operating Officer | |
| Authorized by | | Date |
|  | Timothy P. Finn | |
|  | Chief Compliance Officer | |

---

**Exhibit C — Policy against Discrimination and Harassment**

**<u>POLICY AGAINST DISCRIMINATION AND HARASSMENT</u>**

It is the intention of Global Credit Advisers, LLC (the "Firm") to provide all GCA Employees with employment and advancement opportunities. GCA does not discriminate in employment opportunities or practices on the basis of race, citizenship, color, religion, sex, affectional or sexual orientation, national origin, ancestry, disability, AIDS/HIV status, age, familial status, source of income, military service or any other characteristic protected by federal, state and local laws.

This policy governs all aspects of employment, including selection, job assignment, compensation, discipline, termination, and access to benefits and training.

Any GCA Employee who has questions or concerns about any type of discrimination or harassment in the workplace is encouraged to bring these issues to the attention of the CCO. GCA Employees can raise concerns and make reports without fear of reprisal. Anyone found to be engaging in any type of unlawful discrimination will be subject to disciplinary action, up to and including termination of employment.

**prohibited harassment**

GCA is committed to providing a work environment that is free of discrimination and unlawful harassment. Actions, words, jokes, or comments based on an individual's sex, affectional or sexual orientation, race, ethnicity, age, religion, disability or any other legally protected characteristic will not be tolerated.

Sexual harassment under the law includes unwelcome sexual advances, requests for sexual favors, offering or conditioning employment benefits in exchange for sexual favors, and other verbal and physical conduct of a sexual nature when:

· submission to such conduct is made either explicitly
or implicitly a term or a condition of any individual's employment;

· submission to or rejection of such conduct by
an individual is used as the basis for employment decisions affecting the individual; or

· such conduct has the purpose or effect of unreasonably
interfering with an individual's work performance or creating an intimidating, hostile or offensive working environment.

Unlawful sexual harassment includes many forms of offensive behavior and includes gender-based harassment. In addition to the conduct listed above, unlawful sexual harassment includes other unwelcome visual or verbal conduct such as leering, sexual gestures, sexual jokes, flirtations, advances or propositions, displaying suggestive articles, cartoons, pictures or posters, inappropriate comments about an individual's body, and suggestive or obscene words or jokes.

Other examples of inappropriate and harassing behavior include, but are not limited to, use of racial epithets or slang, making jokes which rely upon stereotypical assumptions about an individual's race, ethnicity or other protected characteristic, or the distribution of offensive e-mails or materials that are denigrating to individuals based upon their race, ethnicity or other protected characteristic.

Any GCA Employee who wants to report an incident of sexual or other unlawful harassment or discrimination should promptly report the matter to the CCO. GCA Employees can raise concerns and make reports without fear of reprisal. Under no circumstances will GCA tolerate any retaliation against a GCA Employee who makes use of this policy.

Any supervisor or manager who becomes aware of possible sexual or other unlawful harassment must promptly advise the CCO or any member of management.

Reports of sexual or other unlawful harassment will be promptly and thoroughly investigated, and, if improper harassment has occurred, it will be stopped, and steps will be taken to prevent any reoccurrence of the harassment.

Anyone engaging in sexual or other unlawful harassment or retaliation will be subject to disciplinary action, up to and including termination of employment.

![](tm262170d1_ex99-bxpx24img2.jpg)

Global Credit Advisers, LLC ("GCA") is committed to maintaining a workplace free from sexual harassment. Sexual harassment is a form of workplace discrimination. GCA Employees are required to work in a manner that prevents sexual harassment in the workplace. This Policy is one component of GCA's commitment to a discrimination-free work environment. Sexual harassment is against the law<sup>1</sup> and all GCA Employees have a legal right to a workplace free from sexual harassment and GCA Employees are urged to report sexual harassment by filing a complaint internally with Timothy Finn, Chief Compliance Officer ("CCO"). GCA Employees can also file a complaint with a government agency or in court under federal, state or local antidiscrimination laws.

**<u>Policy:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. GCA's policy applies to all employees, applicants for employment, interns, whether paid or unpaid,
contractors and persons conducting business, regardless of immigration status, with GCA. In the remainder of this document, the term "employees"
refers to this collective group.

<sup>1</sup> While this policy specifically addresses sexual harassment, harassment because of and discrimination against persons of all protected classes is prohibited. In New York State, such classes include age, race, creed, color, national origin, sexual orientation, military status, sex, disability, marital status, domestic violence victim status, gender identity and criminal history.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Sexual harassment will not be tolerated**. Any employee or individual covered by this policy who
engages in sexual harassment or retaliation will be subject to remedial and/or disciplinary action, e.g. counseling, suspension, termination.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Retaliation Prohibition**: No person covered by this policy shall be subject to adverse action because
the employee reports an incident of sexual harassment, provides information, or otherwise assists in any investigation of a sexual harassment
complaint. GCA will not tolerate such retaliation against anyone who, in good faith, reports or provides information about suspected sexual
harassment. Any employee of GCA who retaliates against anyone involved in a sexual harassment investigation will be subjected to disciplinary
action, up to and including termination. All employees, paid or unpaid interns, or non-employees<sup>2</sup> working in the workplace
who believe they have been subject to such retaliation should inform the CCO. All employees, paid or unpaid interns or non-employees who
believe they have been a target of such retaliation may also seek relief in other available forums, as explained below in the section
below on Legal Protections.

&nbsp;&nbsp;&nbsp;&nbsp;4. Sexual harassment is offensive, is a violation of GCA's policies, is unlawful, and may subject GCA
to liability for harm to targets of sexual harassment. Harassers may also be individually subject to liability. Employees of every level
who engage in sexual harassment, including managers and supervisors who engage in sexual harassment or who allow such behavior to continue,
will be penalized for such misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;5. GCA will conduct a prompt and thorough investigation that ensures due process for all parties, whenever
management receives a complaint about sexual harassment, or otherwise knows of possible sexual harassment occurring. GCA will keep the
investigation confidential to the extent possible. Effective corrective action will be taken whenever sexual harassment is found to have
occurred. All employees are required to cooperate with any internal investigation of sexual harassment.

&nbsp;&nbsp;&nbsp;&nbsp;6. All employees are encouraged to report any harassment or behaviors that violate this policy. The CCO can
provide employees a complaint form to report harassment and file complaints.

&nbsp;&nbsp;&nbsp;&nbsp;7. Managers and supervisors are **required** to report any complaint that they receive, or any harassment
that they observe or become aware of, to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;8. This policy applies to all employees, paid or unpaid interns, and non-employees and all must follow and
uphold this policy. This policy must be provided to all employees.

<sup>2</sup> A non-employee is someone who is (or is employed by) a contractor, subcontractor, vendor, consultant, or anyone providing services in the workplace. Protected non-employees include persons commonly referred to as independent contractors, "gig" workers and temporary workers. Also included are persons providing equipment repair, cleaning services or any other services provided pursuant to a contract with the employer.

**<u>What Is "Sexual Harassment"?</u>**

Sexual harassment is a form of sex discrimination and is unlawful under federal, state, and (where applicable) local law. Sexual harassment includes harassment on the basis of sex, sexual orientation, self-identified or perceived sex, gender expression, gender identity and the status of being transgender.

Sexual harassment includes unwelcome conduct which is either of a sexual nature, or which is directed at an individual because of that individual's sex when:

&nbsp;&nbsp;&nbsp;&nbsp;· Such conduct has the purpose or effect of unreasonably
interfering with an individual's work performance or creating an intimidating, hostile or offensive work environment, even if the
reporting individual is not the intended target of the sexual harassment;

&nbsp;&nbsp;&nbsp;&nbsp;· Such conduct is made either explicitly or implicitly
a term or condition of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;· Submission to or rejection of such conduct is
used as the basis for employment decisions affecting an individual's employment.

A sexually harassing hostile work environment includes, but is not limited to, words, signs, jokes, pranks, intimidation or physical violence which are of a sexual nature, or which are directed at an individual because of that individual's sex. Sexual harassment also consists of any unwanted verbal or physical advances, sexually explicit derogatory statements or sexually discriminatory remarks made by someone which are offensive or objectionable to the recipient, which cause the recipient discomfort or humiliation, which interfere with the recipient's job performance.

Sexual harassment also occurs when a person in authority tries to trade job benefits for sexual favors. This can include hiring, promotion, continued employment or any other terms, conditions or privileges of employment. This is also called "quid pro quo" harassment.

Any employee who feels harassed should report the incident(s) promptly so that any violation of this policy can be corrected promptly. Any harassing conduct, including a single incident, can be addressed under this policy.

<u>Examples of sexual harassment</u>

The following describes some of the types of acts that may be unlawful sexual harassment and that are strictly prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;· Physical acts of a sexual nature, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Touching, pinching, patting, kissing, hugging, grabbing, brushing against another employee's body
or poking another employee's body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rape, sexual battery, molestation or attempts to commit these assaults.

&nbsp;&nbsp;&nbsp;&nbsp;· Unwanted sexual advances or propositions, such
as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Requests for sexual favors accompanied by implied or overt threats concerning the target's job performance
evaluation, a promotion or other job benefits or detriments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Subtle or obvious pressure for unwelcome sexual activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Sexually oriented gestures, noises, remarks or
jokes, or comments about a person's sexuality or sexual experience, which create a hostile work environment.

&nbsp;&nbsp;&nbsp;&nbsp;· Sex stereotyping occurs when conduct or personality
traits are considered inappropriate simply because they may not conform to other people's ideas or perceptions about how individuals
of a particular sex should act or look.

&nbsp;&nbsp;&nbsp;&nbsp;· Sexual or discriminatory displays or publications
anywhere in the workplace, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Displaying pictures, posters, calendars, graffiti, objects, promotional material, reading materials or
other materials that are sexually demeaning or pornographic. This includes such sexual displays on workplace computers or cell phones
and sharing such displays while in the workplace.

&nbsp;&nbsp;&nbsp;&nbsp;· Hostile actions taken against an individual because
of that individual's sex, sexual orientation, gender identity and the status of being transgender, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Interfering with, destroying or damaging a person's workstation, tools or equipment, or otherwise
interfering with the individual's ability to perform the job;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sabotaging an individual's work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bullying, yelling, name-calling.

**<u>Who can be a target of sexual harassment?</u>**

Sexual harassment can occur between any individuals, regardless of their sex or gender. New York Law protects employees, paid or unpaid interns, and non-employees, including independent contractors, and those employed by companies contracting to provide services in the workplace. Harassers can be a superior, a subordinate, a coworker or anyone in the workplace including an independent contractor, contract worker, vendor, client, customer or visitor.

**Where can sexual harassment occur?**

Unlawful sexual harassment is not limited to the physical workplace itself. It can occur while employees are traveling for business or at employer sponsored events or parties. Calls, texts, emails, and social media usage by employees can constitute unlawful workplace harassment, even if they occur away from the workplace premises, on personal devices or during non-work hours.

**Retaliation**

Unlawful retaliation can be any action that could discourage a worker from coming forward to make or support a sexual harassment claim. Adverse action need not be job-related or occur in the workplace to constitute unlawful retaliation (e.g., threats of physical violence outside of work hours).

Such retaliation is unlawful under federal, state, and (where applicable) local law. The New York State Human Rights Law protects any individual who has engaged in "protected activity." Protected activity occurs when a person has:

&nbsp;&nbsp;&nbsp;&nbsp;· made a complaint of sexual harassment, either
internally or with any anti-discrimination agency;

&nbsp;&nbsp;&nbsp;&nbsp;· testified or assisted in a proceeding involving
sexual harassment under the Human Rights Law or other anti-discrimination law;

&nbsp;&nbsp;&nbsp;&nbsp;· opposed sexual harassment by making a verbal
or informal complaint to management, or by simply informing a supervisor or manager of harassment;

&nbsp;&nbsp;&nbsp;&nbsp;· reported that another employee has been sexually
harassed; or

&nbsp;&nbsp;&nbsp;&nbsp;· encouraged a fellow employee to report harassment.

Even if the alleged harassment does not turn out to rise to the level of a violation of law, the individual is protected from retaliation if the person had a good faith belief that the practices were unlawful. However, the retaliation provision is not intended to protect persons making intentionally false charges of harassment.

**<u>Reporting Sexual Harassment</u>**

**Preventing sexual harassment is everyone's responsibility.** GCA cannot prevent or remedy sexual harassment unless it knows about it. Any employee, paid or unpaid intern or non-employee who has been subjected to behavior that may constitute sexual harassment is encouraged to report such behavior to the CCO. Anyone who witnesses or becomes aware of potential instances of sexual harassment should report such behavior to a supervisor, manager or the CCO.

Reports of sexual harassment may be made verbally or in writing. A form for submission of a written complaint is attached to this Policy, and all employees are encouraged to use this complaint form. Employees who are reporting sexual harassment on behalf of other employees should use the complaint form and note that it is on another employee's behalf.

Employees, paid or unpaid interns or non-employees who believe they have been a target of sexual harassment may also seek assistance in other available forums, as explained below in the section on Legal Protections.

**<u>Supervisory Responsibilities</u>**

All supervisors and managers who receive a complaint or information about suspected sexual harassment, observe what may be sexually harassing behavior or for any reason suspect that sexual harassment is occurring, **are required** to report such suspected sexual harassment to the CCO.

In addition to being subject to discipline if they engaged in sexually harassing conduct themselves, supervisors and managers will be subject to discipline for failing to report suspected sexual harassment or otherwise knowingly allowing sexual harassment to continue.

Supervisors and managers will also be subject to discipline for engaging in any retaliation.

**<u>Complaint and Investigation of Sexual Harassment</u>**

***All*** complaints or information about sexual harassment will be investigated, whether that information was reported in verbal or written form. Investigations will be conducted in a timely manner and will be confidential to the extent possible.

An investigation of any complaint, information or knowledge of suspected sexual harassment will be prompt and thorough, commenced immediately and completed as soon as possible. The investigation will be kept confidential to the extent possible. All persons involved, including complainants, witnesses and alleged harassers will be accorded due process, as outlined below, to protect their rights to a fair and impartial investigation.

Any employee may be required to cooperate as needed in an investigation of suspected sexual harassment. GCA will not tolerate retaliation against employees who file complaints, support another's complaint or participate in an investigation regarding a violation of this policy.

While the process may vary from case to case, investigations should be done in accordance with the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;· Upon receipt of a complaint, the CCO will conduct
an immediate review of the allegations, and take any interim actions (e.g., instructing the respondent (alleged harasser) to refrain from
communications with the complainant), as appropriate. If complaint is verbal, encourage the individual to complete the "Complaint
Form" (attached to this policy) in writing. If he or she refuses to prepare a Compliant Form, the CCO will prepare a Complaint Form based
on the verbal reporting.

&nbsp;&nbsp;&nbsp;&nbsp;· If documents, emails or phone records are relevant
to the investigation, the CCO will take steps to obtain and preserve them.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will request and review all relevant
documents, including all electronic communications.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will interview all parties involved,
including any relevant witnesses.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will create a written documentation of
the investigation (such as a letter, memo or email), which contains the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A list of all documents reviewed, along with a detailed summary of relevant documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A list of names of those interviewed, along with a detailed summary of their statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A timeline of events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A summary of prior relevant incidents, reported or unreported; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The basis for the decision and final resolution of the complaint, together with any corrective action(s).

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will keep the written documentation and
associated documents in a secure and confidential location.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will promptly notify the individual who
reported the complaint and the individual(s) about whom the complaint was made of the final determination and implement any corrective
actions identified in the written document.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO will inform the individual who reported
the complaint of the right to file a complaint or charges externally as outlined in the next section.

**<u>Legal Protections and External Remedies</u>**

Sexual harassment is not only prohibited by GCA but is also prohibited by state, federal, and, where applicable, local law.

Aside from the internal process at GCA, employees may also choose to pursue legal remedies with the below governmental entities. While a private attorney is not required to file a complaint with a governmental agency, employees may seek the legal advice of an attorney.

In addition to those outlined below, employees in certain industries may have additional legal protections.

**<u>State Human Rights Law (HRL)</u>**

The Human Rights Law ("HRL"), codified as N.Y. Executive Law, art. 15, § 290 et seq., applies to all employers in New York State with regard to sexual harassment, and protects employees, paid or unpaid interns and non-employees, regardless of immigration status. A complaint alleging violation of the Human Rights Law may be filed either with the Division of Human Rights ("DHR") or in New York State Supreme Court.

Complaints with DHR may be filed any time **within one year** of the harassment. If an individual did not file at DHR, they can sue directly in state court under the HRL, **within three years** of the alleged sexual harassment. An individual may not file with DHR if they have already filed a HRL complaint in state court.

Complaining internally to GCA does not extend an employee's time to file with DHR or in court. The one year or three years is counted from date of the most recent incident of harassment.

Employees do not need an attorney to file a complaint with DHR, and there is no cost to file with DHR.

DHR will investigate the employee's complaint and determine whether there is probable cause to believe that sexual harassment has occurred. Probable cause cases are forwarded to a public hearing before an administrative law judge. If sexual harassment is found after a hearing, DHR has the power to award relief, which varies but may include requiring GCA to take action to stop the harassment, or redress the damage caused, including paying of monetary damages, attorney's fees and civil fines.

DHR's main office contact information is: NYS Division of Human Rights, One Fordham Plaza, Fourth Floor, Bronx, New York 10458. You may call (718) 741-8400 or visit: www.dhr.ny.gov.

Contact DHR at (888) 392-3644 or visit dhr.ny.gov/complaint for more information about filing a complaint. The website has a complaint form that can be downloaded, filled out, notarized and mailed to DHR. The website also contains contact information for DHR's regional offices across New York State.

**<u>Civil Rights Act of 1964</u>**

The United States Equal Employment Opportunity Commission ("EEOC") enforces federal anti-discrimination laws, including Title VII of the 1964 federal Civil Rights Act (codified as 42 U.S.C. § 2000e et seq.). An employee can file a complaint with the EEOC anytime within 300 days from the harassment. There is no cost to file a complaint with the EEOC. The EEOC will investigate the complaint and determine whether there is reasonable cause to believe that discrimination has occurred, at which point the EEOC will issue a Right to Sue letter permitting the individual to file a complaint in federal court.

The EEOC does not hold hearings or award relief, but may take other action including pursuing cases in federal court on behalf of complaining parties. Federal courts may award remedies if discrimination is found to have occurred. In general, private employers must have at least 15 employees to come within the jurisdiction of the EEOC.

An employee alleging discrimination at work can file a "Charge of Discrimination." The EEOC has district, area, and field offices where complaints can be filed. Contact the EEOC by calling 1-800-669-4000 (TTY: 1-800-669-6820), visiting their website at www.eeoc.gov or via email at info@eeoc.gov.

If an individual filed an administrative complaint with DHR, DHR will file the complaint with the EEOC to preserve the right to proceed in federal court.

**<u>Local Protections</u>**

Many localities enforce laws protecting individuals from sexual harassment and discrimination. An employee should contact the county, city or town in which they live to find out if such a law exists. For example, employees who work in New York City may file complaints of sexual harassment with the New York City Commission on Human Rights. Contact their main office at Law Enforcement Bureau of the NYC Commission on Human Rights, 40 Rector Street, 10th Floor, New York, New York; call 311 or (212) 306-7450; or visit www.nyc.gov/html/cchr/html/home/home.shtml.

**<u>Contact the Local Police Department</u>**

If the harassment involves unwanted physical touching, coerced physical confinement or coerced sex acts, the conduct may constitute a crime. Contact the local police department.

***GLOBAL CREDIT ADVISERS, LLC<br> SEXUAL HARASSMENT COMPLAINT FORM***

New York State Labor Law requires all employers to adopt a sexual harassment prevention policy that includes a complaint form to report alleged incidents of sexual harassment. Global Credit Advisers, LLC's ("GCA") policy can be found in your Compliance Manual if you are a GCA employee.

If you believe that you have been subjected to sexual harassment, you are encouraged to complete this form and submit it to: (i) Timothy Finn (tfinn@globalcreditadvisers.com; 212-949-1623; GCA, 100 Park Avenue, 35th Floor, NY, NY 10017); or (ii) your supervisor. GCA will not retaliate against you for filing a complaint.

If you are more comfortable reporting in another manner (such as verbally), Timothy Finn or your supervisor should complete this form, provide you with a copy and then GCA will follow its sexual harassment prevention policy by investigating the claims as outlined at the end of this form.

**For additional resources, visit:** ny.gov/programs/combating-sexual-harassment-workplace

**YOUR INFORMATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name: |  |  |  |  |  |
| Work Address: | Work Address: | Work Address: | Work Phone: |  |  |
| Job Title: | Job Title: | Job Title: | Email: | Email: | Email: |
| Preferred way to communicate with Timothy Finn or other investigators in this matter: | Preferred way to communicate with Timothy Finn or other investigators in this matter: | Preferred way to communicate with Timothy Finn or other investigators in this matter: | Preferred way to communicate with Timothy Finn or other investigators in this matter: | Preferred way to communicate with Timothy Finn or other investigators in this matter: | Preferred way to communicate with Timothy Finn or other investigators in this matter: |
| ◻ Email ◻ Telephone ◻ In person | ◻ Email ◻ Telephone ◻ In person |  |  |  |  |
| **SUPERVISORY INFORMATION:** | **SUPERVISORY INFORMATION:** |  |  |  |  |
| Supervisor's Name: | Supervisor's Name: | Supervisor's Name: | Supervisor's Name: | Supervisor's Name: | Supervisor's Name: |
| Title: | Title: |  |  |  |  |
| Work Phone: | Work Phone: | Work Address: | Work Address: | Work Address: | Work Address: |
| Email: | Email: |  |  |  |  |
| **COMPLAINT INFORMATION:** | **COMPLAINT INFORMATION:** |  |  |  |  |
| 1. | Your complaint of Sexual Harassment is made about: | Your complaint of Sexual Harassment is made about: | Your complaint of Sexual Harassment is made about: | Your complaint of Sexual Harassment is made about: | Your complaint of Sexual Harassment is made about: |
|  | Name: | Title: | Title: | Title: | Title: |
|  | Work Address: | Work Phone: | Work Phone: | Work Phone: | Work Phone: |
|  | ◻Supervisor | ◻Subordinate | ◻Subordinate | ◻Co-Worker | ◻Other |
| 2. | Please describe what happened and how it is affecting you and your work. Please use additional sheets of paper if necessary and attach any relevant documents or evidence. | Please describe what happened and how it is affecting you and your work. Please use additional sheets of paper if necessary and attach any relevant documents or evidence. | Please describe what happened and how it is affecting you and your work. Please use additional sheets of paper if necessary and attach any relevant documents or evidence. | Please describe what happened and how it is affecting you and your work. Please use additional sheets of paper if necessary and attach any relevant documents or evidence. | Please describe what happened and how it is affecting you and your work. Please use additional sheets of paper if necessary and attach any relevant documents or evidence. |

---

---

| | | |
|:---|:---|:---|
| 3. | Date(s) sexual harassment occurred: |  |
|  | Is the sexual harassment continuing? | ◻ Yes ◻ No |
| 4. | Please list the name and contact information of any witnesses or individuals who may have information related to your complaint: | Please list the name and contact information of any witnesses or individuals who may have information related to your complaint: |
| *This last question (#5) is optional but may help with the investigation of your complaint.* | *This last question (#5) is optional but may help with the investigation of your complaint.* | *This last question (#5) is optional but may help with the investigation of your complaint.* |
| 5. | Have you previously complained or provided information (verbal or written) about related incidents? If yes, when and to whom did you complain or provide information? | Have you previously complained or provided information (verbal or written) about related incidents? If yes, when and to whom did you complain or provide information? |
| If you have retained legal counsel and would like us to communicate/work with them, please provide their contact information below. | If you have retained legal counsel and would like us to communicate/work with them, please provide their contact information below. | If you have retained legal counsel and would like us to communicate/work with them, please provide their contact information below. |
|  | Name: | Name: |
|  | Firm: | Firm: |
|  | Address: | Address: |
|  | Telephone: |  |
|  | Email: | Email: |

---

*Employee Signature:*   *Date:*   <br>

**Instructions for Employers**

If you receive a complaint about alleged sexual harassment, follow your sexual harassment prevention policy.

An investigation involves:

· Speaking with the employee

· Speaking with the alleged harasser

· Interviewing witnesses

· Collecting and reviewing any related documents

While the process may vary from case to case, all allegations should be investigated promptly and resolved as quickly as possible. The investigation should be kept confidential to the extent possible.

Document the findings of the investigation and basis for your decision along with any corrective actions taken and notify the employee and the individual(s) against whom the complaint was made. This may be done via email.

**Exhibit D — Safe and Sick Leave Policy**

**New York City Notice of Employee Rights: Safe and Sick Leave**

Notice of Employee Rights: Safe and Sick Leave

If you work part time or full time at any size business or nonprofit in NYC or if you work in an NYC household as a domestic worker, you have the right to safe and sick leave to care for yourself or anyone you consider family. You have this right regardless of your immigration status. Your employer must give you this notice explaining your rights.

&nbsp;&nbsp;&nbsp;&nbsp;· Amount of Safe and Sick Leave: All employers
must provide up to 40 hours of safe and sick leave each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;· Beginning January 1, 2021: Employers with
100 or more employees must provide up to 56 hours of safe and sick leave each calendar year. Your employer's calendar year is: January 1<sup>st</sup>
to December 31st. You earn safe and sick leave at a rate of 1 hour for every 30 hours worked.

&nbsp;&nbsp;&nbsp;&nbsp;· You have a right to PAID safe and sick leave
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Your employer has 5 or more employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Your employer has fewer than 5 employees but a net income of $1 million or more. (effective January 1,
2021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You work in someone's home as a domestic worker; for example, babysitter, housekeeper, or companionship
worker. Note: The law covers 1 or more domestic workers working in a household.

&nbsp;&nbsp;&nbsp;&nbsp;· You have a right to UNPAID safe and sick leave
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Your employer has fewer than 5 employees and a net income of less than $1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You can carry over unused safe and sick leave to the next calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Safe and Sick Leave:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Use it for your health, including to get medical care or to recover from illness or injury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Use it to care for a family member who is sick or has a medical appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Use it when your job or your child's school closes due to a public health emergency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Use it for your safety or for a family member's safety because of domestic violence, unwanted sexual
contact, stalking, or human trafficking.

&nbsp;&nbsp;&nbsp;&nbsp;· Your employer can require you to give advance
notice of a planned use of safe and sick leave; for example, to attend a scheduled doctor's appointment or court hearing. You do
not have to give advance notice of an unexpected use of safe and sick leave; for example, a sudden illness or medical emergency.

&nbsp;&nbsp;&nbsp;&nbsp;· You have a right to privacy. You do not have
to give your employer details about why you used safe or sick leave. If you use more than three workdays in a row of safe and sick leave,
your employer can require documentation.

&nbsp;&nbsp;&nbsp;&nbsp;· Your employer must reimburse you for any fees
you pay for required documentation. Documentation should not include the details of your private medical or personal situation.

&nbsp;&nbsp;&nbsp;&nbsp;· Required Written Disclosures about Safe and Sick
Leave:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Your employer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Give you a written safe and sick leave policy
that explains how to use your benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Tell you how much safe and sick leave you have
used and have left each pay period.

&nbsp;&nbsp;&nbsp;&nbsp;· No Retaliation: It is illegal to punish or fire
employees for requesting or using safe and sick leave or for reporting violations. Contact Consumer and Worker Protection to learn more
or to file a complaint. Visit nyc.gov/workers Call 311 and ask for "Paid Safe and Sick Leave" You can also make an ANONYMOUS
tip.

THIS PAGE IS INTENTIONALLY LEFT BLANK

## Ex-99.B(P)(25)

**Exhibit 99.B(p)(25)**

POLICY ON GSAM CODE OF ETHICS

*Applicability: All GSAM; Additional details found on the <u>Document Landing Page</u>*

**Table of Contents**

**A.** **Scope and Summary** **2** 

**B.** **Governance and Oversight** **7** 

**C.** **Policy Requirements** **8** 

**D.** **Roles and Responsibilities** **13** 

**E.** **Exceptions** **13** 

**F.** **Reporting and Escalations** **14** 

**G.** **Implementation Plan** **16** 

Publication Date: July 03, 2025 *For Internal Use Only* Page 1 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Scope and Summary** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated.

Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Framework Linkages** 

This Policy has linkages to the following Framework(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ FIRMWIDE
 FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS

Publication Date: July 03, 2025 *For Internal Use Only* Page 2 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ FIRMWIDE
 FRAMEWORK FOR MARKET CONDUCT RISK MANAGEMENT FOR COVERED BUSINESSES AND ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Policy Linkages** 

This Policy has linkages to the following Tier I Policy(ies):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Firmwide Policy on Market Conduct Risk</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Regulatory Linkages** 

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative.

Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To
 employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To
 make any untrue statement of a material fact to such Investment Company or omit to state
 a material fact necessary in order to make the statements made to such Investment Company,
 in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To
 engage in any act, practice, or course of business that operates or would operate as a fraud
 or deceit upon any such Investment Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To
 engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To
 employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To
 engage in any transaction, practice or course of business which operates as a fraud or deceit
 upon any client or prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To
 engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

This Policy is governed by LRR's within multiple jurisdictions. Furthermore, the Firm may deem any other LRRs subject to this policy on a case-by-case basis.

Publication Date: July 03, 2025 *For Internal Use Only* Page 3 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

This Policy has linkages to the following key Market Conduct Risk (MCR) Laws, Rules, and Regulations (LRR) obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Rule 17J-1
 of the Investment Company Act – <u>17 C.F.R. § 270.17J-1</u> – Personal
 investment activities of investment company personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Section 204A-1
 of the Investment Advisers Act – <u>17 C.F.R. § 204A-1</u> – Investment
 adviser codes of ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Section 206
 of the Investment Advisers Act – <u>15 U.S.C. § 80b–6</u> – Prohibited
 transactions by investment advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Risk Taxonomy Linkages** 

Applicable risks for this document include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 2 (L2) Risk: Inappropriate Sales or Advisory Practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 3 (L3) Risk: Fiduciary Responsibility Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 4 (L4) Risk: Failure to Exercise Fiduciary Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 2 (L2) Risk:Conflicts of Interest Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 3 (L3) Risk: Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 4 (L4): Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 3 (L3) Risk: Personal Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 4 (L4): Unauthorized Personal Outside Business Activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Level
 4 (L4): Unauthorized Personal Investments or Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Access
 Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.")
 and Goldman Sachs International ("GSI") the principal underwriters of any Investment
 Company (as defined below), means any director, officer or general partner who, in the ordinary
 course of business, makes, participates in or obtains information regarding the purchase
 or sale of Covered Securities by any Investment Company or whose functions or duties in the
 ordinary course of business relate to the making of any recommendation to the Investment
 Company regarding the purchase or sale of Covered Securities.

"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a control relationship to GSAM) who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a Covered Security by an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company.

Publication Date: July 03, 2025 *For Internal Use Only* Page 4 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Adviser"
 means each GSAM related entity so long as it serves as investment adviser, sub-adviser, or
 principal underwriter to any Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Automatic
 Investment Plan" means a program in which regular periodic purchases or withdrawals
 are made automatically in (or from) investment accounts in accordance with a predetermined
 schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "Beneficial
 Ownership" of a security shall be interpreted in the same manner as it would be under
 Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the
 "Securities Exchange Act"), in determining whether a person is the beneficial
 owner of a security for purposes of Section 16 of the Exchange Act and the rules and
 regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "Board
 of Trustees" means the board of trustees, directors or managers, including a majority
 of the disinterested trustees/directors/managers, of any Investment Company for which an
 Adviser serves as an investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "Control"
 shall have the same meaning as that set forth in Section 2(a)(9) of the Investment
 Company Act of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally
 provides that "control" means the power to exercise a controlling influence over
 the management or policies of a company, unless such power is solely the result of an official
 position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "Covered
 Security" means a security as defined in Section 202(a)(18) of the Investment
 Advisers Act of 1940, as amended (the "Investment Advisers Act") or Section 2(a)(36)
 of the Investment Company Act, and open-end ETF shares and UIT ETF shares, except that it
 does not include: (1) direct obligations of the Government of the United States; (2) banker's
 acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
 instruments (any instrument having a maturity at issuance of less than 366 days and that
 is in one of the two highest rating categories of a nationally recognized statistical rating
 organization), including repurchase agreements; (3) shares issued by money market funds
 registered under the Investment Company Act; (4) shares issued by open-end investment
 companies registered under the Investment Company Act other than Reportable Funds; and (5) shares
 issued by unit investment trusts that are invested exclusively in one or more open-end investment
 companies registered under the Investment Company Act, none of which are Reportable Funds
 (6) qualified tuition programs established pursuant to Section 529 of the Internal
 Revenue Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529
 plans and college savings 529 plans.

Publication Date: July 03, 2025 *For Internal Use Only* Page 5 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. "Exchange-traded
 fund (ETF)" means an investment company registered under the Investment Company Act
 as a unit investment trust ("UIT ETF") or as an open-end investment company ("open-end
 ETF") that is comprised of a basket of securities to replicate a securities index or
 subset of securities underlying an index. ETFs are traded on securities exchanges and in
 the over-the-counter markets intra-day at negotiated prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Federal
 Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the
 Sarbanes-Oxley Act of 2002, the Investment Company Act, the Investment Advisers Act, Title
 V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission
 (the "Commission") under any of these statutes, the Bank Secrecy Act as it applies
 to investment companies and investment advisers, and any rules adopted thereunder by
 the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. "Initial
 Public Offering" means an offering of securities registered under the Securities 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 Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. "Investment
 Company" means a company registered as such under the Investment Company Act, or any
 series thereof, for which the Adviser is the investment adviser, sub- adviser or principal
 underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. "Investment
 Personnel" of the Adviser means (i) any employee of the Adviser (or of any company
 in a control relationship to the Adviser) who, in connection with his or her regular functions
 or duties, makes or participates in making recommendations regarding the purchase or sale
 of securities by an Investment Company or (ii) any natural person who controls the Adviser
 and who obtains information concerning recommendations made to an Investment Company regarding
 the purchase or sale of securities by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. A
 "Limited Offering" means an offering that is exempt from registration under the
 Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant
 to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. "Purchase
 or sale of Covered Security" includes, among other things, the writing of an option
 to purchase or sell a Covered Security or any security that is exchangeable for or convertible
 into another Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. "Reportable
 Fund" means any investment company registered under the Investment Company Act for
 which the Adviser serves as an investment adviser as defined in Section 2(a)(20) of
 the Investment Company Act or any investment company registered under the Investment Company
 Act whose investment adviser or principal underwriter controls the Adviser, is controlled
 by the Adviser or is under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. "Review
 Officer" means the officer of the Adviser designated from time to time by the Adviser
 to receive and review reports of purchases and sales by Access Persons. The term "Alternative
 Review Officer" means the officer of the Adviser designated from time to time by the
 Adviser to receive and review reports of purchases and sales by the Review Officer, and who
 shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized
 that a different Review Officer and Alternative Review Officer may be designated with respect
 to each Adviser.

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. "Supervised
 Person" means any partner, officer, director (or other person occupying a similar status
 or performing similar functions), or employee of GSAM or other person who provides investment
 advice on behalf of GSAM and is subject to the supervision and control of GSAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. A
 security is "being considered for purchase or sale" when a recommendation to
 purchase or sell a security has been made and communicated and, with respect to the person
 making the recommendation, when such person seriously considers making such a recommendation.
 With respect to an analyst of the Adviser, the foregoing period shall commence on the day
 that he or she decides to recommend the purchase or sale of the security to the Adviser for
 an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. A
 security is "held or to be acquired" if within the most recent 15 days it (1) is
 or has been held by the Investment Company, or (2) is being or has been considered by
 the Adviser for purchase by the Investment Company, and (3) includes any option to purchase
 or sell and any security convertible into or exchangeable for a security described in (1) or
 (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Governance and Oversight** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

The Policy on GSAM Code of Ethics is a Tier II policy as defined in the <u>Firmwide Policy on Frameworks, Policies, Standards, Procedures and Annexes</u> and a Market Conduct Risk Document as defined in the <u>Standard for Market Conduct Risk Documents and Controls Related to Designated Market Activities</u>. As such, this document is required to be reviewed at least annually by Asset Management Compliance.

Asset Management Compliance is responsible for approving this Policy. The Asset Management Compliance team owns the Policy and is responsible for maintaining and overseeing the Policy, reviewing conformance with the Policy requirements, and providing guidance to divisions on consistency of the associated divisional Standards / Procedures created in support of this Policy.

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Policy Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **PROHIBITED PURCHASES AND SALES** 

1a. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No
 Access Person shall purchase or sell, directly or indirectly, any Covered Security in which
 he or she has, or by reason of such transaction acquires, any direct or indirect beneficial
 ownership and which to his or her actual knowledge at the time of such purchase or sale the
 Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ is
 being considered for purchase or sale by an Investment Company or other investment advisory
 clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ is
 being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. No
 Access Person shall enter an order for the purchase or sale of a Covered Security which an
 Investment Company or other investment advisory clients is purchasing or selling or considering
 for purchase or sale until the later of (i) the day after the Investment Company's
 or other investment advisory clients' transaction in that Covered Security is completed
 or (ii) such time as the Investment Company or other investment advisory clients is
 no longer considering the security for purchase or sale, unless the Review Officer determines
 that it is clear that, in view of the nature of the Covered Security and the market for such
 Covered Security, the order of the Access Person will not adversely affect the price paid
 or received by the Investment Company or other investment advisory clients. Any securities
 transactions by an Access Person in violation of this Subsection 2 must be unwound, if possible,
 and the profits, if any, will be subject to disgorgement based on the assessment of the appropriate
 remedy as determined by the Adviser.

The preceding restrictions of this Section C-1 are not applicable to particular Access Persons with respect to transactions by Investment Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's XIG group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section C-1 with respect to those particular client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. No
 Access Person shall, in the absence of prior approval by the Review Officer, sell certain
 Covered Securities that were purchased, or purchase certain Covered Securities that were
 sold, within the prior 30 calendar days (measured on a last-in first- out basis).

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1b. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No
 Access Person shall reveal to any other person (except in the normal course of his or her
 duties on behalf of an Investment Company or other investment advisory clients) any information
 regarding securities transactions by an Investment Company or other investment advisory clients
 or consideration by an Investment Company or other investment advisory clients or the Adviser
 of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Access
 Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior
 approval before directly or indirectly acquiring beneficial ownership in any securities in
 an Initial Public Offering or in a Limited Offering. In addition, Access Persons must comply
 with any additional restrictions or prohibitions that may be adopted by the Adviser from
 time to time.

1c. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No
 Investment Personnel shall serve on the board of directors of any publicly traded company,
 absent prior written authorization and determination by the Review Officer that the board
 service would be consistent with the interests of the Investment Companies and their shareholders
 or other investment advisory clients. Such interested Investment Personnel may not participate
 in the decision for any Investment Company or other investment advisory clients to purchase
 and sell securities of such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BROKERAGE ACCOUNTS** 

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section E applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PRECLEARANCE PROCEDURE** 

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

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POLICY ON GSAM CODE OF ETHICS

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ANNUAL CERTIFICATION OF COMPLIANCE** 

Each Supervised Person shall certify to the Review Officer annually that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **CONFIDENTIALITY** 

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **REVIEW OF REPORTS** 

6a. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections F-4 and F-5, respectively, of this Code of Ethics. In connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

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POLICY ON GSAM CODE OF ETHICS

6b. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A
 report which describes any issues arising under this Code or any related procedures adopted
 by the Adviser including without limitation information about material violations of the
 Code and sanctions imposed in response to material violations. An Alternative Review Officer
 shall prepare reports with respect to compliance by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A
 report identifying any recommended changes to existing restrictions or procedures based upon
 the Adviser's experience under this Code, evolving industry practices and developments
 in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A
 report certifying to the Board of Trustees that the Adviser has adopted procedures that are
 reasonably necessary to prevent Access Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SANCTIONS** 

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INTERPRETATION OF PROVISIONS** 

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS** 

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments. All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **RECORDS** 

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A
 copy of this Code and any other code which is, or at any time within the past five years
 has been, in effect shall be preserved for a period of not less than five years in an easily
 accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A
 record of any violation of this Code and of any action taken as a result of such violation
 shall be preserved in an easily accessible place for a period of not less than five years
 following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A
 copy of each initial holdings report, annual holdings report and quarterly transaction report
 made by an Access Person pursuant to this Code (including any brokerage confirmation or account
 statements provided in lieu of the reports) shall be preserved for a period of not less than
 five years from the end of the fiscal year in which it is made, the first two years in an
 easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. A
 record of the names of all persons who are, or within the past five years have been, required
 to make initial holdings, annual holdings or quarterly transaction reports pursuant to this
 Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. A
 record of all written acknowledgements for each person who is currently, or within the past
 five years was, required to acknowledge their receipt of this Code and any amendments thereto.
 All acknowledgements for a person must be kept for the period such person is a Supervised
 Person of the Adviser and until five years after the person ceases to be a Supervised Person
 of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. A
 record of the names of all persons, currently or within the past five years who are or were
 responsible for reviewing initial holdings, annual holdings or quarterly transaction reports
 shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. A
 record of any decision and the reason supporting the decision to approve the acquisition
 by Access Person of Initial Public Offerings and Limited Offerings shall be maintained for
 at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. A
 copy of each report required by Section C-3 of this Code shall be maintained for at
 least five years after the end of the fiscal year in which it was made, the first two years
 in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES** 

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Roles and Responsibilities** 

Asset Management Compliance is responsible for advising on the requirements contained in this Policy and ensuring the guidance herein is revised and updated, as appropriate. All relevant Asset Management personnel are responsible for complying with, and escalating issues relating to, this policy when engaging in relevant activities. Other groups at the firm, including, but not limited to, Asset Management Legal and other control-side personnel, may, in certain instances, be involved in helping to provide advice in connection with potential concerns related to the activities covered by this policy. The relevant Asset Management businesses that engage in activities to which this policy applies are responsible for managing the risks related to those activities, including implementing relevant controls, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Exceptions** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section C of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases
 or sales of securities effected for, or held in, any account over which the Access Person
 has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purchases
 or sales of securities which are not eligible for purchase or sale by an Investment Company
 or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Purchases
 or sales of securities which are non-volitional on the part of the Access Person, an Investment
 Company or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Purchases
 or sales of securities which are part of an Automatic Investment Plan provided that no adjustment
 is made by the Access Person to the rate at which securities are purchased or sold, as the
 case may be, under such a plan during any period in which the security is being considered
 for purchase or sale by an Investment Company or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Purchases
 of securities effected upon the exercise of rights issued by an issuer pro rata to all holders
 of a class of its securities, to the extent such rights were acquired from such issuer, and
 sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Tenders
 of securities pursuant to tender offers which are expressly conditioned on the tender offer's
 acquisition of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Purchases
 or sales of publicly-traded shares of companies that have a market capitalization in excess
 of $5 billion;

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Chief
 Investment Officer ("CIO") signature approved de minimis per day purchases or
 sales ($50,000 or less) of publicly traded shares of companies that have a 10-day average
 daily trading volume of at least $1 million, subject to the following additional parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ VIII(1).
 Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg
 (or similar service) screen with the minimum 10-day average daily trading volume information
 indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ VIII(2).
 No Access Person (together with related accounts) may own more than ½ of 1% of the
 outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ VIII(3).
 Multiple trades of up to $50,000 on different days are permitted so long as each day the
 trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ VIII(4).
 A security purchased pursuant to this exemption must be held for a minimum of 360 days prior
 to sale unless it appears on the Adviser's "$5 billion" Self Pre-Clearance
 Securities List or normal pre-clearance pursuant to Section VII of this Code is obtained,
 in which case the security must be held for at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Purchases
 or sales of securities with respect to which neither an Access Person, nor any member of
 his or her immediate family as defined in Rule 16a-1(c) under the Exchange Act,
 has any direct or indirect influence, control or prior knowledge, which purchases or sales
 are effected for, or held in, a "blind account." For this purpose, a "blind
 account" is an account over which an investment adviser exercises full investment discretion
 (subject to account guidelines) and does not consult with or seek the approval of the Access
 Person, or any member of his or her immediate family, with respect to such purchases and
 sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Other
 purchases or sales which, due to factors determined by the Adviser, only remotely potentially
 impact the interests of an Investment Company or other investment advisory clients because
 the securities transaction involves a small number of shares of an issuer with a large market
 capitalization and high average daily trading volume or would otherwise be very unlikely
 to affect a highly institutional market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Transactions
 within a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting and Escalations** 

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's Chief Compliance Officer and/or the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Every
 Access Person shall report to the Review Officer the information: (1) described in Section F-3
 of this Code with respect to transactions in any Covered Security in which such Access Person
 has, or by reason of such transaction acquires or disposes of, any direct or indirect beneficial
 ownership in the Covered Security, and (2) described in Sections F-4 or VIII-E of this
 Code with respect to securities holdings beneficially owned by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notwithstanding
 Section F-1 of this Code, an Access Person need not make a report to the extent the
 information in the report would duplicate information recorded pursuant to Rule 204-2(a)(13)
 under the Investment Advisers Act or if the report would duplicate information contained
 in broker trade confirmations or account statements so long as the Adviser receives confirmations
 or statements no later than 30 days after the end of the applicable calendar quarter. The
 quarterly transaction reports required under Section F-1 shall be deemed made with
respect to (1) any account where the Access Person has made provision for transmittal of all daily trading information regarding
the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser
or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports
required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must
be made under Section F-3 of this Code and furnished to the designated review officer of the relevant investment adviser.

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly
 Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have
 been made under Section F-2 of this Code, every quarterly transaction report shall be
 made not later than 30 days after the end of the calendar quarter in which the transaction
 to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ III(1).
 The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number,
 the interest rate and maturity date, class and the number of shares, and the principal amount
 of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ III(2).
 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;▪ III(3).
 The price of the Covered 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;▪ III(4).
 The name of the broker, dealer or bank with or through whom 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;▪ III(5).
 The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ III(6).
 With respect to any account established by an Access Person in which any securities were
 held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(a).
 The name of the broker, dealer or bank with whom the Access Person established the 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;o III(6)(b).
 The date the account was established; 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;o III(6)(c).
 The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access
 Person must submit a report containing the following information (which information must
 be current as of a date no more than 45 days prior to the date the person becomes an Access
 Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ IV(1).
 The title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares and principal amount of each Covered Security in which the Access Person
 had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ IV(2).
 The name of any broker, dealer or bank with which the Access Person maintained an account
 in which any securities (not just Covered Securities) were held for the direct or indirect
 benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ IV(3).
 The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following
 information (which information must be current as of a date no more than 45 days before the
 report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ V(1).
 The title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares and principal amount of each Covered Security in which the Access Person
 had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ V(2).
 The name of any broker, dealer or bank with whom the Access Person maintains an account in
 which any securities (not just Covered Securities) are held for the direct or indirect benefit
 of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ V(3).
 The date that the report is submitted by the Access Person.

Publication Date: July 03, 2025 *For Internal Use Only* Page 15 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. These
 reporting requirements shall apply whether or not one of the exemptions listed in Section E
 applies except that: (1) an Access Person shall not be required to make a report with
 respect to securities transactions effected for, and any Covered Securities held in, any
 account over which such Access Person does not have any direct or indirect influence or control;
 and (2) an Access Person need not make a quarterly transaction report with respect to
 the transactions effected pursuant to an Automatic Investment Plan or a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any
 such report may contain a statement that the report shall not be construed as an admission
 by the person making such report that (1) he or she has or had any direct or indirect
 beneficial ownership in the Covered Security to which the report relates (a "Subject
 Security") or (2) he or she knew or should have known that the Subject Security
 was being purchased or sold, or considered for purchase or sale, by an Investment Company
 or other investment advisory clients on the same day.

Anyone who believes that business has been conducted contrary to the policies and procedures set forth in this document should promptly contact their supervisor, Asset Management Compliance, and/or Asset Management Legal as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Implementation Plan** 

This Policy does not have an implementation plan.

Publication Date: July 03, 2025 *For Internal Use Only* Page 16 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

Related Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK</u> 

Publication Date: July 03, 2025 *For Internal Use Only* Page 17 of 18 <br>

POLICY ON GSAM CODE OF ETHICS

Revision History

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Version
 9.10, July 03, 2025 (Current version: Minor change(s)/no change(s), partial review;
 Other; Updated to comply with Policy on Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Version
 9.9, June 27, 2025 (Minor change(s)/no change(s), partial review; Other; Updated to
 comply with Policy on Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Version
 9.8, December 04, 2024 (Minor change(s)/no change(s), full review; Routine review cycle)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Version
 9.7, September 17, 2024 (Minor change(s)/no change(s), partial review; Other; FXCO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Version
 9.6, September 09, 2024 (Minor change(s)/no change(s), partial review; Other; Updated
 certain metadata changes.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Version
 9.5, September 26, 2023 (Minor change(s)/no change(s), full review; Routine review cycle;
 Minor edits for formatting; updates from AIMS to XIG; minor revisions for clarity in Section V(A)(3))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Version
 9.4, September 07, 2022 (Minor change(s)/no change(s), partial review; New or changed
 business products or processes; Updated to include the acquisition of NextCapital Advisers, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Version
 9.3, February 26, 2021 (Minor change(s)/no change(s), partial review; New or changed
 business products or processes; Removal of application to PWM ISG.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Version
 9.2, October 07, 2020 (Minor change(s)/no change(s), full review; Routine review cycle;
 Reviewed and approved without change.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Version
 9.1, November 26, 2019 (Minor change(s)/no change(s), partial review; Other; Migration
 to GS Docs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Version
 9.0, September 09, 2019 (Spelling error correction in title)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Version
 8.0, August 29, 2019 (Updated to reflect the name change of Standard & Poor's
 Investment Advisory Services to GSAM Strategies Portfolios, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Version
 7.0, August 20, 2019 (Updated to specify additional GSAM related entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Version
 6.0, February 15, 2019 (Revision)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Version
 5.0, January 17, 2018 (Typo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Version
 4.0, May 10, 2017 (Entity change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Version
 3.0, December 04, 2014 (Reviewed and reapproved w/o change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Version
 2.0, March 13, 2012 (Revision of policy to address the ALGO entity.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Version
 1.0, March 10, 2012 (New Document)

Publication Date: July 03, 2025 *For Internal Use Only* Page 18 of 18 <br>

## Ex-99.B(P)(26)

**Exhibit 99.B(p)(26)**

![](tm262170d1_ex99-bxpx26img1.jpg)

**Code of Ethics and Standards of Professional Conduct**

Hillsdale Investment Management Inc. ("Hillsdale") is a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager registered with the provincial securities commissions in Canada as well as an Investment Adviser registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940 ("Advisers Act"). Pursuant to Section 204A-1 of the Advisers Act and Canadian securities regulation, Hillsdale has adopted this Code of Ethics and Standards of Professional Conduct (the "Code").

Hillsdale strongly encourages the use of sound investment processes and best practices as well as the adherence to high ethical standards. **Hillsdale expects all of its officers, employees and consultants ("Staff") to behave ethically at all times (not solely in a work environment) and to seek counsel if they ever have questions or uncertainty about a certain behavior or course of action.** In addition, this Code exists to provide those defined as Access Persons below with guidance in the exercise of their responsibility for compliance with certain key regulations of the investment advisory industry.

In addition to the specific provisions of this document, **Hillsdale has chosen to have the *CFA Institutes' Code of Ethics and Standards of Professional Conduct* apply to all its Access Persons**, regardless of their status as a CFA charterholder. The *CFA Institute* is a global not-for-profit association of investment professionals, including but not limited to portfolio managers, financial advisers and research analysts. The *CFA Institutes' Code of Ethics and Standards of Professional Conduct*, as amended and effective July 1, 2014, is included at the end of this policy.

**This Code is the responsibility of, and will be administered by, the Chief Compliance Officer ("CCO"), with the assistance of appointed designates. All references in this document to the CCO include appointed designates.**

**Breaches of or non-compliance with this policy** may result in:

⁻ Written
 warning;

⁻ Revision
 to employment or consulting responsibilities; and/or

⁻ Outright
 termination of employment or consulting services by Hillsdale for cause.

In addition, **breaches of or non-compliance with this Personal Trading section of this policy** may result in:

⁻ Temporary
 or permanent ban on the execution of trades in personal accounts; and/or

⁻ Mandated
 transfer of personal trading accounts to National Bank under Hillsdale management (all trades
 to be approved by Compliance and only executed by Hillsdale Private Client staff).

The course of action will be determined at the discretion of the CCO, Executive Management team and/or Hillsdale Board of Directors, as appropriate. There may also be additional punishment under applicable Canadian Securities Laws and U.S. Federal Securities Laws, rules and regulations.

**Definitions**

**"Access Person"** means any person who (a) has access to information regarding the purchase/sale of securities or portfolio holdings of any Client Account, or (b) is involved in making securities recommendations to Clients, or who has access to such recommendations. All Hillsdale employees which have access to the internal Portfolio Investment Management System are considered to be Access Persons. In addition, consultants of Hillsdale working closely with Portfolio Management and Research staff or that have access to Hillsdale's Portfolio Investment Management System are also considered to be Access Persons.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

**"Beneficial Owner"** has the same meaning as in Rule 16a-1(a) (2) under the Securities Exchange Act of 1934, as amended. You are the Beneficial Owner of a security if you a) have or share voting or dispositive power with respect to such a security and (b) have a direct or indirect financial interest in such a security, including through any contract, arrangement, understanding, relationship or otherwise. The following list includes the typical situations where you are deemed to be a Beneficial Owner of a security:

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security is held in an account in your own name;

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security in held a joint account where one of the names on the account is yours;

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security is held in an account belonging to an immediate family member sharing your household
 (including any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic
 partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law
 or sister-in-law, including adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security is held in an account in the name of a person to whose financial support you significantly
 contribute;

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security is held by a bank or broker as a nominee or custodian on your behalf or pledged
 as collateral for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security is held in an account for which you are a trustee, executor, custodian, guardian,
 conservator or serve in any other fiduciary capacity;

&nbsp;&nbsp;&nbsp;&nbsp;• A
 security is held in an account of a financial entity (e.g. limited partnership, corporation)
 which you directly or indirectly control.

**"Canadian Securities Laws"** means the Securities Act (Ontario), any similar Acts or statutes of the federal, provincial or territorial governments of Canada applicable to the business activities of Hillsdale and any applicable rules or regulations promulgated thereunder. This includes "National Instruments" or "National Policies" adopted by the Ontario Securities Commission and any other provincial or territorial securities regulator having jurisdiction over Hillsdale's business activities. In particular, this includes the requirement under Ontario Securities Commission Rule 31-505 Conditions of Registration for Hillsdale to deal fairly, honestly and in good faith with its clients.

**"Client Account"** means any account for which Hillsdale is considered the investment manager for regulatory purposes. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Private
 client accounts (including accounts of Access Persons which are directly managed by Hillsdale);

ii) Institutional client accounts;

iii) Hillsdale pooled funds;

iv) Any fund for which Hillsdale serves as an investment adviser as defined in section 2(a) (20) of the Investment Company Act of 1940 ("Company Act") (i.e., in most cases Hillsdale must be approved by the fund's board of directors before it can serve); OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Any
 fund whose investment adviser or principal underwriter controls Hillsdale, is controlled
 by Hillsdale, or is under common control with Hillsdale. For purposes of this section, control
 has the same meaning as it does in section 2(a) (9) of the Company Act. Hillsdale

Staff have both a fiduciary and regulatory obligation to act for the benefit of Hillsdale's clients and to always place clients' interests ahead of their own.

**"Control"** over an Account includes direct/official and indirect/unofficial control. For example, you do NOT have Control over an account if it is managed by a Trustee or Third-Party Manager and you do NOT suggest, imply or otherwise direct the Trustee or Third-Party Manager to make any particular purchases or sales in the Account. Generally, if a person places trades or convinces someone else to place trades in an account, that person is in control over the account.

**"Covered Account"** means any account where an <u>Access Person is the Beneficial Owner</u> of the account AND a <u>Reportable Security</u> is held in the account. Accounts managed by a Trustee or a Third-Party Manager are NOT covered if the Access Person has <u>no direct and indirect influence over the account</u>. Any question of whether an account is a Covered Account should be discussed with the Chief Compliance Officer.

**"Front Running"** means the execution of an advantageous trade in a Covered Account in advance of a trade in a Client Account in the same security. This is not only a breach of this policy but is a punishable offence under applicable Canadian securities legislation and U.S. federal securities laws, rules and regulations.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

**"Initial Public Offering"** means an offering of securities not previously registered for sale in a jurisdiction of Canada or registered in the United States under the Securities Act of 1933 ("Securities Act"), the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

**"Limited Offering"** means an offering that is exempt from registration in the United States under the Securities Act pursuant to Section 4(2), Section 4(6), Rule 504, Rule 505 or Rule 506 (e.g., private placements).

**"Minimum Hold Period"** means <u>30 calendar days</u> after the execution of a trade for a Reportable Security in a Covered Account.

**"Non-Reportable Security"**, means a security which is not directly linked to a publicly listed company. **<u>Non-Reportable Securities do NOT require pre-trade approval.</u>** <u>Examples of Non-Reportable Securities are:</u>,

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 of open-end mutual funds, exchange traded funds (excluding yield shares or funds with exposure
 to a limited # of publicly listed company) and pooled trust funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Units
 of Hillsdale pooled funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 issued or guaranteed by the Canadian federal or any provincial government, or their agencies;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 issued or guaranteed by national governments or their agencies;

&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 or units issued by unit investment trusts that are invested exclusively in one or more open-end
 funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Bankers'
 acceptances, guaranteed investment certificates, certificates of deposit, and other deposits
 with financial institutions (although they may not technically be "securities");

&nbsp;&nbsp;&nbsp;&nbsp;• Commercial
 paper and high-quality short-term debt instruments, including repurchase agreements and short-term
 debt securities maturing in less than 91 days from their date of issue;

&nbsp;&nbsp;&nbsp;&nbsp;• Physical
 commodities or securities relating to those commodities.

The above securities are excluded from reporting because trading by Access Persons will generally not affect the price of the securities or limit their availability to the Client Accounts, or because trading in those securities by Client Accounts will not provide a personal benefit to the Access Person.

**"Beneficially-Owned Account"** means any account where a person is the **Beneficial Owner** of the account.

**"Proprietary Accounts"** means any account for which Hillsdale Investment Management (the company/financial entity) is the Beneficial Owner.

**"Purchase or sale of a security"** includes, among other things, the writing of an option related to a security.

**"Reportable Security"**, means any equity, option, derivative, corporate fixed income security, yield shares, exchange traded funds with exposure to a limited # of publicly-listed companies, or other instrument whose price is linked to the value of a publicly-listed company, traded on any exchange, alternative trading system (ATS) or over the counter (OTC) market around the world, or any other security. It also includes a security as defined in section 202(a)(18) of the Advisers Act (in general terms any interest or instrument commonly known as a "security" in Canada or the U.S.

**"Restricted Trade List"** is a list of companies whose securities Access Persons are restricted from trading in <u>any Covered Accounts</u>, Client Accounts and Proprietary Accounts, unless specifically directed to do so by a client in writing without advice or solicitation. Such trading restrictions may be appropriate to protect the Company and its Access Persons from potential violations, or the appearance of violations, of securities laws ((i.e. receipt or potential for receipt of material non-public information, firm ethical policies). See *Insider Trading* section within this policy.

**"Security"** is any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

**"Staff"** means all Hillsdale officers, partners, employees and consultants.

**"U.S. Federal Securities Laws"** means the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Company Act, the Investment Advisers Act of 1940 ("Advisers Act"), Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury. In particular, SEC Rule 204A-1 deals with the requirement for advisers to have a Code of Ethics, which incorporates personal trading requirements.

**Insider Trading and Tipping**

The *CPA Institutes Code of Ethics and Standards of Professional Conduct* states that those who "possess material non-public information that could affect the value of a security must not act or cause others to act on the information". Elaborating on this statement, Hillsdale Access Persons are **<u>strictly prohibited</u>** from:

⁻ Making
 any trading decisions based on Material Non-public Information (**"Insider Trading"**)
 for any account

⁻ Communicating
 Material Non-public Information to any other person, including those who may execute trades
 based on the information (**"Tipping"**).

The determination of whether information is considered **"Material Non-public Information"** is based on all pertinent circumstances. First, the information must be material. **"Material information"** is generally defined as (i) information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or (ii) information that is reasonably certain to have a substantial effect on the price of a company's securities. Second, the information must be non-public information, aka **"Inside information"**.

The following information will generally be **"Inside Information"** if not publicly known: (a) information concerning a company, including information concerning its business, financial matters and management, such as changes in earnings or dividends, significant technical achievements, important discoveries of natural resources, the obtaining or losing of major contracts, or changes in management; and (b) information concerning a company's securities, including the market for a security or its terms, such as a prospective tender offer, merger or acquisition, prospective block trade, prospective private placement or public offering, impending stock dividend or stock split or proposed recapitalization. When information that is known only inside a company or to a limited number of outsiders such as accountants, bankers, financial advisors or attorneys, this information is considered "non-public" or Inside Information.

Information that has been communicated to the marketplace is generally public and, therefore, NOT Inside Information. For example, information found in a filing or a report made with a regulatory body (i.e. SEDAR, SEC Filing) or appearing in newspapers, industry journals, financial newsletters or other publications would be considered public information.

Note, information obtained by word-of-mouth or through rumors may be considered public or Inside Information, depending on the context.

A person would be guilty of **"Tipping"** if they either (a) communicate Inside Information to another person or (b) simply tell another person, without explanation, to buy or sell the securities of that company, and the other person does indeed purchase such securities as a result of such Tipping. Any Person possessing Inside Information would be guilty of **"Insider Trading"** if they bought or sold securities for any account of which they are the Beneficial Owner or as well as any Proprietary Accounts or Client Account.

<u>The consequences of Insider Trading and/or Tipping</u> for individuals can include irrecoverable harm to Hillsdale, imprisonment (10 years- Canada, 20 years - US), significant civil penalties ($5,000,000+), other significant financial sanctions, being barred from working in financial services and being professionally shunned.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

If any Hillsdale Staff member has concerns that they are in possession of Material Non-public information and that this may directly affect any part of their role with Hillsdale, they should advise the CCO of their concerns (without identifying the entity). For example, if a PM has received Material Non-public information about a stock in their investible universe and they do not believe that they can remain objective, then they would seek counsel. If the CCO has concerns that the nature of the information may directly impact Hillsdale and its investment activity, they can 1) place the related issuer on the **Restricted Trading List**, disallowing the Access Person from trading securities of the issuer in an account for which they are Beneficial Owners and disallowing the Client Accounts and Proprietary Accounts from trading securities of the issuer, 2) refer the Access Person to third-party legal counsel for additional advice.

**Conflicts of Interest**

Hillsdale Staff have both a fiduciary and regulatory obligation to act for the benefit of Hillsdale's clients and to place clients' interests ahead of their own. In their day to day business dealings, it is essential that all parties recognize situations which have the potential to cause both conflicts of interest and the appearance of conflicts of interest.

A conflict of interest is considered to exist when a rational, unbiased observer might conclude that there exists a conflict between one's obligation to act as a fiduciary and one's personal interest. The conflict may be real or perceived and both are to be avoided. If a potential conflict arises, Hillsdale's employees and consultants are expected to exercise the business judgment of a reasonable and prudent person and act in the best interests of Hillsdale's clients.

Hillsdale must respond to and address a conflict of interest by either (i) avoiding it; or (ii) controlling it; and (iii) disclosing it to clients. A conflict of interest is not addressed solely by disclosing it to clients; how it is addressed must also be included in policies and procedures and disclosures. Hillsdale discloses material conflicts of interest to clients within the "*Hillsdale Summary of Regulatory Disclosures*" (for institutional clients) and the "*Hillsdale Relationship Disclosure Information*" (for non-institutional clients). An annual review is performed to determine if additional material conflict of interest need to be addressed and disclosed.

**Potential Conflicts of Interest**

Staff members are trained about the Hillsdale's conflicts of interests, including that they must identify and address all material conflicts of interest, existing or reasonably foreseeable, in the best interest of the client. Such conflicts of interests, if not already identified by Hillsdale and reviewed as part of training, must be reported to Compliance in a timely manner. In such cases, Staff members may not engage in trading or advising activities with clients until Hillsdale has ensured that the conflict of interest is appropriately addressed.

While it is not possible to delineate every situation that could cause a conflict of interest, there are three main areas where conflicts of interest can occur: 1. **Receipt of gifts**; 2. **Outside business-related activity**; and 3. **Personal trading**. Other potential conflicts of interest, e.g. fairness in trade allocations, are addressed in other Hillsdale policies.

Employees and consultants of Hillsdale are expected to use judgment and to seek advice from the Chief Compliance Officer if there is any doubt as to the existence of a conflict of interest, as well as to notify the Chief Compliance Officer immediately upon becoming aware of a conflict of interest.

**Gifts —** The acceptance of non-reimbursed gifts from any business-related third-party (e.g. client, service provider, broker) with a value in excess of $250 is prohibited (e.g. trips, event tickets, electronics, etc.). A gift in excess of $250 can be accepted if its entire value is reimbursed to the provider and if a written approval is received from their direct supervisor and/or the CCO. Any supervisor in receipt of such a request will forward the approval to the CCO in order to maintain a log.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

Hillsdale Staff may attend social functions or events outside of normal business hours at the expense of Hillsdale business-related parties <u>provided that the party themselves or a representative thereof is also in attendance</u>. If the value of event attendance (e.g. ticket price or implied price) is valued at more than $250, the Access Person must send an email to their direct supervisor and to the CCO for approval and logging. Access Persons may also, under the same premise, accept meals or beverages when offered in conjunction with marketing to clients, professional meetings etc.

Reasonable judgment must be exercised at all times when accepting invitations or gifts. Regardless of value, Hillsdale Staff should send an email to their direct supervisor and to the CCO for logging purposes whenever they receive a gift (other than token items like notepads, pens or other items bearing advertisement) or attend an event or social function that is at the expense of a Hillsdale client or third-party service provider.

**Outside Business-Related Activity —** Outside business-related activity is any activity outside of Hillsdale 1) for which a staff member is compensated monetarily or otherwise, or 2) that relates to the nature of the staff members' role at Hillsdale or generally to the investment management function.

All employees must request permission in writing from the CCO before engaging in any outside business-related activity.

Consultants who are also Hillsdale Access Persons must inform the company of the nature and extent of their outside business-related activity in order to assess the potential conflicts of interest and if, based on the consulting contract, the potential conflicts are deemed appropriate.

**Personal Trading —** Personal Trading is the largest potential conflict of interest category and is addressed in detail in the following sections. Hillsdale strongly encourages that all Access Persons wishing to actively trade in securities to instead invest in the pooled funds managed by Hillsdale; this greatly lessens the potential for conflicts of interest.

The following is a non-exhaustive list of examples of the conflicts of interests that can exist when executing trades in accounts for which you are the Beneficial Owner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 execution of an advantageous trade in a Covered Account in advance of a trade in a Client
 Account in the same security, also known as Front-Running. This is not only a breach of this
 policy but is a punishable offence under applicable Canadian securities legislation and U.S.
 federal securities laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 use of a position in the company to obtain special treatment or investment opportunities
 not first made available to Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 use of client commission dollars to fund personal research or to secure preferential trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 excessive use of company time and resources to support research or execution of personal
 trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 use of any non-public information for monetary or reputational gain. This includes "Tipping",
 the transmission of non-public information to others for use in their trading.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

**Personal Trading**

**Summary of Personal Trading Reporting Requirements and Attestations**

**Excessive personal trading** by Access Persons increases the cost of compliance as well as the probability of conflict with Clients and the creation of compliance issues. For Hillsdale Access Persons who choose to use Personal Trading, **Hillsdale encourages long-term investments rather than short-term trading.** In order to demonstrate to our clients and regulators that we are committed to decreasing conflicts of interests and discouraging excessive trading in personal accounts, for each Access Person, Hillsdale has instituted a $15 per trade fee for all personal trades of reportable securities in excess of 25 per annum. The invoice, which will be payable electronically to Hillsdale, will have all proceeds donated by Hillsdale to Fred Victor, a social service charitable organization that fosters long-lasting and positive change in the lives of homeless and low-income people living across Toronto. https://www.fredvictor.org/

Upon joining Hillsdale, each Access Person is required to:

1. Provide
 to the CCO a **complete list of ALL Accounts** of which they are the **Beneficial Owners**,
 including the following details: 1) Account Number, 2) Name of Account Holders(s), 3) Account
 Held at [Broker/Bank], 4) Account is Managed by, 5) Control over the Account, 6) Account
 holds Reportable Securities and 7) Duplicate A/C Statement to be provided to Hillsdale directly
 by [Broker/Bank/Investment Manager]

2. If
 an Access Person has identified a **Covered Account** (an account which **holds Reportable Securities** AND is under the **control of the Access Person**), they must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. provide
 a detailed list of the holdings in each of the Covered Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. instruct
 their broker/dealer(s) to provide duplicate copies of statements and trade confirmation
 documents directly to the CCO for each Covered Account.

3. Read
 and sign a declaration of understanding and adherence to this policy, as well as the  ***Hillsdale Code of Ethics and Standards of Professional Conduct.*** 

4. **Obtain approval**, in advance, from the CCO for all **trades of Reportable Securities in Covered Accounts**.

5. On
 a quarterly basis, provide a **certification** that **all applicable activity in Covered Accounts have been reported** to the CCO.

6. Provide
 an **annual certification** that they have **read and understood the *Code of Ethics and Standards of Professional Conduct*** and are in compliance with the provisions therein.

**Personal Trading Guidelines**

This section applies to all **Covered Accounts** in which an Access Person intends to execute a trade in a **Reportable Security**.

**Compliance Pre-Approval**

**<u>Transactions in a Reportable Security must be approved in writing by a Compliance staff member before execution</u>**. Trade approval requests should be sent to: Compliance2@hillsdaleinv.com.

**Approval of the trade, if given, will be sent by email to the Access Person.**

Compliance staff will review all relevant information and will only grant approval for the proposed personal trade if they are satisfied that the trade will not be contrary to the best interests of Hillsdale clients and does not contravene any of the other restrictions imposed by this policy.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

Compliance staff will generally not approve the proposed personal trade if a Client Account is currently trading the same security. Trades will be approved with the requirement that they must occur **after any Client Accounts have completed their trading in the security**.

The following activities are **specifically prohibited** and will NOT be approved:

1. A trade to or from one of the Client Accounts or Proprietary
Accounts managed by Hillsdale;

2. A trade in a security for which there is an unfilled order outstanding
by any of the Client Accounts;

3. A trade involving the use of derivatives which serves to evade
the restrictions imposed by this policy;

4. A
 purchase of an offering which is subject to allocation, such as a new or secondary public
 offering in Canada, a private placement in Canada, or an Initial Public Offering or Limited
 Offering in the United States (as defined above). An exception to the Canadian private placement
 prohibition may be made if the CCO is satisfied that the issuer is a "private company"
 under the Securities Act (Ontario) and that there is no reason to believe that the issuer
 will make a public offering of its securities in the foreseeable future. Examples of such
 exceptions include investments made under private placement exemptions, such as tax shelters.

5. A
 trade in a security that is on the Hillsdale Restricted Trading List for "All Portfolios"
 or for a particular Access Person.

6. Any
 trade, which in the opinion of the CCO will create a conflict of interest with the best interests
 of Hillsdale clients.

Note, an Access Person need not request pre-approval of a trade in a Reportable Security if the transaction is effected pursuant to an **Automatic Investment Plan**.

**Short-Term Trading**

**After a Personal Trade in a given Reportable Security is approved and executed, any additional transactions in the Reportable Security that would offset the initial transaction are prohibited by that Access Person for a Minimum of 30 calendar days** (i.e. If you Buy a security, you must not Sell the security for 30 days OR if you Sell a security, you must not Buy the security for 30 days). When submitting a personal trade request, the Access Person must include the following language in their request and ensure that it is abided by:

**If <u>Buying</u>: I will not Sell this security within the next 30 calendar days.**

**If <u>Selling</u>: I will not Buy this security within the next 30 calendar days.**

**Permitted Trading Period and Limits**

Compliance staff will determine the period of time during which the Access Person may conduct the approved trade, with the default being a **<u>maximum of 1 business day</u>**.

The Access Person must **re-apply for prior approval if any part of the approved trade has not been completed by the end of the trading approval period** and the Access Person still wishes to complete the remainder of the trade. Specifically, **orders with price limits (Limit Orders) can only be used if the order is cancelled at the end of the day** (Example: Permitted: Day Limit Order; NOT Permitted: Good 'Til Cancel Order).

**Personal Trade Compliance and Policy Review Process**

Compliance staff will regularly review trading account statements, confirmation slips and transaction reports to ensure compliance with this policy. This will include confirmation that only approved trades have been executed in the appropriate time frames for Reportable Securities.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

A record of Compliance reviews is maintained, including the name of the Compliance staff member performing the review and any violations of the policy for the period under review. For any serious matters that may occur, a report will be made to the Hillsdale Board of Directors by the CCO.

**Personal Transaction Reports**

In order to ensure compliance with this policy and applicable laws, rules and regulations, the following Personal Transaction Reports will be monitored by Hillsdale:

**Initial Holding Report**

Within **<u>ten days</u>** after becoming an Access Person, each Access Person who is the **<u>Beneficial Owner of a Covered Account</u>** must furnish a report to the CCO **for each Covered Account** showing the following

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Date
 of the report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Name
 of the entity which holds the account (e.g. broker, investment manager, dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) List
 of all securities held in the accounts, including issuer name, exchange Ticker symbol or
 Identifier number, class, number of shares held, principal amount, interest rate and maturity
 date (if applicable).

The information must be current as of a date no more than **<u>45 days prior</u>** to the date the person became an Access Person. **In most cases, this requirement is met by providing the COO copies of the latest monthly statements from the entity holding the account.**

**Annual Holding Report**

On an annual basis, each Access Person who is the **Beneficial Owner of a Covered Account** must furnish a report to the CCO **for each Covered Account** showing the following

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Date
 of the report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Name
 of the entity which holds the account (e.g. broker, investment manager, dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) List
 of all securities held in the accounts, including issuer name, exchange Ticker symbol or
 Identifier number, class, number of shares held, principal amount, interest rate and maturity
 date (if applicable).

The information must be current as of a date no more than **<u>45 days prior</u>** to the date the of the Annual Holding Report. **In most cases, this obligation is met by requiring that the Broker/Bank/Investment Manager for the account provide copies of the monthly/annual statements directly to the Hillsdale Compliance Department.**

**Quarterly Transaction Report**

On a quarterly basis, no later than **<u>30 days</u>** after the end of each calendar quarter, each Access Person who is the **Beneficial Owner of a Covered Account** must provide the following securities transactions reports or equivalent information to the CCO:

1) With respect to any transactions in Reportable Securities in the previous calendar quarter, a report showing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Date of the report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Name of the
 entity which holds the account (e.g. broker, investment manager, dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For each
 security with a transaction, the issuer name, exchange Ticker symbol or Identifier number,
 class, principal amount, interest rate and maturity date (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For each
 transaction, the date of the transaction, the nature of the transaction (i.e., purchase,
 sale or any other type of acquisition or disposition), the price at which the transaction
 was effected.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

2) With respect to any **new Covered Account** established during the previous calendar quarter, a report showing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Date of the
 report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Name of the
 entity which holds the account (e.g. broker, investment manager, dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) List of
 all securities held in the accounts, including issuer name, exchange Ticker symbol or Identifier
 number, class, number of shares held, principal amount, interest rate and maturity date (if
 applicable).

**In most cases, this obligation is met by requiring that the Broker/Bank/Investment Manager for the account provide copies of the transaction reports or monthly statements directly to the Hillsdale Compliance Department.**

**Liability of Information**

All information received by the CCO and Compliance staff will be kept as confidential and will only be disclosed to others if the disclosure is required to administer this policy or is required by securities regulators or other competent legal authorities. The CCO, Compliance staff and the Access Person are required to keep details of personal trading approval requests confidential (whether the trades are permitted or denied), subject to any legal obligation to report the trade under applicable Canadian securities legislation and U.S. federal securities laws, rules and regulations.

All information is also subject the Hillsdale's *Privacy Policy*.

**Exemptions**

Exemptions to the requirements of this policy, or specific aspects thereof, will be granted on an exception basis upon application to the CCO.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

**Reporting of Potential Violations of the Code of Ethics and Standards of Professional Conduct**

If any officer, employee or consultant of Hillsdale becomes aware of any violation of the Code, or suspects that one may have occurred, full details must be reported promptly to the CCO and their appointed designates. It is Hillsdale's policy that no Staff member who submits a complaint made in good faith will experience retaliation, harassment, or unfavorable or adverse employment consequences. (see *Whistleblower Policy*).

Subject to due process and depending on severity, violations of the Code will be met with written warning, private censure, public censure, termination of employment and in some cases, legal action.

Staff members are also required to promptly report the discovery of the following situations to the CCO and their appointed designates:

⁻ Any
 convictions of an Access Person within the last ten years that are tied to securities transactions
 or employment in the securities field;

⁻ Any
 permanent or temporary securities-related injunctions or similar legal action that prevents
 them from acting in certain capacities in the securities arena.

Any reports related to convictions, injunctions and legal actions of Access Persons will be investigated and reviewed by the CCO and, if required, by legal counsel that is familiar with the applicable laws.

**Whistleblower Policy**

Hillsdale Staff members are required both to adhere and to annually attest to the Hillsdale *Code of Ethics & Standards of Professional Conduct*, in conjunction with the *Personal Trading & Conflicts of Interest policies* (combined as the "Code").

Adherence to the Code and its policies requires that Hillsdale Staff observe a high standard of business and personal ethics in the conduct of their duties and responsibilities. Staff members must practice honesty and integrity in fulfilling their responsibilities and comply with all internal compliance policies and applicable laws and regulations.

Hillsdale's Whistleblower policy is intended to encourage and enable Staff to raise concerns about potential or known violations of the Code, internal compliance policies and securities laws, rules or regulations. This policy provides guidance on the reporting of complaints and allegations to the CCO and their appointed designates.

All references to the CCO in this section include their appointed designates where applicable and acceptable pursuant to Section 204A-1 under the Advisors Act of 1940 ("Advisers Act").

**Reporting**

Hillsdale Staff are required to notify the CCO promptly if they know or suspect any violation of the Code, other internal compliance policies or securities laws, rules and regulations. If a matter implicates the CCO directly, notice of a violation may be provided to another Senior Officer. To ensure the effectiveness of this policy, Access Persons can report any concerns or suspicions of improper activity at Hillsdale confidentially and without retaliation.

In order to report concerns or suspicions of improper activity, a Staff member may provide a confidential (email) or anonymous (paper) written submission to the CCO. The submission should include a detailed description of the activity for which there is a complaint or concern and, if known and applicable, should specify the date(s) and location(s) of such activity. The CCO will notify the sender, if known, and acknowledge receipt of the complaint or concern.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

On an Annual Basis, the CCO shall prepare a written report describing any material violations that were reported under this policy and any sanctions imposed due to such violations. The report will be presented to the Hillsdale Board of Directors.

**Responsibility of the Whistleblower**

A Staff member must be acting in good faith in reporting a complaint or concern under this policy and must have reasonable grounds for believing that improper activity has occurred. Reporting an allegation known to be false will be considered a serious offense and will be subject to disciplinary action that may include termination of employment or contract.

**Confidentiality**

The CCO will take seriously any report regarding a potential violation of Hillsdale's policies or other improper or illegal activity and recognizes the importance of keeping the identity of the reporting person from being widely known. Reports of complaints or concerns will be kept confidential to the extent practicable, consistent with the need to conduct an adequate investigation. Staff member are to be assured that Hillsdale will appropriately manage all such reported concerns or suspicions of improper activity in a timely and professional manner. To protect the confidentiality of the individual submitting such a report and to enable Hillsdale to conduct a comprehensive investigation of reported misconduct, Access Persons should understand that those individuals responsible for conducting any investigation are generally precluded from communicating information to parties that are not necessary to the investigation.

**No Retaliation**

It is Hillsdale's policy that no Staff member who submits a complaint made in good faith will experience retaliation, harassment, or unfavorable or adverse employment consequences. A Staff member who retaliates against another Staff member that is reporting a complaint or concern will be subject to disciplinary action, which may include termination of employment or contract. A Staff Member who believes that they have been subject to retaliation or reprisal as a result of reporting a concern or making a complaint is to report such action to the CCO or to other Senior Officers in the event the concern pertains to the CCO.

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

**Recordkeeping**

In relation to this policy, Hillsdale will maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;• A
 copy of this policy along with the *Code of Ethics & Standards of Professional Conduct* adopted by Hillsdale that is or has been in effect during the past five years
 (maintained in an easily accessible place).

&nbsp;&nbsp;&nbsp;&nbsp;• A
 copy of any record or report of any violation of this policy and any action taken thereon
 (maintained in an easily accessible place for at least five years after the end of the fiscal
 year in which the violation occurs);

&nbsp;&nbsp;&nbsp;&nbsp;• A
 copy of each report made by an Access Person as required by this policy and all trade authorization
 forms, (maintained for at least five years after the end of the fiscal year in which the
 report is made or the information is provided, the first two years of which will be in an
 easily accessible place);

&nbsp;&nbsp;&nbsp;&nbsp;• A
 record of all persons, currently or within the past five years, who are or were required
 to make reports under this policy, and who are or were responsible for reviewing these reports
 (maintained in an easily accessible place);

&nbsp;&nbsp;&nbsp;&nbsp;• A
 record of any decision, and the reasons supporting the decision, to approve the acquisition
 by an Access Person of securities in a new or secondary Canadian offering or private placement,
 or U.S. Initial Public Offering or Limited Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;• A
 copy of any decision by the CCO to approve a waiver from any restriction or procedure contained
 in this policy.

Sources utilized in development of this policy:

Investment Funds Institute of Canada Code of Ethics for Personal Investing— May 1998

Canadian Securities Administrators 2001 National Compliance Review — August 2, 2002

Various speeches by Ontario Securities Commission staff re compliance reviews and issues —June 1998

University of Toronto Asset Management Corporation Conflict of Interest Policy — 2002

AIMR Code of Ethics and Standards of Professional Conduct — amended & restated May 1999

The CFA Institute Code of Ethics and Standards of Professional Conduct — amended and effective January 1, 2006

The CFA Institute Asset Manager Code of Professional Conduct — 2nd edition 2009

National Instrument 31-103 and Companion Policy —Registration Requirements and Exemptions September 2009

**Adopted March 1998, revised and updated June 2006, July 2010, October 2011, October 2014, December 2016, September 2018, October 2018, November 2018, February 2019, August 2019, February 2020, November 2021, December 2022, July 2023, November 2025**

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

![](tm262170d1_ex99-bxpx26img2.jpg)

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

![](tm262170d1_ex99-bxpx26img4.jpg)

**Hillsdale Investment Management Inc.**

1 First Canadian Place ● 100 King Street West, Suite 5900 ● P.O. Box 477 ● Toronto ON M5X 1E4

Tel: (416) 913-3900 Fax: (416) 913-3901 ● hillsdaleinv.com

## Ex-99.B(P)(27)

**Exhibit 99.B(p)(27)**

![](tm262170d1_ex99-bxpx27img001.jpg)

**Personal Code of Ethics**

**Content**

---

| | |
|:---|:---|
| 1. Overview | 1 |
| 1.1 Policy Statement | 1 |
| 1.2 Scope | 1 |
| 1.3 Roles and Responsibilities | 1 |
| 1.4 References | 2 |
| 1.5 Escalation Requirements | 2 |
| 2. Definitions | 3 |
| 3. Policy Requirements | 3 |
| 3.1 Personal Account Dealing ("PAD") | 3 |
| 3.1.1 Key Principles | 3 |
| 3.1.2 Approved Brokers | 3 |
| 3.1.3 Disclosure Requirements | 3 |
| 3.1.4 Preclearance Requirements | 4 |
| 3.1.5 Conditions and Restrictions | 5 |
| 3.1.6 Exceptions | 5 |
| 3.1.7 Trading in Janus Henderson Products | 6 |
| 3.1.8 Trading in Janus Henderson Group plc Securities | 7 |
| 3.2 Outside Business Activities ("OBA") | 8 |
| 3.2.1 Key Principles | 8 |
| 3.2.2 Disclosure and Approval Requirements | 8 |
| 3.2.3 Approval Process | 9 |
| 3.3 Gifts, Entertainment and Other Benefits Received | 9 |
| 3.3.1 Key Principles | 9 |
| 3.3.2 Disclosure and Approval Requirements | 10 |
| 3.3.3 Approval and Exceptions Process | 10 |
| 3.4 Political Activities | 11 |
| 3.4.1 Key Principles | 11 |
| 3.4.2 Disclosure and Pre-Approval Requirements | 11 |
| 3.4.3 Approval and Exceptions Process | 11 |
| 3.4.4 Conditions and Prohibitions | 12 |
| 3.4.5 Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers | 13 |

---

---

| | |
|:---|:---|
| Appendix 1 - Definitions | 14.0 |
| Appendix 2 — PAD Guidelines | 16.0 |
| Appendix 3 — Gifts, Entertainment and Other Benefits Limits, Thresholds and Guidelines | 18.0 |
| U.S. and North America Requirements | 18.0 |
| UK and Europe Requirements | 19.0 |
| Asia Pacific Requirements | 20.0 |
| Appendix 4 — Policies for Independent Fund Trustees | 21.0 |

---

i

**Personal Code of Ethics**

**1.** **Overview**

**1.1** **Policy Statement**

Janus Henderson is entrusted with the assets of our clients for investment purposes. As a result, we have an obligation to place our clients' interests before our own and manage conflicts of interest fairly. The Personal Code of Ethics (the "Code") provides a set of rules and principles to ensure that we meet that obligation when we engage in personal account dealing, conduct outside business activities, receive gifts, entertainment and other benefits, and participate in political activities.

While the Code sets out a number of requirements, prohibitions and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. Where the application of the Code is unclear, you should evaluate your proposed course of conduct against the following values and/or consult with Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;· We
 place the interests of our clients first.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 are honest and forthright in words and actions.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 avoid, mitigate and/or disclose relevant conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 comply with applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 hold each other accountable by reporting any violations of the Code.

The Code has been drafted to comply with laws, rules and regulations of the various jurisdictions where Janus Henderson operates.

**1.2** **Scope**

Except as otherwise noted or agreed, the Code applies to all Employees of Janus Henderson. The Code also applies to directors, trustees, officers and employees of funds sponsored by Janus Henderson to the extent those funds have adopted the Code as their own.<sup>1</sup> The independent trustees of the Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trust are subject only to specific obligations and restrictions in <u>Appendix 4 — Policies for Independent Fund Trustees.</u>

**1.3** **Roles and Responsibilities**

Employees will attest to their receipt of the Code at hire, on an annual basis and anytime material amendments to the Code are made. In attesting to the Code, Employees agree to their understanding of the Code and agree to comply with the requirements of the Code.

Compliance administers and monitors adherence to the Code, including by reviewing disclosures, providing training and identifying violations. Compliance also maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements.

The Ethics & Conflicts Committee provides oversight of the Code, including by reviewing exceptions and addressing violations. The Ethics & Conflicts Committee reviews the Code on a periodic basis in line with business changes and changes to regulation.

The Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trusts' Boards of Trustees must approve any material amendments to the Code.

<sup>1</sup> For avoidance of doubt, the Code does not apply to non-executive directors of Janus Henderson Investors Europe SA and its funds under management, regardless of the adoption of the Code as their own.

**Personal Code of Ethics**

**1.4** **References**

The Code is designed to ensure compliance with laws, rules and regulations applicable to Janus Henderson's business across the globe, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Section 206
 of the US Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;· Section 17(j) of
 the US Investment Company Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;· SEC
 Rule 17j-1, Personal Investment Activities of Investment Company Personnel

&nbsp;&nbsp;&nbsp;&nbsp;· SEC
 Rule 204-2, Books and Records To Be Maintained by Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;· SEC
 Rule 204A-1, Investment Adviser Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;· SEC
 Rule 206(4)-5, Political Contributions by Certain Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;· FINRA
 Rule 3320, Influencing or Rewarding the Employees of Others

&nbsp;&nbsp;&nbsp;&nbsp;· FINRA
 Rule 3270, Outside Business Activities of Registered Persons

&nbsp;&nbsp;&nbsp;&nbsp;· FINRA
 Rule 3280, Private Securities Transactions of an Associate Person

&nbsp;&nbsp;&nbsp;&nbsp;· FCA
 COBS 2.3 and 2.3A, Inducements

&nbsp;&nbsp;&nbsp;&nbsp;· FCA
 COBS 11.7 and 11.7A, Personal Account Dealing

&nbsp;&nbsp;&nbsp;&nbsp;· Hong
 Kong SFC Code of Conduct for Persons Licensed by or Registered with the SFC Section 12.2

&nbsp;&nbsp;&nbsp;&nbsp;· IMAS
 Code of Ethics & Standards of Professional Conduct 2.12, Personal Conduct and Training

&nbsp;&nbsp;&nbsp;&nbsp;· IMAS
 Code of Ethics & Standards of Professional Conduct 2.14, Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;· ASX
 Listing Rules 12.9 et seq., Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Section 38
 and 166 of Financial Instruments and Exchange Act

&nbsp;&nbsp;&nbsp;&nbsp;· NYSE
 Listing Rules 303A.10, Code of Business Conduct and Ethics Requirements

The Code complements and should be read in conjunction with other policies that address ethics and conflicts, such as the <u>Code of Business Conduct,</u> the <u>Conflicts of Interest Policy,</u> the <u>Market Abuse Policy,</u> the <u>JHG Share Trading Policy</u> and the <u>Anti-Bribery and Corruption Policy.</u>

**1.5** **Escalation Requirements**

Failure to adhere to any of the requirements of the Code or report violations may result in a breach of the Code. The Company takes breaches very seriously. Any potential violation of the provisions of the Code will be investigated by Compliance and may be reported to the Ethics & Conflicts Committee. If a determination is made that a violation has occurred, Janus Henderson may impose appropriate sanctions, including but not limited to one or more of the following: a written warning, profit surrender to charity, personal trading ban, termination of employment, or referral to civil or criminal authorities.

Material violations of our personal account dealing rules will be reported promptly to the respective boards of trustees/managers of the Janus Henderson Products or relevant committees of the boards.

To report suspected violations of the Code, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our independent hotline provider on an anonymous or identified basis via web at <u>https://janushenderson.ethicspoint.com</u> or telephone at 844.765.6701 (U.S.), 0808.234.9715 (UK) or AT&T Direct Access Code + 844.765.6701 (Other). The Company will not tolerate any discrimination, harassment or retaliation against anyone who makes a good faith report or assists in an investigation.

**Personal Code of Ethics**

**2.** **Definitions**

See Appendix 1 - Definitions.

**3.** **Policy Requirements**

**3.1** **Personal Account Dealing ("PAD")**

**3.1.1** **Key Principles**

Your Personal Account Dealing may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose brokerage accounts and holdings, disclose and receive approval for any Personal Account Dealing and conduct approved securities transactions in accordance with the requirements of this Code.

You must carefully consider the nature of your Janus Henderson responsibilities— and the type of information that you might be deemed to possess considering any particular securities transaction—before engaging in any investment-related activity or transaction. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;· You
 may not improperly benefit by causing a client to act, or fail to act, in making investment
 decisions.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 may not profit, or cause others to profit, based on your knowledge of completed or contemplated
 client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 must preclear all your personal trades and subsequently execute your trades in accordance
 with stated timeframes.

&nbsp;&nbsp;&nbsp;&nbsp;· Where
 applicable, you must execute all your personal trades with Approved Brokers as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 may not deal where the transaction is considered in conflict with the interests of our clients
 or the parameters set by the PAD policy, including dealing in securities on the Janus Henderson
 restricted lists.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 may not deal on the basis of material non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 may not engage in any behaviour that can be interpreted as an attempt to circumvent the requirements
 of the PAD policy, such as "spread betting" on Covered Securities.

**3.1.2** **Approved Brokers**

All Employees located in the U.S. and the U.K. are required to maintain Reportable Accounts at, and execute all transactions in Covered Securities through, one or more Approved Brokers. All Reportable Accounts held with a non-Approved Broker must be moved to an Approved Broker within 90 days of your start date unless the account qualifies for an exception.

See <u>Approved Broker Guidelines</u> for the current list of Approved Brokers and exceptions.

**3.1.3** **Disclosure Requirements**

Within 10 calendar days of your start date, you must disclose (i) all Reportable Accounts and (ii) all <u>Covered Securities</u> and <u>Janus Henderson Products</u> in which you have Beneficial Ownership. Reportable Accounts are brokerage or other accounts in which you have Beneficial Ownership (i.e., generally accounts owned by or for the benefit of you, your spouse or partner, your dependent children and other dependents living in your household) and that hold or **can** hold Covered Securities or Janus Henderson Products.<sup>2</sup>

<sup>2</sup> See Appendix 2 — PAD Guidelines for more detailed information on Beneficial Ownership and Covered Securities.

**Personal Code of Ethics**

On an ongoing basis, you must promptly disclose any newly opened Reportable Accounts before executing any transactions. Please note that any new accounts must be consistent with the Approved Broker Guidelines discussed in section 3.1.2 above. You must also timely disclose transactions in Covered Securities other than ETFs and holdings in Janus Henderson Products as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;· Electronic
 feeds - If you hold relevant accounts with an Approved Broker, you must allow your broker
 to provide Compliance with transactions and holdings data via electronic feed.

&nbsp;&nbsp;&nbsp;&nbsp;· Employee
 uploads - If you hold relevant accounts with a non-Approved Broker, you must enter the trade
 details and upload the trade confirmation/contract notes into MCO within 7 days of executing
 a precleared trade. Additionally, you must complete periodic attestations that you have disclosed
 all of your trades in Covered Securities and holdings in Janus Henderson Products and may
 be required to provide periodic account statements confirming your trades and holdings in
 Covered Securities and/or Janus Henderson Products as and when required by Compliance.

On an annual basis, you must attest that you have disclosed (i) all Reportable Accounts and (ii) all Covered Securities and Janus Henderson Products in which you have Beneficial Ownership. You may also be required to complete additional attestations to meet jurisdictional and regulatory requirements.

**3.1.4** **Preclearance Requirements**

You must preclear any transactions in <u>Covered Securities</u> other than ETFs<sup>3</sup> in which you have Beneficial Ownership (i.e., generally trades by or on behalf of you, your spouse or partner, your dependent children and other dependents living in your household) via MCO unless the transaction meets one of the exceptions noted in section 3.1.6.

You are prohibited from transacting in Covered Securities while in the possession of material non-public (inside) information, which may include knowledge of client transactions in the security. All preclearance requests are evaluated for potential client conflicts or market abuse, including by comparing against the Janus Henderson trade blotter and restricted list. If you are requesting to trade a Covered Security that you cover or that is an eligible investment for client accounts you manage or advise, you must explain why the trade does not present any client conflicts via the preclearance form in MCO.

All approvals and denials will be communicated from MCO via email. Generally, most requests are approved or denied immediately and automatically through application of rules in MCO; however, some requests may take longer to evaluate depending on the specifics of the security and the transaction. Receipt of an automated approval notice from MCO indicates that the system did not identify a conflict with client trading. You are still responsible for executing your trades in compliance with all applicable requirements of the Personal Code of Ethics (e.g., holding period rules), other company policies (e.g., JHG Share Trading Policy) or relevant laws, rules and regulations (e.g., insider trading laws).

If your requested transaction is approved and you choose to transact, you must place and execute your transaction by market close on the day after you receive an approval email from MCO. If the day after the date of preclearance approval is a market holiday or a weekend, then you must place and execute the transaction by market close on the day you receive approval. If your trade has a delayed execution date (e.g., an illiquid or unlisted security), you should request an exception from Compliance.

If the transaction is not placed and executed within the approved timeframe, then you must submit a new preclearance request in MCO. Limit orders are allowed only if they are set to expire within the preclearance approval window.

**Private Placements and Other Limited Offerings**

You must preclear all initial and subsequent investments in Covered Securities offered as part of a private placement or other limited offering, including investments in private funds managed by Janus Henderson or other investment advisers, via the Private Placement/Limited Offering form in MCO. To allow sufficient time for your preclearance request to be evaluated, please submit your request at least two weeks in advance of the proposed transaction date. In determining whether approval should be given, Compliance will consider, among other factors, whether the investment opportunity should be reserved for a client and whether the opportunity is being offered to the individual by virtue of his or her position with Janus Henderson. Contact Compliance for assistance with these requests.

<sup>3</sup> Any trade in a single-stock ETF will be treated as a trade in the underlying security and therefore subject to preclearance.

**Personal Code of Ethics**

You are generally prohibited from participating in initial public offerings (IPOs). Exceptions to this rule will be considered only under limited circumstances and only with prior approval from Compliance, in consultation with the Ethics & Conflicts Committee. Contact Compliance for advice and direction.

**3.1.5** **Conditions and Restrictions**

**Blackout Periods**

Generally, you will not be approved to deal in a Covered Security when there is a pending buy or sell order for a client in that same security. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;· will
 generally not be approved to trade in a Covered Security within one (1) business day
 after a client trade occurs in the same security.

&nbsp;&nbsp;&nbsp;&nbsp;· will
 generally not be approved to trade in a Covered Security within seven (7) calendar days
 after a client trade occurs in the same security.

**Best Price Rule**

In order to eliminate even the appearance of impropriety, if you buy or sell a Covered Security within seven days before a client trade is executed in the same security and pay or receive a better price than the client, you may be required to surrender the aggregate price advantage to charity<sup>4</sup>. The Best Price Rule is generally applied to all trades executed by portfolio managers, research analysts and traders. Additionally, it may be applied to any employee's trade that was not appropriately precleared. All applications of the Best Price Rule are subject to discretion of Compliance and reported to the Ethics & Conflicts Committee.

**Minimum Holding Period**

In order to prevent opportunistic or speculative trading, you must hold Covered Securities other than ETFs<sup>5</sup> for 60 calendar days prior to profiting on the investment. The holding period is applicable for any purchase and subsequent sale, or any sale then subsequent purchase (for short sales), of the same Covered Security (or its equivalent) where a profit will occur. With respect to derivatives, any transaction to close out a derivative position cannot be executed until the end of the holding period.

The holding period starts the day after execution of your trade. Profit calculations are made using the "first-in, first-out" (FIFO) method. Violations of the minimum holding period may require surrender of profits to charity.

**3.1.6** **Exceptions**

**Excluded Transactions**

The following transactions in Covered Securities are excluded from the trading restrictions described in sections 3.1.4 and 3.1.5:

&nbsp;&nbsp;&nbsp;&nbsp;· other
 in-kind transfers of securities other than JHG securities (see section 3.1.8);

&nbsp;&nbsp;&nbsp;&nbsp;· a
 result of gift or inheritance;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 result of a corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;· an
 employer's securities through a stock grant;

<sup>4</sup> Approved charity requirements will be specific to the country in which the employee resides.

<sup>5</sup> Any trade in a single-stock ETF will be treated as a trade in the underlying security and therefore subject to the 60-day holding period.

**Personal Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;· sales
 that are not Employee-directed, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases
 of an employer's securities through that employer's retirement plan or stock
 purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Sales
 in response to broad-based tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Broker-initiated
 transactions related to fees or other administrative actions;

Any Employee-directed transactions in securities acquired through the circumstances listed above are subject to all trading restrictions of the PAD policy.

**Automated Investment Plans**

Purchases that are part of an automatic investment plan that has been disclosed to and approved by Compliance are generally excluded from the trading restrictions described in sections 3.1.4 and 3.1.5 to the extent they are applicable. These plans are generally limited to ETFs, Investment Trusts or similar pooled investment products. **Important:** any modifications to an automatic investment plan, including purchases that override the pre-set schedule or allocation, must also be disclosed to and approved by Compliance.

**Discretionary Accounts**

Where you do not have direct or indirect influence or control over trading in a Reportable Account (e.g., as a result of irrevocable delegation to an adviser), you may request that Compliance treat the account as a "Discretionary Account." If the account is treated as a Discretionary Account, transactions in the account will not generally be subject to the standard preclearance requirements and minimum holding period otherwise applicable.

While the requirements are relaxed, Discretionary Accounts remain subject the disclosure requirements in section 3.1.3. Moreover, any transactions in Janus Henderson Group plc securities and any participations in private placements or other limited offerings by Discretionary Accounts remain subject to requirements of sections 3.1.4 and 3.1.8, including the general prohibition on participation in IPOs.

In order to rely upon this exception, you must submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of an independent financial advisor or other independent third-party (a "manager") and receive approval from Compliance. In addition, on an ongoing basis, you must immediately inform Compliance if you terminate the relationship with the manager, make material changes to the terms of the relationship with the manager or exercise influence or control over trading by the manager in the Discretionary Account. On an annual basis, you must also acknowledge and attest that: (i) you have had no direct or indirect influence or control over the trading decisions in your Discretionary Account(s); and (ii) you did not suggest trades to the manager or in any way direct the manager to make any particular trades in securities for the Discretionary Account(s).

**Hardship**

Where any of the restrictions outlined above would cause undue hardship due to your personal circumstances, you may request an exception. Any exception granted requires the review and approval from Compliance and will be reported to the Ethics & Conflicts Committee.

**3.1.7** **Trading in Janus Henderson Products**

Janus Henderson serves as the adviser or subadviser to a variety of investment products, including U.S mutual funds, ETFs, UCITS, OEICs, other open-end funds, investment trusts and private/commingled funds. Any Employee holdings in Janus Henderson Products must be disclosed in MCO; however, any transactions in Janus Henderson Products generally do not need to be precleared unless they are also Covered Securities that require preclearance approval (e.g., Investment Trusts and Private Funds).

**Personal Code of Ethics**

You are discouraged from engaging in short-term or speculative transactions in Janus Henderson Products where such trading is inconsistent with its intended use. You are also prohibited from trading in any Janus Henderson Products while in the possession of material non-public (inside) information concerning it. Such information may include knowledge of material liquidity challenges, material valuation actions, material redemptions or material changes to portfolio management. Please contact Compliance for advice and direction. Additional restrictions may apply to certain Janus Henderson Products as outlined below.

**Janus Henderson U.S. Mutual Funds**

You are not required to preclear transactions in Janus Henderson U.S. Mutual Funds (specifically funds in the Janus Investment Fund or Janus Aspen Series); however, all Janus Henderson U.S. Mutual Funds except money market funds are subject to a minimum holding period of 90 days. The holding period is applicable for any purchase and subsequent sale of the same fund where a profit will occur and starts the day after execution of the trade and lasts through the 90th day. The restriction is calculated using a "first in, first out" (FIFO) basis. The holding period does not apply to acquisitions or sales of a fund where it is executed without instruction from the Employee (e.g., automatic dividend reinvestments, share plan investing etc.).

**Janus Henderson Investment Trusts<sup>6</sup>**

Janus Henderson investment trusts are treated the same as all other investment trusts under the Code, including with respect to preclearance and minimum holding period requirements. See sections 3.1.4 and 3.1.5. Please note that investment trusts may be placed on the restricted/embargoed list, including during any "closed periods." All preclearance requests for Janus Henderson investment trusts will be blocked pending checks for risks such as closed periods or involvement in buy-back programmes.

Fund managers of Janus Henderson investment trusts should be aware of the specific regulatory risks associated with personal investments in their trusts and should consult Compliance if they consider that there might be any potential conflict or market conduct risk associated with a proposed personal account trade.

**Janus Henderson Exchange Traded Products**

Janus Henderson ETFs, like all ETFs, are not subject to preclearance or minimum holding period, however, they are subject to the general principles of the Code, including those around trading on material non-public (inside) information and short-term or speculative transactions where inconsistent with their intended use. Moreover, you are required to ensure your holdings in Janus Henderson ETFs are reported accurately in MCO. See section 3.1.3.

**Janus Henderson Private Funds or Commingled Pools**

Janus Henderson private funds and commingled pools are treated the same as all other limited offerings and private placements under the Code, including with respect to preclearance requirements. See sections 3.1.4 and 3.1.5. As noted there, preclearance requests should be submitted in MCO via the Private Placement/Limited Offering form at least two weeks in advance of the proposed investment date. The review of your subscription documents by Janus Henderson or the private fund administrator is not considered a substitute for the preclearance process run by Compliance.

**3.1.8** **Trading in Janus Henderson Group plc Securities**

Your transactions in equity and debt securities issued by Janus Henderson Group plc (JHG) and related derivatives and convertible securities ("JHG securities") are subject to all trading restrictions of the PAD policy and the <u>JHG Share Trading Policy,</u> including preclearance via MCO and the minimum holding period. You are prohibited from trading in any JHG securities while in the possession of material non-public (inside) information. You may also only transact in JHG securities during an open window period. The window period generally opens the day after Janus Henderson publicly announces its quarterly earnings and closes on the last day of the calendar quarter<sup>7</sup>.

<sup>6</sup> A list of these Investment Trusts can be found here

<sup>7</sup> For Corporate Insiders (as defined in the <u>JHG Share Trading Policy)</u>, the window closes on the 15th of the last month of the calendar quarter.

**Personal Code of Ethics**

Please note that all your trades in JHG securities will be closely monitored and scrutinized. You may not engage in transactions in JHG securities if they are speculative or short-term in nature (e.g., short sales, transactions in "put" or "call" options or similar derivative transactions). In addition, you may not engage in any hedging or monetization transactions with respect to JHG securities or engage in other dealing that can be interpreted as an attempt to circumvent the requirements of the PAD policy. The <u>JHG Share Trading Policy</u> provides additional guidance on the trading of JHG securities.

Subject to certain exemptions in section 3.1.6 (e.g., ESPP / BAYE purchases), you must generally preclear all transactions in JHG securities, including gifts or other in-kind transfers where ownership of the shares changes (e.g., a charitable gift) and purchases or sales in "Discretionary Accounts." Any Employee-directed transactions in securities acquired through one or more of the circumstances listed in section 3.1.6 remain subject to all applicable trading restrictions of the PAD policy.

**3.2** **Outside Business Activities ("OBA")**

**3.2.1** **Key Principles**

Your business activities outside of work may present a conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for OBA and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;· that
 involves a significant amount of time or provides a significant amount of income may present
 a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;· that
 is investment-related, including activities on behalf of a non-profit, may present a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;· that
 involves service on the board of directors of a publicly traded company may present a conflict
 and will generally not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;· times,
 the interests of the Company and its clients take priority over the outside business activities
 of Employees.

**3.2.2** **Disclosure and Approval Requirements**

You are required to disclose and seek pre-approval for any of the following OBAs:<sup>8 9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· an
 employee, independent contractor, sole proprietor, officer, director or partner of or otherwise
 operating a for-profit business;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 director, officer or executive management of a non-profit entity or performing investment-related
 functions on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other outside employment or activity (paid or unpaid) that may give rise to a conflict with
 the Company, its shareholders or clients, or present a significant legal, regulatory, operational,
 reputational or other risk (e.g., operating a blog that provides financial advice or regularly
 participating in a television, radio or digital media show that may be controversial and
 reflect on Janus Henderson).

You are not required to disclose uncompensated service as a non-director, non-officer, non-executive management employee or volunteer for a non-profit entity, including civic organizations (e.g., your local homeowners or resident association), unless you will be performing investment-related functions on its behalf. You are also not generally required to disclose an occasional activity from which you may earn income (e.g., sale of personal property on eBay or vacation rental of your primary residence) unless it is operated as a business or creates a conflict or other risk as described above.

<sup>8</sup> FINRA obligation: If you are a FINRA-licensed person, please consult with Distribution Compliance on the disclosure obligations in relation to outside directorships and other business interests.

<sup>9</sup> Hong Kong SFC obligation: If you are a Hong Kong SFC-licensed person, please consult with local compliance on the disclosure obligations in relation to outside directorships and other business interests. reasonably necessary to manage any conflicts or risks, including but not limited to requiring periodic certifications.

**Personal Code of Ethics**

Upon joining the Company, you must submit a request for approval in MCO before continuing any existing OBA. Additionally, prior to commencing any new OBA, you must submit a request for approval in MCO.

You must abide by the Company's decision as to whether to permit an OBA and, if so, any conditions it places on your participation in the OBA.

You are required to keep your OBA disclosures current and accurate by promptly notifying Compliance of any relevant changes to your status (e.g., you are now serving on the investment committee) or the entity's status (e.g., the company has become or is becoming publicly traded). You must attest to the accuracy and completeness of your OBA disclosures in MCO annually.

**3.2.3** **Approval Process**

Compliance reviews and approves your OBA request if it does not present any actual or potential conflict or other risk. Compliance escalates your request to the Ethics & Conflicts Committee and your direct manager, as appropriate, if the activity presents perceived, actual or potential conflict. The Ethics & Conflicts Committee reviews and approves or denies any requests escalated by Compliance.

In deciding whether to approve the activity, Compliance, your direct manager and/or the Ethics & Conflicts Committee will consider whether the OBA presents any conflict or other risk and, if so, whether that conflict or risk can be effectively mitigated. Your request will not be denied without good cause. Compliance, your direct manager and/or the Ethics & Conflicts Committee may impose any conditions on your participation in the OBA

As a general rule, you will not be allowed to serve on the board of directors of any company with publicly traded equity or debt. Exceptions must be approved by the Ethics & Conflicts Committee and may be escalated to other governance committees for additional approval as appropriate.

**3.3** **Gifts, Entertainment and Other Benefits Received**

**3.3.1** **Key Principles**

Your receipt of Gifts, Entertainment or Other Benefits from Business Relationships may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for Gifts, Entertainment or Other Benefits received or intended to be accepted from a Business Relationship in accordance with the requirements of this Code.

You must follow the restrictions that apply to your jurisdiction and business as set forth in the relevant regional rules in Appendix 3. All Entertainment received or proposed to be received must have a relevant business purpose and specific benefit to JHI or its clients. Employees located or doing business in the UK and Europe are generally limited to receiving certain minor non-monetary benefits, including hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event.

Regardless of your business unit and location, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;· Receive
 cash, cash equivalents, loans or personal services on behalf of Janus Henderson, even if
 these fall within the limits outlined in the Appendices. This includes gift cards or certificates
 if they can be redeemed for cash.

**Personal Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;· Receive
 discounts unless they are available to all other Employees (e.g., a discount coupon from
 a retail store).

&nbsp;&nbsp;&nbsp;&nbsp;· Receive a Gift, Entertainment or Other Benefit if it could be perceived
 by others as a bribe or consideration for a business favour.

&nbsp;&nbsp;&nbsp;&nbsp;· Receive
 a Gift, Entertainment or Other Benefit that would be embarrassing to you or Janus Henderson
 if made public.

&nbsp;&nbsp;&nbsp;&nbsp;· Request
 a Gift, Entertainment or Other Benefit from a Business Relationship.

**3.3.2** **Disclosure and Approval Requirements**

You are required to promptly disclose any Gifts, Entertainment or Other Benefits that you receive or wish to accept to the extent they exceed the relevant Disclosure Threshold described in the <u>Appendices.</u> You are also required to seek pre-approval for any Gifts, Entertainment or Other Benefits that you receive or wish to accept to the extent they exceed the relevant Individual or Annual Limit described in the <u>Appendices</u> or are otherwise restricted.

The <u>Appendices</u> outline for each jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;· Prohibitions

&nbsp;&nbsp;&nbsp;&nbsp;· Disclosure
 Thresholds

&nbsp;&nbsp;&nbsp;&nbsp;· Individual
 Limits

&nbsp;&nbsp;&nbsp;&nbsp;· Annual
 Limits

&nbsp;&nbsp;&nbsp;&nbsp;· Other
 rules or guidelines.

The described thresholds and limits apply to the total value of the Gift, Entertainment or Other Benefits, including any associated meals, drinks, tickets, transportation, etc. Any Annual Limits per provider apply to the combined total of all benefits received from the Business Relationship, including Business Meals. All Individual and Annual Limits related to Business Meals are exclusive of tax and gratuity.

You are required to attest at least annually that you have disclosed all Gifts, Entertainment or Other Benefits required to be disclosed and that you have not received any Gifts, Entertainment or Other Benefits outside of the Code requirements.

**Industry Conferences, Seminars or Other Events**

You may be invited to attend, participate in, or speak at industry conferences, seminars or other events where the event sponsor or another third party offers to cover costs associated with your attendance. Even where you are speaking or otherwise providing a benefit to the sponsor, you must seek pre-approval in MCO for any offers to cover travel, lodging or established event fees. You must also disclose any benefit received beyond routine event programming and associated event hospitality (i.e., food and drink on-site), such as special excursions (e.g., golf outings, boating trips, etc.), meals (e.g., separate dinner off-site) or other entertainment (e.g., theatre tickets). To the extent possible, these additional benefits must be approved in advance if the aggregate value exceeds the relevant Individual or Annual Limit described in the <u>Appendices</u> or are otherwise impermissible. Your request should also include the business rationale for accepting the accommodations vs. expensing the costs to JHI.

**3.3.3** **Approval and Exceptions Process**

Any Gift, Entertainment or Other Benefit whose value exceeds the relevant Individual or Annual Limit, or that is otherwise impermissible due to restrictions described in the <u>Appendices</u> constitutes an exception to the Code. In reviewing disclosures, Compliance may consider the fair market value or the nominal or face value of the Gift, Entertainment or Other Benefit being provided as appropriate. Compliance and your direct manager will generally review and approve or deny any exceptions to the Code. In connection with the approval of an exception, the Company may impose additional conditions or restrictions on the receipt of the Gifts, Entertainment or Other Benefits, including but not limited to requiring the Company or the Employee to reimburse the Business Relationship or the Employee donate to an appropriate charitable organization the amount by which the value of the Gift, Entertainment or Other Benefit exceeds the relevant Individual Limit. Exceptions are reported to the Ethics & Conflicts Committee.

**Personal Code of Ethics**

If, after you have received Gifts, Entertainment or Other Benefits, you or Compliance determine the value is over the relevant Individual or Annual Limit or is otherwise inappropriate, your direct manager and Compliance will work with you to resolve the issue and ensure that you remain compliant with the Code and local regulations. In the event an Employee receives a Gift over the applicable limit, the Employee may be required to return the Gift or, at the direction of Compliance and the Ethics & Conflicts Committee, (1) pay the fair market value of the Gift and keep it, (2) donate the Gift to charity or (3) dispose of the Gift.

**3.4** **Political Activities**

**3.4.1** **Key Principles**

Your participation in Political Activities and your making of Political Contributions may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you<sup>10</sup> must disclose and receive pre-approval for Political Activities and Political Contributions and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Only
 Covered Associates are allowed to solicit investment advisory services business from U.S.
 Government Entities.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 are prohibited from directly or indirectly using a third party to solicit investment advisory
 services business from U.S. Government Entities without pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 are prohibited from performing any act which would result in a violation of the Code whether
 directly or through or by any other person or means.

&nbsp;&nbsp;&nbsp;&nbsp;· No
 Employee may undertake any Political Activity (1) using the Company's name, (2) during
 working hours, (3) on the Company's premises and/or (4) with the use of Company's
 equipment, property, funds or personnel without obtaining pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· At
 all times, the interests of the Company and its clients take priority over the personal political
 interests of Employees.

**3.4.2** **Disclosure and Pre-Approval Requirements**

You are required to disclose and seek pre-approval for any Political Activities or Political Contributions of yourself or the Company. All Employees who are US citizens and (a) a director or executive offer of JHG plc; or (b) an executive officer of JHIUS, JHDUS or JHDUS are also required to disclose and seek pre-approval for any Political Activities or Political Contributions of their family members (i.e., a spouse, domestic partner or minor children). You should submit all requests for pre-approval to Compliance via MCO.

Any Political Contributions made by others (e.g., spouses, domestic partners, family members, friends, placement agents, consultants, attorneys, businesses, etc.) at the direction or suggestion of an Employee are considered to be made by that Employee for purposes of the Code.

**3.4.3** **Approval and Exceptions Process**

You must obtain written approval from Compliance prior to making any Political Contribution or engaging in any Political Activity on behalf of yourself or the Company. All Employees who are US citizens and (a) a director or executive offer of JHG plc; or (b) an executive officer of JHIUS or JHDUS must also obtain written approval from Compliance before a family member (i.e., a spouse, domestic partner or minor children) makes a Political Contribution or engages in any Political Activity.

<sup>10</sup> For purposes of these Political Activities disclosure and preclearance rules alone, the terms "you" and "Employee" do not cover contractors.

**Personal Code of Ethics**

Compliance, and Legal as necessary, will review all requests to determine whether they are permissible based on the requirements of the Code as well as applicable federal, state and local restrictions.

In general, you may make Political Contributions of $150 (U.S. or local equivalent) to a candidate per election, subject to Compliance approval. Primary and general elections are considered separate elections. You may request exceptions to the $150 limit, which may be reviewed by representatives of the Legal and Compliance departments. In certain cases, exception requests may be escalated to the CEO for approval. The Company's Political Activities and Political Contributions must be approved by the Executive Committee.

In general, contributions to and activities for charitable organizations, such as 501(c)(3)s, are not typically considered Political Activities or Contributions; however, you must keep in mind the anti-circumvention provisions of the Code (see Section 3.4.4). If you are unsure if a particular contribution or activity would comply with the Code and legal or regulatory requirements or require pre-approval, please consult with Compliance.

**3.4.4** **Conditions and Prohibitions**

You are expected to exercise good judgment when engaging in Political Activities, making Political Contributions or otherwise using political influence. You must consider any actual, potential or apparent conflicts of interests when engaging in Political Activities or making Political Contributions. Regardless of amount, all Political Contributions must be entirely voluntary and unlikely to influence the candidate's judgment regarding any continued or future investment advisory services business.

You are prohibited from making Political Contributions when the solicitation or request for such contribution implies that continued or future business depends on making such contributions. Similarly, no Political Activities should be performed nor Political Contributions made that create the appearance that the Company stands to receive preferential treatment in the selection of investment advisory services.

The Company and its Covered Associates are flatly prohibited from "bundling", pooling or otherwise facilitating contributions or soliciting, directly or indirectly, contributions on behalf of candidates for state and local office and payments to state or local political parties. This includes activities such as serving on a candidate's campaign finance committee, hosting fundraisers or otherwise engaging in political fundraising for Officials and state and local political parties, including political action committees (PACs) and inaugural and transitional expenses. For example, merely having one's name appear in letterhead or any other portion of a fundraising letters or sponsoring a meeting or conference that features a government official as an attendee or guest speaker and involves fundraising may be considered soliciting contributions for a candidate or party.

In addition, any payments and/or contributions to state and local parties made to a PAC controlled by an SEC-registered investment adviser or any of its Covered Associates, either directly or indirectly, are strictly prohibited. As a result, Covered Associates and, for executive officers of SEC-registered investment advisers, members of their households are strictly prohibited from establishing, controlling or being involved with a PAC or any other entity that makes Political Contributions.

You are prohibited from performing any act that would result in a violation of the Code directly or through or by any other person or means. This means that you may not use other persons or entities, including affiliated entities or unaffiliated PACs, as "conduits" to circumvent applicable laws, rules, regulations and/or the Code.

**Personal Code of Ethics**

**3.4.5 Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers**

Only Covered Associates are allowed to "solicit" investment advisory services business from U.S. Government Entities. Soliciting in this context means any direct or indirect communication with a U.S. Government Entity for the purpose of obtaining or retaining investment advisory services business. The following are examples of when such solicitation could result:

&nbsp;&nbsp;&nbsp;&nbsp;· leading,
 participating in or merely being present at a sales/solicitation meeting with a U.S. Government
 Entity;

&nbsp;&nbsp;&nbsp;&nbsp;· otherwise
 holding oneself out as part of the investment advisory services sales/solicitation effort
 with a U.S. Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;· signing
 a submission to a Request for Proposal in connection with investment advisory business;

&nbsp;&nbsp;&nbsp;&nbsp;· receiving
 a sales commission, servicing trailer, finder's fee or other compensation for helping
 an investment adviser obtain or retain investment advisory business with a U.S. Government
 Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;· making
 introductions between officials of a U.S. Government Entity and an investment adviser.

Compliance will notify individual Employees of his or her status as a Covered Associate and will maintain and update these lists as necessary. Compliance will work with Human Resources to screen potential hires and internal transfers who may be entering or exiting Covered Associate status to ascertain if their Political Contributions have or have not exceeded the applicable de minimis limits prescribed by any legal, regulatory or contractual limitations.

No Employee may directly or indirectly use a third party or an affiliate (i.e., anyone who is not an Employee of the SEC-registered investment adviser) to solicit investment advisory services business from U.S. Government Entities without pre-approval from Compliance. Among other things, Compliance will vet any potential third party to determine if it is a permissible placement agent under SEC Rules 206(4)-1 and 206(4)-5.

**Personal Code of Ethics**

**Appendix 1 - Definitions**

**Access Person:** Any Employee who has access to non-public information regarding any client's purchase or sale of securities or non-public information regarding the portfolio holdings of any client account. All persons covered by the Personal Account Dealing rules are deemed Access Persons.

**Annual Limit:** The maximum fair market value of Gifts, Entertainment or Other Benefits that can be received from a single provider over the course of a year, absent an exception. The Annual Limit is combined for Business Meals and Entertainment.

**Approved Brokers:** Those brokers that provide Compliance with transactions and holdings data via electronic feed into MCO. A current list of Approved Brokers can be found in the <u>Approved Broker Guidelines.</u>

**Beneficial Ownership:** You are the beneficial owner of any account or securities in which you have a direct or indirect financial interest. This includes accounts held in the name of you, your spouse or equivalent domestic partner, your minor children, any adult children whom you claim as a dependent, and any other relatives living with you to whom you provide financial support. This may also include trusts for which you are a trustee or a beneficiary. See Appendix 2 for more detailed information and guidance on Beneficial Ownership.

**Business Meals:** A meal which the Business Relationship pays for and whose primary purpose is to discuss business. If the meal accompanies a form of Entertainment, it should be disclosed in conjunction with the Entertainment.

**Business Relationship:** Any person or entity that does or seeks to do business with or on behalf of Janus Henderson or any client.

**Closed Period:** The time period between the completion of a listed company's financial results and the announcing of these results to the public.

**Covered Associate:** Members of ExCo, listed officers of JHIUS, any Employee who solicits a government entity for JHIUS, Employees who directly or indirectly supervise an Employee who solicits a government entity for JHIUS, and any other persons identified by Compliance based upon requirements of Rule 206(4)-5. Compliance will inform individuals of their status as a "Covered Associate" for purposes of these Political Activities rules. Absent such a notification, Employees may generally assume they are not Covered Associates.

**Covered Securities:** In general, any securities and derivatives thereof, including but not limited to individual stocks and bonds, exchange-traded products (ETFs and ETNs), closed-end funds, private placements and limited offerings. See Appendix 2 for a detailed list of Covered Securities.

**Disclosure Threshold:** The fair market value above which Gifts, Entertainment or Other Benefits are required to be disclosed.

**Employees or You:** All employees of Janus Henderson, as well as certain contactors as identified by Compliance.

**Entertainment:** A sporting event, concert, theatre performance, outdoor activity, reception, cocktail party, Business Meal or any other event that the Business Relationship pays for. In order to qualify as Entertainment, the Business Relationship must attend the event with you.

**Ethics & Conflicts Committee:** Governance committee composed of senior leaders throughout Janus Henderson Group. The Committee meets quarterly, or more often as needed, to review potential violations of the Personal Code of Ethics, our Code of Business Conduct and other related policies.

**Personal Code of Ethics**

**FCA:** Financial Conduct Authority — a UK regulator.

**Gift:** Any item of value that is received from a current or prospective Business Relationship. Entertainment that the Business Relationship pays for, but does not attend, qualifies as a Gift.

**Individual Limit:** The maximum fair market value of Gifts, Entertainment or Other Benefits that can be received from a single provider in connection with a single event or single day, absent an exception.

**Investment Person:** An Access Person who also makes or participates in making, decisions regarding the trading of securities in any client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations, compliance, investments, product development and ExCo members.

**Janus Henderson or the Company:** Janus Henderson Group plc, its affiliates and its subsidiaries.

**Janus Henderson Products:** Any fund or product for which JHG acts as an investment adviser, sub-adviser or principal underwriter (e.g., mutual funds, exchange-traded products, UCITS funds, investment trusts, commingled pools, hedge funds or subadvised products)

**MyComplianceOffice (MCO):** The monitoring system utilized for all personal compliance disclosures including Personal Account Dealing.

**Outside Business Activity (OBA):** Any personal activities outside of work subject to the disclosure and pre-approval requirements described in sections 3.2.2.

**Other Benefit:** Any other non-cash value that is received from a current or prospective Business Relationship other than a Gift or Entertainment, such as conference or seminar fees.

**Personal Account Dealing (PAD):** The personal transactions in Covered Securities held in accounts under the Beneficial Ownership of persons covered by the Code.

**Political Activity:** Any activity that directly or indirectly supports a candidate's campaign for governmental office, including but not limited to: (1) hosting fundraisers for candidates, committees and parties; (2) using your name or the Company's name on fundraising literature; (3) "bundling" or coordinating contributions on behalf of others; **(4)** volunteering to make phone calls or canvas neighbourhoods; (5) participating in a PAC; (6) giving endorsements; or (7) serving on a candidate's election committee.

**Political Contribution:** Any gift, subscription, loan, advance, or deposit of money or anything of value for: (1) the purpose of influencing any election for governmental office; (2) the payment of debt incurred in connection with any such election; or (3) transition or inaugural expenses incurred by the successful candidate for governmental office. Political Contributions include both monetary contributions and in-kind contributions.

**Reportable Accounts:** All brokerage accounts and any other accounts in which the Employee has Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.

**SEC:** U.S Securities and Exchange Commission — a U.S. regulator.

**U.S. Government Entity:** Any U.S. state or local government; any agency, authority or instrumentality of a state or local government; any pool of assets sponsored by a state or local government (such as a defined benefit pension plan, separate account or general fund); and any participant-directed government plan (such as 529, 403(b), or 457 plans).

**Personal Code of Ethics**

**Appendix 2 — PAD Guidelines**

**Covered Securities**

The following securities and derivatives thereof, including any related warrants, rights, options, futures and swaps, are considered Covered Securities for purposes of Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· equities
 - listed and unlisted shares

&nbsp;&nbsp;&nbsp;&nbsp;· fixed
 income instruments (other than those listed as non-covered below) including corporate, municipal
 and closely-held

&nbsp;&nbsp;&nbsp;&nbsp;· bonds
 and other direct debt instruments issued or guaranteed by governments of developing countries
 or in emerging markets

&nbsp;&nbsp;&nbsp;&nbsp;· ADRs,
 EDRs, GDRs or any other depository receipts

&nbsp;&nbsp;&nbsp;&nbsp;· ETFs/ETNs <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· closed-end
 funds

&nbsp;&nbsp;&nbsp;&nbsp;· hedge
 funds

&nbsp;&nbsp;&nbsp;&nbsp;· security
 token offerings or initial coin offerings

&nbsp;&nbsp;&nbsp;&nbsp;· special
 purpose acquisition companies (SPACs)

&nbsp;&nbsp;&nbsp;&nbsp;· private
 placements and limited offerings (including top-ups)

&nbsp;&nbsp;&nbsp;&nbsp;· private
 funds

&nbsp;&nbsp;&nbsp;&nbsp;· venture
 capital trusts (VCTs)

&nbsp;&nbsp;&nbsp;&nbsp;· investment
 trusts, including any Janus Henderson-managed investment trusts

&nbsp;&nbsp;&nbsp;&nbsp;· real
 estate investment trusts (REITs)

&nbsp;&nbsp;&nbsp;&nbsp;· investments
 listed above held in a wrapped product, such as an Individual Savings Account (ISA), Self-Invested
 Personal Pension (SIPP), Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme
 (SEIS), Child Trust Funds (CTF), etc.

**Non-Covered Securities, Financial Instruments and Other Assets**

Anything that is not a security or a derivative thereof, such as commodities or currencies, is not considered a Covered Security. In addition, certain types of securities are not considered Covered Securities due to the absence of potential client conflicts. By way of illustration, the following securities, commodities, currencies and instruments (and derivatives thereof) are not considered Covered Securities for purposes of Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· bank
 and term deposits

&nbsp;&nbsp;&nbsp;&nbsp;· bonds
 and other direct debt instruments issued or guaranteed by the government of the UK, the US
 or other developed countries

&nbsp;&nbsp;&nbsp;&nbsp;· commercial
 paper and investment grade short-term debt instruments, including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;· premium
 bonds (UK-specific)

&nbsp;&nbsp;&nbsp;&nbsp;· commodities

&nbsp;&nbsp;&nbsp;&nbsp;· currencies

&nbsp;&nbsp;&nbsp;&nbsp;· interest
 rates

&nbsp;&nbsp;&nbsp;&nbsp;· broad-based
 indices

&nbsp;&nbsp;&nbsp;&nbsp;· cryptocurrencies
 (other than those in security token offerings or initial coin offerings)

&nbsp;&nbsp;&nbsp;&nbsp;· non-fungible
 tokens (NFTs)

&nbsp;&nbsp;&nbsp;&nbsp;· regulated
 open-end funds (OEICs, Unit Trusts, NURS, US mutual funds, Australian managed investment
 schemes, etc.) and interval funds offered for purchase or sale at NAV

While the above securities, commodities, currencies, financial instruments or other assets are not considered Covered Securities for purposes of Code requirements, they may become Covered Securities to the extent they are included in or packaged into a Covered Security. For instance, cryptocurrency is not a Covered Security but an ETF of cryptocurrencies or cryptocurrency derivatives is a Covered Security.

<sup>11</sup> While ETF trades generally are not subject to preclearance or minimum holding period, any trade in a single-stock ETF will be treated as a trade in the underlying security and therefore subject to both requirements.

**Personal Code of Ethics**

**Beneficial Ownership**

**Definition of Beneficial Ownership**

The Code applies to all accounts and securities beneficially owned by you as well as accounts under your direct or indirect influence or control. Essentially, this means that if you have the ability to profit, directly or indirectly, or share in any profit from a transaction, you have Beneficial Ownership. If you are unsure if an account or investment falls under your beneficial ownership (e.g., a share or investment club), please contact Compliance for further guidance.

**Practical Application**

You live with your parents: If you live in your parents' house but do not financially support your parents, your parents' accounts and securities are not beneficially owned by you and do not require disclosure.

Your parent lives with you: If you provide financial support to your parent, your parent's accounts and securities are beneficially owned by you and require disclosure.

You have an adult child living in your home: If you provide financial support to your child, your child's accounts and securities are beneficially owned by you and require disclosure.

You have a college-age child: If your child is in college and is your financial dependent, you are the beneficial owner of their accounts and securities, regardless of where they are living.

Your child has an UGMA/UTMA account: If you (or your spouse) are the custodian for the minor child, the child's accounts are beneficially owned by you. If someone other than you (or your spouse) is the custodian for your minor child's account, the account is not beneficially owned by you.

You have a domestic partner or similar cohabitation arrangement: If you contribute to the maintenance of a household and the financial support of a partner, your partner's accounts and securities are beneficially owned by you and require disclosure.

You have a roommate: Generally, roommates are presumed to be temporary and therefore you have no beneficial ownership in one another's accounts and securities.

You have power of attorney: If you have been granted power of attorney over an account, you are not the beneficial owner of the account until the time that the power of attorney has been activated.

You are the trustee and/or the beneficiary of a trust: Due to the complexity and variety of trust agreements, these situations require case-by-case review by Compliance.

**Personal Code of Ethics**

**Appendix 3 — Gifts, Entertainment and Other Benefits Limits, Thresholds and Guidelines**

**U.S. and North America Requirements**

**Limits and Thresholds**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Disclosure<br> Threshold** | &nbsp;&nbsp;**Individual Limit<br> (per event)** | &nbsp;&nbsp;**Annual Limit<br> (per provider)** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$100 | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;Business Meals/Entertainment | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$1,500<br> (combined) |

---

**Prohibitions**

You may not receive any Entertainment that constitutes an "extraordinary" event, such as the Super Bowl, World Series, College Football Playoff Semi-Final and Championship games, NBA Finals, **NHL** Finals, etc.

**Additional Restrictions for Traders and Trade Operations**

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from and subject to conditions imposed by the applicable Head of Trading and Compliance.

**Personal Code of Ethics**

**UK and Europe Requirements**

**Front Office and Distribution Employees**

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in Front Office and Distribution functions may only receive acceptable minor non-monetary benefits.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Disclosure<br> Threshold** | &nbsp;&nbsp;**Individual Limit<br> (per event)** | &nbsp;&nbsp;**Annual Limit<br> (per provider)** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;Not permitted | &nbsp;&nbsp;Not permitted | &nbsp;&nbsp;Not permitted |
| &nbsp;&nbsp;Business Meals | &nbsp;&nbsp;£30 | &nbsp;&nbsp;£150 | &nbsp;&nbsp;£750 |
| &nbsp;&nbsp;Entertainment\* | &nbsp;&nbsp;Not permitted | &nbsp;&nbsp;Not permitted | &nbsp;&nbsp;Not permitted |

---

\* Includes golf days, cricket and football matches and attendance of concert or theatre events.

**All Other Employees**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Disclosure Threshold** | &nbsp;&nbsp;**Individual Limit (per<br> event)** | &nbsp;&nbsp;**Annual Limit<br> (per provider)** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;£10 | &nbsp;&nbsp;£75 | &nbsp;&nbsp;£75 |
| &nbsp;&nbsp;Business Meals | &nbsp;&nbsp;£30 | &nbsp;&nbsp;£225 | &nbsp;&nbsp;£1,125 <br> (combined) |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;£30 | &nbsp;&nbsp;£225 | &nbsp;&nbsp;£1,125 <br> (combined) |

---

**Personal Code of Ethics**

**Asia Pacific Requirements**

**Limits and Thresholds**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Disclosure Threshold** | &nbsp;&nbsp;**Individual Limit<br> (per event)** | &nbsp;&nbsp;**Annual Limit<br> (per provider)** |
| &nbsp;&nbsp;**Australia** | &nbsp;&nbsp;**Australia** | &nbsp;&nbsp;**Australia** | &nbsp;&nbsp;**Australia** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;AUD 100 | &nbsp;&nbsp;AUD 299 | &nbsp;&nbsp;AUD 299 |
| &nbsp;&nbsp;Business Meals | &nbsp;&nbsp;AUD 100 | &nbsp;&nbsp;AUD 299 | &nbsp;&nbsp;AUD 1,500<br> (combined) |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;AUD 100 | &nbsp;&nbsp;AUD 299 |  |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;**Hong Kong** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;HKD 300 | &nbsp;&nbsp;HKD 1,200 | &nbsp;&nbsp;HKD 1,200 |
| &nbsp;&nbsp;Business Meals | &nbsp;&nbsp;HKD 1,100 | &nbsp;&nbsp;HKD 1,500 | &nbsp;&nbsp;HKD 7,500<br> (combined) |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;HKD 300 | &nbsp;&nbsp;HKD 1,500 | &nbsp;&nbsp;HKD 7,500<br> (combined) |
| &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;**Japan** | &nbsp;&nbsp;**Japan** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;JPY 5,000 | &nbsp;&nbsp;JPY 15,000 | &nbsp;&nbsp;JPY 15,000 |
| &nbsp;&nbsp;Business Meals | &nbsp;&nbsp;JPY 20,000 | &nbsp;&nbsp;JPY 30,000 | &nbsp;&nbsp;JPY 100,000<br> (combined) |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;JPY 5,000 | &nbsp;&nbsp;JPY 20,000 |  |
| &nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;**Singapore** |
| &nbsp;&nbsp;Gifts | &nbsp;&nbsp;SGD 50 | &nbsp;&nbsp;SGD 200 | &nbsp;&nbsp;SGD 200 |
| &nbsp;&nbsp;Business Meals | &nbsp;&nbsp;SGD 180 | &nbsp;&nbsp;SGD 250 | &nbsp;&nbsp;SGD 1,250 <br> (combined) |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;SGD 50 | &nbsp;&nbsp;SGD 250 | &nbsp;&nbsp;SGD 1,250 <br> (combined) |

---

**Additional Restrictions for Traders and Trade Operations**

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from and subject to conditions imposed by the applicable Head of Trading and Compliance.

**Personal Code of Ethics**

**Appendix 4 — Policies for Independent Fund Trustees**

The following provisions apply to the Independent Trustees of the Janus Investment Fund (JIF), the Janus Aspen Series (JAS), the Janus Detroit Street Trust (DST) and the Clayton Street Trust (CST) (each a "Trust" and together the "Trusts") with respect to the Trusts they oversee.

You are a fiduciary to the Trusts you oversee and owe fiduciary duties of loyalty and care to them. In meeting those fiduciary duties, you are expressly prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· device,
 scheme, or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trusts any untrue statement of a material fact or omit to state to the Trusts a material
 fact necessary in order to make the statements made, in light of circumstances under which
 they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 act, practice, or course of business which operates or would operate as a fraud or deceit
 upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;· any
 manipulative practice with respect to the Trusts.

You are also required to adhere to the following more detailed requirements of the Code.

**Personal Account Dealing Requirements**

**Account Disclosures**

At the time of onboarding and annually thereafter, you must disclose any accounts which hold Janus Henderson Products and in which you have direct or Beneficial Ownership. You must certify annually that you adhered to this requirement.

**Trades in Covered Securities**

While you are not required to preclear trades in Covered Securities, you are prohibited from discretionary trading of a Covered Security in accounts in which you have direct or Beneficial Ownership when you knew or should have known that during the 15-day period immediately before or after your transaction (a) one of the Trusts you oversee purchased or sold the Covered Security; or (b) one of the Trusts you oversee or Janus Henderson considered purchasing or selling the Covered Security. Additionally, you must certify annually that you adhered to this requirement.

In the event there is such a transaction in Covered Securities, you must contact the Chief Compliance Officer so that you can complete the quarterly transaction report required under SEC Rule 17j-1(d)(2).

**Trades in the Trusts**

You are discouraged from engaging in short-term or speculative transactions in shares of the funds you oversee, where such trading is inconsistent with such fund's intended use. You are also prohibited from trading in shares of the funds you oversee while in the possession of material non-public (inside) information concerning such funds. As needed, please contact the Trusts' Chief Compliance Officer, Janus Henderson internal counsel, or your independent trustee counsel for advice and direction regarding the types of non-public information that may be considered material.

**Trades in JHG Securities**

You are prohibited from having direct or Beneficial Ownership of equity securities issued by Janus Henderson Group plc (JHG).

**Personal Code of Ethics**

**Communications with the Investment Team**

You will receive regular information about the Trusts' investment activities in general board meetings, in Diligent and in ongoing communications between Janus Henderson and the Trustees. In addition, Janus Henderson personnel respond to inquiries from Trustees, particularly as they relate to general strategy considerations or economic or market conditions affecting the funds you oversee. The U.S. Mutual Funds' holdings disclosure policy specifically provides that, for legitimate business purposes, the Trustees may receive non-public information regarding the funds' portfolio holdings. You should be sensitive to the potential conflicts of interest and reporting requirements (as noted above) that your receipt of that information may create with respect to your personal trading.

**Gifts and Entertainment Received Requirements**

You are prohibited from soliciting Gifts or Entertainment from Janus Henderson. While you are not required to disclose or obtain preapproval for Gifts or Entertainment received from Janus Henderson, you may not receive more than $100 in Gifts from Janus Henderson in a calendar year. In addition, you may not receive more than $300 value (or $600 value for you and a guest) in Entertainment from Janus Henderson for a given event. The aggregate value of all such Gifts and Entertainment received may not exceed $1,500 per calendar year. The limits apply to the total fair market value cost (not face value) of the outing, including meals, travel (airfare/ hotels/ cars), tickets, limo rides, etc. These limitations do not apply to meals served in conjunction with board meetings.

## Ex-99.B(P)(29)

**Exhibit 99.B(p)(29)**

**Code of Ethics for JPMAM**

Last Revision Date: April 26, 2023

Last Review Date: August 29, 2025

Effective Date: August 29, 2025

![](tm262170d1_ex99bp29img001.jpg)

**Table of Contents**

1. Summary 1

2. Amendments to Previous Version Distributed June 5, 2024 2

3. Scope 2

4. Reporting Requirements 2

4.1 Holdings Reports 2

4.2 Transaction Reports 3

4.3 Exceptions from Transaction Reporting Requirements 4

5. Personal Trading Requirements 4

5.1 Approved Broker Requirement 4

5.2 Blackout Provisions 4

5.3 Minimum Investment Holding Period and Market Timing Prohibition 5

5.4 Trade Reversals and Disciplinary Action 5

6. Buis dnd Records to be maintained by Investment Advisers 5

7. Privacy 6

8. Anti-Corruption 6

9. Conflicts of Interest 6

9.1 Trading in Securities of Clients 6

9.2 Trading, in Securities of Suppliers 7

9.3 Gifts & Business Hospitality 7

9.4 Political Contributions and Activities 8

9.5 Charitable Contribution 9

9.6 Outside Interests 9

10. Training 10

11. Escalation Guideline, 10

11.1 Personal Account Dealing and Access Persons Violations 10

11.2 Material Violationr 10

12. Defined Terms 11

**1. Summary**

This Code of Ethics for JPMorgan Asset Management ("JPMAM") (the "Code") has been adopted by the registered investment advisers of JPMAM in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). Rule 204A-1 requires an investment adviser registered under Section 203 of the Advisers Act to establish, maintain and enforce a written Code of Ethics.

This Code establishes our standards for ethical conduct which are premised on fundamental principles of openness, integrity, honesty and trust. In addition to the Code, J.P. Morgan Chase & Co. ("JPMC") has a firmwide Code of Conduct that applies to all employees globally, including all JPMAM employees. In the event that a difference exists between any of the standards identified in the JPMC Code of Conduct and the Code, the more restrictive provision shall apply.

JPMAM hereby adopts the message from Jamie Dimon that was included in the JPMC Code of Conduct as it embodies JPMAM's ethical standards:

*JPMorgan Chase is deeply committed to being straightforward, accountable and honest in all of our business dealings at all times.*

*The Code of Conduct represents our shared obligation to operate with the highest level of integrity and ethical conduct. We do the right thing — even when it's not easy. We have zero tolerance for unethical behavior, and we abide by the letter and spirit of the laws and regulations everywhere we do business. Personal accountability and ownership are priorities at our firm.*

*Our Code of Conduct and firm policies are designed to encourage honest business relationships, enabling us to continually build on our proud heritage. That is why it's important to speak up when you see something that doesn't seem right.*

*We all must do our part to preserve the values that have made JPMorgan Chase the respected company it is today. If you see or suspect illegal or unethical conduct, <u>report</u> it immediately.*

*Remember, your actions matter.*

Additionally, it is the duty of all Supervised Persons to act in the best interests of their clients, place the interests of JPMAM Clients before their own personal interests at all times and to avoid any actual or potential conflicts of interest. Supervised Persons are the officers, directors (or other persons occupying a similar status or performing similar functions or employees of JPMAM) or any other person who provides investment advice on JPMAM's behalf and is subject to JPMAM's supervision or control.

Supervised Persons must comply with applicable Federal Securities Laws<sup>1</sup> and promptly report any known or suspected violations of the Code promptly to the Compliance Department or Code of Conduct Reporting Hotline, which shall report any such violation promptly to the Chief Compliance Officer ("CCO") of the applicable legal entity, or through the various reporting channels as provided in the "How to Report a Violation" page of the Code of Conduct Intranet site. Your reporting obligations do not prevent you from reporting to the government or regulators conduct that you believe to be in violation of law and it does not require you to notify JPMAM prior to reporting to the government or regulators. JPMAM strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of the Code or any law or regulation.

<sup>1</sup>And/or any other applicable non-US securities laws governing their jurisdiction.

![](tm262170d1_ex99bp29img001.jpg)

Compliance with the Code, and other applicable policies and procedures, is a condition of employment. The rules, procedures, reporting and recordkeeping requirements set forth in the Code are hereby adopted and certified as reasonably necessary to prevent Supervised Persons from violating the provisions of the Code and applicable Federal Securities Laws.

The Compliance Department provides a link to this Code and any amendments to all Supervised Persons in their Access Persons Report and requires their attestation of compliance with this Code at least annually. These records are maintained by the Compliance Department as part of its Books and Records as required by the Advisers Act.

Annually, the CCO of each registered investment adviser must review that the Code adequately reflects the adviser's fiduciary obligations and those of its Supervised Persons.

**2. Amendments to Previous Version Distributed June 5, 2024**

No material updates made.

**3. Scope**

This Code applies to all Supervised Persons of JPMAM.

**4. Reporting Requirements**

**4.1** **Holdings Reports** 

Access Persons must submit holdings reports to the Compliance Department documenting current securities holdings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Content of Holdings Reports

Each holdings report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account Details

The name of any broker, dealer or bank with which the Access Person maintains a Covered Account in which any Reportable Securities are held for the Access Person's direct or indirect benefit as well as all pertinent Covered Account details (e.g., account title, account number.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Account Statements

The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

![](tm262170d1_ex99bp29img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Submission Date

The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Submission of Holdings Reports

Access Persons must submit both an Initial and Annual holdings report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Initial Report

Must be submitted no later than 10 days after the person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Annual Report

Must be submitted at least once each 12-month period. Thereafter on or before January 30, and the information must be current as of a date no more than 45 days prior to the date the report was submitted, unless notified by Compliance that this is no longer required due to electronic position reporting received from Approved Brokers.

**4.2** **Transaction Reports** 

Access Persons must submit to the Compliance Department securities transactions reports on a quarterly basis, in the form designated by the Compliance Department. Securities transaction reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Content of Transaction Reports

Each transaction report must contain, at a minimum, the following information about each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the transaction, the title, and as applicable the exchange
 ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal
 amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;(3) 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;(4) 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;(5) The date the Access Person submits the report to the Compliance Department.

![](tm262170d1_ex99bp29img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Timing of Transaction Reports

Each Access Person must submit a transaction report no later than 30 days after the end of each calendar quarter, which must cover, at a minimum, all transactions during the quarter.

**4.3** **Exceptions from Transaction Reporting Requirements** 

An Access Person need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any report with respect to securities held in accounts over which the
 Access Person had no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A transaction report with respect to transactions effected pursuant
 to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transaction Reports are not required for accounts maintained at Approved
 or Preferred Brokers or for accounts which are approved for statement tracking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any report with respect to transactions in Reportable Funds.

**5. Personal Trading Requirements**

Supervised Persons must obtain approval from the Compliance Department before directly or indirectly acquiring *Beneficial Ownership* in any Reportable Security, including initial public offerings and limited offerings. Given the potential access to Proprietary and Client information that Supervised Persons may have, JPMAM and its Supervised Persons must avoid even the appearance of impropriety with respect to personal trading, which must be oriented toward investment rather than short-term or speculative trading. JPMAM's policies are designed to help prevent and detect violations of securities laws and industry conduct standards and to minimize actual or perceived conflicts of interest that could arise due to personal investing activities.

JPMC Transactions: Preclearance is no longer required for JPMC Securities (common stock, bonds, restricted stock units and employee stock options), except for Window List personnel, who are employees that are in possession, or have the potential to come into possession through the nature of their job duties, with material non-public information (MNPI) on JPMC.

**5.1** **Approved Broker Requirement** 

All self-directed Associated Accounts must be maintained with a JPMC Approved Broker.

**5.2** **Blackout Provisions** 

The personal trading and investment activities of Supervised Persons are subject to particular scrutiny due to the fiduciary nature of the business. Specifically, JPMAM must avoid even the appearance that its Supervised Persons conduct personal transactions in a manner that conflicts with the firm's investment activities on behalf of Clients. Accordingly, certain Supervised Persons are restricted from conducting personal investment transactions during certain periods (called "Blackout Periods"), and may be instructed to reverse previously completed personal investment transactions. Additionally, the Compliance Department may restrict the personal trading activity of any Supervised Person if it is determined that such activity has the appearance of a conflict of interest.

![](tm262170d1_ex99bp29img001.jpg)

These Blackout Periods apply varying levels of restrictions appropriate for different categories of Supervised Persons based upon their level of access to non-public Client or Proprietary information.

**5.3** **Minimum Investment Holding Period and Market Timing Prohibition** 

Supervised Persons are subject to a minimum holding period, generally 60 days, for all transactions in Reportable Securities. For Reportable Funds, only named Portfolio Managers of such funds are subject to a minimum holding period.

Supervised Persons are not permitted to conduct transactions for the purpose of market timing in any Reportable Security or Reportable Fund. Market timing is defined as an investment strategy using frequent purchases, redemptions, and/or exchanges in an attempt to profit from short-term market movements.

**5.4** **Trade Reversals and Disciplinary Action** 

Transactions by Supervised Persons are subject to reversal due to a conflict (or appearance of a conflict) with the firm's fiduciary responsibility or a violation of the firm policy. Such a reversal may be required even for a pre-cleared transaction that results in an inadvertent conflict or a breach of blackout period requirements.

Disciplinary actions resulting from a violation of the Code will be administered in accordance with related JPMAM guidelines governing disciplinary action and escalation. All violations and disciplinary actions will be reported promptly by the Compliance Department to the employee's group head and senior management. Violations will be reported quarterly to the affected Fund's Board of Directors.

Violations by Supervised Persons of the Code, the JPMC Code of Conduct or any laws or regulations that relate to JPMAM's operation of its business or any failure to cooperate with an internal investigation may result in disciplinary action, up to and including immediate dismissal, including termination of regulatory licensing where applicable.

**6. Books and Records to be maintained by Investment Advisers**

The Compliance Department is responsible for maintaining books and records, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A copy of this Code and any other code of ethics adopted by JPMAM pursuant
 to Rule 204A-1 that is in effect or has been in effect at any time within the past five
 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A record of any violation of the Code, and any Compliance action taken
 as a result of that violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A record of all written acknowledgments of the violation for each person
 who is currently, or was within the past five years a Supervised Person of JPMAM;

![](tm262170d1_ex99bp29img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A record of each report made by Access Persons required under the Reporting
 Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) A record of the names of persons who are currently, or were within
 the past five years Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) A record of any decision, and the reasons supporting the decision,
 to approve the acquisition or sale of securities by Supervised Persons under section 5. Pre-approval
 records of certain investments will be maintained for at least five years after the end of
 the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Any other such record as may be required under the Code.

**7. Privacy**

Supervised Persons have a responsibility to protect the confidentiality of information related to Clients. This responsibility may be imposed by law, may arise out of agreements with Clients, or may be based on policies or practices adopted by the firm. Certain jurisdictions have regulations relating specifically to the privacy of individuals and/or business and institutional customers. Various business units and geographic areas within JPMC have internal policies regarding customer privacy.

The restriction on disclosing confidential information is not intended to prevent Supervised Persons from reporting to the government or a regulator any conduct Supervised Persons believe to be in violation of the law, or from responding truthfully to questions or requests from the government, a regulator or in a court of law.

**8. Anti-Corruption**

It is the policy of JPMC to comply with the anti-corruption laws that apply to the firm's operations (and investments where the firm is deemed to have control), which laws include the United States Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act of 2010 ("UKBA"), as well as anti-corruption laws and regulations of other countries in which the firm conducts business. We must never compromise our reputation by engaging in, or appearing to engage in, bribery or any form of corruption. Bribery and corruption are crimes with potentially severe penalties to JPMC and its employees and directors. The firm has zero tolerance for such activity.

**9. Conflicts of Interest**

The following is a summary of commonly identified employee conflicts of interest:

**9.1** **Trading in Securities of Clients** 

Supervised Persons shall not transact in any securities of a Client with which the Supervised Person has or recently had significant dealings or responsibility on behalf of JPMAM if such investment could be perceived as effected based on confidential information, including MNPI.

![](tm262170d1_ex99bp29img001.jpg)

**9.2** **Trading, in Securities of Suppliers** 

Supervised Persons in possession of information regarding, or directly involved in negotiating, a contract material to a supplier of JPMAM may not invest in the securities of such supplier. If you own the securities of a company with which we are dealing and you are asked to represent JPMorgan Chase in such dealings you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Disclose this fact to your department head and the Compliance Department;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Obtain prior approval from the Compliance Department before selling
 such securities.

**9.3** **Gifts & Business Hospitality** 

Supervised Persons must avoid circumstances that may cause, or create the appearance of, a conflict of interest between JPMAM and its clients or other business/commercial contacts. Supervised Persons may not give or receive anything of value, directly or indirectly, to influence improper action or obtain an improper advantage. Furthermore, the giving and receiving of gifts, including business hospitality, to or from persons who do or seek to do business with JPMAM have the potential to create actual conflicts or the appearance of conflicts, and may negatively impact JPMAM.

Gifts and business hospitality can take many forms, including but not limited to: goods or services for which employees are not required to pay the retail or usual and customary cost; meals or refreshments; tickets to entertainment or sporting events; the use of a residence, vacation home or other accommodation; travel expenses; or charitable contributions or organization sponsorships. In addition to gifts and business hospitality, JPMAM Supervised Persons may not make, direct or solicit any other person to make, any political contribution or provide anything else of value to anyone for the purpose of influencing or inducing the awarding or retention of investment advisory services business.

Anything of Value "AOV" provided to U.S. (federal, state and local) and non-U.S.) government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

**<u>Gifts</u>**

Supervised Persons are only permitted to give gifts valued up to 100 USD, in the individual and the aggregate, to a client or business counterparty on occasions when gifts are customary, such as life events and major holidays. AM employees must pre-clear giving any gifts to a client or business counterparty that exceeds 100 USD. In addition, All gifts provided to U.S. federal, state and local government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

When giving gifts to clients or business counterparties, AM employees are strongly encouraged to give items with a JPMorgan Chase logo or books from the JPMorgan Chase Reading list whenever appropriate. Gifting books from the JPMorgan Chase Reading List are limited to one book per campaign. Repetitive gifting to a client or business counterparty of Firm logo items in a calendar year is prohibited.

![](tm262170d1_ex99bp29img001.jpg)

**<u>Business Hospitality</u>**

Business hospitality includes business-related activities at which a host and guest are both present (e.g., meals, refreshments, golf games, sporting events, or other leisure and entertainment). Business hospitality is considered a prohibited gift unless both the employee and business contact are present and the employee's participation is related to his or her position and duties within JPMAM. Spouses, family members and personal acquaintances should not participate in business hospitality activities unless such participation is customary under the circumstances.

Supervised Persons may act as a host for business hospitality to clients and prospects if such hospitality is: (1) business related; (2) is not prohibited by law; and (3) in an amount that is reasonable and customary. Frequent and/or lavish business hospitality is prohibited.

Supervised Persons are limited to accepting 250 USD in meals and business hospitality from a client or counterparty per calendar year, with limited exceptions. Once the 250 USD limit is reached, employees are required to pay for their own expenses. In addition, Supervised Persons are prohibited from accepting invitations to ticketed events; limited exceptions may be granted with pre-approval from senior management and LOB Compliance.

Supervised Persons must receive written pre-clearance from Compliance before providing any other type of Business Hospitality to an ERISA Fiduciary or Union Official. aside from meals that conform to the AWM Expense Procedure (e.g., golf, sporting events, cultural or social events, concerts, leisure activities, etc.)

Supervised Persons are required to log all business hospitality subject to reporting into Reliance's Gift and Entertainment Module for approval or iComply in the case of Government Officials. Violations are subject to the Global Anti-Corruption Compliance Violation Framework or Market Conduct Violation Framework, as required.

Supervised Persons' travel and lodging expenses must be paid by JPMAM. Exceptions may be provided in very limited circumstances and require written pre-clearance from both an AMOC / AMCOC member and LOB Compliance.

**Sponsorships and Events**

Both the sponsorship of distributor events and JPMAM hosting educational events for financial advisors who sell our funds are subject to internal policy. Sponsorships and events may require review by LOB Compliance and regional governance committees or designees.

Sponsorships and events at (i) the request of or (ii) for the benefit of a federal, state and local government officials require pre-clearance from Global Anti-Corruption Compliance.

**9.4** **Political Contributions and Activities** 

In accordance with Advisers Act Rule 206(4)-5, AM-Affiliated Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

![](tm262170d1_ex99bp29img001.jpg)

To ensure compliance with this federal pay-to-play rule and various state and local laws, AM-Affiliated Persons must receive pre-clearance before they or any members of their household make or solicit political contributions or engage in political activities in connection with any election in the United States or the Republic of Colombia. Contributions to JPMC Political Action Committees are excluded from pre-clearance and reporting requirements. New hires and internal transfers must also disclose their history of making and soliciting political contributions.

An employee cannot be reimbursed or otherwise compensated by JPMC for any political contribution. JPMC policies prohibit contributions of corporate funds to candidates, political party committees and political action committees. Supervised Persons are strictly prohibited from using JPMC resources to conduct personal political activities.

Violations of these requirements are subject to the Global Anti-Corruption Violation Framework.

**9.5** **Charitable Contribution** 

Charitable contributions made on behalf of JPMC must adhere to the requirements of the Charitable Donations Standard — Firmwide and the AWM Expense Procedures and be precleared with Compliance.

**9.6** **Outside Interests** 

A Supervised Person's outside interests must not reflect adversely on the firm or give rise to a real or apparent conflict of interest with the Supervised Person's duties to the firm or its Clients. Supervised Persons must be aware of potential conflicts of interest and be aware that they may be asked to discontinue any outside interest if a potential conflict arises. Supervised Persons may not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Accept a business opportunity from someone doing business or seeking
 to do business with JPMAM that is made available to the Supervised Person because of the
 individual's position with the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Take for oneself a business opportunity belonging to the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Engage in a business opportunity that competes with any of the firm's
 businesses.

More specific guidelines are set forth under the JPMC Code of Conduct, Outside Interest Policy — Firmwide, and Procedures for preclearance of Outside Interests are available on the Firmwide Policy & Standard Portal. Employees are reminded of their responsibility to obtain preclearance of their Outside Interests. If any material change in relevant circumstances occurs, Supervised Persons must seek clearance for a previously approved activity. A material change may arise from a change in your job or association with JPMAM or in your role with respect to that activity or organization. JPMAM employees are required to be continually alert to any real or apparent conflicts of interest with respect to investment management activities and promptly disclose any such conflicts to their manager and Compliance. Employees must also notify Compliance when any approved outside interest terminates.

![](tm262170d1_ex99bp29img001.jpg)

Regardless of whether an activity is specifically addressed under JPMAM policies or the JPMC Code of Conduct, Supervised Persons should disclose any personal interest or personal relationship that might present a conflict of interest or harm the reputation of the firm. Personal conflicts of interest can be disclosed through the access persons reporting process.

**10. Training**

Compliance provides in-person and/or online training to Supervised Persons on an ongoing basis. Compliance determines the training topics that will be covered during training sessions based on the work responsibilities of Supervised Persons, applicable regulatory requirements and risk assessments. Compliance may, from time to time, distribute Compliance Bulletins reinforcing or clarifying prior guidance, communicating new regulatory developments or the adoption or amendment of policies, procedures or controls.

**11. Escalation Guideline,**

JPMC's Compliance Violation Framework is an internal Compliance document and is used to notify Group Heads, Managers and/or Human Resources (HR) of employee violations of Compliance Policies along with the assigned severity of the applicable violations.

**11.1** **Personal Account Dealing and Access Persons Violations** 

**Violation Prior to Material Violation**

While the Group Head is notified of all violations, he/she is required to have a meeting with the employee when the Supervised Persons' next violation would be considered material, in order to stress the importance of the requirement and inform the employee about the ramifications for not following the policy. The employee is also required to acknowledge, in writing (form to be provided by Compliance) that he/she is aware of the ramifications for noncompliance and that he/she will be compliant going forward. The written acknowledgement is signed by both the employee and Group Head, and returned to Compliance for record keeping.

**11.2** **Material Violation** 

All material violations require the Group Head (MD level) and Compliance to have a meeting with the employee and document in writing that the employee acknowledges the material nature of the violation and that he/she will be compliant going forward. The written acknowledgement, signed by the employee and Group Head, will be stored in Compliance's Violations records. Additionally, HR is notified of all material violations and follows their established guidelines for disciplining the employee and recording such events in the employee's personnel file.

There will be a mandated suspension of personal trading privileges for six months for all material violations of the personal trading or Access Persons requirements. Compliance and the Group Head may allow transactions for hardship reasons, but require documentation for pre-clearance.

An employee's receipt of a material violation is considered when determining the employee's annual compensation and eligibility for promotion.

![](tm262170d1_ex99bp29img001.jpg)

**12. Defined Terms**

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| | |
|:---|:---|
| &nbsp;&nbsp;Access Person | &nbsp;&nbsp;Access Persons of JPMAM include:<br> 1) Employees of any of the Registered Investment Advisers within JPMAM.<br> 2) Certain persons of other affiliated entities that have access to Proprietary information of AM and persons that have been identified by Compliance as having access to AM Proprietary information;<br> 3) All persons of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of the JPMAM Registered Investment Advisers, sometimes referred to as "dual-hatted" employees; or<br> 4) Certain consultants, agents, and temporary workers who are involved in the investment management process or have access to Proprietary information regarding Client recommendations or transactions on a pre-trade or same-day basis. |
| &nbsp;&nbsp;AM-Affiliated Persons | &nbsp;&nbsp;1) All employees of AM and members of the AM Operating Committee;<br> 2) All employees aligned with or that support the AM business (i.e., AM Audit, AM<br> 3) Legal, AM Compliance, AM Risk, AM Finance and AM Technology Operations);<br> 4) All directors and officers of the U.S. registered investment advisors of JPMAM; and<br> 5) The spouse, domestic partner or dependent child of AM-Affiliated Persons. |
| &nbsp;&nbsp;Connected Person | &nbsp;&nbsp;Individuals who, based on their relationship with a Supervised Person, are subject to provisions of this Policy including, but not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Supervised Persons' spouse, domestic partner or minor children (even if financially independent)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whom the Supervised Person provides significant financial support or for which the Supervised Person, or anyone listed above, has or shares the power, directly or indirectly, to make investment decisions |
| &nbsp;&nbsp;Covered Amount | &nbsp;&nbsp;Is an account in the name of or for the direct or indirect benefit of a Supervised Person or a Supervised Person's spouse, domestic partner, minor children and any other person for whom the Supervised Person provides significant financial support, as well as to any other account over which the Supervised Person or any of these other persons exercise investment discretion, regardless of beneficial interest. Excluded from Associated Accounts are any 401(k) and deferred compensation plan accounts for which the Supervised Person has no investment discretion. |
| &nbsp;&nbsp;Automatic Investment Plan | &nbsp;&nbsp;Is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| &nbsp;&nbsp;Beneficial ownership | &nbsp;&nbsp;Is interpreted to mean any interest held directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, or any pecuniary interest in equity securities held or shared directly or indirectly, subject to the terms and conditions set forth under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. A Supervised Person who has questions regarding the definition of this term should consult the Compliance Department. Please note: Any report required under section 5. Reporting Requirements may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates. |

---

![](tm262170d1_ex99bp29img001.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;Client | &nbsp;&nbsp;Is any entity (e.g. person, corporation or Fund) for which JPMAM provides a service or has a fiduciary responsibility. |
| &nbsp;&nbsp;Federal Securities Law | &nbsp;&nbsp;Are the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 ("1940 Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act (1999), any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury. |
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Is an investment company registered under the Investment Company Act of 1940. |
| &nbsp;&nbsp;Initial Public Offering | &nbsp;&nbsp;Is an offering of securities registered under the Securities 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 Exchange Act of 1934. |
| &nbsp;&nbsp;JPMAM | &nbsp;&nbsp;Is the abbreviation for JPMorgan Asset Management, a marketing name for the Asset Management subsidiaries of JPMorgan Chase & Co. Within the context of this document, JPMAM refers to the following U.S. registered investment advisers of JPMorgan Asset Management:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Alternative Asset Management, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (UK) Ltd.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Investment Management Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security Capital Research & Management Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bear Stearns Asset Management Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Funds Limited<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Asia Pacific) Ltd.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highbridge Capital Management, LLC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 551, LLC (55ip)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Alternatives Adviser, Inc.<br> JPMAM also includes the following foreign registered, but not SEC registered, adviser:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Canada) Inc. |
| &nbsp;&nbsp;Limited Offering | &nbsp;&nbsp;Is an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 there under. |
| &nbsp;&nbsp;LOP Compliance | &nbsp;&nbsp;Line of Business Compliance |
| &nbsp;&nbsp;Proprietary | &nbsp;&nbsp;Within the context of this Code of Ethics is:<br> 1) any research conducted by AM or its affiliates<br> 2) any non-public information pertaining to AM or its affiliates<br> 3) all JPM managed and sub-advised mutual funds |

---

![](tm262170d1_ex99bp29img001.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;Reportable Fund | &nbsp;&nbsp;Is any JPMorgan Proprietary Fund, including sub-advised funds |
| &nbsp;&nbsp;Reportable Security | &nbsp;&nbsp;Is a security as defined under section 202(a)(18) of the Advisers Act held for the direct or indirect benefit of an Access Person, including any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are:<br> 1) Direct obligations of the Government of the United States;<br> 2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br> 3) Shares issued by money market funds; and<br> 4) Shares issued by open-end funds other than Reportable Funds |
| &nbsp;&nbsp;Supervised Persons | &nbsp;&nbsp;1) Any partner, officer, director or employees of JPMAM (or other person occupying a similar status or performing similar functions).<br> 2) All employees of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of a legal entity within JPMAM, sometimes referred to as "dual hatted" employees;<br> 3) Certain consultants, as well as any other persons who provide advice on behalf of JPMAM and are subject to JPMAM's supervision and control;<br> 4) All Access Persons |

---

![](tm262170d1_ex99bp29img001.jpg)

## Ex-99.B(P)(30)

**Exhibit 99.B(p)(30)**

**<u>APPENDIX H</u>**

**CODE OF ETHICS**

I. **INTRODUCTION**

High ethical standards are essential for the success of the Adviser and to maintain the confidence of clients and investors in investment funds managed by the Adviser ("clients"). The Adviser's long-term business interests are best served by adherence to the principle that the interests of clients come first. We have a fiduciary duty to clients to act solely for the benefit of our clients. All personnel of the Adviser, including directors, officers and employees of the Adviser must put the interests of the Adviser's clients before their own personal interests and must act honestly and fairly in all respects in dealings with clients. All personnel of the Adviser must also comply with all federal securities laws. In recognition of the Adviser's fiduciary duty to its clients and the Adviser's desire to maintain its high ethical standards, the Adviser has adopted this Code of Ethics (the "Code") containing provisions designed to prevent improper personal trading, identify conflicts of interest and provide a means to resolve any actual or potential conflicts in favor of the Adviser's clients.

Adherence to the Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment by the Adviser. If you have any doubt as to the propriety of any activity, you should consult with the Compliance Officer, who is charged with the administration of this Code of Ethics.

II. **DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Access Person</u> means any partner, officer, member or employee of the Adviser, or other person
 who provides investment advice on behalf of the Adviser and is subject to the supervision
 and control of the Adviser (i) who has access to nonpublic information regarding any
 clients' purchase or sale of securities, or nonpublic information regarding portfolio
 holdings of any reportable fund or (ii) who is involved in making securities recommendations
 to clients (or who has access to such recommendations that are nonpublic). This also includes
 situations where temporary employees have access to nonpublic information regarding the portfolio
 holdings of any reportable fund. Such temporary employees will be treated as Access Persons
 for the limited scope and duration of their access to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Automatic Investment Plan</u> means a program in which regular periodic purchases (or withdrawals)
 are made automatically in (or from) investment accounts in accordance with a predetermined
 schedule and allocation, including a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Beneficial ownership</u> includes ownership by any person who, directly or indirectly, through any contract,
 arrangement, understanding, relationship or otherwise, has or shares a direct or indirect
 financial interest other than the receipt of an advisory fee. 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Covered Person</u> means any director/manager, officer, employee or Access Person of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Federal Securities Laws</u> means the Securities Act of 1933, the Securities Exchange Act of 1934,
 the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers
 Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission
 under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers,
 and any rules adopted thereunder by the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Initial Public Offering</u> means an offering of securities registered under the Securities 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 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Limited Offering</u> means an offering that is exempt from registration under the Securities Act
 of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rule 504,
 Rule 505, or Rule 506.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Personal Account</u> means any account in which a Covered Person has any beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Reportable Security</u> means a security as defined in section 202(a) (18) of the Act (15 U.S.C.
 80b-2(a)(18)) and includes any derivative, commodities, options or forward contracts relating
 thereto, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares
 issued by registered open-end mutual funds that are not sub-advised by the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares
 issued by unit investment trusts that are invested exclusively in one or more open-end mutual
 funds, so long as none are Adviser sub-advised funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Restricted Security</u> means any security that (1) a client owns or is in the process of buying
 or selling; or (2) the Adviser is researching, analyzing or considering buying or selling
 for a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Short Sale</u> means the sale of securities that the seller does not own. A Short Sale is "against
 the box" to the extent that the seller contemporaneously owns or has the right to obtain
 securities identical to those sold short, at no added cost.

III. **APPLICABILITY OF CODE OF ETHICS**

<u>Personal Accounts of Covered Persons</u>. This Code of Ethics applies to all Personal Accounts of all Covered Persons.

A Personal Account also includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Person's
 spouse (other than a legally separated or divorced spouse of the Covered Person) and minor
 children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 immediate family members who live in the Covered Person's household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 persons to whom the Covered Person provides primary financial support, and either (i) whose
 financial affairs the Covered Person controls, or (ii) for whom the Covered Person provides
 discretionary advisory services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 partnership, corporation or other entity in which the Covered Person has a 25% or greater
 beneficial interest, or in which the Covered Person exercises effective control.

A comprehensive list of all Covered Persons and Personal Accounts will be maintained by the Adviser's Compliance Officer.

IV. **RESTRICTIONS ON PERSONAL INVESTING ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>.
 It is the responsibility of each Covered Person to ensure that a particular securities transaction
 being considered for his or her Personal Account is not subject to a restriction contained
 in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities
 transactions for Covered Persons may be effected  **<u>only</u>** in accordance with the
 provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Preclearance of Transactions in Personal Account</u>. A Covered Person  **<u>must obtain the prior written approval</u>,** of either the Compliance Officer or the Chief Executive Officer before
 engaging in any transaction in his or her Personal Account. The transaction may be approved
 if it is concluded that the transaction would comply with the provisions of this Code of
 Ethics and is not likely to have any adverse economic impact on clients. Generally, any security
 appearing on the Restricted Security list will not be approved for personal trading. A Transaction
 Preclearance Form is annexed as **Attachment A.** The Adviser is required to maintain
 as part of the firm's books and records copies of all Transaction Preclearance Forms
 in which approval is granted for the purchase by Covered Persons of securities in an initial
 public offering, limited offering or private placement. The Adviser is required to maintain
 such Transaction Preclearance Forms for a period of five years following end of the fiscal
 year in which the Form was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Prohibitions on Trading in Securities on the Restricted Securities List</u>. A Covered Person may not
 execute any personal securities transaction of any kind in any securities on the Restricted
 Securities list. The Compliance Officer will administer a list of all Restricted Securities.
 Each portfolio manager and analyst will immediately notify the Compliance Officer of the
 commencement of any research or consideration of a security. The Compliance Officer will
 ensure that securities under consideration for clients, as well as any securities owned by
 clients are promptly added to the Restricted Securities list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Short Sales</u>. A Covered Person may not engage in any short sale of a security on the Restricted
 Security list. However, short sales of securities that are not on the Restricted Securities
 list "against the box" are permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Initial Public Offerings</u>. A Covered Person may not acquire any direct or indirect beneficial
 ownership in my securities in any initial public offering without prior written approval
 of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Private Placements and Investment Opportunities of Limited Availability</u>. A Covered Person may
 not acquire any direct or indirect beneficial ownership in  **<u>any</u>** securities in
 any private placement of securities or investment opportunity of limited availability unless
 the Compliance Officer has given express prior written approval. The Compliance Officer,
 in determining whether approval should be given, will consider, among other factors, whether
 the investment opportunity should be reserved for clients and whether the opportunity is
 being offered to the Covered Person by virtue of his or her position with the Adviser.

Any investment a Covered Person has been authorized to make which acquires securities in a limited offering must be disclosed when the Covered Person is involved in the Fund's subsequent consideration of an investment in that issuer, and the Fund's decision to purchase such securities must be independently reviewed by investment personnel with no personal interests in that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Service on Boards of Directors; Other Business Activities</u>. A Covered Person shall not serve as
 a director (or similar position) on the board or a member of a creditors committee of any
 company unless the Covered Person has received written approval from the Compliance Officer
 and the Adviser has adopted policies to address such service. Authorization will be based
 upon a determination that the board service would not be inconsistent with the interest of
 any client account. At the time a Covered Person submits the holdings report in accordance
 with Section VI.3 of this Code of Ethics, the Covered Person will submit to the Compliance
 Officer a description of any business activities in which the Covered Person has a significant
 role. A Form of Report on Outside Business Activities is Attached as **Attachment E.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Short Term or Excessive Trading</u>. The Adviser believes that short term or excessive personal
 trading by its Covered Persons can raise compliance and conflicts issues. Accordingly, no
 Covered Person may purchase and sell the securities of the same issuer within 30 days or
 engage in more than 5 personal securities transactions during any month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Trading on Same Day as the Fund</u>. Covered Persons are generally prohibited from personal
 trades of the same security on the same day when the Adviser's clients trade. The Compliance
 Officer may on an ad hoc basis permit such trades provided the Adviser maintains documentation
 for the approval of such trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Management of Non-Adviser Accounts</u>. Covered Persons are prohibited from managing accounts for third
 parties who are not clients of the Adviser or serving as a trustee for third parties unless
 the Compliance Officer preclears the arrangement and finds that the arrangement would not
 harm any client. The Compliance Officer may require the Covered Person to report transactions
 for such account and may impose such conditions or restrictions as are warranted under the
 circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Cryptocurrency</u>. In
 2018, the SEC began regulation of Cryptocurrency, specifically regarding Initial Coin Offerings
 ("ICOs"). While the SEC has not yet provided clear guidance on the treatment
 of Cryptocurrencies as securities, they have been reviewing, and even penalizing, advisers
 for participation in ICOs. As a result, Kettle Hill is treating Cryptocurrencies, internally,
 as a reportable security. Covered Persons are permitted to participate in ICOs, and to hold
 Cryptocurrencies in their personal portfolio. However, they must report those holdings to
 the CCO along with their other personal holdings; specifically, to review if any conflict

V. **EXCEPTIONS FROM PRECLEARANCE PROVISIONS**

In recognition of the *de minimis* or involuntary nature of certain transactions, this section sets forth exceptions from the preclearance requirements. The restrictions and reporting obligations of the Code of Ethics will continue to apply to any transaction exempted from preclearance pursuant to this Section. Accordingly, the following transactions will be exempt only from the preclearance requirements of Section IV.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases
 or sales that are non-volitional on the part of the Covered Person such as purchases that
 are made pursuant to a merger, tender offer or exercise of rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases
 or sales pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions
 in securities that are not Reportable Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions
 effected in, and the holdings of, any account over which the Covered Person has no direct
 or indirect influence or control (i.e., blind trust, discretionary account or trust managed
 by a third party).

VI. **REPORTING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duplicate Copies of Broker's Confirmations and Account Statements to Adviser</u>. All Covered
 Persons must direct their brokers or custodians or any persons managing the Covered Person's
 account in which any Reportable Securities are held to supply the Compliance Officer with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Covered Person's monthly account statements and, if possible, transaction confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Persons are excused from submitting quarterly transaction reports provided the Compliance
 Officer receives your account statements or confirmations within 30 days following quarter
 end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>New Accounts</u>. Each Covered Person must notify the Compliance Officer promptly if the Covered
 Person opens any new account in which any securities are held with a broker or custodian
 or moves such an existing account to a different broker or custodian.

With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person, the following should be included:

- The name of the broker, dealer or bank with whom the Access Person established the account;

- The date the account was established; and

- The date that the report is submitted by the Access Person.

New accounts must be reported using the New Account Reporting Form attached as **Attachment C.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Initial Disclosure of Securities Holdings</u>. All Covered Persons will, within 10 days of commencement
 of employment with the Adviser, submit an initial statement to the Compliance Officer listing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities
 in which the Covered Person has any beneficial ownership, (including title and exchange ticker
 symbol or CUSIP number, type of security, number of shares and principal amount (if applicable)
 of each reportable security in which the Covered Person has any beneficial ownership);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 names of any brokerage firms or banks where the Covered Person has an account in which  **<u>any</u>** securities are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 report must be dated the day the Covered Person submits it, and must contain information
 that is current as of a date no more than 45 days prior to the date the person becomes a
 Covered Person of the Adviser. A form of the initial report is set forth in **Attachment B.** The Covered Person can satisfy the initial or annual holdings report requirements
 by timely filing and dating a copy of all brokerage account statements listing all of your
 Reportable Securities holdings. Annual reports are due within 30 days of the start of the
 calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Annual Disclosure of Securities Holdings</u>. All Covered Persons shall, no later than January 31
 each year, file an annual holdings report containing the same information required in the
 initial holdings report as described above. The information submitted must be current as
 of a date no more than forty-five (45) days before the annual report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exceptions to Reporting Requirements</u>. A Covered Person need not submit any report with respect to
 securities held in accounts over which the Covered Person has not direct or indirect influence
 or control or transaction reports with respect to transactions effected pursuant to an automatic
 investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covered Persons</u> must report immediately any suspected violations to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Transactions Subject to Review</u>. The Compliance Officer (or his delegate) is responsible for reviewing
 the Reportable Securities transactions and holdings of Covered Persons.

VII. **PROHIBITED ACTIVITIES**

Supervised Persons and affiliated persons of Kettle Hill are specifically prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To rebate, directly or indirectly, to any person, firm or corporation any part of the compensation received from Kettle Hill as an Employee without the written approval of the Compliance Officer and the company whose employee is involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To accept, directly or indirectly, from any person, firm, corporation or association, other than Kettle Hill, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of Kettle Hill or a Client Account; (c) Pay any fees or other gratuities to any individual or company for leads or sales without the written approval of the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Act as personal custodian or trustee of securities, stock powers, money, or other property belonging to a Client of Kettle Hill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Maintain a joint account in securities with any Client or share any benefit with any Client resulting from a securities transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transfer any Client or Client asset to own name or name of member of immediate family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Distribute unauthorized materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Borrow money or securities from a Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Agree to repurchase at some future time a security from a Client for his or her own account, or for any other account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Forward or distribute correspondence to the public prior to the contents having been reviewed and approved in writing by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Utilize any social media sites to correspond with any clients, or prospective clients, regarding the Adviser, employment with the Adviser or business of the Adviser.

Acknowledgement of these prohibited activities is attached as **Appendix X.**

VIII. **RECORDKEEPING**

The Compliance Officer will keep in an easily accessible place for at least five (5) years copies of this Code of Ethics, all Broker's Confirmations and periodic statements and reports of Covered Persons, copies of all preclearance forms, records of violations and actions taken as a result of violations, acknowledgments, other memoranda relating to the administration of this Code of Ethics, and annual reports required to be furnished to boards of directors of any registered investment company clients. All Broker's Confirmations and periodic statements of Covered Persons may be kept electronically in a computer database.

IX. **OVERSIGHT OF CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Acknowledgment</u>.
 The Compliance Officer will annually distribute a copy of the Code of Ethics to all Covered
 Persons. The Compliance Officer will also distribute promptly all amendments to the Code
 of Ethics. All Covered Persons are required annually to sign and acknowledge their receipt
 of this Code of Ethics by signing the form of acknowledgment attached as **Attachment D** or such other form as may be approved by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review of Transactions</u>. Each Covered Person's transactions in his/her Personal Account
 will be reviewed on a regular basis and compared with transactions for the clients and against
 the list of Restricted Securities. Any Covered Person transactions that are believed to be
 a violation of this Code of Ethics will be reported promptly to the management of the Adviser.
 A combination of the Chief Executive Officer or other Adviser employees will review the Compliance
 Officer's transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions</u>.
 Adviser's management, with advice of legal counsel, at their discretion, will consider
 reports made to them and upon determining that a violation of this Code of Ethics has occurred,
 may impose such sanctions or remedial action as they deem appropriate or to the extent required
 by law. These sanctions may include, among other things, disgorgement of profits, suspension
 or termination of employment and/or criminal or civil penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Authority to Exempt Transactions</u>. The Compliance Officer has the authority to exempt any Covered
 Person or any personal securities transaction of a Covered Person from any or all of the
 provisions of this Code of Ethics if the Compliance Officer determines that such exemption
 would not be against any interests of a client and in accordance with applicable law. The
 Compliance Officer will prepare and file a written memorandum of any exemption granted, describing
 the circumstances and reasons for the exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>ADV Disclosure</u>. The Compliance Officer will ensure that the Adviser's Form ADV
 (1) describes the Code of Ethics in Item 11 of Part 2A and (2) offers to provide
 a copy of the Code of Ethics to any client or prospective client upon request.

X. **REQUIREMENT FOR REGISTERED INVESTMENT COMPANY CLIENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Certification and Approval of Code of Ethics</u>. The Adviser is required to obtain approval
 for its Code of Ethics from the board of directors of a registered investment company client
 prior to rendering advisory services to such registered investment company. To that end,
 the Compliance Officer is responsible for providing the board of directors a certification
 that the Adviser has adopted policies and procedures reasonably necessary to prevent violations
 of the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Reporting</u>. The Adviser is required to furnish within forty-five (45) days of the last
 calendar quarter of the year, a written report that (a) describes any issues or material
 violations of the firm's Code of Ethics that arose during the preceding calendar year,
 as well as any sanctions imposed in response to such material violations; and (b) certifies
 that the Adviser has adopted procedures reasonably necessary to prevent violations of the
 Adviser's Code of Ethics. The Compliance Officer is responsible for preparing and furnishing
 the annual report to the boards of directors of any registered investment company clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Changes to the Code of Ethics</u>. The Adviser is required to obtain approval for any material changes
 to its Code of Ethics from the board of directors of a registered investment company client
 no later than six months after the Adviser's adoption of the material change. The Compliance
 Officer is responsible for providing the board of directors a certification that the Adviser
 has adopted policies and procedures reasonably necessary to prevent violations of the Adviser's
 Code of Ethics.

XI. **CONFIDENTIALITY**

All reports of personal securities transactions and any other information filed pursuant to this Code of Ethics will be treated as confidential to the extent permitted by law.

XII. **ANTI-FRAUD PROVISIONS/RULE**

Section 206 of the Advisers Act, otherwise known as the Anti-Fraud provision, makes it unlawful for any investment adviser, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly, (i) to employ any device, scheme, or artifice to defraud any client or prospective client; (ii) to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client;(iii) acting as a principal for his own account, knowingly to sell any security to or purchase any security from a client, or acting as a broker for a person other than such client, knowingly to effect any sale or purchase of any security for the account of such client, without disclosing to such client in writing before the completion of such transaction the capacity in which he is acting and obtaining the consent of the client to such transaction; or (iv) to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative. The SEC has adopted several rules that identify specific conduct and activities that would constitute a violation of Section 206.

The Adviser has an obligation to make full and adequate disclosure to clients regarding potential and actual conflicts of interest and to keep current all disclosure and marketing materials provided to the Adviser's clients or investors in private investment funds. In addition, Rule 206(4)-8 prohibits the Adviser from making false or misleading statements or engaging any fraudulent, deceptive or manipulative conduct with respect to investors and prospective investors in private investment funds advised by the Adviser. Rule 206(4)-8 applies to any materials or statements prepared or made by the Adviser to any prospective or existing investor in such private investment funds.

**<u>APPENDIX H</u>**

**<u>ATTACHMENT A</u>**

**Kettle Hill Capital Management, LLC**

**<u>Transaction Preclearance Form</u>**

**<u>FOR TRANSACTIONS IN PERSONAL ACCOUNTS OF COVERED PERSONS</u>**

Covered Persons must complete this Preclearance Form and obtain approval from the Compliance Officer or Chief Executive Officer prior to engaging in any personal securities transaction (unless excepted by the Code of Ethics).

**Investment Information**

Issuer:<u> </u> <br> Equity Investments: Cmn Pfd <br> Number of shares <u> </u>

---

| | | | |
|:---|:---|:---|:---|
| **Transaction Information** | **Transaction Information** | **Transaction Information** | **Transaction Information** |
| Transaction Type (please circle): | Purchase Sale | Short-Sale | Cryptocurrency |

---

Trade Date: <u> </u> <br> Price: <u> </u> <br> Broker/Dealer: <u> </u>

Is the investment a security on the "Restricted Security" List? Y N <br> Is the investment an initial public offering? Y N <br> Is the investment a private placement or investment opportunity of limited availability? Y N

Number of transactions during the month? <u> </u>

**Check all of the following that apply:**

---

| |
|:---|
| This transaction is for investment purposes and to the best of my knowledge complies with the Adviser's Code of Ethics. |
| To the best of my knowledge, this security nor any other security of the issuer nor any derivative security tied to a security of the issuer is currently recommended for purchase or sale to clients. |
| I am not in possession of material non-public information relating to this security or the issuer of this security. |
| I understand that if approval is granted, my pre-clearance authorization is valid for only 48 hours from the date and time that the approval email is sent. |

---

**Representation and Signature**

By executing this form, I represent that the information contained herein is accurate and complete and that my trading in this investment is not based on any material nonpublic information.

---

| | |
|:---|:---|
| Employee Name (please print) | |
| Employee Signature | Date |

---

**To be completed by the Compliance Officer or Chief Executive Officer**

Approved by Date

**Kettle Hill Capital Management, LLC**

**<u>APPENDIX H</u>**

**<u>ATTACHMENT B</u>**

**<u>INITIAL/ANNUAL HOLDINGS REPORT</u>**

To: Compliance Officer <br> From: <br> Subject: Personal Securities Transactions

Pursuant to the Code, you must submit an initial holdings report that lists all Reportable Securities (as defined in the Code), including individual stocks and Cryptocurrency, in which you have a direct or indirect Beneficial Ownership (as defined in the Code). You are not required to include all holdings of shares of open-end investment companies (Examples of open-end funds include **<u>mutual funds, index funds and ETFs</u>**).<sup>1</sup>

Kindly complete the form below and return it to the Compliance Officer. In lieu of completing this report, you can submit all of your brokerage account statements containing Reportable Securities not dated more than 45 days prior to the date of this initial report or annual report.

If this is an Initial Holdings Report, either this report or brokerage account statements must be submitted no later than 10 days after the date on which the undersigned became a Covered Person.

If this is an Annual Report, either this report or brokerage account statements must be submitted no later than January 31st each calendar year.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Title & Amount of Security <br> (including exchange ticker symbol <br> or CUSIP number, number of shares <br> and principal amount) | &nbsp;&nbsp;Name of Broker,<br> Dealer or Bank<br> Maintaining Account At Which Any Securities are <br> Maintained |

---

<sup>1</sup> Closed-End Investments vs Open-End Investments

A <u>closed-end investment</u> is overseen by an investment or fund manager, and is organized in the same fashion as a publicly-traded company. This type of fund offers a fixed number of shares through an investment company, raising capital by putting out an initial public offering (IPO). After the IPO, shares are listed on an exchange. Investors are able to purchase shares through a brokerage firm on the secondary market.

<u>Open-end investments</u> include <u>mutual funds, hedge funds and ETFs</u>. These are offered through fund companies, which sell shares in each directly to investors. Examples of these funds are Index Funds, Mutual Funds and ETFs. Open-end mutual funds are ***NOT*** reportable securities.

(Please attach additional pages if you require more space)

I certify that the names of any brokerage firms or banks where I have an account in which any securities are held are disclosed above, except for the following:

---

| |
|:---|
| Signed: |
| Print Name: |
| Date: |

---

**<u>APPENDIX H</u>**

**<u>ATTACHMENT C</u>**

**Kettle Hill Capital Management, LLC**

**<u>NEW ACCOUNT OPENING</u>**

To: Compliance Officer <br> From: <br> Subject: New Personal Securities Account

------

Pursuant to the Code, you must submit a New Account Opening Report that lists all new accounts in which you have a direct or indirect beneficial ownership (as defined in the Code).

Kindly complete the form below and return it to the Compliance Officer. This New Account Opening Report must be submitted no later than 10 days after the date on which the undersigned opened the new account.

I certify that the names of any brokerage firms or banks where I have opened a new account are disclosed above:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date Account was<br> Established | &nbsp;&nbsp;Name of Broker, Dealer or Bank<br> the Account was Established | &nbsp;&nbsp;Date Submitted to<br> Compliance Officer |

---

---

| |
|:---|
| Signed: |
| Print Name: |
| Date: |

---

**<u>APPENDIX H</u>**

**<u>ATTACHMENT D</u>**

**Kettle Hill Capital Management, LLC**

**<u>CODE OF ETHICS</u>**

**<u>ACKNOWLEDGMENT</u>**

I hereby acknowledge receipt of the Kettle Hill Capital Management, LLC Code of Ethics and certify that I have read and understand it and agree to abide by it. I hereby represent that all my personal securities transactions will be affected in compliance with the Code.

I also confirm that I have instructed all brokerage firms where I maintain an account in which Reportable Securities are held to supply duplicate copies of my trade confirmations and monthly and quarterly brokerage account statements to the Compliance Officer I have reported to the Compliance Officer all transactions in which I had or obtained any direct or indirect beneficial ownership.

Finally, I confirm that I have complied with all requirements of the Code during my previous year of employment with Kettle Hill. If I am a new employee to the Firm, I confirm I will comply with all requirements of the Code during my upcoming employment.

---

| | |
|:---|:---|
| Date: | |
| | (Signature) |
| | (Print Name) |

---

**<u>APPENDIX H</u>**

**<u>ATTACHMENT E</u>**

**Kettle Hill Capital Management, LLC**

**<u>REPORT ON OUTSIDE BUSINESS ACTIVITIES</u>**

Name of Supervised Person:  

<u>Introduction</u>

Kettle Hill Capital Management, LLC's ("Kettle Hill") personnel are not permitted to serve on the board of directors of any company, including a publicly traded company (excluding charitable organizations), without prior written authorization from the Compliance Officer.

Pursuant to Kettle Hill's Code of Ethics ("the Code"), all supervised persons are required to submit, to the Compliance Officer, a description of any business activities outside of Kettle Hill in which the supervised persons have a significant role, including all board of director's seats or offices that are hold. Please describe all outside business activities in the space provided below.

Additionally, please include information as to whether any family members serve on the board of directors of any company, including a publicly traded company, or are otherwise employed by any publicly traded companies, or are employed by a brokerage firm or investment bank. Relevant information includes the family member's name, their relation, the company for which they work and their title.

<u>Directions</u>

Please provide information on all of your professional licenses held during the calendar year, including but not limited to all securities licenses. Please write N/A if you do not hold any professional licenses.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of License** <br> (e.g., Series 7 or 65, <br> State Bar, C.P.A.,<br> Insurance, Real Estate) | &nbsp;&nbsp;**Name of Entity that <br> Issued the License** <br> (e.g., FINRA, State o NY | &nbsp;&nbsp;**License #,**<br> if applicable | &nbsp;&nbsp;**Current License Status**<br> (e.g., Active, Inactive, Expired, <br> Revoked) |

---

Please provide information on all of your outside business activities (i.e., any business activity not directly related to your employment with Kettle Hill) during the calendar year, whether paid or volunteer (e.g., serving on a board of directors; consulting, accounting or legal work; tax preparation; notary services; investment clubs; working as a solicitor; elected or appointed office; political action committees; any other side business). Please write N/A if you did not participate in and outside business activities during the year.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Activity** | &nbsp;&nbsp;**Name of Any Entity <br> Associated with the <br> Activity,** if applicable | &nbsp;&nbsp;**Paid or<br> Unpaid** | &nbsp;&nbsp;**Relationship to Kettle Hill,** if<br> applicable (e.g., a Kettle Hill <br> client was a co-board member) |

---

Print Name of Supervised Person:   Date:   <br> <br> Signature of Supervised Person:  

## Ex-99.B(P)(32)

**Exhibit 99.B(p)(32)**

![](tm2522623d1_ex99-bxpx32img01.jpg)

![](tm2522623d1_ex99-bxpx32img02.jpg)

<u>Code of Ethics</u>

Revised May 30, 2025

Los Angeles Capital Management LLC

---

| | |
|:---|:---|
| *Table of Contents* |  |
| *Definitions* | *3* |
| *Introduction* | *5* |
| *Scope of the Code* | *5* |
| *General Principles* | *5* |
| *Standards of Business Conduct* | *6* |
| &nbsp;&nbsp;&nbsp;A. Conflicts of Interest | 6 |
| &nbsp;&nbsp;&nbsp;B. Outside Business Interest | 7 |
| &nbsp;&nbsp;&nbsp;C. Disciplinary Events | 7 |
| &nbsp;&nbsp;&nbsp;D. Prohibited Activities | 8 |
| *Gifts and Entertainment* | *8* |
| &nbsp;&nbsp;&nbsp;A. Limits to Gifts and Entertainment Received by Employees | 8 |
| &nbsp;&nbsp;&nbsp;B. Limits to Gifts and Entertainment Given by Employees | 8 |
| &nbsp;&nbsp;&nbsp;C. Broker/Dealer Entertainment | 9 |
| &nbsp;&nbsp;&nbsp;D. Pre-Clearing and Reporting Gifts and Entertainment | 9 |
| *Personal Trading Policy* | *10* |
| &nbsp;&nbsp;&nbsp;A. Scope of Personal Trading Policy | 10 |
| &nbsp;&nbsp;&nbsp;B. Personal Trading Procedures | 10 |
| &nbsp;&nbsp;&nbsp;C. Confidentiality | 13 |
| *Code of Ethics Certifications* | *14* |
| *Administration and Enforcement of Code* | *14* |
| &nbsp;&nbsp;&nbsp;A. Annual Review | 14 |
| &nbsp;&nbsp;&nbsp;B. Recordkeeping | 14 |
| &nbsp;&nbsp;&nbsp;C. Violations of the Code | 14 |
| *Whistleblower Policy* | *15* |
| *Appendix A: Account Disclosure Matrix* | *17* |
| *Appendix B: Code of Ethics Pre-Clearance Matrix* | *18* |
| *Appendix C: Account Statement Requirements* | *19* |

---

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<u>Definitions</u>

**Access Persons.** Any Supervised Person who has access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of a ***Reportable Fund***; or who is involved in the investment decision making process for a client, or who has access to such investment decisions for a client. All directors, officers, and partners are presumed to be Access Persons as the Firm's primary business is providing investment advice. Each employee of the Firm is considered an Access Person unless otherwise exempted by Los Angeles Capital's Approving Officers.

**Approving Officers.** Chief Compliance Officer in conjunction with any of the following: Senior Counsel, CEO, or Chairman.

**Automatic Investment Plan.** A program in which regular periodic purchases or withdrawals are made automatically in to or from Investment Accounts in accordance with a pre-determined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership**. Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefit from the ownership of the security or can obtain ownership of the securities immediately or within 60 days or can vote or dispose of the securities. A person is normally regarded as the beneficial owner of securities held in such person's living trust or securities held in the name of his or her spouse or minor children living in his or her household.

**Closed End Fund.** A fund which does not continuously offer their shares for sale, but rather, sells a fixed number of shares at one time (in an Initial Public Offering), after which the shares typically trade on a secondary market. The price is determined by the market and may be greater or less than the shares' net asset value.

**Compliance System*.*** Third-party compliance software/system used by Los Angeles Capital to record certifications and monitor activities including, but not limited to, employee and/or Access Persons' personal trading, conflicts of interest, outside business interests, gifts and entertainment, etc. The Compliance System may be accessed via the Firm's intranet, "In the Loop" on the Compliance home page.

**Foreign Official.** Includes governmental officials, political party leaders, candidates for office, employees of state-owned enterprises (such as state-owned banks or pension plans), and relatives or agents of such persons where if a payment is made to such relative or agent it is with the knowledge or intent that it ultimately would benefit the Foreign Official.

**Initial Public Offering (IPO).** An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of sections 13 and 15 of the Securities Exchange Act of 1934.

**Investment Account.** An Investment Account is considered any personal brokerage account or retirement account capable of holding a security and where the Access Person has Beneficial Ownership or direct or indirect influence or control.

**Limited Offering.** An offering made to a few select individuals that is exempt from registration under the Securities Act of 1933 (e.g., hedge funds, private placements, etc.).

**Non-Discretionary Account.** An account over which the Access Person has no direct or indirect influence or control.

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**Outside Business Interest**. Any significant business interest in, or an outside position with, an entity not owned or controlled by the Firm.

**Outside Entity.** Any entity (including non-profits) unaffiliated with the Firm, whether publicly or privately held. This may also include unincorporated businesses or self-employment, including family or private businesses. An Outside Entity does NOT include local community organizations such as local churches, homeowners' associations, clubs, or local charities.

**Reportable Fund.** Any fund for which Los Angeles Capital serves as an investment adviser or sub-adviser.

**Reportable Security.** Any security as defined in Section 202(a)(18) of the Act, except that it does NOT include: (i) direct obligations of the Government of the United States; (ii) Bankers' acceptances, back certificates of deposit, commercial paper and high quality short term debt instruments, including repurchase agreements, (iii) shares issued by money market funds; (iv) Shares issued by open-end funds other than ***Reportable Funds***; and (v) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are ***Reportable Funds***.

**Supervised Person.** Director, officer, partner, or other person occupying similar status or performing similar functions, an employee of the Firm, and any other person who provides advice on behalf of the adviser and is subject to the adviser's supervision and control.

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**<u>Introduction</u>**

This Code of Ethics (the "Code") establishes the rules of conduct for Los Angeles Capital Management LLC ("Los Angeles Capital"), LACM GP LLC and LACM Global, Ltd. (collectively, "the Firm") under Section 204 and Rule 204A-1 of the Investment Advisers Act of 1940, Rule 17j-1 of the Investment Company Act of 1940, and the Financial Conduct Authority Principles for Business and Conduct of Business.

**<u>Scope of the Code</u>**

The Code applies to all employees, directors, and officers of the Firm with the exception of the Personal Trading Policy section. The Personal Trading Policy section only applies to individuals that are deemed to be Access Persons. The activities of the Firm and its personnel are governed by the rules and regulations under the Advisers Act and similar Federal and State rules.

**<u>General Principles</u>**

The Firm acts as a fiduciary to its clients and investors ("client(s)") and therefore has an affirmative duty of care, loyalty, honesty, and good faith to act in clients' best interests. The Firm's personnel have an obligation to uphold these duties and to act with professional integrity and good judgement. At a minimum, the Firm and its employees must conduct themselves in accordance with the following principles at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You must place the interests of clients before yourself
 and the Firm.

2. You must conduct business
 with integrity.

3. You must comply with
 applicable securities laws.

4. You must act in a professional
 and ethical manner.

5. You have a duty to act
 with skill, competence, and diligence.

6. You have a duty to communicate
 with clients in a timely and accurate manner.

7. You must conduct all
 personal securities transactions in such a manner as to be consistent with the Code and to avoid any actual or potential conflict
 of interest or any abuse of an employee's position of trust and responsibility.

8. You must adequately
 protect client assets.

9. You must take reasonable
 care to organize and control the Firm's affairs responsibly and effectively, with adequate risk management.

10. You must adhere to the
 fundamental standard that investment advisory personnel do not take inappropriate advantage of their positions.

11. You must adhere to the
 principle that information concerning the identity of security holdings and financial information of clients is confidential.

12. Decisions affecting
 clients are to be made with the goal of providing suitable advice and equitable and fair treatment among clients.

13. Communications with
 clients or prospective clients should be candid and fulsome. They should be true and complete and not mislead or misrepresent. This
 applies to all marketing and promotional materials.

14. You must adhere to the
 principle that independence and objectivity in the investment decision making process is paramount.

15. You must report any
 violations of the Code to Los Angeles Capital's Chief Compliance Officer ("CCO"). If it would not be appropriate
 to report to the CCO, then violations should be brought to the attention of Los Angeles Capital's General Counsel.

All employees must comply with applicable federal securities laws and Firm policies issued from time to time, and, as an SEC registered adviser, the Firm and its employees are prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing a device,
 scheme, or artifice that would defraud an investment advisory client

2. Making to a client or
 potential client any untrue statement of a material fact or omitting a material fact necessary in order to make the statements made
 not misleading

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engaging in any act,
 practice, or course of business which operates or would operate as a fraud or deceit upon a client

4. Engaging in a manipulative
 practice with respect to a client

5. Engaging in any manipulative
 practice with respect to securities, including price manipulation, acting on or spreading false market rumors, or

6. Making use of any information
 that an employee may have become aware of by virtue of his/her relationship with a client organization. Employees may not conduct
 a transaction while aware of such "inside information" if the information is indeed non-public in nature and comes about
 through dialogue and/or interaction with an official at a publicly traded organization.<sup>1</sup>

**<u>Standards of Business Conduct</u>**

**A. Conflicts of Interest**

The Firm recognises that, from time to time, a conflict of interest may arise between its own interests and those of a client. The Firm requires that its clients' interests take precedence and that its employees and Access Persons disregard any other relationship, arrangement, material interest, or conflict of interest which may serve to influence, or appear to influence, the Firm's discretionary management.

From time to time the Firm may have an interest or relationship to a transaction that either gives, or may give, rise to a conflict of interest. As a fiduciary, the Firm must not knowingly advise or deal in the exercise of discretion in relation to that transaction unless reasonable steps are taken to manage the conflict of interest to avoid impairment of that transaction. Where the Firm faces a material conflict as to a client that the Firm is unable to manage, this fact must be disclosed to the client(s) concerned.

All conflicts and potential conflicts of interest, including interest in a transaction, should be reported by employees to Los Angeles Capital's Compliance department via the Compliance System upon hire or upon entering into any such relationship, whichever may come first. Each reported conflict will be examined by a member of the Compliance department or the General Counsel to determine whether a conflict exists and determine the appropriate measures to be taken to avoid or manage the conflict. These measures may include the implementation of appropriate information barriers or other procedures to isolate the involved personnel from investment-making decisions regarding the securities of, or transactions with, an issuer.

In determining whether a conflict of interest exists, the Firm must specifically take into account whether the Firm or an employee: (i) is likely to make a financial gain or avoid a financial loss at the expense of the client; (ii) has an interest in the outcome of the service provided to the client, or the transaction carried out on behalf of a client, which is distinct from the client's interest in that outcome; (iii) carries on the same business as the client; or (iv) receives, or will receive, from a person other than the client, an inducement in relation to a service provided to the client in the form of monies, goods, or services, other than the standard commission or fee for that service. The following list includes, but is not limited to, possible conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Immediate family member is employed by a:

o broker-dealer

o publicly traded company

o critical service provider (see Compliance for a full list of Critical Service Providers)

o client

o regulatory agency

o investment adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee or family member serves on the board of directors or committee of any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any material, *Beneficial Ownership* or interest in any of the above.

<sup>1</sup> Refer to Los Angeles Capital's Insider Trading Policy for further information.

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◻ Executorship, trusteeship, or power of attorney privileges other than with respect to a family member.

Record of Conflicts

As its principal mechanism for identifying, managing, monitoring, and mitigating conflicts of interest, the Firm maintains a record of identified and reported conflicts of interests, which itemizes conflicts, mitigating controls, and responsibilities.

Identified material conflicts are disclosed to clients in Los Angeles Capital's Form ADV Part 2A.

**B. Outside Business Interest**

The Firm permits employees to maintain **Outside Business Interests** as long as the Outside Business Interest does not: (i) create an actual or potential conflict of interest for the Firm; (ii) interfere with the employee's duties to the Firm and its clients; or (iii) jeopardize the business or reputation of the Firm. Outside Business Interests include a wide range of endeavors, including but not limited to employment with an unaffiliated company, acting as an independent contractor or consultant, ownership in an unrelated business, or serving as a director or officer of any Outside Entity.

Employees should not hold any part-time or secondary position with any **Outside Entity** that may create an actual or potential conflict of interest with the duties the employee performs for the Firm, regardless of whether the employee is compensated or not. A position with an Outside Entity is considered an Outside Business Interest.

**Employees may not engage in Outside Business Interests without prior approval from their supervisor, the CCO, General Counsel, and the CEO.** A request to engage in or undertake an Outside Business Interest must be submitted via the Compliance System. See Compliance for more information.

No Firm employee may accept an appointment as an executor, trustee, guardian, conservator, general partner, or other fiduciary, or any appointment as a consultant in connection with fiduciary or active money management matters, without obtaining prior approval from Los Angeles Capital's CCO. Securities trading by employees in any fiduciary capacity is subject to the Firm's Personal Trading Procedures.

Approval of an Outside Business Interest will be subject to the implementation of procedures to safeguard against potential conflicts of interest, such as establishing information barriers, placing securities of the Outside Business on the Firm's restricted list, or recusing yourself if the Outside Business ever considers doing business with the Firm. Approval may be withdrawn at any time if the Firm's senior management concludes that withdrawal is in the Firm or its clients' best interests. Employees must provide Compliance with prompt notification any time a previously approved Outside Business Interest changes or the employee becomes aware of a conflict of interest relating to the activity. It is possible that the employee may be required to discontinue the previously approved activity.

See Compliance if you are unsure of your reporting obligations.

**C. Disciplinary Events**

All employees are required to promptly notify Los Angeles Capital's CCO of any disciplinary history upon hire and in the event of notice of or commencement of any regulatory, legal, or disciplinary action even if such action relates to your prior employment. The CCO is responsible for determining whether the information is material and must be reported to regulators and/or clients.

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

**D. Prohibited Activities**

Employees are prohibited from all of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 or sharing knowledge about pending, currently considered, or recent securities transactions
 of clients to profit personally, directly or indirectly, as a result of such transaction,
 including purchasing or selling such securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Disclosing
 to other persons any information about a client and/or former clients, including financial
 circumstances, security holdings, identity (unless the client has previously consented to
 the circumstances of the disclosure), and any advice furnished by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;· Borrowing
 from clients or providers of goods or services with whom the Firm deals, except those who
 engage in lending in the usual course of business and then only on terms offered to others
 in similar circumstances, without special treatment. This prohibition does not preclude borrowing
 from individuals related to you by blood or marriage.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 advice to clients that may be interpreted as giving legal advice. All questions in this area
 should be referred to Los Angeles Capital's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 clients advice on tax matters, the preparation of tax returns, or investment decisions, with
 the exception of situations that may be appropriate in the performance of an official fiduciary
 or advisory responsibility, or as otherwise required in the ordinary course of your duties.

**<u>Gifts and Entertainment</u>**

A conflict of interest may occur when an employee's personal interests interfere or potentially interfere with responsibilities to the Firm or its clients. The overriding principle is to eliminate any conflict of interest. Accordingly, employees should not solicit, give, or accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could be viewed as overly generous, aimed at influencing decision-making, or making either party feel beholden to a person or a company or that in any manner would conflict with the best interests of the Firm or its clients.

**A. Limits to Gifts and Entertainment Received by Employees**

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may receive any gift, service, or other thing valued greater than $100 in aggregate
 (a "Prohibited Gift") from any person or entity that does or hopes to do business
 with the Firm or an affiliate of the Firm within a calendar year. Receiving cash gifts is
 prohibited. Los Angeles Capital's CCO is authorized to make a final determination as
 to whether the thing of value should be considered a Prohibited Gift within the context of
 the Code's principles and may approve or deny requests to be able to accept any gift.
 An example of something that would not be considered a Prohibited Gift would be receipt of
 free admission to a conference hosted by one of the Firm's current vendors or service
 providers which is also provided to other clients at no charge.

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may accept extravagant or excessive entertainment from a client, prospective client,
 or any other person or entity that does or hopes to do business with the Firm or an affiliate
 of the Firm.<sup>2</sup> Employees may accept a business entertainment event, such as dinner
 or a sporting event, of reasonable value, if the person or entity providing the entertainment
 (i) is present; (ii) the entertainment is not provided as part of a quid pro quo
 arrangement; and (iii) the entertainment does not create a conflict of interest in relation
 to any client account.

**B. Limits to Gifts and Entertainment Given by Employees**

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may give or offer to give any gift, service, entertainment, or other thing of value
 to employees, affiliates, or representatives of entities appearing on the LACM Restricted
 Entities List.<sup>3</sup>

<sup>2</sup> Entertainment provided by a broker/dealer is subject to stricter requirements. Please refer to the section on Broker/Dealer Entertainment for more information.

<sup>3</sup> The LACM Restricted Entities List is available via the Compliance System.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Except
 as prohibited above, no employee may give or offer to give any gift, service, or other thing
 valued greater than $100 in aggregate within a calendar year to existing clients, prospective
 clients, or any other person or entity that does or hopes to do business with the Firm or
 an affiliate of the Firm, including brokers and service providers, without the prior consent
 of Los Angeles Capital's Compliance department. Cash gifts of any amount are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O <u>There are more restrictive rules and limitations for gifts and entertainment provided to individuals associated with or employed by certain state or local government plans, ERISA plans, unions and union officials, and  ***Foreign Officials*** . Please contact Compliance regarding specific gift giving limitations prior to giving any gifts to such persons</u>. Please note that for some clients or prospects
 entertainment and gifts may be required to be reported to a third party and could reflect unfavorably on the Firm or disqualify the
 Firm from being able to provide management services in the future.

O State
 and local governments increasingly limit or prohibit gifts and entertainment to the employees, officers, board members, and consultants
 of their pension and other investing funds. Some prohibit providing anything of value, including any food, whether provided at a
 Firm facility or event or elsewhere, or transportation to and from airports by cab or private car. Failure to comply with these requirements
 by the Firm or its employees can lead to disqualification of the Firm from managing assets for the client, loss of management fees,
 sanctions, or other penalties. Please see Compliance regarding specific gift and entertainment limitations for such persons.

O Gifts
 and contributions to elected political officials and candidates for political office are covered by special rules. See the Firm's
 Pay to Play Policy, a copy of which is posted on the Compliance home page of the intranet, "In the Loop".

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may provide extravagant or excessive entertainment to a client, prospective client,
 or any other person or entity that does or hopes to do business with the Firm or its affiliates.
 Employees may provide a business entertainment event, such as dinner or a sporting event,
 of reasonable value, if the person or entity providing the entertainment is present and it
 is incidental to the performance of the Firm's business.

**C. Broker/Dealer Entertainment**

All employees are required to obtain pre-clearance from Compliance prior to accepting any ***entertainment from a broker/dealer*** by submitting a Broker Entertainment Request via the Compliance System. Each Firm attendee/representative must submit a separate request to cover his or her participation only. Pre-clearance approval cannot be granted by the same individual seeking pre-clearance. All Broker Entertainment Requests must be submitted to the Compliance department in advance of the event.

**D. Pre-Clearing and Reporting Gifts and Entertainment**

Regardless of value or giver, ***<u>all</u>*** gifts and entertainment received are required to be logged in to the Compliance System. You are advised to seek pre-approval if you are not certain whether the entertainment would be considered excessive, if you are providing a gift or entertainment to a government fund/pension plan, Union or Union Official, or ERISA fiduciary, or if you cannot judge whether a gift has a value over $100. If any unapproved gift is received, the recipient should either reject the gift, give the gift to Compliance who will return the gift to the giver, or if returning the gift would harm relations with the giver, Compliance will donate the gift to charity.

Page \| 9

**<u>Personal Trading Policy</u>**

**A. Scope of Personal Trading Policy**

**The Personal Trading Policy portion of the Code is only applicable to *Access Persons*. Every director, officer, and employee of the Firm is considered an *Access Person,* unless otherwise exempted by Los Angeles Capital's *Approving Officers*.** Consultants, interns, or other temporary or leased employees may be considered an *Access Person* depending on certain factors such as length of service, nature of duties, and access to the Firm's information. Such persons will be notified if they are NOT considered to be an Access Person.

Related Parties of Access Persons

Certain Related Parties to Access Persons are subject to the specific reporting requirements detailed in the *Personal Trading Procedures* section.

**B. Personal Trading Procedures**

The Firm adopted the following Personal Trading Procedures that must be followed by all Access Persons and their Related Parties where applicable. In certain circumstances, and in its discretion, Compliance may prohibit an Access Person from engaging in any personal trading activity and will communicate such prohibition or other limitations to the Access Person at hire or at the time of effect. Restrictions on personal trading do not relieve an Access Person of any reporting requirements set forth by the Code.<sup>4</sup>

Disclosure of Personal Accounts and Security Holdings

Each Access Person must disclose via the Compliance System all Investment Accounts and directly held Reportable Securities where the Access Person or a Related Party has direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;· Within
10 days of being hired

· At
account opening

· At
the time such ownership is obtained, and

· On
a quarterly basis thereafter

Appendix A offers guidance on account disclosure requirements specific to various account types. Appendix C includes the minimum account statement requirements accepted to fulfill regulatory requirements.

Each Access Person and Related Party, where relevant, must consent to Compliance's receipt of data feeds from such persons' Investment Accounts directly to the Compliance System.

Under the SEC Rules, a person is regarded as having Beneficial Ownership when they can either directly or indirectly benefit economically from the account OR if the securities are held in the name of a Related Party, defined as:

&nbsp;&nbsp;&nbsp;&nbsp;· A
husband, wife, or domestic partner

· A
minor child

· A
relative or significant other sharing the same house, and

· Anyone
else if the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Obtains
benefits substantially equivalent to ownership of the securities

o Can
obtain ownership of the securities immediately or within 60 days, or

o Can
vote the securities

<sup>4</sup> Certain Access Persons, such as consultants, interns, or other temporary employees, may be required to meet the Code's reporting obligations in alternative ways to the Compliance System. Where applicable, the Compliance department will work with each Access Person to determine satisfactory requirements which will be communicated at time of hire or occurrence.

Page \| 10

Another example of an Access Person having Beneficial Ownership includes trades in any relative's brokerage account (not just those living in the same household) if the Access Person is authorized to make or direct trades AND can benefit economically from the account, regardless of whether the Access Person actually makes or directs the trades.

Whether you have Beneficial Ownership in the securities of a spouse, domestic partner, minor child, or relative or significant other sharing the same house can be rebutted only under very limited facts and circumstances. If you believe your situation is unique and therefore rebuts the presumption of Beneficial Ownership, you must contact the CCO for written approval.

If you act as a fiduciary with respect to funds and accounts managed outside of the Firm (e.g., if you act as the executor of an estate for which you make investment decisions) and have received approval to engage in such Outside Business Interest, you are deemed to have Beneficial Ownership in the assets of that fund or account. Accordingly, any securities transactions you make on behalf of that fund or account will be subject to the general trading restrictions and reporting applicable to you under the Code.

Permitted Investment Accounts

Access Persons and their Related Parties are only permitted to maintain Investment Accounts with the brokerages identified on LACM's Designated Brokerage List for Access Persons and Related Parties.<sup>5</sup> Employer-sponsored retirement accounts (e.g., 401(k), 403(b), and pension plans), 529 Plans, and Compliance-approved Non-Discretionary Accounts are exempt from this requirement.

Unless written permission is granted by Compliance, Access Persons and their Related Parties are required to transition any applicable accounts within 90 calendar days from the time of disclosure to a broker on LACM's Designated Brokerage List. The transition process must begin within 30 calendar days from the date of account disclosure. Evidence that the transition has commenced may be requested by Compliance at any time on or after the 31<sup>st</sup> calendar day.

Pre-Clearance Procedures

Transacting in various security types, including limited offerings, must be pre-cleared via the Compliance System. Please see Appendix B for examples of the types of securities transactions that require pre-clearance or consult Compliance if you are unsure of any pre-clearance obligations. All personal trading pre-clearance requests must be approved in the Compliance System prior to execution.

Personal Trade Pre-Clearance Requests are made via the Compliance System and require the approval of a member of the Trading department <u>AND</u> a member of the Compliance department. Compliance retains the discretion to evaluate the circumstances of each transaction in conjunction with its corresponding trade request. Certain circumstances may require an estimated value of the transaction subject to a reasonable variance.

Pre-clearance approval cannot be granted by the same individual seeking pre-clearance. **<u>A standard approval is valid only until the end of the trading day on which approval was granted, or such shorter time as may be specified.</u>** If the trade is not executed by the end of the current trading day a new pre-clearance request needs to be submitted for approval prior to trading on any subsequent day.

*Private Investments*

Initial purchases by Access Persons or their Related Parties in securities of privately–owned companies are required to receive pre-clearance approval from a member of the Compliance department via the Compliance System. A standard approval is valid only within thirty calendar days from the day on which approval was granted. If the company notifies you of their intent to go public, you must immediately notify Compliance. All such positions in privately – owned companies and subsequent transactions need to be confirmed quarterly via the Compliance System as part of the Quarterly Reporting process.

<sup>5</sup> The LACM Designated Brokerage List for Access Persons and Related Parties is available via the Compliance System. Consultants, interns, or other temporary employees deemed an Access Person by Compliance may be exempt from the Firm's Designated Brokerage requirement in certain circumstances.

Page \| 11

*LACM Identified Securities List*

Transactions directed by Access Persons or Related Parties in securities and ***Reportable Funds*** identified on this list require pre-clearance approval prior to execution. This includes transactions directed by Access Persons or Related Parties in employer sponsored retirement accounts, as well as applicable transactions occurring in the Los Angeles Capital 401(k) Profit Sharing Plan.

*Exemptions from Pre-Clearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 pursuant to an  ***Automatic Investment Plan*** (plan contributions, dividend reinvestment
 plans, etc.). **Note that a voluntary, initial automatic investment transaction in an account other than an employer sponsored retirement account must be pre-cleared in accordance with its security and transaction type,** but all subsequent automatic investments are
 exempt from pre-clearance provided the schedule and security remain the same.

· Purchases
 effected upon the exercise of rights issued pro rata to all holders of a class of its securities,
 to the extent such rights were acquired from such issuers, and sales of such rights so acquired.

· Non-directed
 acquisition or sales of securities due to involuntary corporate actions, including stock
 dividends, splits, mergers, spin-offs, etc.

· Receipt
 of gifts of securities.

· Purchases
 or sales held in Compliance-approved Non-Discretionary Accounts where the employee has no
 direct or indirect influence or control. This includes accounts where the employee has signed
 overall investment discretion to an adviser, broker, or other trustee.

· Acquisition
 of shares of Los Angeles Capital by Access Persons pursuant to periodic share offerings.

· Subsequent
 transactions in a Limited Offering where the initial investment received pre-clearance approval.

· Fractional
 share positions that are automatically executed subject to broker discretion or account terms.

Prohibited Transactions

The Firm does not allow Access Persons to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
of an LACM restricted security<sup>6</sup>

· Purchase
of shares through an  ***Initial Public Offering (IPO)*** 

· Engaging
in frequent trading of a  ***Reportable Fund*** <sup>7</sup>

· Purchase
of such other security types as listed on Appendix B

· Engaging
in day trading as it may be a potential distraction from servicing clients, and

· Undertaking
personal investment transactions with the same individual employee at a broker-dealer firm on the Firm's approved brokerage roster<sup>8</sup>

<sup>6</sup> Refer to the Firm's Restricted Securities List. The Restricted Securities List is available via the Compliance System

<sup>7</sup> Frequent trading of a ***Reportable Fund*** is defined as selling or repurchasing a position that was taken or sold, respectively, less than thirty days prior to the transaction. Certain funds may have more restrictive frequent trading policies. A list of the ***Reportable Funds*** is available via the Compliance System.

<sup>8</sup> ***Non-Discretionary Accounts*** and Related Parties are not subject to this prohibition. A list of prohibited individuals is available via the Compliance System.

Page \| 12

In the event that a restricted security was held prior to your employment with the Firm or prior to the addition to the Firm's restricted list, the Firm will not require you to liquidate your position but instead require pre-clearance on future purchase and sale transactions.

Quarterly Personal Brokerage Statements

Access Persons will provide the Compliance department via the Compliance System all Investment Account statements where the Access Person has either direct or indirect Beneficial Ownership AND direct/indirect influence or control, including the investment accounts of all Related Parties. This may include such accounts as traditional brokerage accounts, IRAs, former employer sponsored retirement plans (e.g., 401(k)s or 403(b)s), etc. and must reflect all activity within the account during the quarterly period under review.

Where possible, data feeds for these accounts and their respective activity will be provided on a daily basis to the Compliance department via the Compliance System. If feeds are not possible, each Access Person will be required to submit, on a quarterly basis via the Compliance System, duplicate copies of all Investment Account statements where the Access Person has either direct or indirect Beneficial Ownership AND direct/indirect influence or control, including the Investment Accounts of all Related Parties. Statements must meet the minimum requirements outlined in Appendix C.

Exempt Reporting Requirements

Access Persons do not need to provide statements or pre-clear transactions in Compliance-approved Non-Discretionary Accounts where the Access Person has no direct or indirect influence or control, including securities held in accounts where the Access Person may have signed over ALL investment discretion to an adviser, broker, or other trustee. However, Access Persons are required to report the existence of these accounts in the Compliance System on a quarterly basis, along with acceptable proof of the account's non-discretionary status within 10 days of being hired, at the time the account is considered to be non-discretionary, and annually thereafter. If you are uncertain as to whether this exclusion applies to you, please see Compliance for further clarification.

Ownership of shares of Los Angeles Capital allocated pursuant to periodic share offerings and 529 College Savings Plans are exempt from <u>all</u> reporting requirements and do not need to be disclosed in any capacity in the Compliance System.

Los Angeles Capital's 401(k) Profit Sharing Plan

Most investments available through Los Angeles Capital's 401(k) Profit Sharing Plan are exempt from reporting, with the exception of the ***Reportable Funds*** listed on the LACM Identified Securities List. Transactions in ***Reportable Funds*** that are made pursuant to an automatic investment plan, such as a plan contribution, are exempt. However, transactions in ***Reportable Funds*** that are directed by the Access Person by either a direct exchange in or out of the ***Reportable Fund***, or through a one-time reallocation of your investment mix, require pre-clearance approval.

Access Persons are not required to provide a quarterly statement for the Los Angeles Capital 401(k) Profit Sharing Plan. Transactions in ***Reportable Funds*** will be monitored directly via transaction reports provided by the plan administrator. Transaction reports must meet the minimum requirements outlined in Appendix C.

**C. Confidentiality**

All reports submitted to Los Angeles Capital's Compliance department pursuant to the Code will remain confidential, except to the extent necessary to (i) advise senior management or obtain advice of counsel; (ii) implement and enforce the provisions of the Code or (iii) comply with requests for information from regulatory, SROs, and law enforcement agencies.

Page \| 13

**<u>Code of Ethics Certifications</u>**

The Compliance department will provide each employee with a current copy of the Code upon hire, request, material change, and a copy will be maintained on the Compliance System and on the Firm's intranet, "In the Loop", for easy, continuous retrieval. Upon hire and quarterly thereafter, each employee will certify in writing that he/she: (i) received, read, and understands the Code and any applicable amendments; (ii) recognizes that he/she is subject to the Code; (iii) has complied with the requirements of the Code; and (iv) if an Access Person, has disclosed all personal securities and transactions required to be reported pursuant to the requirements of the Code.

Certifications are made by all employees and Access Persons via the Compliance System upon hire and within 30 days of each calendar quarter-end.<sup>9</sup> As applicable, certifications include all positions in directly held Reportable Securities, confirmation of all Investment Accounts for the Access Person and their Related Parties, certification of all entries made in the Compliance System, including, but not limited to, gifts and entertainment, and conflicts of interest, and responses to any additional requests or certifications deemed necessary by Compliance. The Compliance department will review all submissions for accuracy and completeness, cross-checking with other required documentation.

**<u>Administration and Enforcement of Code</u>**

**A. Annual Review**

Compliance will review the Code at least annually for its adequacy and effectiveness. Any material amendments to the Code must be approved by Los Angeles Capital's Board and submitted to the Board of any U.S. registered investment company ("U.S. RIC") that Los Angeles Capital currently serves as a sub-adviser. All material amendments will be promptly communicated to Firm employees.

As a U.S. RIC adviser or sub-adviser, Los Angeles Capital will provide a written annual report to the Board of each U.S. RIC that describes any issues arising under the Code since the last report, including information about material violations of the Code and sanctions imposed in response. This report will also include discussion of any waivers that might be considered important by the U.S. RIC's Board and will certify that the Firm has adopted policies and procedures reasonably designed to prevent employees and Access Persons from violating the Code.

**B. Recordkeeping**

All required documentation will be retained in accordance with Rule 204-2 of the Investment Advisers Act and Rule 17j-1 of the Investment Company Act of 1940. Please see the Firm's Books and Records policy for further information.

**C. Violations of the Code**

All employees and Access Persons must report immediately to Compliance if they: (i) suspect that another employee or anyone else working on behalf of the Firm or its affiliates has breached any of the General Principles outlined in this Code; (ii) believe that any of the Firm's procedures are inconsistent with the Firm's fiduciary duty or regulations; or (iii) are asked, directly or indirectly, to act in any manner inconsistent with the General Principles of the Code.

<sup>9</sup> Certain Access Persons, such as consultants, interns, or other temporary employees, may be required to meet the Code's <u>reporting obligations in alternative</u> ways to the Compliance System. These individuals are currently not loaded into the Compliance System and complete reporting obligations via hardcopy/emailed forms.

Page \| 14

Access Persons must make sure that their Related Parties covered by the Code are familiar with the requirements of the Code, particularly regarding personal trading requirements. A violation due to the actions of a Related Party constitutes a violation by their related Access Person.

Material violations of the Code include violations that impact a client or are egregious, malicious, or repetitive in nature. A violation may include, but is not limited to: failure to receive pre-clearance when obligated; opening a non-permitted Investment Account; trading in restricted securities; fraudulent misrepresentation of personal securities holdings or conflicts of interest; receipt of or gifting an excessive gift or entertainment event to a client, prospective client, or any individual or entity who does business or hopes to do business with the Firm; failing to receive pre-clearance for broker entertainment; repetitive non-material violations for the same offense; non-compliance with applicable laws, rules, and regulations; fraud or illegal acts involving any of the Firm's business; material misrepresentation in regulatory filings, internal books and records, client records, or reports; activity that is harmful to a client, including its shareholders; and deviations from required controls and procedures that safeguard clients and the Firm.

Sanctions

Any violations of the Code may result in disciplinary action that Los Angeles Capital's Board and the CCO deem appropriate, including, but not limited to, a warning, fines, disgorgement, suspension, demotion, loss of responsibility, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

Sanctions for Personal Trading Violations

Personal trading violations, including, but not limited to, trading without the required pre-clearance or trading restricted securities, may result in the immediate unwinding of the trade or a fine. If required, the amount of the fine will be determined by members of Los Angeles Capital's Board and the CCO. It may include the disgorgement of any profits from the trade to a mutually agreed upon charity. The trade(s) may be unwound as soon as possible upon discovery and notification of the violation.

**<u>Whistleblower Policy</u>**

The Firm is committed to high ethical standards and compliance with the law in all of its operations and will deal with its regulators in an open and cooperative way. The Firm must disclose to regulators anything relating to the Firm of which a regulator would reasonably expect notice. The Firm believes that its employees are in the best position to provide early identification of significant issues that may arise with compliance with these standards and the law. The Firm's policy is to create an environment in which its employees can report these issues in good faith without the fear of reprisal.

The Firm requires employees to report illegal activity or activities that are not in compliance with the Firm's formal written policies and procedures, including the Firm's Code of Ethics, to assist the Firm in detecting and putting an end to fraud or unlawful conduct. All such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately.

The Firm expects the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is merely being overlooked, the normal first recourse should be to bring the issue to the attention of the party charged with the operation of the policy. In most cases, an employee should be able to resolve the issue with his or her manager, or, if appropriate, another senior member of the Firm. However, instances may occur when this recourse fails, or you have legitimate reason not to notify management. In such cases the Firm has established a system for employees to report illegal activities or non-compliance with the Firm's formal policies and procedures.

An employee who has good faith belief that a violation of law or failure of compliance may occur or is occurring has a right to come forward and report under this Whistleblower Policy. "Good faith" does not mean that a reported concern must be correct, but it does require that the reporting employee believe that he or she is fully disclosing information that is truthful.

Page \| 15

Reports may be oral, by telephone or interview, or in writing by letter, memorandum, instant message, or e-mail. The employee making the report must identify himself or herself. The employee should also clearly identify that the report is being made pursuant to the Whistleblower Policy and in a context commensurate with the fact that the Policy is being invoked. The report should be made to the following parties, in the order shown:

&nbsp;&nbsp;&nbsp;&nbsp;· The
Chief Compliance Officer, unless it would not be appropriate or that officer fails to respond, or

· The
General Counsel

The Chief Compliance Officer and/or General Counsel, as appropriate, will consult about the investigation as required. Depending on the nature of the matters covered by the report, an officer or manager may conduct the investigation, or it may be conducted by the Chief Compliance Officer, the General Counsel, or by an external party.

The investigation will be conducted diligently by any appropriate action.

The Firm understands the importance of maintaining confidentiality of the reporting employee to make the Whistleblower right effective. Therefore, the identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, by self-regulatory organization, or as an essential part of completing the investigation determined by the Chief Compliance Officer or General Counsel. Any disclosure shall be limited to the minimum required. The employee making the report will be advised if confidentiality cannot be maintained.

The Chief Compliance Officer will follow up with the investigation to make sure that it is completed, and that any non-compliance issues are addressed. The Chief Compliance Officer will ensure that no acts of retribution or retaliation occur against the person(s) reporting violations or cooperating in an investigation in good faith. The Chief Compliance Officer or General Counsel will report to the Firm's Board concerning the findings of any investigation they determine involved a significant non-compliance issue.

If an employee elects not to report suspected unlawful activity or a suspected violation of law to the Firm, the employee may contact the appropriate governmental authority for review and possible investigation. Nothing in any Confidentiality Agreement or separation agreement/release between an employee or former employee and the Company will be considered violated in making a report of suspected unlawful activity to a governmental authority. This includes reporting related to the performance of a US Government contract involving: (i) evidence of gross mismanagement, (ii) gross waste, (iii) fraud, (iv) abuse of authority, (v) substantial and specific danger to public health or safety, or (vi) a violation of law, rule, or regulation. Reporting may be made to a designated investigative or law enforcement representative of a Federal department or agency authorized to receive such information (e.g., a Federal employee responsible for contract oversight or management at the relevant agency). For more information please refer to the federal procedures and remedies detailed in the Contractor Employee Whistleblower Rights under 41 U.S.C. 4712 and as described in Federal Acquisition Regulations 3.900 through 3.905.

**The California Attorney General's whistleblower hotline is 800-952-5225, the SEC's whistleblower hotline is 202-551-4790, and the FCA's Whistleblowing Advice Line is +44 (0)20 7066 9200 or <u>whistle@fca.org.uk</u>.**

Note that submitting a report that is known to be false is a violation of this Policy. The Firm will not retaliate against an individual who reports a violation as required by law.

Retaliation against an individual who lawfully reports a violation is prohibited and constitutes a further violation of the Code.

Page \| 16

**<u>Appendix A: Account Disclosure Matrix</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***Account Type*** | &nbsp;&nbsp;***Disclosure*** | &nbsp;&nbsp;***Electronic Feed*** | ***Assets at Firm- Approved Brokerage*** | &nbsp;&nbsp;***Other Requirements*** |
| **Discretionary Investment Accounts *(e.g., individual/joint non-retirement, IRAs, HSA, Trusts)*** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;New Investment Accounts are disclosed at account inception via the Compliance System, upon obtaining Beneficial Ownership, or upon a change from Non-Discretionary status.<br>Access Persons and Related Parties must transition applicable accounts within 90 days of disclosure date directly to an eligible brokerage. The transition process must commence within 30 days from the date of account disclosure. |
| &nbsp;&nbsp;**Non-Discretionary Investment Account** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Non-Discretionary status is subject to Compliance approval and must be evidenced:<br>1) within 10 days of hire date OR account opening OR at time the account is considered to be non-discretionary; AND<br> 2) on an annual basis thereafter.<br>An account is considered non-discretionary only AFTER Compliance has provided written approval. |
| &nbsp;&nbsp;**Employer-sponsored retirement *(e.g., 401(k), 403(b), pensions)*** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Disclosure is required at the time of hire or account inception. Quarterly statement must be uploaded via the Compliance System. |
| &nbsp;&nbsp;**Los Angeles Capital's 401(k) Profit Sharing Plan** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Transactions are monitored for investments in securities and ***Reportable Funds*** on the LACM Identified Securities List. Pre-clearance requirements are included on the LACM Identified Securities List. |
| &nbsp;&nbsp;**529 Plans** | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Page \| 17

**<u>Appendix B: Code of Ethics Pre-Clearance Matrix</u>**

If a security type you would like to trade is not listed below, please see Compliance for additional guidance. Transactions made pursuant to an automatic investment plan require pre-clearance at the initial investment in an investment account other than an employer sponsored retirement account (subsequent investments made pursuant to the automatic investment plan do not require pre-clearance).

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Security Type*** | &nbsp;&nbsp;***Pre-Clearance Approval*** |
| &nbsp;&nbsp;**Bankers' Acceptance** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Certificate of Deposits (CDs)** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Commercial Paper** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All debt issued by LACM Restricted Security List | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;High Quality, Short-Term Debt Instruments | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal or Government Bond (Non-Federal) | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Promissory Notes | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Digital Currency** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Digital Coin/Token** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Direct Obligations of U.S. Government** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Funds (Open and Closed)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETF | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-Stock ETFs | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs on LACM Identified Securities List | &nbsp;&nbsp;Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed-end Funds | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds on LACM Identified Securities List | &nbsp;&nbsp;Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Fund or Trust | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;**Initial Coin Offering (ICO)** | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;**IPO Allocation** | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;**Limited or Direct Offering** | &nbsp;&nbsp;Required at time of initial investment; not required for subsequent investments provided in same offering |
| &nbsp;&nbsp;**Options/Futures Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs or Indices | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-Stock ETFs | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFS on LACM Identified Securities List | &nbsp;&nbsp;Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks on LACM Restricted Security List | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;All other options/futures contracts | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Repurchase Agreements** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Shares issued by Los Angeles Capital** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Stock** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks on LACM Restricted Security List | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks <br> **Swaps** | &nbsp;&nbsp;Required <br> PROHIBITED |

---

<sup>10</sup> Transactions in securities or ***Reportable Funds*** on the LACM Identified Securities List that occur as a part of an automatic investment plan in an employer sponsored retirement account do not require pre-clearance. Direct exchanges in or out of these securities, or one-time reallocations involving these securities, require pre-clearance.

Page \| 18

**<u>Appendix C: Account Statement Requirements</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Disclosure/Statement Type*** | &nbsp;&nbsp;***Requirements*** | &nbsp;&nbsp;***Method of Verification*** |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures | &nbsp;&nbsp;Account statements or information provided to satisfy the initial account and holdings disclosure requirement must be current as of a date no more than 45 days prior to the date the employee became an Access Person ("Hire Date"). | &nbsp;&nbsp;Required certifications and disclosures are obtained via the Compliance System on the **Initial Combined Report** or via hard copy on the **Personal Securities & Account Disclosure Report**. |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures |  |  |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures | &nbsp;&nbsp;Statements must include at a minimum, the following position level detail: | &nbsp;&nbsp;Statements as of a date no more than 45 days prior to the Hire Date are to be supplemented with a brokerage transaction report from the as-of date of the statement to the Hire Date to reasonably determine ownership and holdings as-of the Hire Date. |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security Name<br> &nbsp;&nbsp;&nbsp;&nbsp;· Type of security<br> &nbsp;&nbsp;&nbsp;&nbsp;· Exchange Ticker or CUSIP/SEDOL (if applicable)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Number of Shares<br> &nbsp;&nbsp;&nbsp;&nbsp;· Principal Amount<br>| &nbsp;&nbsp;Statements as of a date no more than 45 days prior to the Hire Date are to be supplemented with a brokerage transaction report from the as-of date of the statement to the Hire Date to reasonably determine ownership and holdings as-of the Hire Date. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;Account statements or information provided must be current as of a date no more than 45 days prior to the date the report was submitted.<br>| &nbsp;&nbsp;Required certifications and disclosures are obtained via the Compliance System on the **Quarterly Combined Report** or via hard copy on the **Quarterly Report**. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;Statements must include at a minimum, the following: |  |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Position level detail | &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Security Name<br> o Type of security<br> o Exchange Ticker or CUSIP/SEDOL (if applicable)<br> o Number of Shares<br> o Principal Amount | &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transaction level detail: | &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transaction Date<br> o Nature of Transaction (e.g., buy, sell)<br> o Security Name<br> o Exchange Ticker or CUSIP/SEDOL (if applicable)<br> o Interest Rate/Maturity Date (if applicable)<br> o Number of Shares<br> o Price the transaction was effected<br> o Principal Amount<br> o Name of broker, dealer, or bank<br>| &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |

---

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## Ex-99.B(P)(33)

**Exhibit 99.B(p)(33)**

**LSV ASSET MANAGEMENT**

**CODE OF ETHICS**

**AND**

**PERSONAL TRADING POLICY**

**April 4, 2025**

LSV Asset Management Code of Ethics and Personal Trading Policy 1

**I. GENERAL POLICY**

LSV Asset Management ("LSV" or the "Firm") serves as discretionary investment adviser to a variety of clients, including pension plans, foundations, endowments, corporations, unregistered pooled funds, mutual funds, an exchange-traded fund, sovereign funds, foreign funds (such as UCITS and SICAVs), other investment advisers and other U.S. and international institutions ("Advisory Clients"). The securities accounts over which LSV has investment discretion on behalf of these Advisory Clients are referred to in this document as "Investment Vehicles".

All natural persons who are employees of LSV ("Staff Members") must act in accordance with this Code of Ethics and Personal Trading Policy ("Policy") and in a manner which seeks to avoid any actual or potential conflict of interest. Staff Members must not take advantage of their position of trust and responsibility, and must place the interests of Advisory Clients first. When buying or selling securities, Staff Members must not employ any device, scheme or artifice to defraud, mislead, or manipulate any Investment Vehicle, Advisory Client or any other person in connection with the purchase or sale of any security.

Staff Members are subject to different restrictions and pre-clearance requirements for their personal trades, depending on their responsibilities or location. It is important that all Staff Members read this document carefully and understand the restrictions, pre-clearance, and reporting requirements applicable to them.

In addition to the Policy, Staff Members are subject to all applicable policies and procedures discussed in LSV's Investment Adviser Policies and Procedures Manual (the "Compliance Manual"), as well as LSV's Political Contributions Policy, Gifts and Entertainment Policy, Marketing Policy, and Information Security Policy (collectively, the LSV Policies").

**Every Staff Member will be provided and must carefully read this Policy and the other LSV Policies and all amendments thereto, and agree to abide by the terms of each document.**

Any questions regarding LSV's policy or procedures should be referred to the Compliance Department ("Compliance"). All violations must be promptly reported to the Chief Compliance Officer ("CCO"). No retaliation will be taken against any Staff Member solely for, in good faith, reporting a violation of this Policy or any of the other LSV Policies. For the avoidance of doubt, in no event is the Policy or any of the other LSV Policies or any procedures intended to, nor should they be interpreted to, prohibit any activities protected by law, including the provision of information not otherwise protected from disclosure by any applicable law or privilege to any regulator or other governmental agency regarding possible violations of law without disclosure to the Firm.

**Disclosure of the Policy**

LSV describes the Policy in Item 11. of Form ADV, Part 2A and, upon request, will furnish Advisory Clients with a copy of the Policy. Requests for the Policy can be made by contacting LSV at 312-460-2443.

**II. CODE OF CONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff
Members are to maintain the highest standard of professional conduct.

LSV Asset Management Code of Ethics and Personal Trading Policy 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must maintain the confidentiality
of all information entrusted to them by LSV and its Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must serve the best interest
of Advisory Clients. All recommendations to Advisory Clients and decisions on behalf of Advisory Clients must be made solely in the best
interest of Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must provide to Advisory Clients
all reasonably requested information as well as other information they may need to make informed decisions. All Advisory Client and prospective
client inquiries must be answered promptly, completely and truthfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members involved in sales situations
must discuss fully with the prospective client the nature of services provided by LSV for the compensation it receives. All material facts
relating to any actual or potential conflicts of interest involving LSV must be fully disclosed to prospective clients. In addition, these
Staff Members, in particular, must comply with the anti-bribery provisions of applicable law, including the Foreign Corrupt Practices
Act, when dealing with certain categories of prospective clients as further detailed in LSV's Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must comply fully with all
applicable Federal securities laws and regulatory requirements.

**III. DEFINITIONS**

A. **Access Person –** A Staff Member who meets any of the following criteria**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access to nonpublic information regarding
Advisory Clients' purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is involved
in making securities recommendations to Advisory Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access
to securities recommendations that are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access
to nonpublic information regarding the portfolio holdings of Affiliated Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· works
in LSV's Chicago office on a substantially full-time basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is a
director, officer, or active partner of LSV.

B. **Affiliated Funds –** any U.S.-registered mutual fund and/or exchange-traded fund to which **LSV or an SEI Investments entity** serves as investment adviser, investment sub-adviser or principal underwriter ("LSV Funds" and "SEI Funds").

C. **Reportable Security** – any interest or instrument commonly known as a security (whether publicly traded or privately offered) including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Equity
and equity-like securities, including initial public offerings ("IPOs")

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed
income securities (excluding the short-term instruments listed below)\*

&nbsp;&nbsp;&nbsp;&nbsp;· Affiliated Funds (includes all LSV Funds, including
funds sub-advised by LSV, and SEI Funds)\*\*

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-traded
funds

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives

&nbsp;&nbsp;&nbsp;&nbsp;· Cypto
assets

LSV Asset Management Code of Ethics and Personal Trading Policy 3

&nbsp;&nbsp;&nbsp;&nbsp;· Private
placements<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· Equity and equity-like securities which an Access
Person presents as a gift to a third party, including members of an Access Person's immediate family

\* Obligations issued by state and municipal governments with maturities not longer than 365 days are excluded.

**\*\*** Reporting of transactions in Affiliated Funds is not required if such transactions are made pursuant to an automatic investment plan, such as the 401(k) plan; provided that if a Staff Member opens a brokerage account within the 401(k) plan, the transactions in such account must be reported on the quarterly securities transaction report or by providing duplicate statements for the account to Compliance.

Reportable Security does not include:

Direct obligations of the Government of the United States; bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements; shares issued by money market funds; shares issued by open-end funds (other than Affiliated Funds); and shares issued by unit investment trusts that are invested exclusively in one or more open-end funds (other than Affiliated Funds).

D. **Pre-Clearance Security** – <u>INCLUDES</u>:

&nbsp;&nbsp;&nbsp;&nbsp;· Equities
(from any country)

&nbsp;&nbsp;&nbsp;&nbsp;· Initial
public offerings (IPOs)

&nbsp;&nbsp;&nbsp;&nbsp;· Private
placements

&nbsp;&nbsp;&nbsp;&nbsp;· Any equity-linked derivative securities (warrants,
rights, options, futures, swaps, etc. on individual equities)

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
bonds

Pre-Clearance Securities <u>DO NOT INCLUDE</u> publicly-traded fixed income securities, mutual funds and exchange-traded funds, including Affiliated Funds, closed-end funds and derivatives on indexes or commodities.

E. **A Security is "being purchased or sold"** by an Investment Vehicle from the time the purchase or sale order for the security has been recorded as an active order in LSV's trade order management system (Charles River Investment Management Solution), until the time when the order has been completed or terminated.

F. **Security** generally will have the meaning set forth in Section 202(a)(18) of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such that it includes: (i) any note, stock, treasury stock, security future, bond, debenture or evidence of indebtedness; (ii) any certificate of interest or participation in any profit-sharing agreement; (iii) any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, or certificate of deposit for a security; (iv) any fractional undivided interest in oil, gas or other mineral rights; (v) any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof); (vi) any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or (vii) in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

<sup>1</sup> Private placement means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 of the Securities Act of 1933 (e.g., hedge funds, private equity funds and limited liability companies).

LSV Asset Management Code of Ethics and Personal Trading Policy 4

**IV. RESTRICTIONS ON PERSONAL SECURITIES TRANSACTIONS**

**Access Persons** may not purchase or sell, directly or indirectly, any Pre-Clearance Security if the security is currently being purchased or sold, or has been purchased or sold by LSV for an Investment Vehicle in any of the 3 business days prior to the Access Person's proposed trade in that security.

If an **Access Person** trades in a Pre-Clearance Security and LSV subsequently purchases or sells that security for an Investment Vehicle during the 3 business day period after the Access Person's trade in that security, the Access Person's trade is subject to review and any gains or profits realized may be subject to forfeiture.

If an **Access Person** has requested pre-clearance to sell a Pre-Clearance Security and that request has been denied, the Access Person can appeal to the CCO if they can evidence that it is a financial hardship for them not to be able to sell the security until LSV is no longer active in that security.

While LSV does not have a formal holding period, once a Pre-Clearance Security has been purchased, the trading patterns of Access Persons who request pre-clearance to sell the same security within 30 days after the initial purchase will be reviewed by Compliance in order to understand the reasoning for the sale, whether similar sales on similar timeframes are expected in the future and other factors that may be relevant based on the particular transaction.

**V. PERSONAL TRADING PRE-CLEARANCE**

**Access Persons** must pre-clear personal transactions in any Pre-Clearance Securities. This includes transactions in any Pre-Clearance Securities (i) in accounts of the Access Person's immediate family members (i.e., parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, including step and adoptive relationships or other equivalents <u>living in the same household</u> as the Access Person); (ii) in accounts over which the Access Person has or shares a direct or indirect opportunity to profit or share in any profit derived from any transaction in such accounts through any contract, arrangement, understanding, relationship or otherwise; (iii) in accounts where the Access Person has direct or indirect investment discretion or control; and (iv) in such other circumstances as determined by Compliance.

For Access Persons' personal investments in LSV's private funds, acceptance of the Access Person's subscription document will be deemed to be approval of a pre-clearance request.

Unless otherwise specified by Compliance, any clearance granted is valid for 1 business day, the day on which clearance is granted.

Pre-clearance requests are currently made via the ComplySci platform and must be made during the regular trading hours of the New York Stock Exchange ("NYSE"), provided that trades can be executed during NYSE after-hours trading if, and on the same day, pre-clearance has been granted during the regular trading hours of the NYSE. Compliance will address on a case-by-case basis pre-clearance requests involving non-U.S. securities that only trade on non-U.S. exchanges or requests made by Access Persons outside of the regular trading hours of the NYSE.

LSV Asset Management Code of Ethics and Personal Trading Policy 5

A determination as to whether non-employees who are working in the Chicago office are subject to the Policy or portions thereof is made on a case-by-case basis by Compliance.

The following transactions do not have to be pre-cleared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
or sales of instruments that are not Pre-Clearance Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
or sales over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales which are non-volitional on
the part of the Access Person, such as purchases or sales upon exercise of puts or calls written by the Access Person and sales from a
margin account pursuant to a bona fide margin call (though the establishment of equity-linked derivative securities giving rise to such
non-volitional transactions shall require pre-clearance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales effected within the pre-determined
parameters of an automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of rights
issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions effected in accounts over which
a third party exercises discretion, if such account is identified to Compliance and an exception is granted by Compliance; provided that
reporting of transactions and holdings in such accounts will typically be required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transfers of equity or equity-like securities
which are made as a gift to a third party, including a member of the Access Person's immediate family; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in accounts of immediate family
members over which an Access Person may have legal authority due to the holding of a power of attorney or when acting in a similar capacity,
but which result from the exercise of such family member's or a third party manager's influence or control. In such cases,
the immediate family member may not be living in the same household as the Access Person and the Access Person may not have a direct or
indirect pecuniary (e.g., economic) interest in the account. Such accounts must be identified to Compliance, and reporting of transactions
and holdings in such accounts may be required.

Transactions which appear upon reasonable inquiry and investigation by Compliance to present no reasonable likelihood of harm to any Investment Vehicle and which are otherwise in accordance with Rule l7j-l of the Investment Company Act of 1940 (the "1940 Act") and other applicable SEC rules shall be entitled to clearance.

LSV Asset Management Code of Ethics and Personal Trading Policy 6

**VI. OTHER RESTRICTIONS**

<u>Outside Business Activities</u>

Staff Members may not serve on the board of directors of any publicly-traded company absent prior authorization from the CCO, and any employment or other outside business activity in the financial services industry must be reviewed and approved in advance by the CCO. In addition, all outside business activities, including membership on any for-profit or non-profit company board or other employment, must be reported to Compliance.

**VII. REPORTING REQUIREMENTS**

The requirements of this section are applicable to Reportable Securities (i) directly or indirectly owned by the Access Person or a member of the Access Person's immediate family (i.e., parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, including step and adoptive relationship or other equivalents <u>living in the same household</u> as the Access Person); (ii) in accounts over which the Access Person has or shares a direct or indirect opportunity to profit or share in any profit derived from any transaction in such accounts through any contract, arrangement, understanding, relationship or otherwise; (iii) in accounts where the Access Person has direct or indirect investment discretion or control; and in such other circumstances as determined by Compliance.

1. Access Persons must report transactions in Reportable Securities on a quarterly basis, within 30 days after the end of the quarter. Duplicate account statements may be substituted for the report if they are received by Compliance within 30 days after the end of the quarter.

2. Access Persons must report ALL new and terminated Securities accounts, including accounts that do not hold Reportable Securities and accounts over which they do not have investment discretion, within 30 days after the opening or termination of the account. This information must include the name of the broker dealer or bank at which the account is held and the date the account was established or terminated.

3. Access Persons must report all holdings of Reportable Securities and a list of all Securities accounts as of the end of the year (or as of an earlier date in December of that year) within 30 days after the end of each calendar year. Information in this report must be current as of a date no more than 45 days before the report is submitted. Duplicate account statements may be substituted for this report if they are received by Compliance within 30 days after the end of the calendar year.

4. Access Persons must report all holdings of Reportable Securities and a list of all accounts that hold Securities, even accounts that do not hold Reportable Securities, within 10 days of commencement of employment or of becoming an Access Person. The report must show holdings as of a date not more than 45 days prior to the employee becoming an Access Person.

5. Access Persons who have reported to Compliance accounts over which they do not have investment discretion, must provide acknowledgement that the status of those accounts has not changed on an annual basis via the ComplySci platform.

6. Staff Members must provide acknowledgement of the Policy and any amendments thereto, on an annual basis via the ComplySci platform.

LSV Asset Management Code of Ethics and Personal Trading Policy 7

7. Non-employees of LSV who work in the Chicago office, and have been deemed to be subject to some or all of the parts of the Policy, must report, on a quarterly basis, transactions in Reportable Securities.

**VIII. COMPLIANCE REVIEW DUTIES**

Compliance will (i) review the reports and information listed in VII. above to ensure that pre-clearance has been appropriately obtained and all information required under the Advisers Act and the 1940 Act is contained in such reports; (ii) review the trading of Access Persons for patterns that may indicate abuse; (iii) decide on appropriate interpretations of and exceptions to the Policy and disciplinary action in the event of violation of the Policy; (iv) report material violations to LSV senior management; (v) report annually to the board of directors of investment company clients regarding material violations of the Policy and certify that appropriate procedures are in place; and (vi) provide copies of the Policy and any amendments thereto to all Staff Members.

**IX. RECORDKEEPING**

LSV shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of the current Policy in effect and a copy of any predecessor policy
for a period of five years after it was last in effect;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any violation of the Policy and of any action taken as a result
of the violation, for a period of five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of all acknowledgments, either written
or via the ComplySci platform, for each person who is currently, or within the past five years was, required to acknowledge their receipt
of this Policy and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a Staff Member
of LSV and until five years after the person ceases to be a Staff Member of LSV;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of each report (or broker confirmations
and statements provided in lieu thereof) made by an Access Person for a period of five years from the end of the fiscal year in which
the report was made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of the names of persons who are currently,
or within the past five years were, Access Persons of LSV;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision, and the reasons supporting
the decision to approve Access Persons' acquisitions of IPOs or private placements for at least five years after the end of the
fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each report furnished to the board
of any investment company pursuant to Rule 17j-1(c)(2)(ii) of the 1940 Act, describing issues arising under the Policy and certifying
that LSV has adopted procedures reasonably designed to prevent Access Persons from violating this Policy.

**X. PROHIBITION ON INSIDER TRADING**

All Staff Members are required to refrain from engaging in personal transactions in securities or trading on behalf of any Investment Vehicle on the basis of material nonpublic information about Advisory Clients, their affiliates, or the issuers of any securities. Personal transactions also may not be made on the basis of material nonpublic information about LSV or its affiliates. This section provides basic information to assist Staff Members in determining if they are in possession of inside information.

LSV Asset Management Code of Ethics and Personal Trading Policy 8

<u>What is "Material" Information?</u>

**Information is material when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions.** Generally, if disclosing certain information will have a substantial effect on the price of a company's securities, or on the perceived value of the company, or of a controlling interest in the company, the information is material. However, information may be material even if it does not have any immediate direct effect on price or value.

<u>What is "Nonpublic" Information?</u>

**Information about a publicly-traded security or issuer is "public" when it has been disseminated broadly to investors in the marketplace. Tangible evidence of such dissemination is the best indication that the information is public.** For example, information is public after it has become available to the general public through a public filing with the SEC or other governmental agency, the Dow Jones "tape", the Wall Street Journal or other publication of general circulation or televised or electronic media, including social media platforms, and after sufficient time has passed so that the information has been disseminated widely.

Information about securities that are not publicly traded, or about the issuers of such securities, is not ordinarily disseminated broadly to the public. However, for purposes of this Policy, such private information may be considered "public" private information to the extent that the information has been disclosed generally to the issuer's security holders and creditors. For example, information contained in a private placement memorandum to potential investors may be considered "public" private information with respect to the class of persons who received the memorandum, <u>but may still be considered "nonpublic" information with respect to creditors who were not entitled to receive the memorandum</u>. As another example, a controlling shareholder may have access to internal projections that are not disclosed to minority shareholders; such information would be considered "nonpublic" information.

<u>Who Is an Insider?</u>

Unlawful insider trading occurs when a person with a duty not to take advantage of material nonpublic information violates that duty in connection with purchase or sale of a security. Whether a duty exists is a complex legal question. This portion of the Policy is intended to provide an overview only, and should not be read as an exhaustive discussion of ways in which persons may become subject to insider trading prohibitions.

Insiders of a company include its officers, directors (or partners), and employees, and may also include a controlling shareholder or other controlling person. A person who has access to information about the company because of some special trust or other confidential relationship with a company is considered a temporary insider of that company. Investment advisers, lawyers, auditors, financial institutions, and certain consultants *and all of their officers, directors or partners, and employees* are all likely to be temporary insiders of their clients.

Officers, directors or partners, and employees of a controlling shareholder may be temporary insiders of the controlled company, or may otherwise be subject to a duty not to take advantage of inside information.

LSV Asset Management Code of Ethics and Personal Trading Policy 9

<u>What is Misappropriation?</u>

Misappropriation usually occurs when a person acquires inside information about Company A in violation of a duty owed to Company B. For example, an employee of Company B may know that Company B is negotiating a merger with Company A; the employee has material nonpublic information about Company A and must not trade in Company A's shares or, in certain circumstances, shares of companies sufficiently comparable to Company A that news of the proposed merger would reasonably be expected to be material to investors in such companies.

As another example, Staff Members who, because of their association with LSV, receive inside information as to the identity of the companies being considered for investment by Investment Vehicles have a duty not to take advantage of that information.

<u>What is Tipping?</u>

Tipping is passing along material nonpublic information; the recipient of a tip becomes subject to a duty not to trade while in possession of that information. A tip occurs when an insider or misappropriator (the "tipper") discloses material nonpublic information to another person, who knows or should know that the tipper was breaching a duty by disclosing the information and that the tipper was providing the information for an improper purpose. Importantly, the tipper may have no relationship with the subject issuer, and may have misappropriated the information through an illegal act such as fraudulent misrepresentations or breaching cybersecurity systems. Proper diligence on potential sources of information is therefore important.

<u>What to do if you think you might have Inside Information</u>

Though unlikely, it is possible that a Staff Member may receive material nonpublic information from an Advisory Client's key persons concerning the Advisory Client's publicly traded affiliate or its other investment decisions, from a data or service provider concerning itself or its discussions with other publicly traded companies, or other misappropriated or material non-public information, including from family members or social acquaintances outside of employment settings. Staff Members are required to immediately notify Compliance of any receipt of nonpublic information potentially material to any publicly traded company, regardless of whether the Staff Member is contemplating a personal securities transaction based on such information or otherwise taking advantage of such information.

If you <u>think</u> that you might have access to material, nonpublic information, you should take the following steps:

i. Report the information and proposed trade, if any, immediately to Compliance.

ii. Do not purchase or sell the implicated securities on behalf of yourself or others, including Investment Vehicles.

iii. Do not communicate the information inside or outside LSV, other than to Compliance.

LSV Asset Management Code of Ethics and Personal Trading Policy 10

**Acknowledgements**

Staff Members make the following acknowledgement via the ComplySci platform.

I have read and I understand the Policy. I certify that I have, to date, complied and will continue to comply with the Policy and any amendments thereto, and applicable Federal securities laws. I understand that any violation may lead to sanctions, including my dismissal.

**If applicable,** I certify that the status of any account(s) I have previously reported to Compliance as accounts over which a third-party exercises investment discretion has not changed. ***PLEASE ONLY MAKE THIS ACKNOWLEDGEMENT IF YOU HAVE IDENTIFIED ACCOUNTS AS MANAGED.***

I further certify that I am not disqualified from employment with an investment adviser as described in Section 9 of the 1940 Act.

LSV Asset Management Code of Ethics and Personal Trading Policy 11

## Ex-99.B(P)(34)

**Exhibit 99.B(p)(34)**

This way to better

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| | |
|:---|:---|
| January 2026 | January 2026 |
| Code of <br> Conduct | ![](tm2522623d1_ex99-bxpx34img01.jpg) |

---

**A message from our CEO: living our values, building trust**

**James O'Sullivan, President and CEO, IGM Financial Inc**

At IGM, trust is the foundation of everything we do. It's earned through our actions, our decisions and our unwavering commitment to doing what's right, for our clients, our colleagues, our communities and our shareholders.

Our Code of Conduct is more than a set of rules, it's a reflection of our values and a guide to how we live them every day: **Be better. Be accountable. Be a team.** These values shape our culture and define how we work together to deliver exceptional experiences and outcomes.

The Code helps us navigate complex situations with integrity and confidence. It empowers us to speak up when something doesn't feel right and ensures we hold ourselves, and each other, to the highest standards of ethical behaviour.

Each of us plays a vital role in protecting our reputation and building a workplace where everyone feels safe, respected and included. By living our values and following the Code, we strengthen the trust others place in us and contribute to a purpose-driven organization that improves the lives of our clients and investors.

I encourage you to read the Code carefully, reflect on how it applies to your role in the Company and commit to living our values every day. If you see something that doesn't align with our standards, speak up. Your voice matters and it helps us build a stronger, more ethical IGM.

Thank you for your commitment to doing what's right and for helping us build a culture of trust and accountability.

**James O'Sullivan**<br> President and Chief Executive Officer<br> IGM Financial Inc.

IGM FINANCIAL INC. \| CODE OF CONDUCT 2

**The Code is built around our purpose and values**

We are committed to improving the lives of our clients and investors by helping them plan and manage their money more effectively.

We've seen the transformative impact that thoughtful financial planning and management can have, and it's this potential to change lives that drives our business forward every day.

Our values are at the heart of everything we do. They shape our actions, guide how we build relationships and define how we deliver value to our clients, colleagues, communities, shareholders and everyone we work with. When we stay true to these values, we unlock our ability to achieve strategic goals and deliver meaningful results.

**Our code is built on these core values, which apply across our business globally:**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Be better** | &nbsp;&nbsp;**Be accountable** | &nbsp;&nbsp;**Be a team** |
| &nbsp;&nbsp;**We strive for improvement in everything we do.** | &nbsp;&nbsp;**We foster clarity and are empowered to act** | &nbsp;&nbsp;**We are united to drive collective impact to achieve our goals.** |
| &nbsp;&nbsp;We are committed to delivering exceptional client experiences by being our best selves each and every day and elevating our work and our teams through continuous learning and by championing innovation. | &nbsp;&nbsp;We hold each other responsible to achieve our goals through communicating clearly and courageously, mutual respect and defined accountabilities. | &nbsp;&nbsp;We embrace an enterprise mindset by encouraging open dialogue, fostering inclusivity, aligning shared goals and breaking down barriers to deliver successful outcomes for ourselves, our clients and our communities. |
| &nbsp;&nbsp;**Our values guide our actions and decisions,<br> building trust by doing what's right.** | &nbsp;&nbsp;**Our values guide our actions and decisions,<br> building trust by doing what's right.** | &nbsp;&nbsp;**Our values guide our actions and decisions,<br> building trust by doing what's right.** |

---

IGM FINANCIAL INC. \| CODE OF CONDUCT 3

**We build trust by doing what's right**

**Trust is the cornerstone of our relationships with clients, colleagues, partners, suppliers, regulators, the broader community and our shareholders.**

Nowhere is this trust more vital than in our client relationships, but it extends to everyone we serve. We are unwavering in our commitment to the highest standards of integrity and ethical conduct, knowing that trust must be earned and safeguarded every day.

Our values are the foundation of this commitment. They guide our decisions, shape our culture and ensure we remain accountable to those who rely on us.

**Who does the Code apply to and what are our responsibilities?**

This Code sets out the values we commit to and guides our day-to-day decisions. It applies to our employees, including contract workers, advisors and their employees, officers and directors around the world (we, us, our).<sup>1</sup>,<sup>2</sup>

The Board of IGM Financial Inc. reviews and approves materials changes to the Code

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Throughout the Code, the "Company" means IGM Financial Inc. ("IGM") and all its subsidiaries. | ![](tm2522623d1_ex99-bxpx34img02.jpg) | For resources and information, including the policies referred to in this Code, visit: | For resources and information, including the policies referred to in this Code, visit: |
| &nbsp;&nbsp;Throughout the Code, the "Company" means IGM Financial Inc. ("IGM") and all its subsidiaries. | &nbsp;&nbsp;Compliance documents | &nbsp;&nbsp;Compliance documents | &nbsp;&nbsp;Enterprise risk management documents |
| &nbsp;&nbsp;Throughout the Code, the "Company" means IGM Financial Inc. ("IGM") and all its subsidiaries. | &nbsp;&nbsp;AdvantagePlus | &nbsp;&nbsp;AdvantagePlus | &nbsp;&nbsp;Human resources documents |
| &nbsp;&nbsp;Throughout the Code, the "Company" means IGM Financial Inc. ("IGM") and all its subsidiaries. | &nbsp;&nbsp;Technology documents | &nbsp;&nbsp;Technology documents | &nbsp;&nbsp;Finance documents |
| &nbsp;&nbsp;Throughout the Code, the "Company" means IGM Financial Inc. ("IGM") and all its subsidiaries. | &nbsp;&nbsp;Whistleblower | &nbsp;&nbsp;Whistleblower | &nbsp;&nbsp;Note: Links are internal only |

---

**We all have the following responsibilities under the Code:**

&nbsp;&nbsp;&nbsp;&nbsp;· Read,
 understand, acknowledge and commit to following the Code and related policies and procedures,
 including any amendments communicated to you.

&nbsp;&nbsp;&nbsp;&nbsp;· Understand
 the legal, regulatory and ethical responsibilities that apply to you.

&nbsp;&nbsp;&nbsp;&nbsp;· Annually,
 affirm you complied with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Speak Up</u>** and report conduct that may violate the Code, the law or our policies and procedures.

We all have a responsibility to commit to the values in this Code and to do what's right and build trust.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Does the Code apply to me when I'm not at work?** | &nbsp;&nbsp;Yes. Conduct outside of work may be viewed as a reflection on the Company. It is important to hold yourself to a high standard. |
| &nbsp;&nbsp;**Who can I speak to if I have a question about the Code or a concern to raise?** | &nbsp;&nbsp;You can speak to your leader, Compliance, Human Resources or contact the confidential Whistleblower Hotline (see **<u>Speak Up</u>** and report violations of the Code and the law section). |

---

<sup>1</sup> We expect our third parties, including suppliers, to act in a way that is consistent with the principles and values of our Code when conducting business with us. We expect those working with our third parties to hold them accountable. This Code does not apply to suppliers or third parties where contracts with us stipulate they are governed by different codes of conduct. For example, we maintain a Supplier Code of Conduct that sets forth expectations for suppliers.

<sup>2</sup> Exceptions to the Code will only be granted in exception& circumstances and require the written approval of both the General Counsel and CCO of IGM Financial Inc.

IGM FINANCIAL INC. \| CODE OF CONDUCT 4

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| | |
|:---|:---|
| &nbsp;&nbsp;**Where can I find the policies and procedures that support this Code?** | &nbsp;&nbsp;You can find links to related policies on your local intranet site <u>(on page 5)</u>. |

---

**As a leader,<sup>3</sup> you must also:**

· Promote
 the Code and lead by example through your actions, behaviours and

· decisions.

· Promote
 a safe, healthy, fair and inclusive workplace.

· Encourage
 your team To  **<u>Speak Up</u>** about issues they face.

· Hold
 yourself and others accountable.

**Registered or licensed individuals**

If you are a registered or licensed individual (that is, registered with a regulator or a professional organization) you are also required to know, understand and meet the requirements of applicable legislation, regulations and rules including those of self-regulatory organizations and applicable industry codes or guidelines that apply to any designations you have such as Certified Financial Planner (CFP), Financial Planner (PL Fin), Fellow of CSI (FCSI), Chartered Life Underwriter (CLU) or Chartered Financial Analyst (CFA).

**There are consequences for not following the Code**

Violating the Code or our policies could have regulatory, legal or even criminal consequences, as well as damage our reputation. Consequences within the Company range from coaching or mandatory training, warnings, requests for action or remediation, revision of responsibilities and suspension to termination of your employment or contract with us, with or without notice. We expect everyone to do their part to protect clients, our reputation and our Company.

**We take potential violations seriously**

We review reasonable concerns promptly and thoroughly and take appropriate action, including reporting them to law enforcement or a regulator, where required.

**Speak Up and report violations of the Code and the law**

**There are multiple avenues to Speak Up and raise a concern. Here are some ways:**

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Online** |
| &nbsp;&nbsp;**Speak Up** to your leader, Compliance, Human Resources, or Internal Audit. Directors of IGM Financial Inc. may also report to the Chair of the Board and all Directors may also report to the General Counsel. | &nbsp;&nbsp;![](tm2522623d1_ex99-bxpx34img03.jpg) | &nbsp;&nbsp;<u>www.igmfinancial.ethicspoint.com</u><br>**E-mail:**<br> Whistleblower Reporting Mailbox |
| &nbsp;&nbsp;**Speak Up** confidentially and anonymously through one of the methods outlined in the IGM Whistleblower Policy. | &nbsp;&nbsp;![](tm2522623d1_ex99-bxpx34img04.jpg) | &nbsp;&nbsp;**Telephone**<br> Whistleblower Reporting Hotline<br> Canada and US: 1-844-231-3603<br> Ireland: 1-800-456-938<br> Hong Kong: 800-902-488 |

---

<sup>3</sup> Leaders means people leaders (including advisors) and all individuals at Director level+

IGM FINANCIAL INC. \| CODE OF CONDUCT 5

**What happens if I contact the Whistleblower Reporting hotline?**

An independent external service provider manages the confidential hotline. They will create a confidential report based on the information you provide, so your concern or request for guidance can be reviewed by the Company. If you wish to remain anonymous, where permissible, you can.

**Should I fear retaliation if I Speak Up?**

No. We know it takes courage to come forward and share your concerns. Reprisal, retaliation or disciplinary action against anyone who raises a concern in good faith will not be tolerated. Regardless of who you contact, you can be confident that you're doing the right thing and that your concern will be handled promptly and appropriately. We disclose information only to those who need it to review the issue.

**You do not have to be sure or right about a concern to report it**

If you're uncertain about something you see or suspect, **Speak Up.** The Company will not treat anyone negatively for speaking up in good faith.

**If you make a mistake, Speak Up**

Everyone makes mistakes, and it's an important part of our culture to be free to **Speak Up** about them when they happen. Talk to your leader if you make a mistake. We work to learn from our mistakes and make them right.

**Our Code principles**

**We build trust by speaking up and raising and addressing concerns**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Our Code principles** |  |
| &nbsp;&nbsp;**Our six Code principles form the foundation of how we bring our values to life and shape the behaviours we expect across the Company.**<br>They are essential to realizing our vision of becoming our clients' most trusted financial partner and are deeply embedded in our values-driven, high-performance culture. | &nbsp;&nbsp;**Principle No. 1**<br> Act honestly and with integrity. |
| &nbsp;&nbsp;**Our six Code principles form the foundation of how we bring our values to life and shape the behaviours we expect across the Company.**<br>They are essential to realizing our vision of becoming our clients' most trusted financial partner and are deeply embedded in our values-driven, high-performance culture. | &nbsp;&nbsp;**Principle No. 2**<br> Comply with the law. |
| &nbsp;&nbsp;**Our six Code principles form the foundation of how we bring our values to life and shape the behaviours we expect across the Company.**<br>They are essential to realizing our vision of becoming our clients' most trusted financial partner and are deeply embedded in our values-driven, high-performance culture. | &nbsp;&nbsp;**Principle No. 3**<br> Identify and avoid conflicts of interest. |
| &nbsp;&nbsp;**Our six Code principles form the foundation of how we bring our values to life and shape the behaviours we expect across the Company.**<br>They are essential to realizing our vision of becoming our clients' most trusted financial partner and are deeply embedded in our values-driven, high-performance culture. | &nbsp;&nbsp;**Principle No. 4**<br> Safeguard confidential information, our networks and data. |
| &nbsp;&nbsp;**Our six Code principles form the foundation of how we bring our values to life and shape the behaviours we expect across the Company.**<br>They are essential to realizing our vision of becoming our clients' most trusted financial partner and are deeply embedded in our values-driven, high-performance culture. | &nbsp;&nbsp;**Principle No. 5**<br> Protect the Company and its reputation. |
| &nbsp;&nbsp;**Our six Code principles form the foundation of how we bring our values to life and shape the behaviours we expect across the Company.**<br>They are essential to realizing our vision of becoming our clients' most trusted financial partner and are deeply embedded in our values-driven, high-performance culture. | &nbsp;&nbsp;**Principle No. 6** Create a safe, inclusive and socially responsible workplace. |

---

IGM FINANCIAL INC. \| CODE OF CONDUCT 6

**Principal No. 1**

**Act honestly and with integrity**

**We build trust by doing the right thing**

Doing the right thing means behaving ethically and with integrity.

Doing the right thing means consistently acting with ethics and integrity — core values that guide our decisions and behaviours every day. Honesty is the foundation of both and it is essential to how we engage with others.

By upholding these principles, we earn and maintain the trust of our clients, colleagues, regulators, communities and shareholders. That trust is not only central to our relationships, it is the cornerstone of the financial services industry.

Being ethical means being truthful in both our actions and communications. It means being transparent, avoiding deception and never falsifying information.

Integrity reflects personal character. Acting with integrity means doing the right thing, even when it's inconvenient or when no one is watching.

By adhering to our policies and procedures, we help ensure compliance with legal, regulatory and contractual obligations that govern our business.

**We build trust by treating our clients fairly and putting them at the centre of what we do**

Putting our clients first means delivering products and services that our clients value, marketing our products and services responsibly, and competing fairly and ethically.

**Deliver products and services that clients will value**

Succeed by offering products and services clients want. Listen to and understand our clients' current needs and anticipate their future needs. Make sure we are delivering solutions that meet our clients' needs and support advisors to do the same.

**Market our products and services responsibly**

Give clear, accurate and relevant information to clients and describe our products and services truthfully.

**Data ethics**

The collection and creation of data should be done to deliver the best experience to our clients and with their interests in mind.

**We build trust by using only what we need to do our jobs**

**Improperly accessing records, funds or facilities**

Never use your access to funds, facilities or systems to do something improper. You have a responsibility to protect against data loss, misuse and/or mismanagement. Only access and use records, computer files and programs (including personnel files, financial statements, or any other client or employee information and/or data) for their intended and approved purposes. Access to Company records without authorization violates our Code of Conduct and may constitute a privacy breach if personal information is involved.

IGM FINANCIAL INC. \| CODE OF CONDUCT 7

**We build trust by maintaining the integrity of our business records**

**Integrity and transparency of financial information**

We are committed to maintaining the highest standards of integrity and transparency in all financial matters. Our financial statements must accurately and fairly reflect our financial position, operating results and cash flows, in full compliance with legal, regulatory and operational requirements.

You are responsible for ensuring that all financial, accounting and expense information you prepare, or that is prepared under your supervision, is **accurate, timely and complete.** If you have concerns about accounting practices, internal controls or financial records, **<u>Speak Up</u>** and report them to the **Chief Internal Auditor.**

**Record management responsibilities**

Accurate and accessible records are essential to meeting our operational, legal and regulatory obligations. You must follow all Company policies and procedures for the creation, management, protection and disposal of records.

**Legal holds**

If a legal hold is in place, you must retain all relevant records that may pertain to a current or potential investigation or legal proceeding. These records must not be concealed, altered or destroyed until the Legal Department confirms they are no longer required.

**Why it matters**

Accurate recordkeeping and transparent reporting are critical to our reputation, integrity and credibility, all of which support the long-term interests of our shareholders.

**We build trust by being responsive**

**Deliver legal documents promptly**

Escalate any formal legal documents you receive immediately to protect our interests and avoid penalties. These may include notices issued by a regulator, notices of bankruptcy or notices from a court, such as statements of claim, fines, penalties, subpoenas or orders. Refer to applicable policies and procedures on handling these requests.

**Co-operate with internal or regulatory audits, exams and investigations**

If you are asked for information in an internal or external audit, examination, review or investigation, including those by a regulator, keep all records that may be relevant and give timely, accurate and complete information. Do not give misleading statements and ensure prompt and consistent responses. If you are contacted by a regulator or outside auditor (excluding taxation authorities) contact Compliance.

**Requests for information and media**

Refer all media questions to the Corporate Communications team and speak to your leader if an outside organization requests company information, unless you are already approved to respond on the Company's behalf. Make sure you have the necessary approvals before responding. Notify Compliance or the Legal Department if you become aware of a regulatory inquiry or legal action involving the Company.

**Monitoring**

We monitor and keep records of Company information, within the requirements of the law. We may review personal files, emails and internet activity that use Company resources. The Company monitors social media sites for discussion of the Company, our business and our employees and advisors.

IGM FINANCIAL INC. \| CODE OF CONDUCT 8

**Additional guidance**

Sometimes we face difficult situations where the right choice isn't clear. The following questions may help you make the right decision.

**Quick test**

If you answer "no" to any of the questions below, stop and seek help by contacting Compliance or the Legal Department. Board Directors should consult the General Counsel and Directors of IGM may also consult the Chair of the Board of IGM. The action could have serious consequences.

Q. Is
 it consistent with the law, our Code, our values and our policies?

Q. Would
 I be comfortable with how this situation may be perceived by a co-worker, a client, a shareholder
 or a regulator?

Q. Would
 I be comfortable with how this situation may be perceived if it were made public?

IGM FINANCIAL INC. \| CODE OF CONDUCT 9

**Principle No. 2**

**Comply with the law**

**As a global Company, there may be limited circumstances where local laws or other legal requirements differ from the standards set forth in our Code. We comply with applicable local laws and stay true to the values in our Code.**

**We build trust by following laws and regulatory expectations and preventing illegal or fraudulent activities**

Our competitive advantage comes through our superior products and services, never through unethical or illegal business practices. We are committed to complying with the laws and regulations that address market integrity.

Take ownership — anticipate, identify and manage the risk and impacts of the decisions and actions you take at work. You are in charge of your decisions. No one has the authority to tell you to do something unethical or illegal.

**We build trust by using internal controls to prevent and detect crime**

**Do not tolerate fraud and other crimes**

We do not tolerate crimes, including fraud, theft, forgery and deliberately deceiving others for gain. We typically report these crimes to law enforcement authorities and will discipline or terminate any employee or contracts with anyone who commits them. If you suspect fraud or other crime, **<u>Speak Up</u>**. Follow our policies and procedures, which include controls to minimize, prevent and detect crime inside and outside of the Company. If you discover ways to strengthen our controls, speak to your leader.

**Report possible money laundering and terrorism**

We commit to complying with laws on money laundering, financing terrorism and activity prohibited by sanctions measures. We collect key information about clients and business partners and we report suspicious activity. If you handle transactions with clients, suppliers or other third parties, even indirectly, you must gather information to ensure it is acceptable to do business with them. The Company and you can be prosecuted for failing to gather this information. **<u>Speak Up</u>** and report unusual activities to Compliance.

**Insider trading and information sharing ("tipping")**

Through your work, you may have access to more information about the Company, including its funds, than other shareholders or unitholders — material nonpublic information — which may impact the price of IGM shares (or the funds the Company manages), or the shares of third parties. This information is considered "inside" information. Trading on that information yourself or sharing it with another person for their own trades is considered "insider trading". Using information on a future purchase or sale of securities by our mutual funds is considered "front-running". Both of these actions trigger market abuse laws in various jurisdictions and carry severe penalties. **You cannot buy or sell securities based on information that isn't generally available to the public.**

You may not disclose material non-public information (a practice commonly referred to as "tipping") except in the necessary course of business. Tipping is illegal under applicable securities laws. You must familiarize yourself with and adhere to policies and procedures applicable to your role to understand the requirements.

**Never disclose confidential, operational, financial, product, technological or other business information except in the necessary course of business, unless such information is made available to the public by us.**

**What is material non-public information?**

"Material non-public information" about a company is information that:

&nbsp;&nbsp;&nbsp;&nbsp;· Has
 not been generally disclosed to the public through a news release, a communication to shareholders
 or widely reported media coverage

IGM FINANCIAL INC. \| CODE OF CONDUCT 10

&nbsp;&nbsp;&nbsp;&nbsp;· Significantly
 affects or would reasonably be expected to have a significant effect on, the market price
 or the value of any securities of the Company or that could affect the investment decision
 of a reasonable investor

**Examples may include information about:**

&nbsp;&nbsp;&nbsp;&nbsp;· Earnings
 or financial performance

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 operations, changes in senior management, results, projections or strategic plans

&nbsp;&nbsp;&nbsp;&nbsp;· Potential
 mergers, acquisitions or the introduction of new products

&nbsp;&nbsp;&nbsp;&nbsp;· Actual
 or threatened lawsuits or regulatory investigations

**We build trust by engaging with partners responsibly**

**Share responsibly with our industry**

We belong to industry organizations and maintain industry relationships where high-level or statistical data is shared to improve our practices, problem solve and innovate. These groups are important resources. However, anyone involved in them must manage two kinds of risk:

&nbsp;&nbsp;&nbsp;&nbsp;· Make
 sure we don't share our own competitive information

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 responsible about industry relationships to avoid anti-competitive behaviour or even the
 perception of it

We are committed to conducting business in compliance with all competition laws (also called "antitrust laws"). Competition laws prohibit agreements and understandings with others (including competitors, clients or suppliers) to:

&nbsp;&nbsp;&nbsp;&nbsp;· Fix
 product prices

&nbsp;&nbsp;&nbsp;&nbsp;· Rig
 bids

&nbsp;&nbsp;&nbsp;&nbsp;· Boycott
 clients or suppliers

&nbsp;&nbsp;&nbsp;&nbsp;· Allocate
 clients or markets

&nbsp;&nbsp;&nbsp;&nbsp;· Limit
 the sale or production of products or services

Consult Compliance if you need to make judgment calls about any of these risks. If you witness conduct that violates fair competition laws, remove yourself from the situation and contact a member of the Legal Department.

**Respect intellectual property rights**

We are committed to respecting the intellectual property rights of others and avoiding any unauthorized use. Only use intellectual property that has been properly licensed, acquired or for which we have received explicit permission. This includes, but is not limited to, applications, software, hardware, books, magazines, articles, audio and video recordings and templates.

Examples of unauthorized or unlawful use include:

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 another company's logos in marketing materials without permission

&nbsp;&nbsp;&nbsp;&nbsp;· Copying
 or distributing copyrighted materials without permission

&nbsp;&nbsp;&nbsp;&nbsp;· Plagiarizing
 written content or documents

&nbsp;&nbsp;&nbsp;&nbsp;· Installing
 software without a valid license

&nbsp;&nbsp;&nbsp;&nbsp;· Sharing
 log-in credentials or access information for subscription-based databases or online publications

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 proprietary materials from a previous employer, such as forms, policies or procedures

Always ensure that your use of intellectual property complies with legal requirements and Company policies.

IGM FINANCIAL INC. \| CODE OF CONDUCT 11

**Only participate in political activities on behalf of the Company if authorized**

When we communicate with governments at home or internationally, we must follow strict laws. The Company may engage in political activities, including communicating with policymakers at all levels of government and their staff. These activities may trigger registration, licensing and disclosure requirements. Do not lobby or take political action for the Company unless you are authorized to do so in advance. If you engage in lobbying activities on our behalf, you must contact the IGM Corporate Secretary and comply with the IGM Lobbying Policy.

**Prevent bribery and corruption**

Be alert for possible bribes, kickbacks or other corrupt payments, and do not accept, make or offer such payments. This is a serious criminal offence; you and others at the Company could face fines or prison. Do not use bribes even in parts of the world where they are a more common practice. Do not allow sales-based compensation to corrupt your service to clients.

**<u>Speak Up</u>** if you see under-the-table benefits or anything of value being paid, given, asked for or offered to influence a decision. This might mean cash, discounts, credits, rebates, gifts, entertainments or favours, including when handled through a third party.

**Charitable contributions or community sponsorships**

The Company is committed to fostering a more inclusive and resilient society. Supporting charitable organizations and community initiatives is an important part of that commitment. However, it's essential to recognize that charitable contributions, including sponsorships, can sometimes be misused as vehicles for improper payments or to gain unfair business advantages.

To safeguard against these risks, contributions must be carefully considered, as they may:

&nbsp;&nbsp;&nbsp;&nbsp;· Create
 the appearance of undue influence or a quid pro quo arrangement

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 perceived as a bribe or kickback

&nbsp;&nbsp;&nbsp;&nbsp;· Compromise
 the objectivity or independence of the recipient

&nbsp;&nbsp;&nbsp;&nbsp;· Breach
 legal or regulatory requirements

&nbsp;&nbsp;&nbsp;&nbsp;· Damage
 the Company's reputation

All charitable and sponsorship activities must comply with applicable laws, Company policies and approval processes. If you are unsure whether a proposed contribution may raise concerns, consult Compliance before proceeding.

IGM FINANCIAL INC. \| CODE OF CONDUCT 12

**Principle No. 3**

**Identify and avoid conflicts of interest**

**We build trust by avoiding conflicts of interests**

A conflict of interest arises where you or the Company has competing interests or loyalties that could interfere with the ability to act objectively, ethically or in the best interest of another party — such as a client, the Company's funds or third parties. This may include:

---

| | |
|:---|:---|
| **Personal conflicts:** | **Corporate conflicts:** |
| Where your own interests may compromise your ability to act in the best interest of the Company, its funds or clients. | Where there may be competing interests between the Company, and its funds, clients or third parties. |

---

Even the appearance of a conflict of interest can be damaging. All conflicts, actual or perceived, must be disclosed immediately to protect the integrity of our business and maintain trust.

Some conflicts may be obvious, while others are more subtle, but both can have lasting effects. It's not possible to list every situation that could present a potential conflict, but you should be familiar with the risks associated with the types of conflicts listed in this section. Some general considerations that might help you identify a potential conflict are:

---

| | | |
|:---|:---|:---|
| **Perception:** | **Intent:** | **Impact:** |
| Could the activity be perceived as a potential conflict by others? | Is the offer or request an attempt to influence your judgement? | Will clients, colleagues, the Company or shareholders be negatively impacted if you participate in the activity? |
| **Objectivity:** | **Time considerations:** |  |
| Will your participation affect your judgement or your ability to be objective in any business decision? | Will the time required interfere with your ability to effectively carry out your responsibilities in your role? |  |

---

**Avoid conflicts of interest** where you could have to choose between your own personal interests and the best interests of the Company, or others, including clients. Your decisions at work should not be influenced by possible gain for yourself or someone you know.

If you are unsure about a situation, discuss with your leader or contact Compliance.

**What are some scenarios that are actual, potential or perceived conflicts of interest?**

&nbsp;&nbsp;&nbsp;&nbsp;· Borrowing
 money from or lending money (including co-signing or being a guarantor of loans) to other
 Company employees, contract workers or clients

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 your position to promote an outside organization or business

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 your position to inappropriately influence any employees, contract workers or transactions

&nbsp;&nbsp;&nbsp;&nbsp;· Working
 on behalf of the Company in any transaction or business relationship where you, your family
 or someone you have a close personal relationship with has a personal or financial interest

&nbsp;&nbsp;&nbsp;&nbsp;· Processing
 a transaction for another employee or contract worker without exercising the same due diligence
 as you would for any other Company client

&nbsp;&nbsp;&nbsp;&nbsp;· Excessive
 or irresponsible gambling that could place you in conflict with your obligations to the Company

IGM FINANCIAL INC. \| CODE OF CONDUCT 13

**Close personal relationships in Company dealings**

It is important that we handle financial dealings responsibly, with integrity and in compliance with Company policies.

You may use Company products and services yourself, as may your friends and family members. We must make sure all our personal, family and friend dealings with the Company are handled independent of their relationship to us and our relationship with the Company by following relevant procedures for the business we work in.

Likewise, our loyalties can become conflicts if friends or family members work for a company that does, or seeks to do, business with the Company. This is especially likely to be a problem if it happens to those of us who are involved in the approval or selection process, contract negotiations or relationship management.

**Close personal relationships at work**

Our close personal relationships can potentially impact our work at the Company. It's crucial to recognize and understand both the actual and perceived effects these relationships may have to prevent any negative reflections on the Company.

What types of close personal relationships could cause a conflict that must be disclosed to be appropriately managed or avoided?

&nbsp;&nbsp;&nbsp;&nbsp;· A
 supervisory relationship with a family member or someone you are in a close personal relationship
 with

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 working relationship with a family member or someone you are in a close personal relationship
 with where you may have, or be perceived to have, the ability to impact compensation, work
 or promotion prospects

**What are some examples of "close personal relationships"?**

&nbsp;&nbsp;&nbsp;&nbsp;· Family

&nbsp;&nbsp;&nbsp;&nbsp;· Romantic
 or intimate relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Household
 members, roommates

&nbsp;&nbsp;&nbsp;&nbsp;· Close
 friends

&nbsp;&nbsp;&nbsp;&nbsp;· Persons
 with whom you have a significant financial relationship (for example, a business partner
 or co-investor)

Always remember, good judgment and common sense are irreplaceable. If you're uncertain about a relationship that might create a conflict of interest, please consult with your leader or Human Resources. Board Directors should contact the General Counsel and Directors of IGM may also contact the Chair of the Board of IGM.

If you find yourself working with family members or others with whom you have a close personal relationship, it's important to identify and disclose this immediately. This allows us to manage or avoid any potential conflicts appropriately.

**Outside business activities and external director/trustee positions**

You may engage in outside business activities — such as a second job, running your own business or serving on a board — only if they do not create a conflict of interest and do not interfere with your ability to perform your role at the Company.

All outside activities must meet the following conditions:

**No competition or harm:**

Do not engage in work that competes with the Company or could compromise its interests or reputation.

IGM FINANCIAL INC. \| CODE OF CONDUCT 14

**Personal time only:**

Activities must be conducted outside of normal working hours and must not use Company resources, confidential information or facilities.

**No personal gain from Company opportunities:**

You may not take for yourself any business opportunity discovered through your role, or through the use of Company property, information or position.

**No client solicitation:**

You must not solicit Company clients to participate in your outside activities.

**Avoid financial conflicts:**

Neither you nor members of your household may hold a financial interest in a client, supplier or service provider if it could create a conflict of interest.

**Maintain performance:**

Your outside activities must not impair your ability to fulfill your responsibilities to the Company or its clients.

We must be informed of any actual, potential or perceived conflicts of interest or reputational risks related to outside activities or external directorships. These activities must comply with the Code and any procedures relevant to your Company role. All such activities must be disclosed and approved by your leader and, for individuals registered with securities regulators, by Compliance.

**The following may be considered competitors of the company:**

&nbsp;&nbsp;&nbsp;&nbsp;· Banks

&nbsp;&nbsp;&nbsp;&nbsp;· Credit
 unions

&nbsp;&nbsp;&nbsp;&nbsp;· Asset
 management firms

&nbsp;&nbsp;&nbsp;&nbsp;· Insurance
 companies

&nbsp;&nbsp;&nbsp;&nbsp;· Mortgage
 companies

&nbsp;&nbsp;&nbsp;&nbsp;· Trust
 companies

&nbsp;&nbsp;&nbsp;&nbsp;· Certain
 financial technology companies (for example, fintech)

&nbsp;&nbsp;&nbsp;&nbsp;· Other
 companies that provide financial services including crypto-related companies

**Note for registered or licensed individuals:**

Outside business activities: disclose all outside activities promptly to Compliance and review the applicable Outside Business Activity policy to understand requirements.

**Offering and accepting payments, gifts and entertainment**

In business, it's common to foster relationships and show appreciation by exchanging courtesies such as meals, gifts and entertainment. However, you must ensure that the gifts and entertainment accepted or given are not intended or designed to influence your judgment or the judgment of others for your or the Company's benefit.

Bribery, extortion or attempts to otherwise inappropriately influence others in order to obtain a business advantage or access is always wrong, can violate the law and create an actual or perceived conflict of interest. Remember, a bribe can be something other than cash. Event tickets, travel accommodations, a favour and even an offer of a loan or a job could be considered a bribe if it's offered in exchange for a decision.

IGM FINANCIAL INC. \| CODE OF CONDUCT 15

To keep our purposes clear, all gifts and entertainment you accept or give must be done without the expectation of an obligation in return, comply with Company policies, be reasonable and customary and consistent with usual business practices.

Before offering or accepting anything of value, refer to and follow your local policies and procedures and obtain approval from Compliance where required.

You must never give or receive cash, cash equivalents, bonds or negotiable securities, although gift certificates or gift cards are allowed (except for prepaid credit and debit cards).

If you're not sure, check with your leader or Compliance before giving or receiving something of value. When the intended recipient of a gift is a public official, always contact Compliance.

**Appointment or inheritances from clients**

**Clients trust us with their financial well-being and often seek our guidance in deeply personal matters. In some cases, they may ask or appoint us to act on their behalf in roles such as attorney, mandatary, trustee, executor, administrator, liquidator, protector or other fiduciary capacities.**

Occasionally, clients may also wish to express appreciation by naming us in their will, designating us as a beneficiary under a policy, plan or account, or granting joint ownership of a Company asset.

To avoid any actual, potential, or perceived conflict of interest, you and your family members must not permit or accept such appointments, gifts or benefits. Refer to and follow your policies and procedures. If you believe exceptional circumstances apply, you must contact Compliance before proceeding.

**Note for registered or licensed individuals:**

Registered individuals must act in accordance with the Conflict of Interest and Personal Financial IG Dealings With Clients section of the applicable Advisor Compliance Manual. Mackenzie Investments personnel must act in accordance with applicable Mackenzie Gifts and Entertainment Policies.

**Personal investments in IGM securities**

Directors, certain senior officers and others considered insiders of IGM are subject to strict trading restrictions. These rules also apply to their spouses, minor children and entities they control. As an insider, you must not:

&nbsp;&nbsp;&nbsp;&nbsp;· **Engage in speculative trading,** such as selling call options or buying put options on the securities
 of IGM, regardless of whether you possess material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;· **Sell short** or otherwise sell securities of IGM that you do not own or have not fully paid
 for, except in the case of a permitted "cashless" option exercise where you are
 entitled to receive the security upon payment of the exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;· **Buy, sell or otherwise trade** in the securities of IGM without prior approval from the IGM
 Corporate Secretary.

These restrictions are in place to uphold market integrity, comply with securities laws and protect the Company's reputation.

**Related parties**

Certain individuals — such as directors, designated senior officers, their spouses and minor children and entities they control — are considered "related parties" under applicable laws. These laws govern how related parties may interact with the Company to ensure transparency and prevent conflicts of interest. If you have been identified as a related party, you are required to comply with the specific policies and procedures established to meet these legal obligations. It is your responsibility to understand and follow these requirements at all times.

IGM FINANCIAL INC. \| CODE OF CONDUCT 16

**Individual political involvement and holding public office**

While we respect your right to participate in political activities, it's important to keep those activities separate from your role at the Company.

You may not use Company funds, time, resources (including goods or services), or your professional affiliation to support or promote political candidates, parties or causes, whether inside or outside the workplace. If you choose to engage in political activity, you must do so in a personal capacity, on your own time and at your own expense. Under no circumstances should your involvement be presented as representing the Company or its views.

**Being involved in the political process is an important part of being a good citizen. We respect your right to engage in the political process and encourage political participation.**

IGM FINANCIAL INC. \| CODE OF CONDUCT 17

**Principal No. 4**

**Safeguard confidential information, our networks and data**

**We build trust by protecting the information entrusted to us**

**Respect and protect personal and confidential information**

We respect the personal information received from clients, employees and other individuals and we handle their personal information with care.

Follow our policies and procedures for protecting the Company's information and the personal and confidential information entrusted to us. Don't disable or bypass security controls. We are all responsible for protecting personal information.

Be clear about why we are collecting personal information. Obtain consent to use personal information where required by law before sending emails or marketing information. Respect our clients' choices.

Collect and use personal information only for the reasons someone agreed to. Don't collect personal information without permission, unless necessary or required by law.

&nbsp;&nbsp;&nbsp;&nbsp;· When
 using personal and confidential information collected by another business unit, make sure
 you have consent and required permission before using that information.

&nbsp;&nbsp;&nbsp;&nbsp;· Don't
 collect or store data that isn't needed, or for longer than necessary.

&nbsp;&nbsp;&nbsp;&nbsp;· Don't
 provide unauthorized personal or confidential information to third parties and only provide
 for valid business reasons and only if the person has provided consent or when allowed or
 required by law.

&nbsp;&nbsp;&nbsp;&nbsp;· Make
 every effort to ensure personal information is accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;· Understand
 controls that exist to protect personal information and bring forward any potential weaknesses.

&nbsp;&nbsp;&nbsp;&nbsp;· Protect
 confidential information in your possession against theft, loss, unauthorized disclosure,
 access or destruction or other misuse.

**Examples of personal information:**

---

| | | | |
|:---|:---|:---|:---|
| Information required to verify credentials and education | Home phone numbers and personal cell numbers | Health and benefit and insurance data | Employment-related, credit and other background checks |
| Compensation and financial information | Performance reviews | Corrective/disciplinary actions | Government issued identification numbers |
| Date of birth | Home address | Diversity data | Family and employment status |

---

**Report all information breaches**

Breaches can be verbal, written or electronic. They may simply be a mistake or can be malicious or even criminal. Some breaches may require reporting to regulators. If you are aware of a potential privacy, confidentiality or information security breach, **<u>Speak Up.</u>**

**How can I protect the personal or confidential information I deal with?**

&nbsp;&nbsp;&nbsp;&nbsp;· Carefully
 check addresses (postal or email) when sending information

· Protect
 your phone, computer, tablet and paper records

· Don't
 leave documents on your desk overnight, on a printer or in unsafe locations

· Don't
 transfer or maintain Company (including client) data to the cloud or external storage devices
 or systems not controlled by the Company

IGM FINANCIAL INC. \| CODE OF CONDUCT 18

&nbsp;&nbsp;&nbsp;&nbsp;· Don't
 print outside the office, including at home unless you are authorized to do so

· Discard
 information carefully

· Don't
 expose or discuss personal and confidential information publicly. Only use Wi-Fi networks
 with secure passwords or your mobile hotspot in airports and hotels for network access

**We build trust by protecting the assets entrusted to us**

**Protect our clients' assets**

Be aware of risk and safeguard the financial products our clients hold with us and their assets. Follow each client's directions when managing their assets.

**Protect our employees' and advisors' assets**

Everyone who works at the Company has a right to privacy. Personal information about each of us is confidential. Keeping information private and confidential is a matter of personal integrity, honouring the trust others place in us. Collection, use and disclosure of this information must be relevant to your working relationship with the Company and compliant with relevant laws, the Code and policies.

**Protect Company assets**

Our intellectual property is one of our most valuable assets. You must protect it even after you leave the Company. Our intellectual property includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Brands,
 logos, slogans, domain names, business names and other identifying features used to identify
 the Company and its products or services

&nbsp;&nbsp;&nbsp;&nbsp;· Software,
 scripts, interfaces, documentation, advertising and marketing materials, content (such as
 web-site content) and databases

&nbsp;&nbsp;&nbsp;&nbsp;· Trade
 secrets, ideas, inventions, systems and business processes

All of us have a responsibility to identify, protect and defend our intellectual property and promptly report any conflicts, including unauthorized disclosure and violations of infringements by any third parties.

Know that anything you create within the scope of your employment or appointment with the Company, using any of our resources, created during regular business hours or after hours, and on or off our property, may be considered the Company's intellectual property.

**Your obligation to protect our confidential information continues after your employment or appointment with us has ended. Any documents or materials containing confidential information must be returned when you leave.**

**Use Company assets responsibly**

**Our assets are the tools and information we use in our work each day. They are only meant to be used for legitimate business purposes.**

Protect and manage the Company's assets, including financial and physical assets, like facilities and equipment. Use them responsibly for valid business and protect them from loss, theft and misuse.

Company resources include all equipment, supplies, letterhead, documents, data, mail services, phone services, email and internet access, information systems and any other resources provided by us.

You may be allowed to use Company resources (for example, email, internet, local telephone calls, photocopiers) for personal reasons occasionally, if management agrees and if doing so:

&nbsp;&nbsp;&nbsp;&nbsp;· Doesn't
 lead people to believe that you are communicating on behalf of the Company

IGM FINANCIAL INC. \| CODE OF CONDUCT 19

&nbsp;&nbsp;&nbsp;&nbsp;· Doesn't
 interfere with the intended business uses

&nbsp;&nbsp;&nbsp;&nbsp;· Doesn't
 interfere with productivity

&nbsp;&nbsp;&nbsp;&nbsp;· Doesn't
 cause unauthorized expenses

&nbsp;&nbsp;&nbsp;&nbsp;· Doesn't
 relate to outside activities

&nbsp;&nbsp;&nbsp;&nbsp;· Doesn't
 violate any laws, this Code or Company policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;· Wouldn't
 be considered offensive to our clients, colleagues, regulators, the broader community or
 shareholders

**Use of emerging technology and artificial intelligence**

Emerging technologies, such as new generative artificial intelligence (Gen Al) capabilities, present exciting opportunities and use cases across our businesses and functions. The Company remains committed to living our values in all that we do, and guides how we design, develop and deploy Al solutions. While the usage of newly created technologies and services can be of great value, you are responsible for maintaining the privacy and security of our confidential and proprietary information when using Al tools. You are also accountable for the outputs from your use of Al tools. The Company manages access to GenAl and Machine Learning (ML) tools through an access request process. Please speak with your leader and follow Company policies and procedures for any work with emerging technologies.

**What is responsible use of Company assets?**

I am working from home on my computer and would like to print a document containing client information. Can I send the document to my personal email account for printing purposes?

No. We must respect and protect the privacy and confidential information in our care. Sending confidential or client information to a personal email account or printing at home is prohibited unless you have an approved exception.

**Can my family use my work computer to search the internet?**

No. Your work computer contains Company and client information. We must protect the assets entrusted to us.

Remember that anything you create, store, download, send or receive using our systems is Company property and can be reviewed by us at any time, as permitted by applicable law.

For more information review the IGM Acceptable Use of Information and Technology Policy.

IGM FINANCIAL INC. \| CODE OF CONDUCT 20

**Principle No. 5**

**Protect the Company and its reputation**

**Our reputation is built on trust and integrity**

**Be professional in all that you do**

You are always a representative of the Company even when you are not working. You must avoid any conduct or association which could bring your or the Company's honesty, integrity or judgment into question. This includes your behaviour and communication, including social media accounts. Make it clear you are expressing your personal views, not company views.

**Personal communications**

Your personal communications should not identify the Company or your role with the Company. Do not use the Company letterhead, envelopes, fax cover sheets or other communication materials containing the Company's name, logo or trademark for your personal communications.

Personal communication with politicians, public officials, industry or professional associations, the media or the general public should not lead people to believe that you are expressing the views of the Company.

**Social media**

When posting comments on social media, your comments can generally be viewed by anyone. Your behaviour on social media can not only affect you personally and professionally, but also the Company's brand. Do not make or share posts that are contrary to legislation (privacy, libelous, discriminatory, criminal) or could be detrimental to the Company, our competitors, other employees, management, advisors or investors. Do not post or share commentary, content or images that could be considered harassment, discrimination, violent or controversial (racist, sexist, homophobic). If you are experiencing conflict in any way related to your role, the appropriate course of action is to speak to your leader or Human Resources for assistance. You may at times disagree with comments made by other people and you may respond but be respectful. Do not engage in social media posts that are negative or intend to draw you into an online discussion or debate.

For more information review the IGM Social Media Standard, policies and procedures and regulations applicable to your role.

**Everything we communicate about our Company can have an impact on our reputation, colleagues and brand. It must be reliable, consistent and accurate, which is why only certain people are authorized to speak on our behalf.**

**We build trust by engaging in responsible partnerships**

**Engage trustworthy third parties**

When outsourcing services or obtaining goods and services from our suppliers, follow all Company policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;· Ensure
 our contracts require the third party to act ethically and responsibly

&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 appropriate due diligence and control assessments to evaluate their suitability and reputation
 before engaging them

&nbsp;&nbsp;&nbsp;&nbsp;· Require
 them to sign non-disclosure and confidentiality agreements, if appropriate

&nbsp;&nbsp;&nbsp;&nbsp;· Oversee
 their performance during the contract to ensure intended value is obtained

&nbsp;&nbsp;&nbsp;&nbsp;· Confirm
 how they will protect personal and confidential information if they have access to it

IGM FINANCIAL INC. \| CODE OF CONDUCT 21

**Principle No. 6**

**Create a safe, inclusive and socially responsible environment**

**We build trust by valuing our people and being proud of our culture**

**Promote a safe and healthy workplace**

The Company believes in supporting well-being through a variety of mental, physical and financial resources and fostering a positive work environment where everyone can be their best.

We are committed to maintaining a safe and respectful workplace where violence or inappropriate behaviour of any form — including physical assault, threatening, retaliation, bullying, abuse or intimidation — is not tolerated. Discrimination or harassment in any form in the workplace or through social media is not tolerated. We do not tolerate racist, bullying or disrespectful communication or any behaviour that creates an intimidating, threatening, hostile or offensive work environment, or unreasonably interferes with another person's performance, employment or contractual opportunities.

Performance management, to address job performance issues or other legitimate employment issues, does not in and of itself constitute harassment.

For more information visit the IGM Workplace Harassment and Discrimination Prevention Policy.

**Substance use and gambling**

**Substance use and workplace conduct**

The use of drugs or alcohol can negatively affect performance, workplace safety and our reputation. The Company strictly prohibits the use, possession or distribution of illegal drugs in the workplace. Alcohol consumption is also prohibited on Company premises, except in limited circumstances where it is expressly authorized, such as at Company-sponsored events. Employees must comply with all applicable laws and Company policies regarding substance use.

**Medical use of controlled substances**

The use of medically authorized substances, including medical marijuana, may be permitted on Company property under specific conditions. Prior to use, you must provide Human Resources (IGM Disability and Leaves Team) with appropriate medical documentation confirming the necessity and authorization of such use. Usage must be limited to what is reasonably required based on your physician's guidance and must not impair your ability to perform your role or compromise workplace health and safety.

**Gambling**

Illegal gambling of any kind is strictly prohibited in the workplace.

**Value diversity and inclusion**

The Company values an inclusive workplace where everyone is treated fairly, with dignity and respect, and provides equal opportunities for employment, compensation, appointment and advancement based on the qualifications, experience and performance required for the role in each jurisdiction. The Company prohibits harassment and discrimination on the grounds of age, national origin, citizenship, ethnicity, colour, religion or creed, race and ancestry (which is inclusive of those who identify as Indigenous), physical or mental disability, veteran status, family status, pregnancy, marital status, civil or same sex union, biological sex (including intersex), sexual orientation, gender identity/expression or any other characteristic protected by the law.

IGM FINANCIAL INC. \| CODE OF CONDUCT 22

If you see or experience any of these behaviours, **<u>Speak Up.</u>**

**Celebrate our diversity**

We aim to build a strong, inclusive and progressive culture, where people want to grow their careers and do their best for clients, communities and one another.

**We build trust by minimizing our environmental footprint, fostering sustainable practices and giving back where we do business**

Supporting our communities and committing to sustainability involves giving back where we do business and minimizing our environmental footprint.

**Minimize our environmental footprint and foster sustainable practices**

Make day-to-day decisions in a way that reduces our environmental footprint. Commit to managing our environmental footprint for stronger and healthier communities and look for ways to reduce consumption, improve processes and practices, and be more efficient.

**Give back where we do business**

Be socially responsible and make a positive impact in everything you do. We contribute to stronger communities together by supporting causes where we live and work. Consider participating in community-building efforts such as:

&nbsp;&nbsp;&nbsp;&nbsp;· Company
 and individual employee donations to charitable and non-profit organizations

&nbsp;&nbsp;&nbsp;&nbsp;· Volunteering

&nbsp;&nbsp;&nbsp;&nbsp;· Encouraging
 workplace donation campaigns

**Understand why we do business this way**

Supporting corporate social responsibility, diversity and inclusion and following sustainable practices helps improve the world we live in, creating stronger communities and a better future for all. It can also reduce our costs and increase revenue, bringing long-term value for our clients, colleagues and shareholders.

**We have a long-standing commitment to responsible management, which we believe is fundamental to long-term profitability and value creation. We conduct our businesses in a way that emphasizes good governance, operational integrity, ethical practices and respect for our people, our community and the environment.**

IGM FINANCIAL INC. \| CODE OF CONDUCT 23

## Ex-99.B(P)(36)

**Exhibit 99.B(p)(36)**

![](tm262170d1_ex99-bxpx36img001.jpg)

**MAR VISTA**

**Code of Ethics**

***Dated<br> March 28, 2025***

 ****

***11150 Santa Monica Blvd., Suite 320 Los Angeles, CA 90025<br> 6001 Shady Oak Road, Suite 200 Minnetonka, MN 55343***

**Table of Contents**

**Page**

---

| | | |
|:---|:---|:---|
| I. | Preamble | 3.0 |
| II. | Statement of General Principles | 4.0 |
| III. | Scope of the Code | 5.0 |
| IV. | Personal Securities Transactions | 5.0 |
| V. | Reporting Requirements | 8.0 |
| EXHIBIT A — Definitions | EXHIBIT A — Definitions | 11.0 |
| EXHIBIT B — Reference Charts for Covered Accounts and Covered Investments | EXHIBIT B — Reference Charts for Covered Accounts and Covered Investments | 13.0 |
| EXHIBIT C — Insider Trading | EXHIBIT C — Insider Trading | 15.0 |

---

***Explanatory Notes:***

***For purposes in the Code of Ethics (the "Code") Mar Vista Investment Partners will be referred to as "the Firm."***

***You will find definitions of some of the terms used throughout the Code in Exhibit A.***

***The provisions of this Code apply to all current Supervised Persons.***

***The provisions of this Code relating to personal securities transactions (including prohibitions, approvals and reporting requirements) apply not only to Supervised Persons themselves, but also to their spouses, children and immediate family members sharing the same household, and any partnerships, trusts, estates, etc. in which any of them has an interest in a Covered Account, as outlined in Exhibit B.***

**I.** **Preamble** 

This Code of Ethics (the "Code") was adopted to effectuate the purposes and objectives of Sections 204A, 204A-1, 204-2 and 206 of the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 of the Investment Company Act of 1940 (the "Company Act"). Section 204A requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, non-public information by investment advisers. Rule 204A-1 of the Advisers Act requires all investment advisers to adopt a written Code of Ethics that must include the following items at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Standards of business conduct that the Firm requires of its supervised persons ("Supervised Persons")
which must reflect the fiduciary obligations of the Firm and its Supervised Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A requirement that the Firm and its Supervised Persons comply with federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Personal trading policies and procedures, including requirements that Supervised Persons (for purposes
of rule reference, the Firm considers all Access Persons to be Supervised Persons) report personal securities transactions and holdings
to the Firm and the Firm review them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A requirement that Supervised Persons report any violations of the Code promptly to the Chief Compliance
Officer ("CCO") or to another person designated in the Code ("compliance designee");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A requirement that the Firm provide its Supervised Persons with a copy of the Code and any amendments
and that Supervised Persons provide written acknowledgement of receipt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Record keeping requirements with respect to investment advisers' Code of Ethics and personal securities
transactions of Supervised Persons employed by the Firm and related parties.

Rule 204-2 of the Advisers Act imposes record keeping requirements with respect to investment advisers' Code of Ethics and personal securities transactions of Supervised Persons employed by the Firm and related parties. Section 206 of the Advisers Act makes it unlawful for any investment adviser, by use of the mails or any means or instrumentality of interstate commerce, directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employ any device, scheme, or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any
client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Act as principal for his or her own account, knowingly sell or purchase any security from a client, or
act as broker for a person other than such client, knowingly effect any sale or purchase of any security for the account of such client,
without disclosing to such client in writing before the completion of such transaction the capacity in which he is acting and obtaining
the consent of the client to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative.

The CCO will be responsible for reviewing this Code periodically, but not less than annually, and making amendments as needed. The CCO will periodically report to the Firm's Board of Managers to document compliance with this Code.

**II.** **Statement of General Principles** 

The Firm is dedicated to providing effective and professional investment advisory services to its clients and is dependent upon a high level of public and client confidence for its success. That confidence can only be maintained if the Firm's Supervised Persons observe the highest standards of ethical behavior in the performance of their duties. The Firm has the obligation to exercise its authority for the benefit of its clients, to place the interest of its clients before its own and to refrain from having outside interests that conflict with the interests of its clients. The Firm and its Supervised Persons must avoid any circumstances that might adversely affect or appear to affect the Firm's duty of complete loyalty to clients.

While it is not possible to specifically define and prescribe rules regarding all possible cases in which conflicts might rise, this Code is designed to set forth the Firm's policy regarding Supervised Persons' conduct in those situations in which conflicts are most likely to develop. Supervised Persons should keep in mind the following fundamental fiduciary principles that govern their activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of the clients must come first. The Firm must scrupulously avoid serving its own interests
ahead of those of its clients when making any decision relating to personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supervised Persons must not take inappropriate advantage of their positions and must minimize conflicts
of interest and even the appearance of conflicts of interest, between the personnel of the Firm and its clients in the securities markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Information concerning clients' investments must be kept confidential. The Firm requires all Supervised
Persons to keep information about clients, both individuals and institutions, in strict confidence, including the client's identity
(unless the client consents), the client's investment objectives and policies, the client's securities holdings, and investment
strategies implemented on behalf of the client. The Firm prohibits Supervised Persons from disclosing non-public information concerning
clients or securities transactions to Supervised Persons within the Firm or with its affiliates, except as necessary to carry out their
responsibilities or for other legitimate business purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Supervised Persons responsible for providing investment advice to clients must always provide professional
investment advice based upon unbiased independent judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No Supervised Person may engage in what is commonly known as insider trading. Specifically, the Firm prohibits
securities trading, either personally or on behalf of others (including client accounts) on the basis of material non-public information
and communicating material non-public information to others. Further, the Firm prohibits its Supervised Persons from engaging in rumor
mongering, the circulation of rumors, or forwarding unsubstantiated statements that may perpetuate the potential for insider trading.
This policy extends to activities within and outside the Firm and is further outlined in Exhibit C; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Supervised Persons are prohibited from making any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements made to clients or the Firm's advised Fund, in light of the circumstances
under which they are made, not misleading.

These principles govern all conduct by Supervised Persons whether or not such conduct is covered by specific procedures. Failure to comply with these general principles may result in disciplinary action including, but not limited to, termination of employment.

**III.** **Scope of the Code** 

---

| | |
|:---|:---|
| **III.A.** | **Persons Covered by the Code** |

---

***All employees are considered Supervised Persons of the Firm and are subject to the Code.*** The CCO or the compliance designee will maintain a dated list of all Supervised Persons and Access Persons.

---

| | |
|:---|:---|
| **III.B.** | **Securities Covered by the Code** |

---

A Covered Security includes exchange traded funds as well as any instrument that is considered a security as defined by Section 202(a) (18) of the Advisers Act with the exception of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. Government (e.g. Treasury securities);

&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;· Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares of open-end mutual funds that are not advised or sub-advised by the
Firm or its Service Level Agreement ("SLA") governed business partners <sup>1</sup> ,
and

&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 funds advised or sub-advised by the Firm or its SLA governed business partners <sup>2</sup> .

Exhibit B provides examples of Covered Securities.

---

| | |
|:---|:---|
| **III.C.** | **Accounts Covered by the Code** |

---

An account in which a Supervised Person has a beneficial ownership interest as that term is defined in Rule 16a-1(a) (2) of the Securities Exchange Act of 1934. For purposes of our application, this includes accounts that can transact business in securities covered by the Code and includes not only the Supervised Persons themselves, but also includes their spouses, children and immediate family members sharing the same household, and any partnership, trusts, estates, etc. in which any of them has an interest. Supervised Persons are required to notify Compliance prior to or at the time of establishing a new Covered Account or the closing of an existing Covered Account. Exhibit B provides examples of Covered Accounts.

**IV.** **Personal Securities Transactions** 

---

| | |
|:---|:---|
| **IV.A.** | **Policy** |

---

It is the Firm's policy not to permit its Supervised Persons or their immediate family members to benefit from trades executed for its clients at the expense of its clients. However, the Firm does allow Supervised Persons and their immediate family members to own and transact securities in which the Firm transacts for client accounts subject to the rules outlined here. The Firm believes such a policy creates a commonality of interest between its clients and its Supervised Persons.

The Firm requires that all Supervised Persons strictly comply with the following policies and procedures regarding personal securities transactions. Exceptions to the procedures require the written pre-approval of the CCO. Supervised Persons found to be out of compliance are subject to disciplinary action including, but not limited to, termination of employment. If the Firm becomes aware of material, non-public information about the issuer of underlying securities, Supervised Persons may find themselves "frozen" in a position in a security. Should this occur the Firm will not bear any losses resulting in a Covered Account due to the implementation of this Policy.

<sup>1</sup> Advised or sub-advised mutual funds are considered a "Covered Security" when the CCO deems that the Fiun's Supervised Persons have access to non-public information about the fund(s).

<sup>2</sup> A description of the Firm's SLA governed business relationship is provided on the Fiun's Foiln ADV Part 2A.

---

| | |
|:---|:---|
| **IV.B.** | **Preclearance Procedure** |

---

A Supervised Person may acquire a direct or indirect beneficial ownership interest in Covered Securities only if the Supervised Person obtains the prior written approval of the CCO or the compliance designees ("preclearance group") in email or from the firm's electronic compliance platform ("ECP"). Preclearance requests submitted by a member of the preclearance group are reviewed by another member of the group. A preclearance is effective until the close of trading the following business day after approval is granted. If the preclearance request is made after the close of the stock market, the approval is effective for two business days after the approval is granted. Preclearance in no way absolves the Supervised Person of the obligation to abide by the provisions, principles, and objectives of this Code.

---

| | |
|:---|:---|
| **IV.C.** | **Exceptions to Preclearance** |

---

Securities not included in the definition of a Covered Security are not subject to the preclearance requirement because certain types of Covered Securities do not present the opportunity for the type of improper trading activities this Code is designed to prevent. The following transactions in Covered Securities are excluded from the preclearance rules and review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions resulting from automatic dividend reinvestment plans or other automatic investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities acquired through corporate distributions applicable to all holders of the same class of security
(e.g. stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases affected upon exercise of rights issued pro rata to all holders of a class of its securities,
to the extent such rights are acquired from such issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Non-discretionary transactions affected for which the Supervised Person has no direct or indirect influence
or control (i.e. managed accounts).

---

| | |
|:---|:---|
| **IV.D.** | **Preclearance Rules and Trade Activity Review** |

---

The following rules provide the basis for approval or denial decisions within the firm's ECP when personal securities transactions in Covered Security transactions are submitted for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Watch List or Restricted Securities —* The Firm may from time to time, for a variety of reasons,
identify issuers whose securities Supervised Persons are restricted from trading. A dated Watch List and the Restricted List will be maintained
by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Watch List is comprised of securities the
Firm is closely observing and anticipating imminent action in on behalf of Client Accounts. If an issuer is on the Watch List, trading
may be approved depending on the facts and circumstances of the request and the requestor. The compliance designee circulates the previous
Watch List to all portfolio managers and analysts bi-monthly, asking them to (a) add the name of each security for which he or she
is preparing a formal recommendation; and (b) delete all securities for which investment consideration has been indefinitely suspended
or terminated for any reason whatsoever. The compliance designee updates the Watch List accordingly and makes it available to all Supervised
Persons bi-monthly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Restricted List is comprised of the names
of issuers (a) for which a Supervised Person of the Firm (or that person's family member) serves as an officer or director;
(b) in which any Supervised Person of the Firm (or that person's family member) owns greater than a 4.9% interest; (c) that
Supervised Persons may have insider information. If an issuer is on the Restricted List, trading will be denied. Under extraordinary circumstances
prior to the trade the CCO can grant an exception. This exception will be dependent on the facts and circumstances of the request and
the requestor. This list will not change unless the compliance designee receives written notification. All Supervised Persons are responsible
for informing the CCO or the compliance designee of an issuer that should be included on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Black-out Period -* Supervised Persons may not purchase or sell a security in their Covered Account
if the same security is anticipated to be traded in client accounts in the next 5 business days ("black-out period"). If a
stock has been purchased or sold in client portfolios as part of an *active* trading program (portfolio manager directed trade),
the Supervised Person may not trade in the opposite direction of the client trade within 4 business days of the completion of the trade
program unless it qualifies for the de minimis exemption. Trades done in the same direction as active client trades will be approved without
restrictions if the trading program is complete. Passive trades (not part of an active portfolio manager directed trade action, e.g. cash
inflows/outflows) are generally not included in the black-out period. During quarterly testing, Compliance will cross-reference Supervisory
Person trading against Client portfolios for 5-business days preceding and 4-business days following an active trading program. If there
is a personal trade during that timeframe, Compliance will investigate and may require the Supervised Person to submit a written explanation
of the circumstances surrounding the transaction. If the CCO deems that the written explanation fails to adequately demonstrate that the
Supervised Person effected his or her trade without knowledge of the impending managed portfolio transaction, the Supervised Person may
be required to submit a trade to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences
based on the investigation and decision of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *De minimis Exemption -* The Firm's preclearance group may grant a de minimis exemption to
the application of the black-out period discussed above. Trades covered by the de minimis exemption are still required to be pre-cleared,
are subject to all other requirements of the Code and must meet *all* of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There is no planned active trading in the security
in the next 5-business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction or aggregated transactions, in
which the Exemption is being utilized, must be for the purchase or sale of up to 500 shares or $25,000 (whichever is higher) every 30
days. In the case of options, the transaction must be for < 20 contracts or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The issuer of the securities must have a market
capitalization of at least $3 billion. In the case of options, the underlying security must have a market capitalization of at least $3
billion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction must be free from any actual
and/or apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Short-term Trading —* Supervised Persons are prohibited from *profiting* from any opposite
transaction in the same Covered Security within a specified time period. The time period is dependent on the securities that the Firm
is closely observing and is anticipating imminent action; these securities are listed on the Watch List or held within a client portfolio
by the Firm or an SLA governed business partner. Supervised Persons are restricted from *profiting* from an opposite transaction
in the same securities for 30 calendar days. The time period is 7 calendar days for Covered Securities *not* contained on the Watch
List or held within a client portfolio by the Firm or an SLA governed business partner. For purposes of this rule, a last-in, first-out
("LIFO") rule will be applied, matching any transaction with any opposite transaction within the specified time period.

The CCO may grant exceptions to the short-term trading restriction in extraordinary circumstances. Any requests for an exception to the short-term trading restriction must be submitted to the CCO or the compliance designee in writing. The purchase and/or sale of option contracts may not be used to circumvent this restriction. The exceptions to Covered Securities as identified in IV.C. are not subject to this prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Market Timing and Late Trading in Mutual Funds —* Mutual funds are not intended to be used
as short-term trading vehicles. Supervised Persons are prohibited from engaging in market timing in any mutual fund advised or sub-advised
by the Firm in any manner which violates that mutual fund's prospectus. Late trading in mutual funds is explicitly prohibited by
law. Late trading occurs when a mutual fund order is received from a client after the mutual fund's trading deadline. Even though
the Code does not require reporting purchases of mutual funds that are not advised or sub-advised by the Firm or its SLA governed business
partner, Supervised Persons are prohibited from engaging in or facilitating late trading in any mutual fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Private Placements and Limited Partnerships—* Supervised Persons may purchase privately placed
securities, subject to advance review and approval by the CCO or the compliance designee. Requests to participate in private placements
(or limited offerings), as well as reporting on pre-existing positions at time of employment, must be submitted for pre-approval along
with copies of the offering documents and subscription agreements. This rule applies to initial investments as well as subsequent
investments. Approvals granted by the CCO or the compliance designee will be based in part on the Supervised Person's ability to
demonstrate that no current or potential conflict of interest will arise from engaging in the transaction. The de minimis exemption discussed
above does not apply to purchases of privately placed securities. Supervised Persons who own privately placed securities, whether held
at the start of employment or acquired during their employment, may at any time be required to halt any and all transactions involving
those securities or even divest the securities if potential conflicts of interest should arise. The Firm's preclearance request
form for Private Placements is available on the ECP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Prohibited Transactions in Initial Public Offerings ("IPOs") -* Supervised Persons are
prohibited from purchasing securities in initial public offerings. In the event that a Supervised Person holds securities in a company
that has announced that it will engage in an IPO, the Supervised Person must bring the information about the impending IPO to the attention
of the CCO or in their absence the compliance designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Prohibited Transactions in an Initial Secondary Offering —* Supervised Persons are prohibited
from purchasing securities in initial secondary offerings unless: (a) the reason the Supervised Person-related account has access
to the secondary offering is not related to the Supervised Person's position with the Firm; and (b) the CCO has approved the
transaction and provided a written justification for the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Prohibited Block Trade Participation —* Supervised Persons are prohibited from block purchases
or sales in which Client Accounts participate.

Exhibit B provides examples of Covered Securities and requirements for preclearance review. All Covered Securities, unless noted as an exception from preclearance in IV.C, are subject to the aforementioned preclearance rules. Supervised Persons are responsible for ensuring that all Covered Securities transactions abide by these preclearance rules.

**V.** **Reporting Requirements** 

Each Supervised Person shall enter all Covered Accounts on the ECP and work with the Compliance Department to ensure that each broker, dealer and/or bank auto feeds all Covered Securities trade confirmations and account statements for Supervised Person-related accounts and beneficial ownership accounts into the ECP. If a Covered Account is not able to auto-feed, the Supervised Person is responsible for ensuring that the Compliance Department receives duplicate copies of all Covered Securities trade confirmations and account statements no later than 30 days after each calendar quarter. The aforementioned preclearance rules (IV.D) are the basis for the trade activity review of these duplicate confirmations and account statements.

The following reports shall be treated confidentially, but are open to inspection by the Firm's legal counsel and the staff of the Securities and Exchange Commission upon request and as required by law.

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| | |
|:---|:---|
| **V.A.** | **Initial/Annual Holdings Report** |

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Upon employment, Supervised Persons are asked to report in the ECP: (1) all personal security holdings held in Supervised Person-related accounts that contain securities; (2) the account registrations, account numbers, and names of each broker, dealer and/or bank where the accounts are maintained; and (3) identify Supervised Person-related accounts. New Supervised Persons will be given ten days to sell any Covered Securities they wish to sell as a result of a review of this Personal Securities Transactions Policy. The Initial Holdings Report is required to be entered into the ECP no later than 10 days from the Supervised Person's first day of employment.

The Annual Holdings Report is required annually and is due within 30 days of adoption of the revised Code. This report coincides with the first quarter compliance attestations and the Quarterly Transactions Report attestation in the ECP is used to fulfill this requirement. See section V.B. for information required to be included in this report.

Supervised Persons with non-discretionary accounts for which there is no direct or indirect influence or control (i.e. managed accounts), will be required to certify annually that those accounts remain non-discretionary.

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| | |
|:---|:---|
| **V.B.** | **Quarterly Transactions Report** |

---

On a quarterly basis, Supervised Persons shall review in the ECP: (1) all personal security transactions that occurred in Supervised Person-Related Accounts and Beneficial Ownership Accounts involving Covered Securities were submitted for preclearance; and (2) the account registrations, account numbers, and names of each broker, dealer and/or bank that contain securities remain accurate; and (3) identify new Supervised Person-related accounts that contain securities opened during the quarter if omitted.

Even if a Supervised Person did not execute Covered Securities transactions or own securities accounts for the quarter, he or she must complete the report on the ECP. Quarterly reports must be completed on the ECP no later than 30 days after the end of each calendar quarter. If that day is not a business day, then the quarterly report shall be submitted no later than the first business day thereafter.

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| | |
|:---|:---|
| **V.C.** | **Initial/Annual Certification of Compliance** |

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Upon commencement of employment or appointment as a Supervised Person of the Firm, each Supervised Person shall certify that he or she has received, read, and understands the Code along with the other certifications outlined. The Initial Certification of Compliance is due no later than 10 business days from the Supervised Person's first day of employment or appointment as a Supervised Person.

The Annual Certification of Compliance is required at least annually and is due within 30 days of adoption of the revised Code. This report is completed on the ECP.

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| | |
|:---|:---|
| **V.D.** | **Reporting Violations** |

---

If a Supervised Person becomes aware of any violations of the Code, he or she shall promptly report the violation to the CCO or the compliance designee. Any retaliation for the reporting of a violation under the Code shall constitute a violation of the Code.

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| | |
|:---|:---|
| **V.E.** | **Review of Reports and Preclearance Forms** |

---

The CCO or the compliance designee shall be responsible for promptly reviewing all preclearance forms, the items identified in Section V, as well as any other documents deemed necessary to ensure compliance with this Code. A compliance designee will review the CCO's reports and forms. On a quarterly basis, the CCO or the compliance designee shall report to the Board of Managers all material violations and sanctions imposed in response to those violations that occurred during the previous quarter pursuant to the Code. The CCO or the compliance designee shall prepare a written report to the governing board of any investment company for which the Firm acts as sub-adviser (or as otherwise directed by the governing board's representative) that shall include information about any material violations and sanctions imposed in response to those violations that occurred during the prior calendar year or other reporting period requested by the investment company. If appropriate, the CCO shall certify to the governing board of any investment company for which the Firm acts as sub-adviser that the Firm has adopted procedures reasonably necessary to prevent its Supervised Persons from violating its Code.

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| | |
|:---|:---|
| **V.F.** | **Sanctions** |

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The sanctions for violations of the Code may include, but are not limited to, any or all of the following: (1) a letter of censure, (2) a fine, (3) temporary or permanent suspension of trading for any Supervised Person-related accounts or beneficial ownership accounts, (4) temporary suspension of employment, (5) termination of employment, (6) disgorgement of any ill-gotten profits or avoidance of losses, and/or (7) any other sanction deemed appropriate by the Firm's CCO and Mar Vista's Board of Managers.

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| | |
|:---|:---|
| **V.G.** | **Retention of Records** |

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The CCO or the compliance designee shall maintain, in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of each Code of Ethics in effect at any time within the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of the Code of Ethics, and of any action taken as a result of the violation
for at least five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each report made by a Supervised Person for at least five years from the end of the fiscal year
in which the report is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A record of all persons, currently or within the past five years, who have been Supervised Persons and
Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A copy of each report made pursuant to Advisers Act Rule 204A-1, including any brokerage confirmations
and account statements made in lieu of these reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of any decision, and the reasons supporting the decision, to approve investments in IPOs and
limited offerings for at least five years from the end of the fiscal year in which the approval is granted.

**EXHIBIT A — Definitions**

***"Access Persons" —*** Any Supervised Person who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund or who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. Directors, officers and partners of an Adviser are presumed to be Access Persons, but excludes members who do not have access to the information or responsibilities defined above.

***"Advisory Person of a Fund or Fund's Investment Adviser"—***Any director, officer, general partner or employee of the Fund or Adviser (or of any company or natural person in a control relationship to the Fund or Adviser) who makes, participates in or obtains information regarding the purchase or sale of Covered Securities by the Fund or whose functions relate to the making of any recommendations with respect to such purchases or sales.

***"Automatic Investment Plan" —*** A program in which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.

***"Beneficial Ownership"—*** An individual or group of individuals that, either directly or indirectly, has the power to vote or influence the transaction decisions regarding a specific security or account.

***"CCO"****—* refers to the Chief Compliance Officer of the Firm.

***"Client"*** or ***"Client Account"—*** refers to any fund or account where the Firm serves as general partner, investment adviser, or sub-adviser; where the Firm is the investment adviser to a Fund, the Fund — *not* any fund investor — is our client.

***"Compliance designee"—*** refers to the qualified designee identified by the CCO to execute some of the Compliance Department's daily responsibilities.

***"Covered Accounts" —*** All accounts that can transact in Covered Securities (as defined below) in which any Supervised Person, their spouse or members of their immediate family who share the same household, has an interest or beneficial ownership. Beneficial ownership includes having any direct or indirect financial interest in an account — including an account with a financial institution or a 401(k) plan (that includes Directed Brokerage or the ability to invest in Firm-advised mutual funds) or other employee benefit account — regardless of the name in which the account is held. Beneficial ownership also includes having any discretionary control over the purchase or sale of Covered Securities in any such account. Please see exhibit B for additional information.

***"Covered Securities*** —Investments in securities, as defined in Section 202(a)(18) of the Advisers Act, which includes all types of equity and debt investments (including investments in a related security, such as an option), with the exception of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;· U.S. government bonds;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;· Bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;· Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;· High-quality short-term debt instruments (such as money market mutual funds);

&nbsp;&nbsp;&nbsp;&nbsp;· Shares of open-end mutual funds that are not advised or sub-advised by the
Firm or its Service Level Agreement ("SLA") governed business partners; and

&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 funds advised or sub-advised by the Firm or its Service Level Agreement ("SLA")
governed business partners.

If changes to these lists occur between updates to the Code, the compliance designee will communicate such changes in writing to all Supervised Persons.

*Note Related to Futures. Although futures are not "securities," certain futures instruments could be used in certain investment strategies for Client accounts. Accordingly, they are subject to the reporting requirements of the Code. The Compliance Department will periodically review any futures trading for abuses and conflicts and reserves the right to subject such trades to preclearance and other requirements.*

***"Directed Investment" —*** refers to the opportunity within a 401k plan in which plan participants could invest directly in securities (i.e. equities) as well as from a menu of mutual funds.

***"Federal Securities Laws"—*** Securities Act of 1933; Securities Exchange Act of 1934; Sarbanes Oxley Act of 2002; Investment Company Act of 1940; Investment Advisers Act of 1940; Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the Commission or the Department of the Treasury.

***"Firm"—*** refers to Mar Vista Investment Partners.

***"Fund"—*** Investment company registered under the Investment Company Act of 1940.

***"Initial Public Offering"—*** An offering of securities registered under the Securities Act of 1933, the issuer of which immediately before registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

***"Investment Personnel of a Fund or of a Fund's Investment Adviser" —*** Any employee (or natural person who controls the Fund or Adviser) who makes or participates in making recommendations regarding the purchase or sale of securities by the Fund.

***"Limited Offering"—*** An offering exempt from registration under the Securities Act of 1933 as such terms are used in the Code, "Private Placements" and "Limited Partnerships" are Limited Offerings.

***"Reportable Fund"—*** Any Fund for which the Adviser serves as investment adviser as defined in the Investment Company Act of 1940. Any Fund whose investment adviser controls, is controlled or is under common control with the Adviser.

***"Supervised Person" —*** Any partner, officer, director (or other person occupying similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

***"Third Party Manager Account"—*** A Covered Account where a third party has investment management discretion regarding securities transactions pursuant to a written, executed investment management or advisory agreement addressing the Covered Account. Whether a Covered Account is considered a Third-Party Manager Account rests in the discretion of the CCO or the compliance designee. No Supervised Person shall consider a Covered Account to be a Third Party Manager Account until written approval from the Compliance Department has been granted. The Compliance Department reserves the right to revoke its approval of a Third Party Manager Account at any time, for any reason.

**EXHIBIT B — Reference Charts for Covered Accounts and Covered Investments**

The following chart contains many of the common investment account types, though it is **not** all—inclusive. Remember that the Code provisions apply not only to Supervised Persons themselves, but also to:

&nbsp;&nbsp;&nbsp;&nbsp;· Spouses, children and immediate family members sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;· Investment Clubs, Partnerships, Trusts and Estates; and

&nbsp;&nbsp;&nbsp;&nbsp;· Other types of accounts in which any of them has an interest or beneficial
ownership.

Beneficial ownership includes having any direct or indirect financial interest in an account — including an account with a financial institution or 401k plan or other employee benefit account — regardless of the name in which the account is held. Beneficial ownership also includes having any discretionary control over the purchase or sale of Covered Investments in any such account.

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| | |
|:---|:---|
| &nbsp;&nbsp;**INVESTMENT ACCOUNT TYPE** | &nbsp;&nbsp;**COVERED <br> ACCOUNT** |
| &nbsp;&nbsp;Brokerage Accounts | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Direct Mutual Fund Accounts, which are *not* sub-advised by the Firm or SLA governed business partners | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Direct Mutual Fund Accounts, which *are* sub-advised by the Firm or SLA governed business partners | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;529 Plans \*\* | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bank Savings Accounts | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bank Certificates of Deposit | &nbsp;&nbsp;No |
| &nbsp;&nbsp;401k Accounts with Directed Investment \* | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;401k Accounts without Directed Investment and <u>without</u> opportunity to invest in advised funds | &nbsp;&nbsp;No |
| &nbsp;&nbsp;401k Accounts without Directed Investment and with opportunity to invest in advised funds | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Life Insurance Policies, Fixed and Variable Annuities | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Health Savings Accounts <u>without</u> Directed Investment and <u>without</u> the opportunity to invest in advised funds | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Employee Stock Purchase Plan Accounts | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Employer Directed Pension Accounts | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Third-Party Manager Accounts\* (requires Compliance pre-approval) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Automatic Investment Plans | &nbsp;&nbsp;No |

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**\* - Supervised Persons must ensure that duplicate copies of account statements and confirmations are sent directly to the attention of Compliance Department.**

**\*\* - Currently the Firm does not sub-advise any 529 Plans, but this provision would be subject to change in the event that the Firm started to sub-advise a 529 Plan.**

The following chart contains many of the common investment instruments, though it is ***not*** all-inclusive.

**It is important to note that all covered securities (III.B), excluding those listed as exceptions to the preclearance rules and review (IV.C) are subject to all the preclearance rules (IV.D).**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**TRANSACTION** | &nbsp;&nbsp;**PRECLEARANCE <br> REVIEW** | &nbsp;&nbsp;**CONFIRMATION<br> REQUIRED?** |
| &nbsp;&nbsp;&nbsp;**Pooled Investment Vehicles** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds *(open-end & advised or sub-advised by the Firm or SLA governed business partners)* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds *(open-end & **NOT** sub-advised by the Firm or SLA governed business partners)* | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds *(closed-end)* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Collective Investment Trusts *(advised or sub-advised by the Firm or SLA governed business partners)* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Trusts | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable & Fixed Annuities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds (ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**Equities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;ADRs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;DRIPS | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock Splits | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights and Warrants (exercised) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Watch List Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted List Securities | &nbsp;&nbsp;**Prohibited** | &nbsp;&nbsp;**Prohibited** |
| &nbsp;&nbsp;&nbsp;&nbsp;IPOs | &nbsp;&nbsp;**Prohibited** | &nbsp;&nbsp;**Prohibited** |
| &nbsp;&nbsp;&nbsp;**Options** (Stock) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;**Futures** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency (including cryptocurrency) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Treasury | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;CDs | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Government | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertibles (converted) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**Private Placements & Limited Partnerships**<br> (initial and subsequent investments) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |

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**EXHIBIT C — Insider Trading**

The Firm's policy is that no Supervised Person may engage in what is commonly known as insider trading. Specifically, the Firm prohibits securities trading, either personally or on behalf of others (including client accounts) on the basis of material non-public information and communicating material non-public information to others. Further, the Firm prohibits its Supervised Persons from engaging in rumor mongering, the circulation of rumors, or forwarding unsubstantiated statements that may perpetuate the potential for insider trading. This policy extends to activities within and outside the Firm.

<u>Definition of Insider Trading</u>

The term insider trading is not defined in federal securities laws, but generally is used to refer to the use of material non-public information to trade securities (whether or not one is an insider) and the communication of material non-public information to others. The law concerning insider trading is generally understood to prohibit trading by an insider, while he or she is in possession of material non-public information, trading by a non-insider, while in possession of material, non-public information if the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; and communicating material non-public information to others in violation of one's duty to keep such information confidential.

<u>Prohibition against Misuse of Material Non-Public Information</u>

SEC Rule 10b-5 makes it unlawful for any person to misuse, either directly or indirectly, any material, non-public information relating to a security. Supervised Persons in possession of material, non-public information relating to a security are prohibited from: purchasing or selling such securities for their own accounts or for accounts in which they have a beneficial interest or have the power, directly or indirectly, to make investment decisions; issuing research reports, recommendations or comments, which could be construed as recommendations; disclosing such information or conclusions based thereon to any person in or outside the Firm; or recommending or suggesting that any person engage in transactions in any security while in possession of material, non-public information about that security. This prohibition also includes short sales, options and margin transactions involving financial instruments that fall within the above prohibitions.

<u>Who is an Insider?</u>

The definition of an insider is broad. It includes officers, directors and employees of a company. In addition, a person can be a temporary insider if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. Temporary insiders can include a company's attorney, accountant, consultant, bank lending officer, and the employees of such organizations. In addition, the Firm may become a temporary insider of a company it advises or for which it performs services. According to the United States Supreme Court, before such an outsider may be considered a temporary insider, the company must reasonably expect him or her to keep the disclosed non-public information confidential.

<u>What is Material Information?</u>

Trading on insider information is not a basis for liability unless the information is material. Information generally is material if there is a substantial likelihood that an investor would consider it important in making an investment decision, or if public dissemination of it is reasonably certain to have a substantial effect on the price of a company's securities.

Such information that is likely to be deemed material includes, but is not limited to, the following: dividend increases or decreases; earnings estimates or material changes in previously released earnings estimates; significant expansion or curtailment of operations; significant increase or decline in revenues; significant merger or acquisition proposals or agreements, including tender offers; significant new products or discoveries; extraordinary borrowing; major liquidation; liquidity problems; extraordinary management developments; and purchase and sale of substantial assets.

Material Information does *not* have to relate to a company's business. For example, in one case, the Supreme Court considered the contents of a newspaper column to be material as the article was expected to affect the market price of the security.<sup>3</sup> In that case, a *Wall Street Journal* reporter was found criminally liable for disclosing the dates that reports on various companies would appear in the *Wall Street Journal* and whether those reports would be favorable or not. Perhaps more importantly, knowledge of a decision, or impending decision, by the Firm to buy or sell a security for its clients or to recommend a security can constitute material information.

<u>What is Non-public Information?</u>

Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to some fact or source to prove that the information is public. For example, information found in a report filed with the U.S. Securities and Exchange Commission or appearing on the Dow Jones wire, *Reuters Economic Services, The Wall Street Journal* or other publications of general circulation would be considered public.

<u>Examples of Insider Trading</u>

The definition of insider trading has evolved through case law and administrative proceedings to include:

- Buying or selling securities on the basis of material non-public information, including purchasing or selling for a Supervised Person's personal account or one which the Supervised Person has a financial interest, or for the Firm's inventory account;

- Disclosing insider information to inappropriate personnel whether for consideration or not (i.e., tipping). Insider information must only be disseminated on a need to know basis to appropriate personnel; and

- Assisting someone who is transacting business on insider information obtained from a third party.

If a question arises as to which Supervised Persons are entitled to the insider information, the CCO should be consulted. If a Supervised Person is uncertain as to whether information is material or non-public, the CCO should be consulted immediately.

<u>Disciplinary Action and Penalties for Insider Trading</u>

Insider trading violations can result in severe penalties to the Firm, its principals, and the individuals involved. The Firm will not tolerate violations whether inadvertent or intentional.

Violations will result in severe disciplinary action, which may include, but is not limited to, the immediate termination of the Supervised Person.

Penalties for trading on or communicating material non-public information are severe, both for the individuals involved in the trading (or tipping) and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties may include, but are not limited to:

- Civil injunctions;

Damages in a civil suit as much as three times the amount of actual damages suffered by other buyers or sellers;

- Disgorgement of profits;

- Jail sentences;

<sup>3</sup> Carpenter v. U.S., 108 U. S.316 (1987)

- Fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited;

- Prohibition from employment in the securities industry; and

The Firm or any other controlling persons could be assessed fines of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

<u>Compliance Procedures</u>

These procedures have been developed to assist Supervised Persons in avoiding insider trading. Every Supervised Person must follow these procedures or risk serious sanctions, including, but not limited to, dismissal, substantial personal liability and criminal penalties. The CCO is available to answer any questions about these procedures.

<u>Identifying Insider Information</u>

If a Supervised Person thinks he or she may be in possession of insider information, he or she must consider the following questions before placing *any* personal securities transactions or securities transactions on behalf of the Firm or its clients and before communicating the information to anyone:

- Is the information material?

- Is this information that an investor would consider important in making his or her investment decisions?

- Is it information that would substantially affect the market price of the securities if generally disclosed?

- Is the information non-public?

- To whom has this information been provided?

- Has it been effectively communicated to the marketplace by appearing on the Dow Jones wire or by being published in *Reuters, The Wall Street Journal* or publications of general circulation?

<u>Resolving Issues Concerning Insider Trading</u>

If, after asking these questions, a Supervised Person believes the information is material and non-public, or if there are any questions as to whether the information is material and non-public, he or she should take the following steps:

- Report the matter immediately to the CCO;

- Do not purchase or sell securities that could be impacted by the information on behalf of themselves or others including client accounts; and

- Do not communicate the information inside or outside the Firm other than to the CCO and the Firm's attorneys.

After the CCO has reviewed the issue, he will determine if the Supervised Person should continue the prohibitions against trading and communication or be allowed to trade and communicate the information.

<u>Restricting Access to Material Non-public Information</u>

Supervised Persons with access to information identified as material and non-public must ensure that the information is not being communicated to anyone, including persons within the Firm, except as described above. In addition, Supervised Persons should take steps to keep such information secure. For example, files containing material non-public information should be sealed and access to computer files containing material non-public information should be restricted.

<u>Contacts with Public Companies</u>

The Firm's contacts with public companies represent an important part of its research efforts. The Firm may make investment decisions on the basis of its conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, a Supervised Person becomes aware of material, non-public information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst or an investor relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Firm must make a judgment as to its further conduct. To protect yourself, the Firm and its clients, you should contact the CCO immediately if you believe that you may have received material, non-public information. Every time a Supervised Person communicates with an official of a public company, the Supervised Person should be sure to identify oneself as being associated with an investment advisory firm.

<u>Tender Offers</u>

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in possession of material, non-public information regarding a tender offer received from the tender offer, the target company or anyone acting on behalf of either. Supervised Persons should exercise particular caution any time they become aware of non-public information relating to a tender offer.

<u>The Restricted List</u>

If it is determined that the Firm is in possession of material non-public information about a particular company, the CCO will add the security to the Restricted List, if necessary. Please see Section IV.D. for more information regarding the Restricted List.

<u>High Risk Trading Activities</u>

Certain high-risk trading activities, if used by a Supervised Person, are risky not only because of the nature of the securities transactions themselves, but also because of the potential action that may be necessary to close out the transactions. Examples of such activities include short sales of common stock and trading in derivative instruments such as option contracts to purchase ("call") or sell ("put") securities at certain predetermined prices. Supervised Persons should understand that short sales and trading in derivative instruments involve special risks. Derivative instruments, for example, ordinarily have greater price volatility than the underlying security. The fulfillment of the obligations owed by each employee to the Firm may heighten those risks. For example, if the Firm becomes aware of material, non-public information about the issuer of the underlying securities, Supervised Persons may find themselves "frozen" in a position in a derivative security. Should this occur, the Firm will not bear any losses resulting in a Supervised Person-Related Account or Beneficial Owner Account due to the implementation of this Policy.

<u>Restriction on Disclosures — Client Transactions</u>

Supervised Persons shall not disclose any non-public information (whether or not it is material) relating to client transactions to any person outside the Firm (unless such disclosure has been authorized by the Firm or the client).

## Ex-99.B(P)(37)

**Exhibit 99.B(p)(37)**

![](tm262170d1_ex99-bxpx37img001.jpg)

**MIM Code of Ethics**

**Policy Owner:** Head of Investments Compliance

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Category** | **Policy** |
| &nbsp;&nbsp;**Scope** | **All MIM** entities and Access Persons as defined in Section 1.2 |
| &nbsp;&nbsp;**Version Effective Date** | October 1, 2025 |
| &nbsp;&nbsp;**Version** | Version 4.0 |
| &nbsp;&nbsp;**Authoring Department** | Investments Compliance |
| &nbsp;&nbsp;**Contact** | Any questions or escalations regarding this Policy should be directed to Investments Compliance at <u>InvestmentsCompliance@metlife.com</u> |
| &nbsp;&nbsp;**Document Summary** | The MIM Code of Ethics sets forth requirements for Access Persons (including MIM personnel, MII personnel, related functional partners, and those with access to investments systems) with respect to personal securities accounts and trading. The Code of Ethics includes requirements related to (i) disclosure of personal securities accounts and transactions, (ii) pre-clearance of securities transactions, (iii) holding periods, (iv) restricted lists and MNPI, (v) MetLife, Inc. securities transactions, (vi) blackout periods, (vii) options trading, and (viii) the approved broker-dealer policy. |

---

◻ **For Internal Use Only**

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**Content**

1. Introduction 3

1.1 Purpose 3

1.2 Scope 3

1.3 Policy Ownership 4

1.4 Exceptions and Escalation 4

1.5 Resources 4

2. Code Requirements 4

2.1 Code of Ethics Requirements 4

2.2 Violations and Related Disciplinary Action 6

3. Reportable Accounts, Securities and Funds 7

3.1 Reportable Accounts Definition 7

3.2 Reportable Accounts Disclosure Requirements 8

3.3 Managed Accounts 8

3.4 Approved Broker-Dealer Policy (US Only) 8

3.5 Reportable Funds 10

4. Pre-Clearance Requirement 10

**4.1** **Pre-Clearance** 10

**4.2** **Pre-Clearance Exemptions** 11

5. Holding Period 12

5.1 Holding Period Requirement 12

5.2 Holding Period Exemptions 12

6. Blackout Period Restrictions 12

7. Requirements for MetLife, Inc. Securities 12

7.1 Disclosure, Pre-Clearance, and Holding Period Requirements for MetLife Securities 12

7.2 Restrictions related to MetLife Securities 13

8. Transactions in Options 13

9. Additional Personal Trading Restrictions 13

9.1 Initial Currency Options 13

9.2 Investment Clubs 14

9.3 Private Placements 14

10. Material Non-Public Information (MNPI) 14

10.1 MNPI Definition 14

10.2 Prohibitions 14

10.3 Reporting MNPI 15

10.4 MNPI Restricted List(s) and Watch List 15

10.5 Sharing MNPI with Clients 15

10.6 Information Barriers 16

11. Recordkeeping and Data Sheet 16

12. Appendix A: List of Approved Broker-Dealers 17

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**1.** **Introduction** 

**1.1** **Purpose** 

MetLife Investment Management (MIM)<sup>1</sup> holds its employees to a high standard of integrity and business practice and has an obligation to act in the best interests of its clients. Accordingly, MIM strives to disclose, mitigate, or otherwise avoid activities which may present conflicts of interest.

The Code of Ethics (the Code) is intended to address fundamental principles that must guide the personal investment activities of Access Persons (as defined in Section 1.2 below) in light of their fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Place the interest of MIM's client first. As fiduciaries, Access Persons must avoid serving personal interests ahead of the interest of MIM's clients** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Avoid taking inappropriate advantage of one's position as an Access Person** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Conduct personal investing activities in such a way as to avoid even the appearance of a conflict of interest with investment activities undertaken for MIM's client.** 

**Conflicts identified may be subject to review by the MIM Ethics Committee and disciplinary action in accordance with the Code and the MIM Policy on Policy Violations.**

This Code should be read in conjunction with other MetLife, Inc. and MetLife Investments policies including but not limited to the (i) MetLife Code of Business Ethics; (ii) MetLife Global Insider Trading Policy; (iii) MIM Information Barrier Policy; and (iv) MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy.

**1.2** **Scope** 

The Code applies to all Access Persons, which includes all persons in the groups below:

&nbsp;&nbsp;&nbsp;&nbsp;· MIM
 and MII Personnel: All personnel who report, directly or indirectly to the Head of MIM or
 the Chief Investment Officer of MetLife Insurance Investments (MII)<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· MIM
 Functional Partners: All personnel in functions who are primarily dedicated to MIM, including
 those who report, directly or indirectly, to MIM's Chief Compliance Officer (CCO),
 Chief Risk Officer (CRO), Chief Counsel, Chief Financial Officer (CFO), and Heads of Human
 Resources, Internal Audit, Marketing, Communications, and Information Technology (IT)<sup>3</sup>.

<sup>1</sup> For purposes of this policy, MIM includes MetLife Investment Management, LLC (MIM, LLC), MIM I, LLC, MetLife Investment Management Limited (MIML), MetLife Investment Management Europe Limited (MIMEL), MetLife Investment Management Ja-pan, Ltd (MIM Japan), MetLife Investments Asia Limited (MIAL), MetLife Investments Securities, LLC (MISL), MetLife Real Estate Lending (MREL), and MetLife Latin America Asesoriase Inversiones Limitada (MILA). It also includes MetLife Insurance Investments (MII).

<sup>2</sup> For the avoidance of doubt, the Head of MIM and the CIO of MII are Access Persons

<sup>3</sup> For the avoidance of doubt, the Heads of the MIM support functions are Access Persons

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Personnel
 with Access to MIM Systems: All personnel who have access to holdings and/or trade information
 of any account owned, managed, or controlled by MIM Investments (collectively, "MIM
 Accounts"), including through MetLife Investments systems.

**1.3** **Policy Ownership** 

This Policy is owned by the Head of Investments Compliance and will be reviewed at least every other year. Material changes must be approved by Investments Legal, Investments Compliance, and the MIM Risk Committee or its designee. Investments Compliance will promptly communicate material amendments to all Access Persons.

Any questions regarding this Policy should be directed to Investments Compliance.

**1.4** **Exceptions and Escalation** 

This Code is to be adhered to in all circumstances. Investments Compliance, in consultation with the Ethics Committee as applicable, may grant case-by-case exceptions to any of the requirements, restrictions, or prohibitions in this Code that do not violate its general principles or applicable regulatory requirements. Requests for exceptions must be made in writing to Investments Compliance.

**1.5** **Resources** 

For any questions regarding this Code, please contact Investments Compliance at <u>personaltradinghelp@metlife.com.</u>

Resources:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Trading System

&nbsp;&nbsp;&nbsp;&nbsp;· MIM
 Information Barrier Policy

&nbsp;&nbsp;&nbsp;&nbsp;· MetLife
 Insider Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· MetLife
 Code of Business Ethics

**2.** **Code Requirements** 

**2.1** **Code of Ethics Requirements** 

**All Access Persons are required to:**

&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 business and personal trading activities in accordance with the requirements of the Code
 and consistent with MIM's duty to its clients

&nbsp;&nbsp;&nbsp;&nbsp;· Comply
 with the Code with respect to disclosure, certification, pre-clearance, and other restrictions
 related to securities transactions in personal brokerage accounts

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Note: obtaining
 pre-clearance for a securities transaction does not relieve an Access Person of their responsibilities
 to comply with requirements in the Code (including, but not limited to, holding period and
 blackout period restrictions and prohibitions on trading while in possession of material
 non-public information).

&nbsp;&nbsp;&nbsp;&nbsp;· Comply
 with applicable securities laws and regulations

&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 notify Investments Compliance upon receipt of Material Non-public Information (MNPI)<sup>4</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 report any violations of the Code to Investments Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· Acknowledge
 that they have received, read, and understand the Code

**All managers of Access Persons are required to:**

&nbsp;&nbsp;&nbsp;&nbsp;· Serve
 as a role model for the highest ethical standards and create and sustain a culture of trust,
 honesty, integrity and respect.

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 a resource for Access Persons. Ensure that they are aware of, understand, and know how to
 apply this Code and the MIM's policies, applicable laws and regulations in their daily
 work.

&nbsp;&nbsp;&nbsp;&nbsp;· Seek
 assistance from other managers, Investments Compliance, Legal or Human Resources when
 unsure of the best response to any given situation.

&nbsp;&nbsp;&nbsp;&nbsp;· Be
 proactive. Take reasonable actions to prevent and identify misconduct. Report situations
 that might impact the ability of Access Persons to act ethically on behalf of MIM

**In addition to the obligations set forth in the Code, MIM Personnel and Functional Partners are also required to:**

&nbsp;&nbsp;&nbsp;&nbsp;· Disclose
 and request approval for outside business activities in accordance with the MIM and MetLife
 Conflicts of Interest Policies

&nbsp;&nbsp;&nbsp;&nbsp;· Report
 and request approval for gifts and entertainment both given and received as required by the
 MIM Gifts and Entertainment / Anti-Bribery and Corruption Standard

&nbsp;&nbsp;&nbsp;&nbsp;· Adhere
 to the MIM Information Barrier Policy with respect to sharing information between public
 and private asset classes

&nbsp;&nbsp;&nbsp;&nbsp;· For
 in-scope employees, report and request approval for certain political contributions as required
 by the MIM Political Contributions and Pay to Play Policy

<sup>4</sup> For transactions or deals where a non-disclosure agreement (NDA) or confidentiality agreement has been signed; the project lead is responsible for reporting to Compliance.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**2.2** **Violations and Related Disciplinary Action** 

**Violations of the Code by Access Persons or their Family Members are serious and may result in discipline, up to and including termination of employment.**

Violations are reported to senior leadership on a routine basis. Material violations and repeat violations are reviewed by the MIM Ethics Committee.

<u>Violations</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 to disclose a Reportable Account owned by (or for the benefit of) an Access Person of their
 Family Member

&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 to obtain pre-clearance approval for a transaction in Reportable Securities (including pre-clearance
 of the wrong symbol or wrong transaction type (buy/sell))

&nbsp;&nbsp;&nbsp;&nbsp;· Transaction
 in a security on the Restricted List

&nbsp;&nbsp;&nbsp;&nbsp;· Violation
 of the 30-day Holding Period (or other relevant holding period)

&nbsp;&nbsp;&nbsp;&nbsp;· Violation
 of the Blackout Period restriction

&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 to complete a required certification or disclosure within the required time period

Violations are reviewed in light of the facts and circumstances of each individual violation and may result in <u>disciplinary action</u> pursuant to the MIM Policy on Policy Violations, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Warning
 letters

&nbsp;&nbsp;&nbsp;&nbsp;· Suspension
 of personal trading privileges

&nbsp;&nbsp;&nbsp;&nbsp;· Disgorgement
 of profits (required for any restricted list or holding period violations that result in
 a financial gain)

&nbsp;&nbsp;&nbsp;&nbsp;· Impact
 to performance rating, compensation, or promotion eligibility

&nbsp;&nbsp;&nbsp;&nbsp;· Termination
 of employment

In accordance with the MIM Policy on Policy Violations, the severity and number of violations will be considered when recommending consequences to management. A wilful violation of a policy may have more severe and immediate consequences. Sanctions issued will be subject to local laws. Disciplinary action will generally follow the framework below but may differ given the facts and circumstances of each violation:

&nbsp;&nbsp;&nbsp;&nbsp;· **First Violation:** Compliance will issue a formal policy violation and warning letter to the
 employee, with a copy sent to his or her direct manager. The employee may be required to
 meet with Compliance for additional training on the relevant policy requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· **Second Violation:** Compliance will issue a formal policy violation and final warning letter to
 the employee, with a copy sent to his or her direct manager, the senior manager of his or
 her line of business, and the MIM Chief Compliance Officer. The employee may be subject to
 additional disciplinary action such as impact to compensation, performance rating, promotion
 eligibility, or suspension of trading privileges at the discretion of MIM senior management
 and the Ethics Committee.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· **Third Violation:** In addition to the disciplinary actions noted above, the employee may be subject
 to additional disciplinary actions and/or termination of employment, at the discretion of
 MIM senior management and the Ethics Committee

Any transactions that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to MIM's Clients will be subject to scrutiny regardless of technical compliance with the Code.

**3.** **Reportable Accounts, Securities and Funds** 

**3.1** **Reportable Accounts Definition** 

Reportable Accounts are any accounts that (i) are owned by, or for the benefit of,<sup>5</sup> an Access Person or their Family Member(s) and (ii) are able to transact in Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Family
 Member includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any family
 member (e.g., spouse, domestic partner, child, dependent, stepchild, sibling, etc.)
 that (i) is living in the Access Person's household or (ii) is economically
 dependent on the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any other
 person whose investments are directly or indirectly controlled by the Access Person

Exemptions: The following types of accounts are non-reportable and exempt from disclosure and reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· 401k
 accounts (if administered by employer and not able to purchase securities)

&nbsp;&nbsp;&nbsp;&nbsp;· 529
 College Saving Plans (if unable to allocate investments)

&nbsp;&nbsp;&nbsp;&nbsp;· Other
 retirement accounts, savings accounts, or any bank account so long as the account is unable
 to purchase reportable securities or allocate investments

&nbsp;&nbsp;&nbsp;&nbsp;· Annuities
 and Variable Annuities (unless MetLife)

<sup>5</sup> This includes the ownership of a security, by a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a Direct Pecuniary Interest or an Indirect Pecuniary Interest in such security. Pecuniary Interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a security or transaction affecting a security. A person has a Direct Pecuniary Interest in each security (a) held in that person's name or in the name of any nominee for, or Personal Account of, that person, or (b) as to which a person, by contract, arrangement, power of attorney, understanding, relationship or otherwise has Control.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Directly
 held mutual fund accounts

Dividend Reinvestment Plans (DRIPs) and Systematic Investment Plans (SIPs) must be disclosed.

**3.2** **Reportable Accounts Disclosure Requirements** 

Access Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclose
 all Reportable Accounts and Reportable Securities (as defined in 3.4 below) in the personal
 trading system within 10 days of being hired (or becoming an Access Person)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclose
 any new Reportable Accounts immediately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attest to
 the accuracy of their Reportable Accounts on an annual basis (by January 31 of each
 year)

**Failure to disclose a Reportable Account within the required time period is considered a violation of the Code and is subject to disciplinary action.**

**3.3** **Managed Accounts** 

Managed Accounts are accounts in which neither the Access Person nor their Family Member has discretion over the transactions in the accounts.<sup>6</sup> Access Persons must provide a Managed Account Letter to Investments Compliance in order for an account to be classified as a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;· Managed
 Accounts must be disclosed

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 and holdings in Managed Accounts are not reportable and do not require pre-clearance

**3.4** **Approved Broker-Dealer Policy (US Only)** 

**Access Persons based in the United States must hold Reportable Accounts with an approved broker-dealer**. The full list of approved broker-dealers is available in Appendix A

If an Access Person holds Reportable Account(s) at a non-approved broker-dealer prior to becoming an Access Person, the account(s) must be transferred to an approver-broker dealer within 90 days of becoming an Access Person.

The following Reportable Accounts are exempt from the approver broker-dealer requirement; however, a formal exemption request must be submitted in writing to Investments Compliance for review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;· **Managed Accounts** where the Access Person (or their Family Member), does not have discretion over
 the transactions in that account.

<sup>6</sup> Robo-advisors in which the Access Person selects allocation percentages but does not have control over the individual investments are also considered Managed Accounts.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 where a Family Member is required to hold their account with their employer.

&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 exceptions that may be evaluated on a case-by-case basis by Compliance **3.5 Reportable Securities** 

**Reportable Securities** must be disclosed and are subject to additional requirements as described in the Code, including pre-clearance and holding periods.

**Reporting transactions in Reportable Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;· For
 Reportable Accounts held with an approved broker-dealer, completed transactions in Reportable
 Securities will feed into the personal trading system automatically

&nbsp;&nbsp;&nbsp;&nbsp;· For
 Reportable Accounts not with an approved broker-dealer, Access Persons must upload each transaction
 confirmation in Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;· For
 all accounts (regardless of type of broker), Access Persons must satisfy pre-clearance and
 other requirements in the Code

**Certifying transactions in Reportable Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;· On
 a quarterly basis (within 30 days after the end of each quarter), Access Persons must certify
 that all transactions in Reportable Securities are reflected in the personal trading system.
 This includes confirming that all transactions have correctly fed into the system from an
 approved broker.

**Failure to complete required certifications within the required time period is considered a violation of the Code and is subject to disciplinary action.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reportable Securities** | &nbsp;&nbsp;**Reportable Securities** | &nbsp;&nbsp;**Non-Reportable Securities** | &nbsp;&nbsp;**Non-Reportable Securities** |
| &nbsp;&nbsp;· | American Depository Receipts (ADRs) | &nbsp;&nbsp;· | Bankers' Acceptance (BA) |
| &nbsp;&nbsp;· | Bonds, including Corporate and Municipal Bonds | &nbsp;&nbsp;· | Certificates of Deposit (CDs) |
| &nbsp;&nbsp;· | Closed-end funds | &nbsp;&nbsp;· | Commercial Paper |
| &nbsp;&nbsp;· | Convertible Bonds | &nbsp;&nbsp;· | Commodities |
| &nbsp;&nbsp;· | Currency Options | &nbsp;&nbsp;· | Currencies, including Cryptocurrencies |
| &nbsp;&nbsp;· | Equity Linked Notes (ELNs) | &nbsp;&nbsp;· | Exchange Offers |
| &nbsp;&nbsp;· | ETFs not listed on the ETF Exclusion List | &nbsp;&nbsp;· | Forward Contracts |
| &nbsp;&nbsp;· | Hedge Funds | &nbsp;&nbsp;· | Futures Contracts (unless Securities Future) |
| &nbsp;&nbsp;· | MetLife investment-linked insurance products (e.g., Group Variable Universal Life) | &nbsp;&nbsp;· | Money Market Funds |
| &nbsp;&nbsp;· | Options | &nbsp;&nbsp;· | Non-affiliated investment-linked insurance products |
| &nbsp;&nbsp;· | Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;· | Open-end Mutual Funds |
| &nbsp;&nbsp;· | Stocks | &nbsp;&nbsp;· | Sovereign Investment Funds |
| &nbsp;&nbsp;· | Swap Agreements | &nbsp;&nbsp;· | Spot Contracts |
| &nbsp;&nbsp;· | Unit Investment Funds | &nbsp;&nbsp;· | Unlisted, private, or unformed companies |
| | | &nbsp;&nbsp;· | US Treasury Securities |

---

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**3.5** **Reportable Funds** 

A **Reportable Fund** is any fund in which MIM or another MetLife entity serves as an investment adviser or sub-adviser. This includes any funds advised or sub-advised by PineBridge Investments.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of Reportable Funds is available in the personal trading system

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are required to report any holdings and pre-clear transactions in Reportable Funds
 in accordance with Section 4 below

**4.** **Pre-Clearance Requirement** 

**4.1** **Pre-Clearance** 

**Generally, all transactions in Reportable Securities must be pre-cleared in the personal trading system<sup>7</sup>. Access Persons must receive pre-clearance approval prior to making a transaction in Reportable Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are responsible for ensuring that all information required in the pre-clearance request
 (e.g., brokerage accounts, transaction type, symbol, amount) is accurate and complete

&nbsp;&nbsp;&nbsp;&nbsp;· Once
 received, all pre-clearance approvals are valid for the same day and the next trading day
 through market close where the security is being traded (the Approval Period). If an approved
 transaction is not fully executed within the Approval Period, Access Persons must obtain
 a new pre-clearance approval the following day before executing the transaction.

For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange on Friday that approval is valid for Friday and Monday, up until the Hong Kong market close on Monday. If an approval is received after trading hours, the approval remains valid only for the next trading day. For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange after the Hong Kong market close on a Friday, the approval is still only valid for Friday and through Monday's market close.

When determining the length of the approval period for securities traded on a foreign market, employees must look to the local market time in which the security is being traded and then apply the pre-approval rules. For the avoidance of doubt, an approval received by an Access Person in Asia relating to any transactions in US Securities is dependent on the US market in which the security is being traded. For example, if a Hong Kong employee receives trading approval for a security traded on a US exchange on Monday 10:00am (CHST), then the approval expires on Monday 4:30pm (EST), which is Tuesday 4:30am (CHST). Looking to the US Market, the trade was approved on Sunday at 10:00pm (EST) (the day the approval is granted) and is valid through Monday's market close local time.

<sup>7</sup> If an Access Person is unable to access the personal trading system, they may request off-line approval from Investments Compliance via email.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

- Access Persons are ultimately responsible for knowing in which market they are trading and for complying with the pre-clearance requirement.

&nbsp;&nbsp;&nbsp;&nbsp;· Limit
 orders beyond one day (e.g., Good-Till-Cancelled orders) are prohibited

Access Persons will receive an automatic approval or denial in the personal trading system and via email:

*Approval:*

![](tm262170d1_ex99-bxpx37img002.jpg)

*Denial:*

![](tm262170d1_ex99-bxpx37img003.jpg)

**4.2** **Pre-Clearance Exemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts are exempt from pre-clearance requirements

&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 on the ETF exclusion list, or options on these ETFs, and municipal bonds are exempt from
 pre-clearance requirements

*Obtaining pre-clearance does not relieve Access Persons of responsibilities to comply with other provisions of the Code (incl. holding period and blackout period restrictions and prohibitions on trading while in possession of material non-public information).*

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**5.** **Holding Period** 

**5.1** **Holding Period Requirement** 

**Reportable Securities may not be (i) purchased and sold *or* (ii) sold and then repurchased within 30 calendar days (the "Holding Period").<sup>8</sup>**

&nbsp;&nbsp;&nbsp;&nbsp;· For
 purchases and sales of MetLife, Inc. securities<sup>9</sup> acquired in the market,
 the Holding Period is 60 days

&nbsp;&nbsp;&nbsp;&nbsp;· For
 Access Persons that are part of MIM Japan, the Holding Period is 6 months

**5.2** **Holding Period Exemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of MetLife, Inc. securities that are received as part of a performance award or restricted
 stock grant are not subject to the holding period requirement, but the transaction must be
 pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in ETFs on the ETF exclusion list, or options on these ETFs, are not subject to the holding
 period requirement

**6.** **Blackout Period Restrictions** 

**Access Persons that are involved in portfolio management, trading, or research** (e.g., recommending securities or transactions) are prohibited from trading a security in a Reportable Account on the same day or within 7 calendar days before or after an account managed by MIM or PineBridge Investments transacts in the same security. This restriction does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales or issuers or securities that have a market capitalization of $5 billion or more

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in issues or securities executed in a MIM-managed account that replicates a broad-based securities
 market index

**All Access Persons who are part of the MIM Equity Management Team** are prohibited from trading a security in a Reportable Account if that security is held in any account managed by MIM Equity Management.

**7.** **Requirements for MetLife, Inc. Securities** 

**7.1** **Disclosure, Pre-Clearance, and Holding Period Requirements for MetLife Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;· All
 transactions in MetLife, Inc. securities must receive pre-clearance approval, regardless
 of whether the securities were acquired in the market or as part of a performance award /
 restricted stock grant

&nbsp;&nbsp;&nbsp;&nbsp;· For
 purchases and sales of MetLife, Inc. securities acquired in the market, the Holding
 Period is 60 days

<sup>8</sup> Access Persons may reach out to Compliance requesting a written exception to the Holding Period requirement; exceptions will be reviewed and may be approved on a case-by-case basis.

<sup>9</sup> See section 7.2 for additional information on restrictions related to MetLife, Inc. securities

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of MetLife, Inc. securities that are received as part of a performance award or restricted
 stock grant are not subject to the holding period requirement, but the transaction must be
 pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;· If
 MetLife opens a Fidelity account on behalf of an Access Person for purposes of a performance
 award / restricted stock grant, the Access Person must disclose the account in the personal
 trading system as a Reportable Account

&nbsp;&nbsp;&nbsp;&nbsp;· Allocations
 to the MetLife Company Stock Fund in a SIP or Auxiliary SIP Account are not reportable in
 PTA and are not subject to the 60-day holding period

**7.2** **Restrictions related to MetLife Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons that are also deemed Restricted Persons under MetLife's Insider Trading Policy
 are prohibited from transacted in MetLife, Inc. securities during MetLife enterprise
 blackout periods

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons that file Section 16 filings for the purchase and sale of MetLife, Inc.
 securities must pre-clear transactions through the MetLife Corporate Secretary's Office

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from engaging in speculative transactions in MetLife, Inc. securities,
 including purchases and sales of options in the market

**8.** **Transactions in Options** 

Access Persons are permitted to transact in options pursuant to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 expiration of the option must be greater than 30 days from the trade date

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance
 approval must be obtained for both (i) the initial purchase of the option and (ii) the
 underlying transaction if the Access Person elects to take the option (on the transaction
 date)

&nbsp;&nbsp;&nbsp;&nbsp;· The
 option may not be closed out within 30 days of the initial trade date Access Persons are
 prohibited from transacting in options whereby they are effectively causing a purchase and
 sale in the same security within 30 days, such as:

&nbsp;&nbsp;&nbsp;&nbsp;· Buying
 a call and a put in the same security

&nbsp;&nbsp;&nbsp;&nbsp;· Selling
 a call and buying a call with different strike prices

**9.** **Additional Personal Trading Restrictions** 

**9.1** **Initial Currency Options** 

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from investing in Initial Currency Options (ICOs)

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**9.2** **Investment Clubs** 

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from forming or participating in an Investment Club without prior
 approval from Investments Compliance

**9.3** **Private Placements** 

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from investing in Private Placements without prior approval from Investments
 Compliance. Such approval may only be granted if the investment does not present a conflict
 of interest.

**10.** **Material Non-Public Information (MNPI)** 

**Access Persons are expressly prohibited from transaction in securities about which the Access Person, MIM, or MetLife, has MNPI.**

**10.1** **MNPI Definition** 

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 is considered **material** if it would likely affect the market price of a security or
 if a reasonable investor would consider the information important in deciding whether to
 buy or sell the security

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 is considered **non-public** if it has not been widely disseminated and investors have
 not had time to absorb the information.

&nbsp;&nbsp;&nbsp;&nbsp;· Examples
 of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Financial
 plans, projections, or results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mergers or
 acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases
 or sales of a business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o New products
 or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in
 executive management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Potential
 or ongoing contractual negotiations

**10.2** **Prohibitions** 

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· **Insider Trading —** transacting in securities while aware of MNPI related to the securities
 issuer or its securities

&nbsp;&nbsp;&nbsp;&nbsp;· **Tipping —** providing MNPI to others who act on the information by transacting those securities

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· **Gifting —** giving securities to others as gifts while aware of MNPI related to the securities
 issuer or its securities

&nbsp;&nbsp;&nbsp;&nbsp;· **Advising —** advising others to transact in securities while aware of MNPI related to the
 securities issuer or its securities, even if the MNPI is not shared

**10.3** **Reporting MNPI** 

Any Access Persons who become aware of MNPI are required to:

&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 report the MNPI to Compliance by <u>completing the request form</u> or emailing <u>InvestmentsCompliance@metlife.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Refrain
 from sharing MNPI with (i) anyone within MetLife / MIM without a valid business purpose
 and (ii) anyone outside of MetLife / MIM

When the information is no longer material or non-pubic, Access Persons should notify Investments Compliance immediately to remove it from the Restricted List.

**10.4** **MNPI Restricted List(s) and Watch List** 

&nbsp;&nbsp;&nbsp;&nbsp;· If
 MIM, or any Access Person, has MNPI about a securities issuer, the issuer may be added to
 the applicable restricted list or watch list

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are generally prohibited from transacting in issuers on the Restricted List and pre-clearance
 requests will result in a denial

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Watch List contains issuers about which a select group of Access Persons may have access
 to MNPI (such as during a confidential project or transaction)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o While an
 issuer is on the Watch List, that select group of Access Persons are restricted from transacting
 in the issuer or its securities

If any Access Person acquires MNPI outside of the course of their employment at MIM / MetLife, they should not disclose it to anyone, including their manager and Investments Compliance. They are still prohibited from transacting in the relevant security issuer on behalf of themselves or in any MIM accounts and from making any investment recommendations to advisory clients on the basis of such information.

**10.5** **Sharing MNPI with Clients** 

There may be certain circumstances under which MIM shares MNPI with client for a valid business reason. Prior to sharing any MNPI with any client, Access Persons must contact Investments Compliance <u>(InvestmentsCompliance@metlife.com)</u> for approval.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**10.6** **Information Barriers** 

There is an Information Barrier in place separating MIM's asset classes that primarily trade in public securities and those that trade in private securities. Additional Information can be found in the MIM Information Barrier Policy.

In addition, there is an Information Barrier in place between MIM and MII; see the <u>policy</u> for additional details.

**11.** **Recordkeeping and Data Sheet** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Policy Data Sheet | &nbsp;&nbsp;Policy Data Sheet |
| &nbsp;&nbsp;**Policy Author** | &nbsp;&nbsp;Head of Investments Core Compliance |
| &nbsp;&nbsp;**Policy Owner** | &nbsp;&nbsp;Investments Chief Compliance Officer |
| &nbsp;&nbsp;**Policy Approval** | &nbsp;&nbsp;MIM Policy Working Group (September 2025) |
| &nbsp;&nbsp;**Committee** | &nbsp;&nbsp;MIM Risk Committee (August 2025) |
| &nbsp;&nbsp;**Policy Approval Date** | &nbsp;&nbsp;September 2025 |
| &nbsp;&nbsp;**Last Review Date** | &nbsp;&nbsp;September 2025 |
| &nbsp;&nbsp;**Next Review Date** | &nbsp;&nbsp;September 2027 |
| &nbsp;&nbsp;**Applicable Laws, Rules, and Regulations** | &nbsp;&nbsp;Investment Advisors Act of 1940 (Advisors Act) Rule 204A-1<br> Investment Company Act of 1940 (1940 Act) Rule 17J-1<br> All Requirements of other Applicable Foreign Jurisdictions |
| &nbsp;&nbsp;**Related Policies/Standards** | &nbsp;&nbsp;MetLife Code of Business Ethics<br> MetLife Global Insider Trading Policy<br> MIM Information Barrier Policy<br> MetLife Insurance Investments Confidential Transaction<br> Information Process and Information Barrier Policy |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Revision History** | &nbsp;&nbsp;**Revision History** | &nbsp;&nbsp;**Revision History** | &nbsp;&nbsp;**Revision History** |
| &nbsp;&nbsp;**Version #** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Summary of Changes** | &nbsp;&nbsp;**Approver** |
| &nbsp;&nbsp;2.0 | &nbsp;&nbsp;October 2023 | &nbsp;&nbsp;*Policy refresh; clarified various requirements and aligned to MIM Policy Template* | &nbsp;&nbsp;MIM Policy Working Group |
| &nbsp;&nbsp;3.0 | &nbsp;&nbsp;January 2025 | &nbsp;&nbsp;*Policy refresh; update to policy structure and order of sections; addition of violations examples and framework; no material changes to any policy requirements.* | &nbsp;&nbsp;MIM Policy Working Group |
| &nbsp;&nbsp;4.0 | &nbsp;&nbsp;October 2025 | &nbsp;&nbsp;*Updated certain policy requirements for alignment with PineBridge Investments including addition of key principles, Access Persons obligations, and violations information, change to pre-clearance approval period, requirements for Reportable Funds* | &nbsp;&nbsp;*MIM* Policy Working Group |

---

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](tm262170d1_ex99-bxpx37img001.jpg)

**12.** **Appendix A: List of Approved Broker-Dealers** 

&nbsp;&nbsp;&nbsp;&nbsp;· Ameriprise

&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 of America / Merrill Lynch / Merrill Edge

&nbsp;&nbsp;&nbsp;&nbsp;· Charles
 Schwab (including transitioned TD Ameritrade accounts)

&nbsp;&nbsp;&nbsp;&nbsp;· Chase
 Investments

&nbsp;&nbsp;&nbsp;&nbsp;· Citigroup

&nbsp;&nbsp;&nbsp;&nbsp;· Davenport

&nbsp;&nbsp;&nbsp;&nbsp;· Edward
 Jones

&nbsp;&nbsp;&nbsp;&nbsp;· Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;· Goldman
 Sachs

&nbsp;&nbsp;&nbsp;&nbsp;· IG
 Group

&nbsp;&nbsp;&nbsp;&nbsp;· Hargreaves
 London

&nbsp;&nbsp;&nbsp;&nbsp;· Interactive
 Brokers

&nbsp;&nbsp;&nbsp;&nbsp;· Janney
 Montgomery Scott

&nbsp;&nbsp;&nbsp;&nbsp;· JP
 Morgan

&nbsp;&nbsp;&nbsp;&nbsp;· LPL
 Financial

&nbsp;&nbsp;&nbsp;&nbsp;· Morgan
 Stanley (including transitioned E-Trade accounts)

&nbsp;&nbsp;&nbsp;&nbsp;· Pershing

&nbsp;&nbsp;&nbsp;&nbsp;· Raymond
 James

&nbsp;&nbsp;&nbsp;&nbsp;· Robinhood

&nbsp;&nbsp;&nbsp;&nbsp;· Stifel
 Nicolaus

&nbsp;&nbsp;&nbsp;&nbsp;· T.
 Rowe Price

&nbsp;&nbsp;&nbsp;&nbsp;· UBS

&nbsp;&nbsp;&nbsp;&nbsp;· USAA

&nbsp;&nbsp;&nbsp;&nbsp;· Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Wells
 Fargo

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

## Ex-99.B(P)(38)

**Exhibit 99.B(p)(38)**

![](tm262170d1_ex99-bxpx38img01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| General Principles | 1 |
| Personal Investment Transactions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Transactions/Covered Accounts Pre-clearance of Covered Transactions Pre-clearance Process | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Pre-Clearance Personal Trading Restrictions Prohibited Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Restrictions for Certain Investment Personnel Exempt Securities | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemptive Relief | 10 |
| Reporting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Investment Reporting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting on Opening, Changing or Closing a Covered Account Other Required Certifications | 10 |
| Insider Trading and Market Manipulation Policy | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What You Should Do If You Have Questions About Inside Information? | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures Trading Prohibition Communication Prohibition | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations with respect to the Material, Non-Public Information Trading <br> in the Names of Companies on the Restricted List | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Does TCW Monitor Trading Activities? | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Restricted List | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal of Issuers from the Restricted List | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is Material Information? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is Non-Public Information? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Tippee Liability? | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases Deal-Specific Information | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in Rapid Fire Capital Infusions | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Should You Do? | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Are The Ramifications For Participating In A Rapid Fire Capital Infusion? | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creditors' Committees | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information about TCW Products | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Big Boy" Letters | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contacts with Public Companies | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value-Added Investors | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expert Networks | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Manipulation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Background | 22 |

---

---

| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25 |

---

---

| | |
|:---|:---|
| Gifts & Entertainment: Anti-Corruption Policy | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment or Similar Expenditures | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts, Entertainment, Payments & Preferential Treatment | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts Provided By the *Firm/Access Persons* | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment and Hospitality Provided by the *Firm/Access Persons* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment Received by *Firm Personnel* | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Corrupt Practices Act (FCPA) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Purpose | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scope | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Conduct | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health or Safety Exception | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Party Representatives | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Flag Reporting | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Reporting | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Books and Records | 34 |
| Outside Business Activities | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obtaining Approval/Reporting | 35 |
| Political Activities & Contributions | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Rules | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules Governing Firm Contributions and Solicitation Activities | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules for Access and Covered Persons | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for Personal Contribution Limits | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hires | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in Public Affairs | 38 |
| Lobbying | 39 |
| Other Employee Conduct | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Loans | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of a Direct or Indirect Interest in a Transaction | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Property or Services | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of TCW Stationery | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giving Advice to Clients | 40 |
| Confidentiality | 40 |
| Sanctions | 40 |
| Reporting Illegal or Suspicious Activity - "Whistleblower Policy" | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedure | 41 |
| Glossary | 42 |
| Endnotes | 45 |

---

---

| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25 |

---

General Principles

The TCW Group, Inc. is the parent of several companies that provide investment advisory services. As used in this Code of Ethics or Code, the "Firm" or "TCW" refers to The TCW Group, Inc., TCW Advisors, and controlled affiliates.

This Code is based on the principle that the officers, directors and employees of the Firm owe a fiduciary duty to the Firm's clients. In consideration of this you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Protect the interests of
 the Firm's clients before looking after your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If you know that an investment
 team is considering a transaction in a security, don't trade that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Never use opportunities
 provided for the Firm's clients by brokers or others for your personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid actual or apparent
 conflicts of interest in conducting your personal investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Never trade on the basis
 of client information, or otherwise use client information for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain the confidentiality
 of all client financial and other confidential information. Loose lips sink ships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with all applicable
 securities laws and Firm policies, including this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communicate with clients
 or prospective clients candidly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exercise independent judgment
 when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Treat all clients fairly.

In addition to the above fiduciary requirements, Officers, directors and employees of the Firm are prohibited from violating the laws of the United States, including but not limited to, the applicable federal and state securities laws. These provisions prohibit any manipulative conduct in connection with transactions in Securities in the marketplace:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employing any device, scheme
 or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making any untrue statement
 of a material fact, or omitting to state a material fact necessary in order to make the statements
 made not misleading, in connection with the offer, purchase, or sale of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging in any action, transaction,
 practice or course of business that would operate as a fraud or deceit upon any person.

This Code of Ethics applies to all Access Persons and their respective Covered Persons, as defined herein. New employees are provided copies of the Code of Ethics as part of their onboarding process. Since the Code and amendments made to it are always available on myTCW, Access Persons are deemed to be in receipt of the Code. Annually, all Access Persons are required to acknowledge that they have received the Code and any amendments and understand its contents. As always, if you have any questions, the Administrator of the Code of Ethics and the Compliance Department are available to help.

When in doubt, call the General Counsel, the Chief Compliance Officer, or any member of the Compliance or Legal Department before taking action. We are here to help. The reputation that TCW has built through decades of hard work can be destroyed by a single action. As an Access Person, you are responsible for safeguarding the reputation of TCW.

Individuals covered by this Code of Ethics are required to promptly report any violation to the Administrator of the Code of Ethics and/or the Chief Compliance Officer. Violations of this Code constitute grounds for disciplinary actions, including immediate dismissal.

---

| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>1</sub> |

---

Personal Investment Transactions

Overview

The first part of this policy restricts your personal investment activities to avoid actual or apparent conflicts of interest with investment activities on behalf of clients of the Firm. The second part addresses reporting requirements for personal investing. You must conduct your personal investment activities in compliance with these rules.

Any questions about this policy should be addressed to the Administrator of the Code of Ethics at extension 0467 or <u>ace@tcw.com</u>.

All Securities trading by Access Persons and Covered Persons is monitored and reviewed. If patterns arise or it is determined that trading during the course of normal operations is of such a level as to interfere with the Person's work performance or responsibilities, create any actual or apparent conflict of interest, negatively impact the operations of TCW or violate any Firm policy, limits may be imposed. The Person may be notified by his/her supervisor, or such other appropriate officer(s) that there is a trading issues, and that trading restrictions and/or other disciplinary action, as appropriate, may be implemented.

Every Covered Person should be familiar with the requirements of this policy. Contact the Administrator of the Code of Ethics to send each Covered Person a copy of this policy.

Covered Transactions/Covered Accounts

This policy covers investment activities ("Covered Transactions") (i) by any Access Person or Covered Person in a Covered Account, or (ii) in any account in which any Access Person has a "beneficial interest".

An Access Person has a "beneficial interest" in an account if that Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has
 benefits substantially equivalent to owning the Securities or the account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· can
 obtain ownership of the Securities in the account within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· can
 vote or dispose of the Securities in the account.

Any account of an Access Person or Covered Person is a "Covered Account." Covered Accounts include any personal trading account in which you have a beneficial interest. A representative list of such accounts includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 accounts (i.e. individual, joint, trust, custodial); Individual Retirement Accounts (all
 types); DRIPs, profit sharing, and any other account/vehicle that have the ability to trade
 any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 401(k),
 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other
 investment account that holds reportable securities or provides the ability to trade any
 non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Please
 note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require reporting
 as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accounts
 held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW Registered
 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 relative's brokerage account for which the Access Person can effect trades, or an estate
 for which the Access
Person makes investment decisions as executor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This
 includes accounts for relatives in the same household (residence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 investments in private funds.

---

| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>2</sub> |

---

Violations of this policy by a Covered Person will be treated as violations by you.

Pre-clearance of Covered Transactions

Generally, all trading by Access Persons and Covered Persons requires pre-clearance. Exempt securities are listed in this Code of Ethics.

Pre-clearance Process

Pre-clearance is required for any non-exempt security below and any other investment product not listed on the Exempt securities list in the Code of Ethics.

Pre-clearance expires at 1:00 p.m. Los Angeles time (4:00 p.m. New York time) on the next business day after approval has been received. If your order has not been executed by the next business day after approval, it should be canceled and a new pre-clearance obtained. Log on to StarCompliance and file the required preclearance form at <u>https://tcw-ng.starcompliance.com/</u>

Outside Fiduciary Accounts and Non-Discretionary Accounts require special procedures and qualification. Contact the Administrator of the Code of Ethics.

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| | | | |
|:---|:---|:---|:---|
| Types of Non-exempt <br> Securities | &nbsp;&nbsp;Pre-clearance Required? | &nbsp;&nbsp;Reporting Required? | &nbsp;&nbsp; <br> Comments |
| &nbsp;&nbsp;Equities / Stocks (US and Foreign) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |  |
| &nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |  |
| &nbsp;&nbsp;Derivatives - Options, warrants, financial commodities, security-based swaps, any other derivative linked to a specific security or other derivative product. | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |  |
| &nbsp;&nbsp;Exchange Traded Funds (ETFs) Exchange Traded Notes (ETNs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Both TCW and non-TCW ETFs require preclearance |
| &nbsp;&nbsp;Closed-end Mutual Funds Foreign Mutual Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;TCW Strategic Income (TSI) requires preclearance.<br>Foreign mutual funds not classified as open- end mutual funds require preclearance. |
| &nbsp;&nbsp;Unit Investment Trusts (UITs) Foreign Unit Trusts (UCITS) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Shares of unit investment trusts that are invested exclusively in mutual funds not advised by the Firm are considered Exempt Securities. |
| &nbsp;&nbsp;Recurring Deposits used to purchase non- exempt securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Any transaction in non-exempt security that overrides the pre-set schedule of the automatic investments plan of corporate dividends must be pre-cleared and reported. (This excludes dividend reinvestments, which are exempt securities) |
| &nbsp;&nbsp;Options – (Buying or Writing/Selling a Call or Put Option, exercising options with volition) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Securities obtained from the exercise or expiration of written call or put options requires update to holdings. |

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|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>3</sub> |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Private funds, Private placements, private securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Private Investments include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles, privately-held companies, investments in commercial properties, or residential properties (excluding primary residence) where income is earned on the property (e.g. a secondary residence that is used as a rental property or listed as vacation rental) and private placement offerings of various assets.<br>Private Investments also may include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not immediate family of the Access Person; and (iii) loans to or from individuals who are immediate family of the Access Person for the purpose of engaging in business activity. |
| &nbsp;&nbsp;Volitional transactions in non-exempt securities (includes tender offerings) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Any transaction that overrides the pre-set schedule of corporate actions must be pre- cleared and reported. |

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Limitations on Pre-Clearance

All pre-clearance requests in StarCompliance will be limited to 65 approved requests per calendar quarter. Once an Access Person or Covered Person has reached 65 approved pre-clearance requests for the quarter, StarCompliance will automatically deny each subsequent pre-clearance request (i.e. beginning with the 66th pre- clearance request). The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the trading limit.

Personal Trading Restrictions

If you receive two or more personal securities trading violations within a 2-year period, the Firm will impose an automatic 90-day trading suspension on your trading. Specifically, a trading suspension will result in automatic denials of all pre-clearance requests for 90 days.

Prohibited Transactions

The following activities are prohibited and pre-clearance will generally not be available.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions/Limitations | Consequences/Comments |
| Transacting in a Security that the Firm is trading for its clients | Exception: Permitted once the Firm's<br> trading is completed or cancelled | Portfolio managers may accumulate a position in a particular security over a period of time. During such accumulation period, permission for personal trades in that security will generally not be granted. |

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>4</sub> |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Transacting in a security that the Access Person knows is under consideration for trading by the Firm for its clients |  |  |
| Acquiring any Security in an:<br> IPO, any Digital Currency in an ICO, Or any Single Stock ETF. | Exception: Permitted if the Security is an Exempt Security. See chart below. | Current holders of prohibited securities must contact Administrator of the Code of Ethics to seek permission to liquidate. |
| Acquiring an interest in a 3rd party registered investment company advised or sub-advised by the Firm | Exception: TCW sub-advised ETFs are permitted, but, as with all ETFs, must still be pre-cleared and reported as stated below. | See Prohibited Third-Party Mutual Fund List under Forms on myTCW. |
| No short-selling any ETF that is TCW advised, sub-advised or otherwise managed by the Firm. |  |  |

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Additional Restrictions for Certain Investment Personnel

In addition to the foregoing prohibited transactions, the following are prohibited for the Investment Personnel indicated below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transaction | Applies to | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequences/Comments |
| Profiting from the purchase and sale, or sale and purchase, of the same (or equivalent) Securities within 60 calendar days. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Personnel<br>&nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;Transactions will be matched using a LIFO system.<br>Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel.<br>All profits of prohibited trades are subject to disgorgement<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Exempt Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;· ETFs and ETNs (Though exempt from this rule, ETFs and ETNs still must be pre-cleared through StarCompliance)<br>&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in derivatives linked to ETFs and ETNs such as options on ETFs and ETNs must be pre-cleared and are not exempt from this rule . |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchasing or selling a Security in the 5 business days <u>BEFORE</u> that Security is bought or sold on behalf of a Firm client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br>&nbsp;&nbsp;&nbsp;&nbsp;· Covered Account, or<br>&nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for Investment Personnel related to the client account in which the Security is transacted.<br>&nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement.<br> Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Stock transactions resulting from the forced exercise of a call or put option that you have written |

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>5</sub> |

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| | | |
|:---|:---|:---|
| Prohibited Transaction | Applies to | Consequences/Comments |
| Purchasing a Security in the 5 business days after that Security is sold on behalf of a Firm client, or selling a Security in the 5 business days <u>AFTER</u> that Security is purchased on behalf of a Firm client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br> &nbsp;&nbsp;&nbsp;&nbsp;· Covered Account, or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Account | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for Investment Personnel related to the client account in which the security is transacted.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions will generally be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement.<br>Exceptions:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Stock transactions resulting from the forced exercise of a call or put option that you have written |
| Purchasing or selling any Security in the 5 business days <u>AFTER</u> a TCW-advised or sub-advised registered investment company buys or sells the Security (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br> &nbsp;&nbsp;&nbsp;&nbsp;· Covered Account, or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Account | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for Investment Personnel involved in managing funds for the registered investment company<br> &nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions will generally be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement.<br>Exceptions:<br> &nbsp;&nbsp;&nbsp;&nbsp;· Stock transactions resulting from the forced exercise of a call or put option that you have written |
| Purchasing or selling any Security<br> in a manner inconsistent with any recommendation made by that research analyst less than 90 days prior to the proposed purchase or sale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for any Analyst or Researcher | &nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions must be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement. |
| Recommending any Security for purchase by the Firm, including writing a research report advocating for the purchase of a Security, where such individual also holds such Security in a Covered Account. | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for any portfolio manager, Researcher or Analyst, unless they have held such Security for at least three months prior to the recommendation or drafting of the research report. | &nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions must be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement. |

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Exempt Securities

Pre-clearance is generally not required for Exempt Securities. The following table identifies Exempt Securities and summarizes any pre-clearance and reporting requirements that apply.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Types of Exempt Securities | &nbsp;&nbsp;Pre-clearance Required? | &nbsp;&nbsp;Reporting Re- quired? | &nbsp;&nbsp;Limitations/Comments |
| &nbsp;&nbsp;TPAY, TCW MetWest or TCW Open End Mutual Funds in a Firm or Non-Firm Account | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Compliance with frequent trading rules required.<br>Both TCW Exchange Traded Funds (ETFs) and TCW Strategic Income (TSI) require preclearance. |

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>6</sub> |

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| | | | |
|:---|:---|:---|:---|
| Types of Exempt Securities | Pre-clearance Required? | Reporting Re- quired? | Limitations/Comments |
| U.S. and Government Securities (including agency obligations) | No | No |  |
| Investment-grade rated Securities issued by any State, Commonwealth or territory of the United States, or any political subdivision or taxing authority thereof | No | Yes |  |
| Certificates of deposit (Bank and Brokered) or time deposits | No | No |  |
| Bankers' Acceptances | No | No |  |
| Investment grade debt instruments with a term of 13 months or less, including commercial paper, fixed-rate notes and repurchase agreements | No | Yes | Ask the Legal Department for clarification if any questions. |
| Shares in money market mutual funds or a fund that appears on the exempt list. | No | No |  |
| Shares in open-end investment companies not advised or sub-advised by the Firm. (ETFs, ETNs and closed-end funds are not exempt and require pre-clearance) | No | No\* <sup>\*</sup>TCW MetWest and TCW Registered Funds require reporting. | Acquiring an interest in a 3rd party registered investment company advised or sub-advised by TCW is prohibited. See Prohibited Third- Party Mutual Fund List on myTCW. |
| Investments in Collective Investment Trust (CIT) | No | No\* \*TCW CITs require reporting |  |
| Shares of unit investment trusts (UITs) that are invested exclusively in mutual funds not advised by the Firm. | No | No |  |
| Municipal bonds traded in the market | No | Yes | No |

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>7</sub> |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Types of Exempt Securities | &nbsp;&nbsp;Pre-clearance Required? | &nbsp;&nbsp;Reporting Re-<br> quired? | &nbsp;&nbsp;Limitations/Comments |
| &nbsp;&nbsp;Trades in Non-Discretionary Accounts which you, your spouse, your domestic partner, or your significant other established. | &nbsp;&nbsp;The Account must first be certified as Non- Discretionary by Compliance – Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no pre- clearance of trades required. | &nbsp;&nbsp;The Account must first be certified as Non- Discretionary by Compliance – Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no reporting of trades required. | &nbsp;&nbsp;Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| &nbsp;&nbsp;Dividends reinvested through a Dividend Reinvestment Plan (DRIP) [Note: While automatic transactions within DRIPS and ESOPs do not require pre- clearance, any volitional transactions within DRIPS and ESOPs must be pre-cleared] | &nbsp;&nbsp;No, unless the transaction is not automatic | &nbsp;&nbsp;Yes | &nbsp;&nbsp;If you or a covered person is a recipient of Restricted Stock Units (RSUs), please contact ACE for flagging. |
| &nbsp;&nbsp;Securities purchased pursuant to certain Robo Advisory Programs | &nbsp;&nbsp;The Program must first be evaluated by Compliance - Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no pre- clearance of trades required. | &nbsp;&nbsp;The Program must first be evaluated by Compliance - Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no reporting of trades required. | &nbsp;&nbsp;Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| &nbsp;&nbsp;Security purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent that such rights were acquired from such issuer. | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Sales of such rights that were acquired must be pre-cleared. |
| &nbsp;&nbsp;Securities where the Firm acts as an adviser or distributor for the investment, offered in:<br> · A hedge fund;<br> · Private Placement; or<br> · Other Limited Offerings | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Firm already must approve in order to invest, which serves as pre-clearance. |

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>8</sub> |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Types of Exempt Securities | &nbsp;&nbsp;Pre-clearance Required? | &nbsp;&nbsp;Reporting Re- quired? | &nbsp;&nbsp; <br> Limitations/Comments |
| &nbsp;&nbsp;Interests in Firm-sponsored limited partnerships or other Firm-sponsored private placements, including those that that are<br> · Estate planning transfers<br> · Court-ordered transfers | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Firm already must approve in order to invest, which serves as pre-clearance. |
| &nbsp;&nbsp;Securities acquired or sold in connection with the involuntary exercise or assignment of an option. | &nbsp;&nbsp;No, unless you voluntarily exercise an option. | &nbsp;&nbsp;Yes, securities received must be reported. | &nbsp;&nbsp;Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel. |
| &nbsp;&nbsp;Ownership Interests in Clipper Holding, LP | &nbsp;&nbsp;No | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;Ownership Interests in TCW Owners, LLC | &nbsp;&nbsp;No | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;Rule 10b5-1 Plans | &nbsp;&nbsp;Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require pre-clearance. | &nbsp;&nbsp;Yes |  |
| &nbsp;&nbsp;Direct Purchase Plans | &nbsp;&nbsp;Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require pre-clearance. | &nbsp;&nbsp;Yes |  |
| &nbsp;&nbsp;Direct investments in Cryptocurrencies or Digital Currencies (non-securities such as Bitcoin, Ethereum). However, investment products derived from cryptocurrencies or digital currencies are NOT exempt. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Bitcoin ETFs and other derivative products based on Cryptocurrencies or Digital Currencies require both preclearance and reporting. |
| &nbsp;&nbsp;Futures and Non-Financial Commodities | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Financial Commodities are not exempt and requires both pre-clearance and reporting. |
| &nbsp;&nbsp;Non-publicly traded funds associated with certain Qualified Accounts [These include state sponsored 529 Plans, Health Savings Accounts (HSA) and Employer Retirement Plans] | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes\*<br>\*TCW MetWest and TCW Registered Funds require reporting. | &nbsp;&nbsp;Non-publicly traded investment fund vehicles offered in certain Qualified accounts are exempt from preclearance and reporting. |
| &nbsp;&nbsp;Acquisition of securities by gift, inheritance, or corporate action. | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;However, a sale of securities acquired by gift, inheritance, or corporate action requires pre-clearance. |

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>9</sub> |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Types of Exempt Securities | &nbsp;&nbsp;Pre-clearance Required? | &nbsp;&nbsp;Reporting Re- quired? | &nbsp;&nbsp; <br> Limitations/Comments |
| &nbsp;&nbsp;Insurance products – life insurance, fixed annuities, and variable annuity contracts that invest in third-party funds. | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;If these products are structured as investment contracts or otherwise meet the definition of a "security" under the Investment Advisers Act, they may be subject to reporting requirements. |

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Exemptive Relief

To seek approval for a Code of Ethics exemption, contact the Administrator of the Code of Ethics. The Administrator of the Code of Ethics will require a written statement indicating the basis for the requested approval, and coordinate obtaining the approval of the Approving Officers. The Approving Officers have no obligation to grant any requested approval or exemption.

The Approving Officers also may, under appropriate circumstances, grant exemption from Access Person status to any person.

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Reporting

Personal Investment Reporting

Access Persons are required to report all non-exempt security holdings and transactions (including investments in private placements) as part of the certifications listed below.

TCW receives automated feeds from many major brokers ("Linked Brokers"). If your broker is not a Linked Broker, you must ensure that TCW receives duplicate broker statements. The Administrator of the Code of Ethics can inform you if your broker is a Linked Broker, and set up your account for automated feed. If your broker is not a Linked Broker, the Administrator of the Code of Ethics can assist you with a release letter ("407 letter") to allow TCW to receive duplicate statements. Corporate actions such as mergers, purchases and sales, spin-offs, stock splits, stock-on-stock dividends and like activities must also be reported unless made through an account with a Linked Broker. In addition, Access Persons must timely file all reports for all transactions as provided in the tables below and must promptly report the opening, closing or changing of any Covered Accounts.

Reporting on Opening, Changing or Closing a Covered Account

<u>Brokerage Accounts</u>: You must use the StarCompliance, <u>https://tcw-ng.starcompliance.com/</u>, system to enter information about each Covered Account:

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| | |
|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>10</sub> |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Activity | &nbsp;&nbsp;Comments | &nbsp;&nbsp;Exceptions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon becoming an Access Person<br> &nbsp;&nbsp;&nbsp;&nbsp;· Upon opening a new Covered Account while you are an Access Person | &nbsp;&nbsp;Updates must occur within 30 days of the event | &nbsp;&nbsp;&nbsp;&nbsp;You are not required to report or enter information for:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;· Accounts that can strictly invest only in non-reportable exempt securities.<br>\*Accounts holding TCW MetWest and TCW Registered Funds require reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon closing, or making any change to a Covered Account while you are an Access Person | &nbsp;&nbsp;Updates must occur within 30 days of the event | &nbsp;&nbsp;N/A |

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<u>Employee Separate Accounts</u>: Employees may not establish a Separately Managed Account for themselves, family members, or friends without the prior written approval of (i) the manager of their investment unit and/or the primary investment strategy in which the account is proposed to be invested (e.g., the Head of Fixed Income, Equities, Emerging Markets, Private Credit or Asset Backed Finance, as the case may be), (ii) the COO, and (iii) the General Counsel. If the Separately Managed Account is intended to create a marketing track record, approval will also be required by the Product Development Committee.

Other Required Certifications

Reports are filed online at <u>https://tcw-ng.starcompliance.com/</u>

If you will not be able to file a report on time, contact the Administrator of the Code of Ethics prior to the filing due date.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Certification | &nbsp;&nbsp;When Due | &nbsp;&nbsp;Additional Requirements |
| &nbsp;&nbsp;Initial Holdings Report | &nbsp;&nbsp;Within 10 days after becoming an Access Person | &nbsp;&nbsp;Include all securities except non- reportable Exempt Securities<br>Include all Covered Accounts. Holdings must be current no earlier than 45 days before you became an Access Person |
| &nbsp;&nbsp;Quarterly Report of Personal Investment Transactions | &nbsp;&nbsp;By each January 15, April 15, July 15 and<br> October 15 | &nbsp;&nbsp;Must be filed even if there were no transactions during the period. |
| &nbsp;&nbsp;Annual Holdings Report | &nbsp;&nbsp;By January 31 of each year | &nbsp;&nbsp;Same as Initial report, except that holdings must be current as of December 31 of the prior year. |
| &nbsp;&nbsp;Annual Certificate of Compliance | &nbsp;&nbsp;By January 31 of each year |  |

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|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>11</sub> |

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|:---|:---|:---|
| &nbsp;&nbsp;Annual Report on Outside Business Activities (Includes, among other activities, Directorships, Officerships, Creditor Committees, Board Observation Rights and Employment) | &nbsp;&nbsp;By January 31 of each year | &nbsp;&nbsp;Must be filed even if there are no outside business activities to report. |
| &nbsp;&nbsp;Quarterly Certification on Personal Devices / Electronic Communications | &nbsp;&nbsp;By each January 15, April 15, July 15 and<br> October 15 |  |

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Insider Trading and Market Manipulation Policy

Insider Trading

*Overview*

Members of the Firm occasionally come into possession of material, non-public information or "inside information". Various laws, court decisions, and general ethical standards impose duties with respect to the use of this inside information.

The U.S Securities and Exchange Commission (the "SEC") and other rules provide that any purchase or sale of a security of an issuer while "having awareness" of inside information regarding that issuer or certain related issuers is illegal regardless of whether the information was a motivating factor in making a trade.

Courts may attribute one employee's knowledge of inside information to other employees that trade in the affected security, even if no actual communication of this knowledge occurred. Thus, by buying or selling a particular security in the normal course of business, Firm personnel other than those with actual knowledge of inside information could inadvertently subject the Firm to liability. However, the securities laws provide firms with an affirmative defense to such charges, and that defense depends upon the establishment and enforcement of policies and procedures reasonably designed to control the flow of inside information within the firm.

The risks in this area can be significantly reduced through the use of a combination of trading restrictions and temporary and permanent information barriers ("Information Barrier(s)") designed to confine material non- public information to a given individual, group or department.

See the Reference Table below if you have any questions on this Policy or who to consult in certain situations.

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|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25<sub>12</sub> |

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*What You Should Do If You Have Questions About Inside Information?*

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| | |
|:---|:---|
| &nbsp;&nbsp;Topic | &nbsp;&nbsp;You Should Contact: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have a question about:<br>· This Policy in general<br>· Whether information is "material" or "non-public"<br>· If you have a question about whether you have received inside<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;information on a Firm commingled fund (e.g. partnerships, trusts,<br> mutual funds)<br>· Whether you have received material non-public information about a public company<br>· Obtaining deal-specific information (pre-clearance is required)<br>· Sitting on a Creditors' Committee (preapproval is required)<br>· An Information Barrier<br>· Section 13/16 issues | &nbsp;&nbsp;Any SVP or MD in the Legal Department |
| &nbsp;&nbsp;If you wish to serve on a Board of Directors, serve as an alternate on a Board, serve as a Board Observer or sit on a Creditors Committee<br> *(Pre-approval is required)* | &nbsp;&nbsp;Administrator of the Code of Ethics |
| &nbsp;&nbsp;In the event of inadvertent or non-intentional disclosure of material non-public information | &nbsp;&nbsp;Any SVP or MD in the Legal Department |

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Policies and Procedures

*Trading Prohibition*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Access Person of the Firm, either for themselves or on behalf of clients or others, may buy
 or sell a security (i.e., stock, bonds, convertibles, options, warrants or derivatives tied
 to a company's securities) while in possession of material, non-public information
 about the company or certain related companies1 (except as listed in Deal- Specific Information
 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This
 applies in the case of both publicly traded and private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This
 means that you may not buy or sell such securities for yourself or anyone, including your
 spouse, domestic partner, relative, friend, or client and you may not recommend that anyone
 else buy or sell a security of a company on the basis of inside information regarding that
 company.

If you believe you have received oral or written material, non-public information, you should not discuss the information with anyone except an SVP or MD member in the Firm's legal Department ("the Legal Department") and should contact the Legal Department immediately. Do not discuss the information with your supervisor, department head or any other individual who is on your team.

*Communication Prohibition*

No Access Person may communicate material, non-public information about a company to others who have no official need to know, regardless of whether the company is on the Restricted List. This is known as "tipping," which also is a violation of the insider trading laws, even if you as the "tipper" did not personally benefit. Therefore, you should not discuss such information acquired on the job with your spouse, domestic partner or with friends, relatives, clients, or anyone else inside or outside of the Firm except on a need-to-know basis relative to your duties at the Firm.

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Remember that TCW Funds, Inc., Metropolitan West Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TPAY and TSI)), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TABF, or MetWest, respectively (such closed-end investment companies, ETFs and mutual funds, collectively, the "TCW Registered Funds") are publicly traded entities and you may be privy to material non-public information regarding those entities. Communicating such information in violation of the Firm's policies is illegal.

The prohibition on sharing material, non-public information extends to affiliates such as the Carlyle and Nippon Life entities. Please refer to the policies and procedures describing the relevant information barrier to these entities.

*Obligations with respect to the Material, Non-Public Information*

If Firm personnel are presented with the opportunity to learn non-public information to assist in the analysis of any security or other instrument prior to signing any confidentiality letter, a definitive agreement pertaining to an investment, or any other agreement relating to the receipt of confidential information, such personnel must obtain the approval of the Legal Department prior to entering into any such confidentiality letter or agreement. Firm personnel may not knowingly accept any material, non-public information relating to a company prior to the Administrator of the Code of Ethics placing such issuer on the Restricted Securities List.

If Firm personnel obtain information about a company that may be material, non-public information, including, among other things, as a result of a contractual agreement, through an expert or expert network, or by virtue of a Firm representative or observer on a company's board of directors or creditor's committee, you must immediately notify the Administrator of the Code of Ethics of the information. If the Administrator of the Code of Ethics, in coordination with the Legal Department, determines that the information constitutes material, non- public information that might expose the Firm or any of its affiliates to liability for "insider trading," the company to which the information relates and, in certain circumstances, related companies will generally be placed on the Restricted Securities List.

You may contact the Administrator of the Code of Ethics at extension 0467 or ace@tcw.com.

*Trading in the Names of Companies on the Restricted List*

 

When a company is placed on the Restricted Securities List, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may trade in the securities or other instruments of the company, either for their own account or for the account of any TCW Client (as defined below), absent authorization from the Administrator of the Code of Ethics.

In addition, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may recommend trading in such company, or otherwise disclose material, non-public information, to anyone other than the Administrator of the Code of Ethics, the Legal Department and personnel of the firm with whom such person is working on a matter to which such material, non-public information relates.

The Restricted Securities List must be checked before each Firm trade. If an order is not completed on one day, then the open order should be checked against the Restricted Securities List and approval must be obtained every day it is open beyond the approved period that was given (e.g., the waiver you received was for a specific period, such as one day).

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*Does TCW Monitor Trading Activities?*

Yes, TCW monitors trading activities through one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conducts
 reviews of trading in public securities listed on the Restricted Securities List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surveys
 client account transactions that may violate laws against insider trading and, when necessary,
 investigates such trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conducts
 monitoring of the Information Barriers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviews
 personal securities trading to identify insider trading, other violations of the law or violations
 of the Firm's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtains
 securities holding and transaction reports as required by SEC rules and regulations.

*Maintenance of Restricted List*

The Administrator of the Code of Ethics maintains the Restricted Securities List, which is a highly confidential list of companies that includes any company (i) about which the Firm or any of its personnel may possess material non-public information and (ii) the Administrator of the Code of Ethics, in coordination with the Legal Department, deems appropriate to be added to the Restricted Securities List because, for example, trading in such company's securities may involve potential conflicts of interest.

The Administrator of the Code of Ethics distributes the Restricted Securities List as necessary. The Administrator of the Code of Ethics also updates an annotated copy of the list and maintains the history of each item that has been deleted. This annotated Restricted Securities List is available to the General Counsel and the Chief Compliance Officer, as well as any additional persons, which either of them may approve. The identity of companies included on the Restricted Securities List, as well as information about those companies, must not be discussed with persons outside the Firm without the prior consent of the Administrator of the Code of Ethics.

The Restricted Securities List restricts issuers (i.e., companies) and not just specific securities issued by the issuer. The list of ticker symbols on the Restricted Securities List should not be considered the complete list – the key is that you are restricted as to the company or a derivative that is tied to the company. This is of particular importance to the strategies which may invest in securities listed on foreign exchanges.

*Exceptions*

The Administrator of the Code of Ethics, in coordination with the Legal Department, may grant limited exceptions to the policies and procedures discussed herein on a case by case basis. One such exception is as follows:

For a TCW Registered Fund that is a passive broad-based index fund designed to track a particular broad-based index, when transacting in securities on such index that the fund is designed to track, personnel are exempt from the requirement to check the Restricted Securities List prior to trading in such securities, and transactions in such securities will not be restricted. However, this exception is limited to transactions in securities on the index that the TCW Registered Fund is designed to track and personnel must reference the Restricted Securities List when trading in securities outside of the index on behalf of TCW Registered Funds, and such transactions will generally be restricted.

Documentation of such requested exceptions and approvals shall be maintained by the Administrator of the Code of Ethics.

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*Removal of Issuers from the Restricted List*

Issuers are removed from the Restricted Securities List by the Administrator of the Code of Ethics in his or her discretion, but in any event after receipt of written confirmation from the responsible Firm personnel that such persons are no longer in possession of non-public information pertaining to such issuer. The Administrator of the Code of Ethics may, in his or her discretion, impose "cooling off" periods following such confirmation prior to removing an issuer from the Restricted Securities List.

*What is Material Information?*

Information (whether positive or negative) is material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When
 there is a substantial likelihood that a reasonable investor would consider it important
 in making an investment decision and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When
 it could reasonably be expected to have an effect on the price of a company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 information need not be so important that it would have changed the investor's decision
 to buy or sell a security.

Some examples of Material Information are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings
 results, changes in previously released earnings estimates, liquidity problems, dividend
 changes, defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Projections,
 major capital investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 labor disputes or supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 merger, tender offers, secondary offerings, rights offerings, spin-off, joint venture, stock
 buy backs, stock splits or acquisition proposals or agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New
 product releases, services, contracts, price changes, schedule changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 accounting changes, credit rating changes, write-offs or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major
 technological discoveries, breakthroughs or failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major
 contract awards or cancellations, significant regulatory developments (e.g. FDA approvals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other
 events or circumstances affecting the market for a company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Governmental
 investigations, major litigation or disposition of significant investigation or litigation
 matters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 management developments or changes.

This list is not exhaustive and no clear or "bright line" definition of what is material exists. Due to this, assessments sometimes require a fact- specific inquiry. If you have questions about whether information is material, direct the questions to the Legal Department.

*What is Non-Public Information?*

Non-public information is information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has
 not been disseminated broadly to investors in the marketplace, such as a press release or
 publication in The Wall Street Journal or other generally circulated publication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has
 not become available to the general public through a public filing with the SEC or some other
 governmental agency, Bloomberg, or release by Standard & Poor's or Reuters;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 market as a whole has not had adequate time to respond to the information.

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*What Tippee Liability?*

Firm personnel must be wary of material, non-public information disclosed in breach of a corporate insider's duty of trust or confidence that the corporate insider may owe to his or her corporation and/or such corporation's shareholders. Even when there is no expectation of confidentiality, Firm personnel may become an "insider" upon receiving material, non-public information in circumstances in which a person knows, or should know, that a corporate insider is disclosing information in breach of a duty of trust and confidence that he or she owes the corporation and its shareholders. Whether the disclosure is an improper "tip" depends on whether the corporate insider expects to benefit include, for example, a reputational benefit or an expectation of a "quid pro quo." It is also possible for a person to become an "insider" or "tippee" upon obtaining material, non-public information inadvertently, including information derived from social situations, business gatherings, overheard conversations, and misplaced documents. It should be assumed that a duty of trust or confidence exists whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 confidentiality agreement is entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 oral agreement is made or a reasonable expectation exists based on the manner in which the
 information was transmitted that you will maintain the information as confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There
 is a pattern or practice of sharing confidences so that the recipient knows or reasonably
 should know that the provider expects the information to be kept confidential.

There is a presumed duty of trust and confidence when a person receives material non-public information from his or her spouse, parent, child, or sibling.

Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases

Examples of how a person could come into possession of inside information include:

Board of Directors Seats or Observation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Most
 public companies have restrictions on trading by Board members except during trading window
 periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Anyone
 who wishes to serve on a Board of Directors or as a Board Observer must obtain pre-approval
 in StarCompliance by submitting an Outside Business Activity request. The Administrator of
 the Code of Ethics will then coordinate the approval process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 approval is granted, the Administrator of the Code of Ethics will notify the Legal Department
 so that the Firm can implement the appropriate safeguards and restrictions, such as placing
 the issuer on the Firm's restricted securities list (the "Restricted Securities
 List"). Please see the information Barrier Policy located in the Portfolio Management
 Policy for further details.

Portfolio Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sitting
 on Boards of public companies in connection with an equity or fixed income position that
 they manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Having
 the intent to control or work with others to attempt to influence or control a company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Working
 with expert network consultants who were recent employees of a company involving a major
 transaction.

The Legal Department should be consulted in these situations.

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Deal-Specific Information

Employees may receive inside information regarding transactions in securities that are not publicly traded for legitimate purposes such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the context of a direct investment, secondary transaction or participation in a transaction
 for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the context of forming a confidential relationship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receiving
 "private" information through on-line services such as FinDox.

This "deal-specific information" may be used by the department to which it was given for the purpose for which it was given. This type of situation typically arises in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mezzanine
 financings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loan
 participations, bank debt financings (e.g., when the Firm chooses to go "private"
 when trading in bank loans through the Loan Syndication and Trading Association process),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· venture
 capital financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 of distressed securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· oil
 and gas investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 of substantial blocks of stock from insiders.

Remember that even if the transaction for which the deal-specific information is received involves securities that are not publicly traded, the issuer may have other classes of traded securities and/or the deal-specific information may impact a security-based swap, and the receipt of inside information can affect the ability of other product groups at the Firm to trade in those securities.

If you are to receive any deal-specific information or potentially material, non-public information on a company (whether domestic or foreign), contact the Legal Department, who then will implement the appropriate safeguards and restrictions, such as placing the issuer on the Restricted Securities List.

Participation in Rapid Fire Capital Infusions

*Overview*

From time to time, public companies may seek rapid-fire capital infusions of capital from institutional investors. In the past, these have involved investment banks contacting potential investors, often over the weekends, on a pre-announcement basis.

*What Should You Do?*

If you work with marketable security strategies and you receive a call to participate in an offering before it is publicly announced, please contact the Legal Department, the Firm's general counsel (the "General Counsel") or the Firm's chief compliance officer (the "Chief Compliance Officer"). <u>Do not</u> ask the name of the company that is the subject of the financing or agree to any confidentiality or standstill agreements. Otherwise, you may restrict trading in your and other portfolios and the Firm. Your email should include the contact information for the person who contacted you.

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*What Are The Ramifications For Participating In A Rapid Fire Capital Infusion?*

Historically, the Firm's marketable securities strategies have not received material non-public information and have relied solely on public information. Some of the ramifications of your participating in a rapid fire capital infusion are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your accounts will be restricted
 for the company in question as soon as you learn about the name of the company, even if you
 decide not to participate. There is no ability to preview the names because just knowing
 about the potential transaction is in itself material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A restriction in a name could
 last for a period of time and that period cannot be predicted in advance. In many cases,
 it may be a fairly short period (a week or so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You will need to be available
 or designate someone in your portfolio management group to be fully available at night and
 possibly over the weekend to consider the transaction(s).

If your group decides to participate in the offering, the Legal Department will work with your group to implement appropriate Information Barrier procedures with the goal of ensuring that others at the Firm who do not have the information will not be frozen in their trading securities of the issuer. The shares of the company at issue

will be restricted in accounts managed by your group and possibly others at the Firm until after the terms of the financing (or other material non-public information) are publicly announced.

Creditors' Committees

Members of the Firm may be asked to participate on a Creditors' Committee which is given access to inside information. Since this could affect the Firm's ability to trade in securities in the company, before agreeing to sit on any Creditors' Committee, contact the Administrator of the Code of Ethics who will obtain any necessary approvals and notify the Legal Department so that the appropriate safeguards and restrictions, such as placing the issuer on the Restricted Securities List, can be made.2

Information about TCW Products

Employees could come into possession of inside information about the Firm's limited partnerships, trusts, ETFs, and mutual funds that is not generally known to their investors or the public. The following could be considered inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Plans with respect to dividends,
 closing down a fund or changes in portfolio management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A large-scale buying or
 selling program or a sudden shift in allocation that was not generally known

Disclosing holdings of the TCW Registered Funds on a selective basis could also be viewed as an improper disclosure of non-public information and should not be done. The Firm currently discloses holdings of the TCW Registered Funds to the general public and investors through tcw.com on a monthly basis. This disclosure may occur on or prior to the 15th calendar day following the end of that month (or, if the 15th calendar day is not a business day, the next business day thereafter). Disclosure of these funds' holdings at other times, where a general disclosure has not yet been made through tcw.com, requires special confidentiality procedures and must be pre-cleared with the Legal Department (See the Marketing and Communications Policy for further information concerning portfolio holdings disclosure).

In the event of inadvertent or unintentional disclosure of material non-public information, the person making the disclosure should immediately contact the Legal Department or General Counsel. The Legal Department should notify the Administrator of the Code of Ethics of this type of inside information so that appropriate restrictions can be put in place.

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"Big Boy" Letters

"Big Boy" letters are agreements between investors which address the frequent reality that, as experienced and sophisticated traders, one party to a transaction (usually the seller) has access to non-public information while the other does not, and yet both parties still want to proceed with the sale. In practice, such agreements take a variety of forms and terms vary. Most involve a representation by the buyer in a securities transaction that (a) the buyer is a sophisticated investor, (b) the buyer understands that the seller may possess material non-public information that will not be disclosed to the buyer, and (c) the buyer effectively waives any claim it may have under the federal securities laws, including Section 10(b) or Rule 10b-5 of the Exchange Act. No Firm personnel may effect a purchase or sale of an issuer's securities in reliance on a so-called "Big Boy" letter when that issuer appears on the Restricted Securities List, unless he or she obtains prior approval to do so from the Legal Department. The Legal Department must review the proposed terms and conditions of any "Big Boy" letter prior to its execution.

Contacts with Public Companies

Contacts with public companies are an important part of the Firm's research efforts coupled with publicly available information. Difficult legal issues arise when an employee becomes aware of material, non-public information through a company contact. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results, or if an investor-relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Firm must make a judgment regarding its further trading conduct.

If an issue arises in this area, a research analyst's notes could become subject to scrutiny. Research analyst's notes have become increasingly the target of plaintiffs' attorneys in securities class actions.

The SEC has declared publicly that they will take strict action against what they see as "selective disclosures" by corporate insiders to securities analysts, even when the corporate insider was getting no personal benefit and was trying to correct market misinformation. Analysts and portfolio managers who have private discussions with management of a company should be clear about whether they desire to obtain inside information and become restricted or not receive such information.

If an analyst or portfolio manager receives what he or she believes is inside information and if you feel you received it in violation of a corporate insider's fiduciary duty or for his or her personal benefit, you should not trade and should discuss the situation with the Legal Department.

Value-Added Investors

TCW Private Funds may accept investments from so-called "value-added" investors. Although the term value- added investor is not defined in the Investment Advisers Act of 1940, as amended, or elsewhere, it is generally understood to refer to an investor who may provide some benefit to the adviser (such as industry expertise or access to individuals in the investor's network) beyond just the amount of their commitment. Examples of such investors may include, without limitation, executive-level officers or directors of a company or personnel who are affiliated with other investment advisers and/or private funds.

Due to the nature of their position, such investors may possess material nonpublic information. Therefore, employees of the Firm should always remain alert to the possibility that they could inadvertently come into possession of material, non-public information when communicating with such investors. Firm personnel should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor.

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If there is any question as to whether information received from an investor could be material, non-public information, you are expected discuss it with the Legal Department immediately, and otherwise to act in accordance with the procedures in this Policy.

Expert Networks

The Firm may, from time to time, execute agreements with companies that provide access to a group of professionals, specialized information or research services ("Expert Networks"). In such circumstances, Expert Networks are engaged to provide authorized TCW employees with information that may be helpful in TCW understanding an industry, legislative initiatives, and many other important topical areas. However, TCW is mindful of the fact that Expert Networks present significant legal, compliance and regulatory risks concerning the receipt and transmission of materially non-public information.

Given this inherent risk, TCW requires that, in addition to the requisite approval from our vendor management team, the compliance policies of each Expert Network are reviewed and approved by the Firm's compliance department (the "Compliance Department") prior to entering into an agreement for services. In the course of the review, the Compliance Department may rely on certifications and affirmations made by the Expert Networks as to the underlying processes. Furthermore, the Firm requires that each employee who wishes to participate in an Expert Network read and confirm their understanding of the Firm Expert Network Guidelines, as well as complete an Insider Trading training module to ensure that they understand the Firm policies regarding material non-public information and insider trading. A TCW employee that participates in a meeting with an Expert Network, regardless of the medium through which the meeting is conducted (i.e. phone, video call, or any other means by which such meeting may occur), should be assigned the task of creating notes during or contemporaneously with the meeting ("Notes"). These Notes should be delivered to the Compliance Department within seven (7) days of the meeting. In conjunction with the appropriate departments, the Compliance Department will maintain a log of all Expert Network calls.

The Compliance Department may chaperone Expert Network calls on a sampling basis, or periodically sample and conduct a review of calls by inspecting the Notes, and/or any written or audio recording of the call that may be available. If, based upon this review, the Compliance Department determines that material non-public information may have been disclosed during a call, they will immediately notify the General Counsel and the Chief Compliance Officer. A review to determine if material non-public information was received, and any actions to be taken, will be conducted in accordance with TCW's policies and procedures regarding material non-public information. Additionally, the Compliance Department will sample personal trading activity by employees in the securities of publicly traded companies in similar industries as those discussed during the calls.

Market Manipulation

*Overview*

It is essential that no personnel of the Firm engage in any activity the purpose of which is to interfere with the integrity of the marketplace. Among other things, intentionally manipulating the market, as discussed below, is a violation of the federal securities laws and of the Firm's policies and standards of conduct.

*Policies and Procedures*

Firm personnel may not engage in any deceptive practice intended to manipulate the market in an issuer's publicly traded securities. Examples of such practices are provided below under "Legal Background."

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*Legal Background*

The term "manipulation" generally refers to any intentional or deliberate act or practice in the marketplace that is intended to mislead investors by artificially controlling or affecting the price of a security traded in such marketplace. For example, manipulation may involve efforts to stimulate artificially the public demand for a stock or to create the false appearance of actual trading activity. Practices that may be intended to mislead investors by artificially affecting market activity and thus may constitute manipulative acts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· portfolio
 pumping or painting the tape (submitting orders to purchase securities held by a TCW Registered
 Fund or other TCW client (each, a "TCW Client") near the close of trading on
 the last day of a period for which the TCW Client's performance will be reported (e.g.,
 quarter-end));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· window
 dressing (adding or eliminating securities holdings of a TCW Client on or around the date
 for which the TCW Client's holdings will be reported solely in order to make the TCW
 Client's holdings appear more favorable to the TCW Client's investors (e.g.,
 by eliminating a poorly performing holding or acquiring a security that has performed well));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· marking
 the close (executing securities transactions at or near the close with a purpose of inflating
 the day's price);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· wash
 sales (selling a security at a loss and purchasing the same or a substantially similar security
 soon afterwards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· front
 running (transacting in a security for one's own account while taking advantage of
 advance knowledge of a TCW Client's pending transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· spreading
 rumors that can impact the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disseminating
 false information into the marketplace that could reasonably be expected to cause the price
 of a security to increase or decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· matched
 orders (buying a security with a low turnover and subsequently placing contemporaneous buy
 and sell orders for the security for substantially the same number of securities at substantially
 the same time and at substantially the same price, with the aim of conveying an appearance
 of renewed interest in the security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· runs
 (also known as pumping and dumping);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· corners
 (obtaining sufficient control of a particular security or other asset in an attempt to manipulate
 the market price); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· abusive
 squeezes (control of a large and dominating security position in a market in order deliberately
 to increase the price of the security).

The rules against market manipulation do not mean that merely trying to acquire or to dispose of stock for investment purposes and incidentally affecting the price is unlawful. It is permissible for trading to have a corollary effect upon the price of a security as an ancillary consequence of buying or selling that security, so long as the investor's purpose is not to create an artificial impression about the demand for, or supply of, the security. Further, certain of the practices described above may in certain instances be made in connection with legitimate business purposes and in such instances would not constitute market manipulation. Firm personnel with any questions whether any transaction may constitute market manipulation should contact the Legal Department immediately.

The SEC and the federal courts have emphasized that manipulation, in essence, interferes with the free forces of supply and demand, and, thus, the integrity of the market. As the SEC stated in a 1977 case:

Investors and prospective investors… are… entitled to assume that the prices that they pay and receive are determined by the unimpeded interaction of real supply and demand so that those prices are the collective marketplace judgments that they purport to be. Manipulations frustrate these expectations. They substitute fiction for fact…. The vice is that the market has been distorted and made into a stage-managed performance.

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The most cited anti-manipulative provisions of the federal securities laws are Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. Section 10(b) makes it unlawful to use or employ, in connection with the purchase or sale of any security, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the SEC may prescribe. The various rules promulgated by the SEC under Section 10(b) define specific activities as manipulative or deceptive acts or practices. Rule 10b-5, however, sometimes referred to as the "anti-manipulation" rule, sets forth the general prohibition on fraudulent, deceptive or manipulative devices. The prohibitions against manipulative and deceptive acts under Section 10(b) and Rule 10b-5 apply to all securities, not just those registered on a national stock exchange. The SEC and the federal courts have established that pure manipulation – that is, merely undertaking acts to raise or lower the price of a security – constitutes a "manipulative or deceptive device" and a "scheme to defraud."

Section 17(a) of the Securities Act of 1933, as amended, is also a general antifraud provision and applies to manipulation in the over-the-counter market. Section 17(a) proscribes material misrepresentations or omissions, any scheme, device or artifice to defraud, or any fraudulent or deceitful transaction, practice or course of business, in the offer or sale of securities.

Section 9(a) of the Exchange Act specifically prohibits various manipulative practices. For example, Section 9(a)

(1) prohibits the use of "wash sales" and "matched orders" for the purpose of creating a false or misleading appearance of active trading in any security registered on a national exchange. Section 9(a)(2) prohibits manipulation of prices by any person, acting alone or with others, who for the purpose of inducing others to buy or sell a particular security, effects a series of transactions in the security which creates actual or apparent active trading in the security or causes a rise or decline in the price of the security. Section 9(a)(3) prevents brokers, dealers and others from circulating or disseminating information about a security to the effect that the price of the security will or is likely to rise or fall for the purpose of raising or lowering the price of the security.

Rule 9j-1 under the Exchange Act prohibits fraud, manipulation, or deception in connection with transacting in security-based swaps. Examples of such prohibited conduct may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 credit default swap ("CDS") buyer working with a CDS reference entity (i.e.,
 the issuer or group of issuers of whose default triggers payment on the CDS) to create an
 artificial, technical or temporary failure-to-pay event in order to trigger a payment on
 the CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· causing
 a CDS reference entity to issue a below-market debt instrument in order to artificially increase
 the auction settlement price for the CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· endeavoring
 to influence the timing of a credit event to either ensure or avoid payment on a CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· restructuring
 CDS reference entities to eliminate or reduce the likelihood of a credit event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· taking
 actions to increase (or decrease) the supply of deliverable obligations with respect to a
 CDS, thereby increasing (or decreasing) the likelihood of a credit event and the cost of
 CDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging
 in wash trades to artificially inflate the price of an equity security in order to benefit
 from the manipulated price by way of an existing total return swap ("TRS") position.

Rule 10b-21 under the Exchange Act makes it unlawful to submit an order to sell a security if the person submitting the order deceives a broker-dealer, a participant of a registered clearing agency or a purchaser regarding his or her intention or ability to deliver the security by the settlement date and to then fail to deliver the security by the settlement date. Among other things, Rule 10b-21 targets short sellers who deceive broker-dealers about their source of borrowable shares for purposes of complying with the "locate" requirement of Rule 203(b) (1) of Regulation SHO. Rule 10b-21 also applies to sellers who misrepresent to their broker-dealers that they own the shares being sold.

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Gifts & Entertainment: Anti-Corruption Policy

Access Persons may provide reasonable Gifts and Entertainment for the bona fide purpose of promoting, demonstrating, or explaining Firm services, including fostering strong client relationships.

Where possible, or as required in this Policy, you should notify your department head before, or after, providing or accepting any Gifts or Entertainment, even if no other approval is required and report it to StarCompliance within 30 days of occurrence. As discussed below, Access Persons may also be required to obtain approval when giving or receiving certain Gifts and Entertainment. Unless otherwise specified below, if approvals are required, you must submit your request through StarCompliance for approval by the Administrator of the Code of Ethics. Access Persons must obtain prior written approval from the Administrator of the Code of Ethics where required. The Administrator of the Code of Ethics shall elevate the request in the event of high risk or higher value gifts, or as otherwise necessary or appropriate. Notwithstanding the foregoing, in light of the impromptu nature of some Entertainment, approval for Access Persons providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving Gifts or Entertainment. It is the Access Person's responsibility to seek prior approval from the Administrator of the Code of Ethics for Gifts and Entertainment which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where Gifts or Entertainment may be given or received. Repeated reliance on the impromptu nature of giving or receiving Gifts or Entertainment may be considered a violation of this Policy and may result in disciplinary action.

Gifts

A "Gift" is anything of value given or received without paying its reasonable fair value that personally benefits an individual (e.g. merchandise, cash, gift cards, favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses where Access Persons are not present as attendees). This does not include a political contribution. Entertainment (as defined below) is not a Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Gift must only be provided as a courtesy or token of regard or esteem ("Token Gift").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Token Gifts should be appropriate under the circumstances, not be excessive in value (generally,
 not more than $100) and involve no element of concealment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
 of cash or cash equivalents are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
 to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value, as described
 below.

You may not give or accept a Gift if you know, or have reason to know, that it is not permitted under the applicable laws.

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Entertainment or Similar Expenditures

"Entertainment" generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event. This does not include a political contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Entertainment (including meals, sporting events, theater productions, or comparable events)
 may only be provided if (i) a legitimate business purpose exists for such entertainment
 and (ii) such entertainment is reasonable and not excessive (e.g., 3 days of golf for
 a 1-day seminar is excessive and not reasonable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tickets
 received in relation to (i) an event sponsorship or (ii) received on behalf of
 a charitable contribution that Access Persons give or receive to guests are considered entertainment
 and require reporting to StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 may never pay or accept payment of Entertainment or similar expenditures if they are not
 commensurate with local custom or practice or if you know or have reason to know that they
 are not permitted under the applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment
 provided to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value,
 as described below.

Access Persons are required to follow the approval process set forth below, and in this Policy, to obtain the requisite approvals in StarCompliance, if any, before or after giving or receiving Gifts or Entertainment.

Gifts, Entertainment, Payments & Preferential Treatment

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Further, the U.S. federal government, each state, and many local jurisdictions have Domestic Officials, and in some cases their spouse or children. These laws range from absolutely prohibiting such Gifts and Entertainment to permitting them as long as there is no intent to influence a specific official decision with the Gift or Entertainment. In addition, providing Gifts and Entertainment to Foreign Officials can have implications under applicable foreign gift law as well as the Foreign Corrupt Practices Act (FCPA), as discussed below. Therefore, the Policy establishes reasonable limits and procedures relating to giving and receiving Gifts and Entertainment. To ensure TCW is in compliance with these laws, Access Persons must obtain approval prior to providing any Gift or Entertainment to, at the request of, or for the benefit of, a Foreign Official, Domestic Official, Union Official, or his or her spouse or child, as further described below.

If approval is required, Access Persons should request approval through StarCompliance, and wait for a decision before taking any action. Access Persons are prohibited from making any unilateral decisions as to whether a gift or entertainment is within the scope of the relevant rules, including whether a gift is personal in nature. The Administrator of the Code of Ethics shall review the submission with your department head and the Approving

Officers, as appropriate. Access Persons are required to log non-personal gifts & entertainment given or received regardless of amount in StarCompliance. Refer to the table below which describes the Gifts & Entertainment for which a log may be required. If you have any doubt about whether a Gift or Entertainment requires approval, you should err on the side of caution and seek approval. Notwithstanding the foregoing, in light of the impromptu nature of some Entertainment, approval for Access Persons providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving Gifts or Entertainment. It is the Access Person's responsibility to seek prior approval from the Administrator of the Code of Ethics for Gifts and Entertainment which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where Gifts or Entertainment may be given or received. Repeated reliance on the impromptu nature of giving or receiving Gifts or Entertainment may be considered a violation of this Policy and may result in disciplinary action.

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*Gifts Provided By the Firm/Access Persons*

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|:---|:---|
| &nbsp;&nbsp;Type of Gift To Be Given | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;Cash Gifts (including gift cards) | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Token Gifts (e.g. bottles of wine, fruit baskets, books) under $100 (unless given to a Foreign Official or Domestic Official) Gifts that display TCW's logo which are of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that are substantially below the $100 limit does not require reporting. | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence is required to StarCompliance regardless of amount.<br> Pre-Approval Required for Foreign Official or Domestic Official. |
| &nbsp;&nbsp;Gifts in excess of $100 that seem appropriate under the circumstances | &nbsp;&nbsp;Pre-Approval Required |
| &nbsp;&nbsp;Personal Charitable Gifts given where the recipient has a known business relationship with or a connection to a client or potential client of the Firm | &nbsp;&nbsp;Pre-Approval Required |
| &nbsp;&nbsp;Gifts to Foreign Officials or Domestic Officials (regardless of value) | &nbsp;&nbsp;Pre-Approval Required |
| &nbsp;&nbsp;Charitable Gifts given on behalf of the Firm | &nbsp;&nbsp;Pre-Approval Required. The Charitable Contribution request form must be completed before making the Gift. |
| &nbsp;&nbsp;Gifts by TCW Funds Distributors LLC, a limited-purpose broker-dealer ("TFD") Registered Persons aggregating less than $100 per year | &nbsp;&nbsp;No Approval Required, But Each Individual Must Maintain Their Own Log On StarCompliance Within 30 Days of Occurrence Showing:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Name of recipient(s)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Date of Gift(s)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Value of Gift(s) |
| &nbsp;&nbsp;Gifts by TFD Registered Persons in excess of $100 per individual per year that do relate to the business of the recipient's employer | &nbsp;&nbsp;&nbsp;&nbsp;Prohibited with exclusions.<br>Personal Gifts Exclusions: The prohibition does not apply to personal gifts such as:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts of a de minimis value (e.g. pens, notepads or modest desk ornaments) or to promotional items of nominal value that display the Firm's logo (e.g. umbrellas, tote bags, or shirts). In order for a promotional item to fall within this exclusion, it must be substantially below the $100 limit.<br>&nbsp;&nbsp;&nbsp;&nbsp;2. A wedding gift or a congratulatory gift for the birth of a child, provided that these gifts are not "in relation to the business of the employer of the recipient." ACE must be contacted in order to review factors including (1) the nature of any pre-existing personal or family relationship between the person giving the gift and the recipient; and (2) if the Firm bears the cost of the gift, either directly or by reimbursing the employee. |

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|:---|:---|
| &nbsp;&nbsp;Type of Gift To Be Given | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;Gifts to Unions or Union Officers | &nbsp;&nbsp;Pre-Approval Required. The Request Form for Approval for Gift/Entertainment must be completed before making the gift. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| &nbsp;&nbsp;Gifts to officers of TCW Affiliates | &nbsp;&nbsp;No Approval or Reporting Required if only provided to officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $100/ person.<br> Reporting within 30 days of occurrence is required if the value of the gift is above $100/person to StarCompliance. |
| &nbsp;&nbsp;Gifts provided to same recipient exceeding more than $100/person per quarter in one calendar year | &nbsp;&nbsp;Pre-Approval Required |

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*Entertainment and Hospitality Provided by the Firm/Access Persons*

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|:---|:---|
| &nbsp;&nbsp;Amount | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;Total entertainment value of $250 or less per person and<br> $2,500 or less in aggregate per event<br> Examples: Tickets to events, meals, transportation and lodging expenses received by the third party. | &nbsp;&nbsp;No Approval Required<br> Reporting to StarCompliance within 30 days of occurrence is required regardless of amount. |
| &nbsp;&nbsp;Greater than $250 per person or $2,500 or more in aggregate per event | &nbsp;&nbsp;Pre-Approval Required |

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|:---|:---|
| &nbsp;&nbsp;On-premise meals at TCW offices or at the third party provider's place of business | &nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval is required for Union Officers, Foreign Officials or Domestic Officials.<br>Otherwise, certain on-premise meals at TCW offices or at the third party provider's place of business are not considered entertainment (and not reportable to StarCompliance) if any one or more of the following factors below:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. The meal is not extravagant (under $250/person, or $2500 aggregate total)<br>&nbsp;&nbsp;&nbsp;&nbsp;2. The meal does not involve alcoholic drinks<br>&nbsp;&nbsp;&nbsp;&nbsp;3. Office snacks, including coffee, soft drinks, bottled water, donuts/pastries, and similar snacks or beverages provided to employees on the business premises.<br>&nbsp;&nbsp;&nbsp;&nbsp;4. A meal is provided by or for an industry-sponsored convention or seminar |
| &nbsp;&nbsp;Attendance and participation at educational or industry sponsored events (for example, tickets for attendance or purchasing a table at an industry conference) | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |

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| | |
|:---|:---|
| &nbsp;&nbsp;Amount | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;If provided to Unions or Union Officers | &nbsp;&nbsp;The Request Form for Approval for Gift/Entertainment must be completed before making the entertainment. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| &nbsp;&nbsp;If provided to a Foreign Official or Domestic Official<br> (regardless of value) | &nbsp;&nbsp;Pre-Approval Required |
| &nbsp;&nbsp;Entertainment to officers of TCW Affiliates | &nbsp;&nbsp;No Approval or Reporting Required if only provided for officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $250/ person.<br> Reporting within 30 days of occurrence is required if the value of the entertainment is above $250/person to StarCompliance. |
| &nbsp;&nbsp;Entertainment provided to same recipient exceeding more than<br> $250/person per quarter in one calendar year | &nbsp;&nbsp;Pre-Approval Required |

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Note that officials and employees of public pension plans, school districts or federal, state and local government officials or state-owned entities should also be treated as Domestic Officials subject to the pre-approval requirement, given that many are covered under applicable gift laws as governmental entities. For public pension plans, and in some cases other clients, Gifts or Entertainment may have to be disclosed by the Firm in response to client questionnaires and may reflect unfavorably on the Firm in obtaining business. Receipt of Gifts may even lead to disqualification. Therefore, discretion and restraint is advised.

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*Gifts and Entertainment Received by Firm Personnel*

You should not accept Gifts that are of excessive value (generally, $100 or more) or inappropriate under the circumstances. Access Persons are required to report and seek approval for any gift that they receive worth more than $100 to the Administrator of the Code of Ethics.

If a Gift has a value over $100 and is not approved as being otherwise appropriate, you should (i) reject the Gift, (ii) give the Gift to the Administrator of the Code of Ethics who will return it to the person giving the Gift (you may include a cover note), or (iii) if returning the Gift could affect friendly relations between a third party and the Firm, give it to the Administrator of the Code of Ethics, which will donate it to charity.

If the host of an event is personally present at the event, the event will be considered Entertainment; otherwise, it will be considered a Gift. You should not accept any invitation for Entertainment that is excessive or inappropriate under the circumstances. There may be some circumstances where it is difficult to reject an invitation or provision of hospitality or Entertainment. Where rejecting such an invitation or provision of hospitality could affect friendly relations between a third party and the Firm, use your best judgment and promptly report the entertainment or hospitality to the Administrator of the Code of Ethics. The Administrator of the Code of Ethics shall review such situation with your department head and the Approving Officers, as appropriate. No absolute rules exist, so good judgment must be exercised, considering the context, circumstances, and frequency of the Entertainment or hospitality. For example, approval might be required for an out-of-town sporting event, but not for a business conference in the same venue.

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In light of the nature of Gift-giving and the impromptu nature of some Entertainment, approval for Access Persons accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting Gifts or Entertainment. Where prior approval is not possible with respect to impromptu Gifts or Entertainment, the Access Persons receiving such Gift or Entertainment must seek approval as soon as is reasonably practicable. If such Gift or Entertainment received is impermissible under U.S. or local laws, then the Administrator for the Code of Ethics may require the Access Persons to return the Gifts or reimburse such Entertainment received.

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| | |
|:---|:---|
| &nbsp;&nbsp;Type of Gift/Entertainment Received | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;Cash Gifts (including gift cards) | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Solicitation by Access Persons of Gifts from clients, suppliers, brokers, business partners, or potential business partners | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Appropriate Gifts with value of $100 or less\*<br> Promotional gifts of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that display a firm's logo that are substantially below the $100 limit does not require reporting. | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;Tickets(s) to attend an industry conference or seminar paid by a vendor or other third party (note that payment of airfare, accommodations, meals and other expenses paid by such vendor or third party would still require approval, unless exempted per the Speaker Exemption below) | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;Gifts believed to have a value in excess of $100, that seem appropriate under the circumstances\* | &nbsp;&nbsp;Pre-approval Required<br> Gifts above $100 to TCW Funds Distributors LLC Registered Persons are prohibited. |
| &nbsp;&nbsp;Gifts $100 or less given to a wide group of recipients (e.g. closing dinner Gifts, holiday Gifts)\* | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;Gifts received from the same donor more than twice in a calendar year exceeding more than $100\* | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;Entertainment received of $250 or less per person<br> Examples: Tickets to events, meals, *transportation* and lodging expenses paid for by the third party.<br> *Shared ground transportation (i.e. shuttle, van, etc.) provided by the third party with respect to similar entities is not considered entertainment.* | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |
| &nbsp;&nbsp;Entertainment provided by same donor exceeding more than $250/person per quarter in one calendar year | &nbsp;&nbsp;Pre-approval Required |
| &nbsp;&nbsp;Entertainment over $250 per event\* | &nbsp;&nbsp;Pre-approval Required |

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| | |
|:---|:---|
| &nbsp;&nbsp;Type of Gift/Entertainment Received | &nbsp;&nbsp;Approval Required |
| &nbsp;&nbsp;Out-of-town accommodations and airfare for business conference or other industry event paid by sponsor as speaker expenses, or on the same basis as other attendees (the "Speaker Exemption") | &nbsp;&nbsp;No Approval Required<br> Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;Other out-of-town travel expenses, other than on a business trip or industry conference that is customary and usual for business purposes | &nbsp;&nbsp;Pre-approval Required |

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\*For Investment Personnel only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 Gifts and Entertainment, of any value, received from broker/dealers must be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 Gifts received from broker/dealers with a value in excess of $100/person are prohibited and
 should be returned to the broker/dealer or turned over to Compliance for appropriate disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 an Investment Personnel is granted approval to accept entertainment with a value in excess
 of $250 per event from a broker/dealer, that person must personally pay the amount in excess
 of $250 and must maintain records indicating such payment.

Foreign Corrupt Practices Act (FCPA)

The FCPA permits small payments to low-level Foreign Officials (typically in countries with pervasive corruption) to expedite or secure the performance of non-discretionary government action (e.g., processing governmental papers, providing police protection, and providing mail service) under limited circumstances ("Facilitating Payments"). Nevertheless, because such payments may be illegal under the local law of the foreign country involved and/or other applicable anti-corruption laws and rules, such as the Bribery Act, this Policy prohibits Firm Personnel from making such payments, regardless of whether such payments would be permissible under the FCPA and requires pre-approval for any Gifts or Entertainment provided to Foreign Officials.

Statement of Purpose

TCW (the "Firm") is committed to complying with all applicable anti-corruption laws and rules, including, but not limited to, the U.S Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the U.S. Travel Act (the "Travel Act"), the U.K. Bribery Act of 2010 (the "Bribery Act") and any laws enacted pursuant to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the "OECD Convention"). The purpose of this Anti-Corruption Policy (the "Policy") is to ensure compliance with all applicable anti-corruption laws and rules.

Of course, no policy can anticipate every possible situation that might arise. As such, Firm Personnel (defined below) are encouraged to discuss any questions that they may have relating to the Policy with their supervisor, Firm contact or the Legal or Compliance Departments. When in doubt, Firm Personnel should seek guidance.

Scope

This Policy is mandatory and applies to all directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located (collectively referred to as "Firm Personnel"). Violations of this Policy may result in disciplinary action, up to and including termination of employment and referral to regulatory and criminal authorities.

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Prohibited Conduct

Firm Personnel shall not, directly or indirectly, make, offer, or authorize any gift, payment or other inducement for the benefit of any person, including a Foreign Official or Domestic Official, with the intent that the recipient misuse his/her position to aid the Firm in obtaining, retaining, or directing business.

"Foreign Official" includes government officials, political party leaders, candidates for public office, employees of state-owned enterprises (such as state-owned banks or pension plans), employees of public international organizations (such as the World Bank or the International Monetary Fund), and close relatives or agents of any of the foregoing. Because U.S. regulators have a very broad view of what constitutes a "Foreign Official," Firm Personnel should err on the side of caution by treating counter-parties as Foreign Officials when in doubt.

"Domestic Official" means any officer or employee of any government entity, department, agency, or instrumentality (federal, state, or local) in the U.S., candidates for public office, and close relatives or agents of any of the foregoing.

For purposes of this Policy, Foreign Official and Domestic Official also includes individuals who have actual influence in the award of business and any person or entity hired to review or accept bids for a government entity.

All payments, whether large or small, are prohibited if they are, in substance, bribes or kickbacks, including, cash payments, gifts, and the provision of hospitality and entertainment expenses. Personal funds (your own or a third party's) must not be used to accomplish what is otherwise prohibited by this Policy.

Firm Personnel are also prohibited from requesting, agreeing to accept, or accepting Gifts from any third party in exchange for or as a reward for improper or unapproved performance of their job responsibilities.

Health or Safety Exception

Facilitating Payments are permitted in rare circumstances when the health or safety of Firm Personnel (or anyone else) is at risk. If a payment is made pursuant to this limited exception, Firm Personnel must report the payment and circumstances to the Legal Department as soon as possible after the health or safety of the individual(s) is no longer at risk. The payment must also be accurately recorded in the Firm's books and records.

Third Party Representatives

Under the FCPA and other anti-bribery laws, the Firm may be held responsible for the misconduct of its agents, representatives, business partners, consultants, contractors or any other third party engaged to act on the Firm's behalf (collectively "Third Party Representatives"). As such, prior to entering into an agreement with any Third Party Representative regarding business outside the United States, the Firm shall perform anti-corruption related due diligence and obtain from the Third Party Representative appropriate assurances of compliance in accordance with this Policy. The Legal Department is required to approve all engagements with Third Party Representatives. Any anti-corruption compliance issue that comes to the attention of any Firm Personnel must be reported to the General Counsel and addressed before proceeding with the relevant transaction or doing business with or through a Third Party Representative.

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Firm Personnel should be alert to the activities of any Third Party Representative with whom they interact and promptly report any suspicious activity to the Legal Department. Firm Personnel should be especially alert to Third Party Representatives who are located in or interact with individuals in countries with high levels of corruption (the United States Department of Justice and Transparency International maintain internet-accessible lists of countries where corruption is a concern). Firm Personnel must consult with the Legal Department whenever encountering a situation involving any anti-corruption issue, including a Red Flag, or any other similar situation.

It is important for Firm Personnel to identify and report anti-corruption compliance issues in the ordinary course of business. To this end, the following shall apply to all Firm Personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Familiarize
 yourself with the examples of Red Flags listed in this Policy; Attend anti-corruption training
 as applicable so you can identify the types of situations that may raise Red Flags or other
 compliance concerns that are not enumerated in this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Be
 vigilant in detecting Red Flags; it is prohibited to "consciously avoid" or "close
 your eyes" to a violation or to a Red Flag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Look
 out for Red Flags both before and during a relationship with any transaction partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If
 you have information concerning a potential Red Flag, contact the General Counsel immediately.

No Firm Personnel who in good faith provides information regarding a possible Red Flag will suffer any retaliation or adverse employment decision as a consequence of such report.

The existence of a Red Flag does not necessarily mean that a violation has occurred or will occur. However, once a Red Flag arises, Firm Personnel must report the Red Flag to the Legal Department who will oversee a reasonable inquiry into the circumstances surrounding the Red Flag. Upon request, other Firm Personnel will cooperate with and assist in the review of the Red Flag. The extent of this inquiry will depend on the facts of the particular situation and the degree of risk involved.

Red Flag Reporting

Firm Personnel are required to promptly report to the General Counsel any situations that raise anti-corruption compliance Red Flags. All Firm Personnel are expected to be alert to any Red Flags or other situations that may indicate any compliance issues. The existence of a Red Flag requires additional diligence to address potential problems before a transaction may go forward. Red Flags include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 request for reimbursement of extraordinary, poorly documented, or last minute expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 request for payment in cash, to a numbered account, or to an account in the name of someone
 other than the appropriate counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 request for payment in a country other than the one in which the transaction is taking place
 or counterparty is located, especially if it is a country with limited banking transparency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 unreasonable request (taking into consideration the circumstances of the request, including
 the size of payment and the timing of the request) for payment in advance or prior to an
 award of a contract, license, concession, or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 refusal by a party to certify that it will comply with the requirements and prohibitions
 of this Policy, applicable anti-corruption laws and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 refusal, if asked, to disclose owners, partners, or principals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use
 of shell or holding companies that obscure an entity's ownership without credible explanation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As
 measured by local customs or standards, or under circumstances particular to the party's
 environment, the party's business seems understaffed, ill equipped, or inconveniently
 located to undertake its proposed relationship with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 party, under the circumstances, appears to have insufficient know-how or experience to provide
 the services the Firm needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the case of engaging a Third Party Representative, the potential Third Party Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o has
 an employee or a family member of an employee in a government position, particularly if the
 family member is or could be in a position to direct business to the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is
 insolvent or has significant financial difficulties that would reasonably be expected to
 impact its dealings with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o displays
 ignorance of or indifference to local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is
 unable to provide appropriate business references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o lacks
 transparency in expenses and accounting records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is
 the subject of credible rumors or media reports of inappropriate payments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o requests
 payment that is disproportionate to the services provided.

Mandatory Reporting

Firm Personnel and Third Party Representatives are required to promptly report to the General Counsel or Chief Compliance Officer any instance in which they believe that they, or any other Firm Personnel or Third Party Representative may have violated this Policy. All suspected violations of this Policy, including minor violations, should be reported. For example, a failure to obtain pre-approval before giving Gifts in excess of $100 should be reported. In addition, Firm Personnel and Third Party Representatives must alert the General Counsel or Chief Compliance Officer if anyone solicits improper Gifts, payments or other inducements from them, including any request made by Foreign Official or Domestic Official for a payment that would be prohibited under this Policy or any other actions taken to induce such a payment.

Firm Personnel may also report suspected violations of this Policy as specified in the Firm's Whistleblower Policy.

Books and Records

The Firm is required to maintain books and records that accurately reflect the Firm's transactions, use of Firm assets, and other similar information. The Firm is also required to maintain the internal accounting controls necessary to maintain proper control over the Firm's actions. The Firm should not create any undisclosed or unrecorded accounts for any purpose. False or artificial entries are not to be made in the books and records of the Firm for any reason.

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Outside Business Activities

General

The Firm discourages employees from holding outside employment, including consulting. In addition, an employee may not engage in outside employment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interferes,
 competes, or conflicts with the interests of the Firm or gives an appearance of a conflict
 of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employment
 in the securities brokerage industry is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employees
 must abstain from negotiating, approving, or voting on any transaction between the Firm and
 any outside organization with which they are affiliated, except in the ordinary course of
 providing services for the Firm and on a fully disclosed basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· encroaches
 on normal working time or otherwise impairs performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· implies
 Firm sponsorship or support of an outside organization, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adversely
 reflects directly or indirectly on the Firm.

A conflict of interest may arise if an employee is engaged in an outside business activity ("OBA") or receives any compensation for outside services that may be inconsistent with the Firm's business interests. Examples of OBAs may include, but are not limited to, the following with any non-TCW entities or organizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside
 employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving
 in any capacity of any non-affiliated company or institution, including positions in TCW
 investment-related entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accepting
 appointment as a fiduciary, including executor, trustee, guardian, conservator or general
 partner, except for the employee or immediate family for estate planning and other non-commercial
 and personal purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Honorariums,
 public speaking appearances or instruction courses at educational institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing
 investment advice, or any other financial services to, any person, organization or association,
 including any that are exclusively charitable, fraternal, religious, civic and are recognized
 as tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regardless
 if compensation is received or not, ANY active role/position you have with an outside entity
 or organization.

Obtaining Approval/Reporting

All employees are required to obtain pre-approval before engaging in any OBA by submitting an Outside Business Activity request through StarCompliance. The Administrator of the Code of Ethics will then coordinate the approval and reporting process.

Each employee that has disclosed an OBA must submit an updated request in StarCompliance upon material changes to the activity or role involved. For example, if an employee that serves on a Board were to become an officer such as Treasurer in addition to serving on the Board. Any position involving investment advice may be subject to conditions to prevent conflicts of interest.

All employees are required to complete the Report on Outside Business Activity annually in StarCompliance.

In addition, all employees are required to submit an initial Outside Business Activity request upon their hire through Human Resources, if they have any OBA.

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Political Activities & Contributions

Introduction

In the U.S., both federal and state laws impose restrictions on certain kinds of political contributions and activities. Federal law prohibits foreign nationals (i.e., non-U.S. entities or individuals who are neither U.S. citizens nor permanent U.S. residents) from making or otherwise having any input into decisions regarding such contributions. Accordingly, the Firm has adopted policies and procedures concerning political contributions and activities regarding federal, state, and local candidates, political parties, and political committees.

This policy applies to the Firm and all Access Persons, and in some cases to affiliates, consultants, placement agents and solicitors working for the Firm. Failure to comply with these rules could result in civil or criminal penalties for the Firm and the individuals involved or loss of business for the Firm.

These policies are intended to comply with these laws and regulations and to avoid any appearance of impropriety. These policies are not intended to otherwise interfere with an individual's right to participate in the political process. If you have any questions about political contributions or activities, contact the Administrator of the Code of Ethics.

General Rules

All persons are prohibited from making, fundraising, or soliciting political contributions where the purpose is to assist the Firm in obtaining or retaining business. This includes using Firm resources for political activities.

No Access Person shall apply pressure, direct or implied, on any other employee (including, in particular, subordinates) that infringes upon an individual's right to decide whether, to whom, in what capacity, or in what amount or extent, to engage in political activities.

All persons are prohibited from doing indirectly or through another person anything prohibited by these policies and procedures or to avoid a required review for approval.

Rules Governing Firm Contributions and Solicitation Activities

Federal and many state election laws prohibit TCW from making corporate political contributions. Further, as a registered investment adviser, TCW is subject to U.S. Securities and Exchange Commission ("SEC") Rule 206(4)- 5, which restricts making or soliciting political contributions to certain state and local restricted recipients or any other attempt to do indirectly what the Rule prohibits from being done directly. In addition, various U.S. states and localities maintain their own pay-to-play laws.

To ensure compliance with these laws, Firm employees may not cause TCW to make or solicit political contributions, including not only monetary contributions from corporate funds but also use of corporate personnel or facilities, without obtaining prior approval from the Approving Officers. This includes the following activity:

Using Firm resources for political activities (e.g., engaging in volunteer campaign activity, such as raising funds for, or other activity benefiting, a candidate campaign, political party or PAC),, including the use of photocopier paper for political flyers, or Firm-provided refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using
 Firm resources for political activities (e.g., engaging in volunteer campaign activity, such
 as raising funds for, or other activity benefiting, a candidate campaign, political party
 or PAC), including the use of photocopier paper for political flyers, or Firm-provided refreshments
 at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directing
 other employees, including, in particular, subordinates, to participate in federal, state,
 and/ or local fundraising or other political activities, except where those employees have
 voluntarily agreed to participate in such activities. Any Access Person who has obtained
 approval to use the services of an employee
(whether or not in the same reporting line) for political activities must inform the employee that his or her participation is strictly
voluntary and that he or she may decline to participate without the risk of retaliation or any adverse job action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using
 any TCW branded resources such as letterhead, email signature blocks, logos or other identifiers
 of TCW,
in connection with soliciting any political contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using
 the Firm's funds for any political contributions to state or local candidates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making
 any political contribution in the Firm's name,

Federal law and Firm policy allow an individual to engage in limited personal, volunteer political activities on company premises on behalf of a federal candidate that does not currently hold state or local office if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 individual obtains approval before the activities occur. Contact the Administrator of the
 Code of Ethics to request approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 political activities are isolated and incidental (they may not exceed 1 hour per week or
 4 hours per month),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 activities do not prevent the individual from completing normal work or interfere with the
 Firm's normal activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 activities do not raise the overhead of the Firm (for example, result in phone charges, postage
 or delivery charges, use of Firm materials), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 activities do not involve services performed by other employees (including secretaries, assistants,
 or other subordinates) unless the other employees voluntarily engage in the political activities.

TCW follows the above policy for activities related to state and local elections.

Rules for Access and Covered Persons

*Responsibility for Personal Contribution Limits*

Federal law and the laws of many states and localities establish contribution limits for individuals. Each Access Person is responsible for knowing and remaining within those limits.

*Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity*

Each TCW Access Person, and their Covered Person(s) (i.e. spouse, domestic partner and relative or significant other sharing the same house), must submit a Political Contribution Request Form to the Administrator of the Code of Ethics and obtain pre-approval before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· making
 or soliciting any Contribution to, or engaging in any other fundraising for a current holder
 or candidate for a state, local or federal elected office, or a campaign committee, political
 party committee, proposition, referendum, initiative, 501(c)4 organization, other political
 committee (e.g., PAC or Super PAC) or 527 political organization (example: Republican, Democratic
 Governors Association) inaugural committee or transition team of a successful candidate.
 A Contribution includes anything of value given or paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o influence
 any election for foreign, federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay
 any debt incurred in connection with such election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay
 any transition or inaugural expenses incurred by the successful candidate for state or local
 office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· volunteering
 their services to a political campaign, political party committee, proposition, referendum,
 initiative, political action committee ("PAC") or political organization.

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Any solicitation or invitations to fundraisers by an Access Person or Covered Person on behalf of candidates, party committees or political committees that is approved pursuant to the above must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· originate
 from the individual's home address or personal email address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make
 clear that the solicitation is not sponsored by the Firm,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make
 clear that the contribution is voluntary on the part of the person being solicited,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 take place on the Firm's premises, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 direct employees, including, in particular, subordinates, to participate in soliciting and
 fundraising (except where those employees have voluntarily agreed to participate in such
 activities and sought pre- approval to participate).

Access Persons are required to affirm after the end of each calendar quarter that they have reported all political contributions and volunteer services they, and each of their spouse, domestic partner and relative or significant other sharing the same house, have provided during the quarter.

New Hires

TCW considers all employees to be Covered Associates. New hires may not be made without the prior review of their political contributions and activities by Compliance. Human Resources will gather information on any new hire and provide this to Compliance for review. This information shall include details about the political contributions or activities of the new hire. Legal and Compliance may exempt individuals or categories of employees from this review.

Participation in Public Affairs

The Firm encourages its employees to be involved in public affairs and political processes. Normally, participation in public affairs takes place outside of regular business hours. If participation in public affairs requires corporate time, or you wish to accept an appointive federal, state or local office, or you want to run for elective office, contact the Administrator of the Code of Ethics in order to request approval.

If you are running for office, you must campaign on your own time. You may not use Firm property or resources without proper reimbursement to the Firm.

Employees participating in political activities do so as individuals and not as representatives of the Firm. You may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use
 either the Firm's name or its address in material you mail or fundraising, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identify
 the Firm in any advertisements or literature, except as necessary biographical information.

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Lobbying

The federal government, each state and certain localities have laws requiring registration and reporting by lobbyists and in some cases, also by the lobbyist's employer. Lobbying activity generally includes attempts to influence the passage or defeat of legislation, but can also include efforts to influence an agency's formal rulemaking, or the agency's decision to enter into a contract or other financial arrangement (such as meetings to procure government contracts with public pension funds, school districts or federal, state and local government officials or entities).

To ensure that TCW and its employees are in compliance with these laws, Employees must comply with the following:

Employees may not engage in any lobbying activities on behalf of TCW without prior written approval from the Administrator of the Code of Ethics. This also includes the retention of any outside lobbyists that would be hired to lobby on behalf of TCW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 addition, if you plan to communicate with a Domestic Official but are not sure whether your
 activities would be considered lobbying, contact the Administrator of the Code of Ethics
 before engaging in any such activities.

If you are communicating with Domestic Officials solely for the purpose of providing services under an existing contract, you need not obtain pre-approval for those communications.

Other Employee Conduct

Personal Loans

You may not borrow from clients or from Firm vendors or service providers, except those who engage in lending in the usual course of their business and then only on terms offered to others in similar circumstances, without special treatment. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm Employees must not take for their own advantage a business opportunity that rightfully belongs to the Firm. Whenever the Firm has been actively soliciting a business opportunity, or the opportunity has been offered to it, or the Firm's funds, facilities, or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to the Firm and not to employees who may be in a position to divert the opportunity for their own benefits.

Examples of improperly taking advantage of a corporate opportunity include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· selling
 information to which an employee has access because of his/her position,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· acquiring
 any property interest or right when the Firm is known to be interested in the property in
 question,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receiving
 a commission or fee on a transaction that would otherwise accrue to the Firm, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· diverting
 business or personnel from the Firm.

Disclosure of a Direct or Indirect Interest in a Transaction

If you or any family member have any interest in a transaction (whether on behalf of a client or the Firm), that interest must be disclosed, in writing, to the General Counsel or the Chief Compliance Officer to allow assessment of potential conflicts of interest.

You do not need to report any interest that is otherwise reported in accordance with the Personal Investment Transactions Policy.

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Example of an interest that should be disclosed: conducting TCW business with a vendor or service provider who is related to you or for which your parent, spouse, or child is an officer should be disclosed.

Corporate Property or Services

You may not purchase or acquire corporate property or use the services of other employees for personal purposes. For example, you may not use inside counsel for personal legal advice absent approval from the General Counsel or use of outside counsel for that advice at the Firm's expense.

Use of TCW Stationery

You may not use corporate stationery for personal correspondence or other non-job-related purposes.

Giving Advice to Clients

The Firm cannot practice law or provide legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid
 statements that might be interpreted as legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid
 giving clients advice on tax matters, the preparation of tax returns, or investment decisions,
 except as appropriate in the performance of a fiduciary or advisory responsibility, or as
 otherwise required in the ordinary course of your duties.

Confidentiality

Generally, all information relating to past, current, and prospective clients is confidential and is not to be discussed with anyone outside the organization under any circumstance. All employees, including on-site and off-site temporary employees, and consultants will be required to sign and adhere to a Confidentiality Agreement. You should report violations of the Confidentiality Agreement to the Chief Compliance Officer.

Sanctions

The Firm may impose such sanctions it deems appropriate upon discovering a violation of this Code, including, but not limited to, an oral or written reprimand, supplemental training, a reversal of a transaction and disgorgement of profits, demotion, and suspension or termination of employment.

Reporting Illegal or Suspicious Activity - "Whistleblower Policy"

Policy

The Firm is committed to compliance with the law and its policies in all of its operations. The Firm's employees can provide early identification of significant issues that arise with compliance with policies and the law. The Firm's policy is to create an environment in which its employees can report these issues in good faith without fear of reprisal.

The Firm requires that all employees report activity that is illegal or does not comply with the Firm's policies and procedures ("Compliance Issues"), including this Code. Reports about Compliance Issues will be held confidentially by the Firm except as otherwise required to investigate and address the issues raised. The Firm expects the exercise of the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is being overlooked, one first step could be to bring the issue to the attention of the party charged with the operation of the policy. If, however, you believe that a policy is not being followed and feel uncomfortable bringing it to the attention of the person involved, you may follow the other procedures set forth in this policy.

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Procedure

In some cases, an employee should be able to resolve issues or concerns with their manager or, if appropriate, other management senior to their manager. However, this may fail or the employee may have legitimate reasons to choose not to notify management. In such cases, the Firm has established a system for employees to report Compliance Issues.

An employee who has a good faith belief that a Compliance Issue may occur or is occurring is required to come forward and report under this policy. "Good faith" means that the employee believes that they are disclosing information that is truthful, but it does not require that a reported concern is correct.

The report should be made to the General Counsel or an Associate General Counsel, and may be made in person, in writing, via email at <u>TCWWhistleblower@tcw.com</u> or via the TCW whistleblower line at (213) 244-0055. The whistleblower email and line is only directly accessible by the General Counsel. Reports may also be made anonymously via the whistleblower line or the whistleblower drop box located in the pantry on the 28th floor of the Los Angeles office and in the Town Hall pantry in the New York office; however, the Firm encourages employees to identify themselves when making a report to facilitate follow-up communication. When making a report, employees should state in as much detail as possible the facts that raised a concern.

The General Counsel will consult with others. Depending on the nature of the matters covered by the report and other relevant facts and circumstances, the other persons consulted may include other members of the Legal team, the Chief Compliance Officer and other members of the Compliance team, outside counsel and/ or independent investigators, as appropriate, about the investigation. If deemed necessary and appropriate, a formal or informal investigation may be conducted by the General Counsel and Legal team or an external party.

The Firm understands the importance of maintaining confidentiality of the reporting employee. The identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, or self-regulatory organization, or as an essential part of completing the investigation. The employee making the report will be advised if confidentiality cannot be maintained. To the extent practicable, employees will be kept apprised of the Firm's response to their reports.

The Chief Compliance Officer will follow up to assure that the investigation is completed, that any Compliance Issue is addressed, and that no acts of retribution or retaliation occur against the person reporting violations or cooperating in an investigation in good faith.

Each quarter (or more frequently as necessary), the General Counsel will provide TCW's Board of Directors with an update regarding the status of each report received under this policy during the preceding quarter. Employees may also contact the SEC's Office of the Whistleblower at (202) 551-4790 or via fax at (703) 813-9322, or via the California Office of the Attorney General's whistleblower hotline at (800) 952-5225. The Attorney General refers calls received on its whistleblower hotline to an appropriate governmental authority for review and possible investigation.

Submitting a report that is known to be false is a violation of this Reporting of Illegal or Suspicious Activity Policy.

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Glossary

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| |
|:---|
| A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Person(s) -– Includes all of the Firm's directors, officers, and employees, except those who (i) do not devote substantially all working time to the activities of the Firm, and (ii) do not have access to information about the day to-day investment activities of the Firm. A consultant, temporary employee, or other person may be considered an Access Person depending on various factors, including length of service, nature of duties, and access to Firm information (such as nonpublic information regarding any clients' purchase or sale of securities, portfolio holdings, securities recommendations, or providing investment advice). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account – A separate account and/or a commingled fund (e.g., limited partnership, trust, mutual fund,<br> REIT, and CBO/CDO/CLO). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator of the Code of Ethics – Shall be a member of the Compliance Department, as designated by the Chief Compliance Officer. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approving Officers – The following conflicts of interest situations involving a Covered Officer must be approved by (i) the General Counsel or designated Senior Legal Officer and (ii) the Chief Compliance Officer or designated Senior Compliance Officer(s). |

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| |
|:---|
| B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial Interest – an interest of an Access Person in a security or account of another person under which they (i) can obtain benefits substantially equivalent to owning the security, (ii) can obtain ownership of the security immediately or within 60 days, or (iii) can vote or dispose of the security. |
| C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBO – Collateralized bond obligation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDO – Collateralized debt obligation. A security backed by a pool of bonds, loans, and other assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer – The Chief Compliance Officer of TCW. For purposes of this policy, the term Chief Compliance Officer shall include persons authorized by the Chief Compliance Officer to handle certain matters under this Code of Ethics policy. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLO – Collateralized loan obligation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics or Code – This Code of Ethics. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Account – Any account of an Access Person or Covered Person is a "Covered Account ." Covered Accounts include any personal trading account in which you have a beneficial interest. A non-exhaustive or a representative list of such accounts include: |

---

– Brokerage accounts (i.e. individual, joint, trust, custodial, corporate, LLC); Individual Retirement Accounts (all types); DRIPs, profit sharing, Investment Clubs, and any other account/vehicle that have the ability to trade any non-exempt investment product.

– 401(k), 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other investment account that holds reportable securities or provides the ability to trade any non-exempt investment product.

o Please note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require reporting
as well.

o Accounts held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW Registered
Funds.

– A relative's brokerage account for which the Access Person can effect trades, or an estate for which the Access Person makes investment decisions as executor.

– Direct investments in private funds Covered Person – Spouse, minor child, relative or significant other sharing a house with an Access Person, or any other person, when the Access Person has a "beneficial interest" in the person's accounts or securities.

---

| | | |
|:---|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25 | 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Covered Transaction – A transaction in a Covered Account.

Cryptocurrencies – Cryptocurrencies, like Bitcoin and Ethereum, are pieces of computer code that are not managed by any authority (see Digital Currencies definition, below). Creation, as well as use, is maintained through a distributed ledger, typically a blockchain, that serves as a public financial database.

---

| |
|:---|
| D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Currencies – Digital currency refers to the electronic form of fiat money issued by governments. Unlike Cryptocurrencies, digital currency does not require encryption, and users are required to use secure and unique passwords in order to protect their digital wallets from hacking or theft. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Purchase Plan – An investment service that allows individuals to purchase a security directly from a company or through a transfer agent. Not all companies offer Direct Purchase Plans and the plans often have restrictions on when an individual can purchase. |
| E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment – Generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF – Exchange Traded Fund. A fund that tracks an index but can be traded like a stock. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETN – Exchange Traded Note – An unsecured debt security that tracks an underlying index of securities and trade on a major exchange like a stock. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethical Walls or Informational Barriers – The conscientious use of a combination of trading restrictions and information barriers designed to confine material non-public information to a given individual, group, or department. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act – Securities Exchange Act of 1934, as amended. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt Securities – Those Securities described in the subsection Exempt Securities in the Personal Investment Transactions Policy.<br>Expert Networks – a business model in which a company connects subject matter experts to firm personnel wishing to gain information concerning a particular industry, market segment or topic. These subject matter experts usually possess specialized knowledge in their area of expertise. |
| F |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Commodity – Any futures or option contract that is not based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes currencies (both virtual and non-virtual), equity securities, fixed income securities, and indexes of various kinds. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firm or TCW – The TCW Group of companies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firm Personnel – All directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Official – Includes (i) government officials, (ii) political party leaders, (iii) candidates for office,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) employees of state-owned enterprises (such as state-owned banks or pension plans), and (v) relatives or agents of a Foreign Official if a payment is made to such relative or agent of a Foreign Official with the knowledge or intent that it ultimately would benefit the Foreign Official. |
| G |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel – The General Counsel of TCW. For purposes of this policy, the term General Counsel shall include persons authorized by the General Counsel to handle certain matters under this Code of Ethics policy. |

---

---

| | | |
|:---|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25 | 43 |

---

Gift – Anything of value received without paying its reasonable fair value (e.g., favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses). If something falls within the definition of Entertainment, it does not fall within the category of Gifts.

I

Initial Coin Offerings (ICOs) – An initial coin offering (ICO) is a type of capital-raising activity in the cryptocurrency and blockchain environment. The ICO can be viewed as an initial public offering (IPO) that uses cryptocurrencies and may be considered securities offerings which may need to be registered with the SEC or fall under an exemption to registration under the Exchange Act.

IPO – Initial public offering. An offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

Inside information – Material, non-public information.

Investment Compliance – The support group for certain trading areas that, among others, checks proposed trades and open trades against investment restrictions.

Investment Personnel – Includes (i) any portfolio manager or securities analyst or securities trader who provides information or advice to a portfolio manager or who helps execute a portfolio manager's decision, and (ii) a member of the Investment Compliance Department.

L

Limited Offering – An offering that is exempt from registration under the Securities Act pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the Securities Act. Note that a CBO or CDO is considered a Limited Offering or Private Placement.

Linked Broker – A broker that provides account information by automatic feed to StarCompliance.

LM-10 Information Report – Report required for reporting gifts or entertainment to labor unions or union officials.

Lobbyist – A lobbyist is an individual who is compensated to communicate directly with any state, legislative or agency official to influence legislative or administrative action on behalf of his or her employer or client.

M

Material Information – Information that a reasonable investor would consider important in making an investment decision. Generally, this is information the disclosure of which could reasonably be expected to have an effect on the price of a company's securities.

MetWest – Metropolitan West Asset Management, LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

MetWest Mutual Funds – Metropolitan West Funds, each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by MetWest.

N

Non-Discretionary Accounts – Accounts for which the individual does not directly or indirectly make or influence the investment decisions.

Non-Financial Commodity – Any futures contract based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes commodities that may be physically delivered or agricultural commodities. This extends to environmental commodities like carbon offset credits, emission allowances and renewable energy credits (RECs).

O

Outside Fiduciary Accounts – Certain fiduciary accounts outside of the Firm for which an individual has received the Firm's approval to act as fiduciary and that the Firm has determined qualify to be treated as Outside Fiduciary Accounts under this Code of Ethics.

---

| | | |
|:---|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25 | 44 |

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---

| |
|:---|
| P |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Placements – An offering that is exempt from registration under the Securities Act pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the Securities Act. Note that a CBO or CDO is considered a Limited Offering or Private Placement. |
| R |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REIT – Real estate investment trust. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Person(s) – Any person having a securities license (e.g., Series 6, 7, 24, etc.) with TFD. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Securities List – A list of the securities for which the Firm is generally limited firm-wide from engaging in transactions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 10b5-1 Plan – A rule established by the Securities Exchange Commission (SEC) that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own. Rule 10b5-1 allows major holders to sell a predetermined number of shares at a predetermined time. |
| S |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC – Securities and Exchange Commission. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities – Includes any interest or instrument commonly known as a security, including stocks, bonds, ETFs, ETNs, shares of mutual funds, and other investment companies (including money market funds and their equivalents), options, options on securities, single stock futures, warrants, financial commodities, a derivative linked to a specific security, security-based swaps, or other derivative products and interests in privately placed offerings and limited partnerships, including hedge funds. Includes cryptocurrencies or digital currencies (other than Bitcoin, Ethereum and USDC). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act – Securities Act of 1933, as amended. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single Stock ETF – Exchange Traded Fund allowing for leveraged or inverse trading of a single stock. Single- stock ETFs do not hold a portfolio of stocks; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns. |
| T |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TABF – TCW Asset Backed Finance Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAMCO – TCW Asset Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW or Firm – The TCW Group of companies. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Advisor – Includes TAMCO, TIMCO, MetWest and any other U.S. federally registered advisors directly or indirectly controlled by The TCW Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW ETF Trust – TCW ETF Trust, each of its series, and any other proprietary, registered, exchange-traded funds (ETFs) advised by TIMCO. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Funds – TCW Funds, Inc., each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by TIMCO. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW Registered Funds – Collectively, the TCW Funds, MetWest Mutual Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TSI and TABF), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TPAY, MetWest or any other affiliate, unless otherwise indicated. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFD or TCW Funds Distributors LLC – A limited-purpose broker-dealer (formerly, TCW Brokerage Services). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIMCO – TCW Investment Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPAY - TCW Private Asset Income fund, a registered, closed-end investment company advised by TABF. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSI – TCW Strategic Income Fund, Inc., a registered, closed-end investment company advised by TIMCO. |

---

Endnotes

<sup>1</sup> Certain related companies may include affiliates, economically linked companies, companies in the same sector or industry or any other impacted companies that may be participating in a corporate action.

<sup>2</sup> This may also implicate the TCW and Carlyle Information Barrier, so please contact the General Counsel or the CCO in the event that Carlyle is involved with a Creditors' Committee.

---

| | | |
|:---|:---|:---|
| ![](tm262170d1_ex99-bxpx38img02.jpg) | PPc6133 9/16/25 | 45 |

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## Ex-99.B(P)(40)

**Exhibit 99.B(p)(40)**

![](tm262170d1_ex99bxpx40img01.jpg)

**MORGAN STANLEY INVESTMENT MANAGEMENT**

**PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES**

**July 25, 2025**

**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 5

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** **6** 

A. Personal
 Securities Accounts 6

B. Fully
 Managed Account\* 6

C. Other
 Morgan Stanley Sponsored Accounts 7

D. Non-Morgan
 Stanley Accounts 7

E. Individual
 Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL 7

F. Mutual
 Fund Accounts 8

G. Automatic
 Investment Plan 8

H. Investment
 Clubs 8

I. Cryptocurrencies 8

**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** **9** 

A. General 9

B. Initiating
 a Transaction 9

C. Pre-Clearance
 Valid for One Day Only 9

D. Restrictions
 and Requirements for Investment Personnel 10

E. Restrictions
 and Requirements that apply to Eaton Vance Affiliated Entities 10

F. Restrictions
 and Requirements for PPA Model Personnel 11

G. Omni
 and Those Who Have Access to Flex One 11

H. Employees
 Designated to be "Above the Wall" 12

I. Transacting
 in Morgan Stanley Securities 12

J. Trading
 Derivatives 12

K. Other
 Restrictions 13

L. Other
 Activities Requiring Pre-Clearance 13

**IV.** **HOLDING REQUIREMENTS** **14** 

A. Proprietary
 and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds 14

B. Covered
 Securities 14

C. Holding
 Requirements Specific to MSIMJ Employees 14

D. Holding
 Requirements Specific to HK Type 9 License Holder Employees 14

**V.** **REPORTING REQUIREMENTS** **15** 

A. Initial
 Reporting and Holdings Certification 15

B. Quarterly
 Reporting and Certification 1 5

C. Annual
 Reporting and Holdings Certification 1 6

**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 17

A. Approval
 to Engage in an Outside Business Activity 18

B. Approval
 to Invest in a Private Investment 18

**VII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** **19** 

**VIII.** **ENFORCEMENT AND SANCTIONS** **19** 

**IX.** **RELATED POLICIES** **20** 

**X.** **RECORDKEEPING** **20** 

A. Firm
 Requirements 20

B. MSIM
 Maintenance of Records Relevant to this Code 21

---

| | |
|:---|:---|
| **SCHEDULE A** | **22** |
| **XI. DEFINITIONS** | **24** |
| **SCHEDULE B** | **30** |

---

**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

The Morgan Stanley Investment Management ("MSIM") Public 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") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). 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 a 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.

---

| |
|:---|
| **Who is Subject to This Code?** |
| **ALL MSIM Public Side Employees** and all others deemed Covered Persons in the definitions section of this policy by Compliance. Private Side Employees and AIP Private Markets employees should consult the <u>IM Private Side Supplement to the Global Employee Trading and Investing Policy</u> and the IM Private Side <u>Code of Ethics</u>. |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

<u>Fiduciary Duties</u>

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 such a conflict or potential conflict arises, you must report it immediately to your local
 Compliance group.

In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u>

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements.

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

**Mandatory Training Requirements**

Any late training may result in a **violation.** Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Training Name** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Morgan Stanley Investment Management Initial Disclosure Form | &nbsp;&nbsp;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 |
| &nbsp;&nbsp;Outside Business Interests - New Hires | &nbsp;&nbsp;Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Suspension
 or termination of employment

Non-completion of the Code of Conduct or the Code 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

![](tm262170d1_ex99bxpx40img02.jpg)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Conflicts** 

As per the Firm's <u>Code of Conduct</u>, *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 <u>Outside Business Interests (OBI) System</u>. Consult the <u>Conflicts of Interest InfoPage</u> for additional information.

**Examples of Potential Personal Conflicts include, but are not limited to:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Having
 a personal or family interest in a transaction involving Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Competing
 with Morgan Stanley for the purchase or sale of services.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Taking
 advantage of outside business opportunities that arise because of your position at Morgan
 Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;▪ Engaging
 in personal financial arrangements or certain other personal relationships with other Morgan
 Stanley employees.

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 <u>Preferred Brokers</u>, 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 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.

*<u>Opening a Morgan Stanley Brokerage Account</u>.* 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 by typing <u>myfinances/</u> into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fully Managed Account\*** 

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 EIAC will arrange for duplicate 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 <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 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 approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the <u>Initial Disclosure Process</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 ("<u>TPC</u>") 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 initially via the <u>Initial Disclosure Process</u> 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 as long as the account does not have the ability to trade in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 or not such capability is utilized).

While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) require disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u>).

**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 and sells) 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.

**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 <u>Schedule A</u> 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.

**How to Preclear a Trade and Other Helpful Hints**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open
 the TPC system (type "IMTPC/" into your browser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Select
 the correct account, transaction type (buy/sell) and quantity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clear
 all Covered Securities unless an exemption applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding
 period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Execute
 only after receiving an APPROVAL e-mail from the system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 can only execute within your approval window.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contact
 Compliance with questions prior to trading.

Personal trade requests 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 <u>TPC</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance Valid for the Same Day Market Session Only** 

Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securities through the TPC system during the open market session you intend to execute the trade. If your request is approved, such approval is 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.

**Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restrictions and Requirements for Investment Personnel** 

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restrictions and Requirements that apply to Eaton Vance Affiliated Entities** 

<u>Research Recommendations or Conclusions</u>

Where research recommendations or conclusions are involved, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

<u>Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes</u>

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 her 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.

<u>Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities</u>

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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
 Investment Personnel in your department; or

· Until
 the 5<sup>th</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Restrictions and Requirements for PPA Model Personnel** 

PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.

Please consult your local Compliance if you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Omni and Those Who Have Access to Flex One** 

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.

**Who are PPA Model Personnel?**

**Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.**

**<u>Pre-Clearance Timeline for PPA Model Personnel</u>:**

**On day one, enter pre-clearance request into TPC system.**

**On day one, the request is routed to your DM.**

**On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.**

**On day two (the next business day after DM approval is received) you may execute trade.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Employees Designated to be "Above the Wall"** 

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Transacting in Morgan Stanley Securities** 

Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the <u>Global Employee Trading, Investing and Outside Business Activities Policy (see section 7)</u> and must take place during the designated window periods. Consult MS Today or <u>MSIM Code of Ethics</u> <u>Employee Jive site</u> for the window period announcement prior to trading.

![](tm262170d1_ex99bxpx40img03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Trading Derivatives** 

**MSIM Employees who work in the PPA business 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:

<u>Call Options</u>

*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.**

<u>Put Options</u>

*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.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Other Restrictions** 

<u>Primary and Secondary Public Offerings</u>

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 an 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.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

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 <u>Restricted Lists</u> prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

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.

<u>Changes to Normal Settlement Cycles</u>

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Other Activities Requiring Pre-Clearance** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Activity** | &nbsp;&nbsp;**Resources/Additional Information** |
| &nbsp;&nbsp;**Outside Business Activities** | &nbsp;&nbsp;Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| &nbsp;&nbsp;**Outside Brokerage Accounts** | &nbsp;&nbsp;Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. |
| &nbsp;&nbsp;**Transactions in Private Investments** | &nbsp;&nbsp;Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| &nbsp;&nbsp;**Political Contributions** | &nbsp;&nbsp;Please consult the Firm <u>Policy on U.S. Political Contributions and Activities</u>. |

---

**IV.** **HOLDING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds** 

You may not redeem or exchange Proprietary or <u>Sub-advised Mutual Funds</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 31<sup>st</sup> calendar day or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Holding Requirements Specific to HK Type 9 License Holder Employees** 

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

**V.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of any broker-dealer, bank or financial institution where you maintain an account in
 which any securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date you submitted the Initial Report.

**New Hire Checklist**

**<u>As a new hire, you have 10 calendar days to</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete
 your Initial Disclosure Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclose
 your Outside Business Interests/Accounts, Private Investments.

**<u>Within 30 calendar days of hire you mus</u>**<u>t</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete
 your new hire trainings.

**<u>Within 60 calendar days of Compliance's review you must</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transfer
 and close any non-approved personal securities account.

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, Outside Business Activities 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.

If you have any questions, contact your local Compliance group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 transactions in a Personal Securities Account during the previous quarter you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 amount of any Covered
 Security;

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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;o The
 date you submitted the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 name of the broker-dealer, bank or financial institution with which you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Reporting and Holdings Certification** 

You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of your current brokerage account(s), including those for your Immediate Family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of all securities and current principal amount Beneficially Owned by you in these account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of all your approved Outside Business Activities, and Private Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of financial institutions (broker dealers, banks, transfer agents, etc.) with which
 you maintain an account in which any securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.**

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 and semi-annually in October and April each year.

**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Approval to Engage in an Outside Business Activity** 

You may not engage in any Outside Business Activity, <u>regardless of whether or not you receive compensation</u> 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 in the course of the Outside Business Activity or if the nature of the activity changes, materially.

Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, 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.

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 Disclosures**

· Disclose
 existing OBI's within 10 calendar days of hire.

· All
 times thereafter, you must receive pre-approval through OBI System before participating.

· New
 accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar
 days of the event.

· 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.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Approval to Invest in a Private Investment** 

You may not invest in a third-party Private Investment without prior approval from Compliance. 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.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

<u>Being engaged in any of the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

<u>Being invested in, or holding any interest in the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 moneylending 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 as long as 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, <u>in advance</u> 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**.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 <u>Global Employee Trading Investing and Outside Business Activities Policy;</u> the <u>Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy;</u> the <u>Policy on U.S. Political Contributions and Activities;</u> and the <u>MSIM Global Gifts, Entertainment and Charitable Giving Policy</u> (requirements may vary in non-U.S. offices).

**X.** **RECORDKEEPING** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Firm Requirements** 

Records are retained in accordance with the Firm's <u>Global Information Management Policy</u>, 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 <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention Schedule</u>, which lists various record classes and associated retention periods on a global basis.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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 and December 12, 2024.

**SCHEDULE A**

**SECURITIES TRANSACTION MATRIX**

---

| | | | |
|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting<br> Required** | **30 Calendar Days <br> Holding Period** <br> **Required** |
| **Covered Securities** | **Covered Securities** | **Covered Securities** | **Covered Securities** |
| **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** | **<u>Pooled Investment Vehicles:</u>** |
| Closed-End Funds | Yes | Yes | Yes |
| Proprietary or Sub-advised Mutual Fund | No | Yes | Yes |
| Unit Investment Trusts | No | Yes | No |
| Exchange-Traded Funds (ETFs) including Crypto Currency ETFs | No | Yes | No |
| Single-Stock ETFs | Yes | Yes | Yes |
| Exchange-Traded Notes (ETNs) | No | Yes | No |
| Hedge Funds | Yes | Yes | Yes |
| **<u>Equities:</u>** | **<u>Equities:</u>** | **<u>Equities:</u>** | **<u>Equities:</u>** |
| Morgan Stanley Securities<sup>1</sup> | Yes | Yes | Yes |
| Common Stocks | Yes | Yes | Yes |
| Listed Depository Receipts e.g. ADRs, Ads, GDRs | Yes | Yes | Yes |
| DRIPs<sup>2</sup> | 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 | PROHIBITED | PROHIBITED |

---

<sup>1</sup> 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.

<sup>2</sup> Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance.

---

| | | | |
|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days<br> Holding Period** <br> **Required** |
| Private Investments in Public Equity Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** | **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives)<u>:</u>** |
| Morgan Stanley (stock options) | Yes | Yes | Yes |
| Common Stock Options | Yes | Yes | Yes |
| Forward Contracts (including currency forwards) | PROHIBITED | PROHIBITED | PROHIBITED |
| Commodities Contracts | PROHIBITED | PROHIBITED | PROHIBITED |
| OTC warrants or swaps | PROHIBITED | PROHIBITED | PROHIBITED |
| Futures | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** | **<u>Fixed Income Instruments:</u>** |
| 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 | Yes | Yes | Yes |
| High Yield Sovereign Debt (as rated by S&P) | Yes | Yes | Yes |
| High Yield Securities<sup>3</sup> | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** | **<u>Private Investment and Outside Activities:</u>** |
| Private Investments (e.g. limited partnerships) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes | N/A |
| Outside Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes | N/A |
| Investment Clubs | PROHIBITED | PROHIBITED | PROHIBITED |
| **<u>Exempt Securities</u> (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)<u>:</u>** | **<u>Exempt Securities</u> (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)<u>:</u>** | **<u>Exempt Securities</u> (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)<u>:</u>** | **<u>Exempt Securities</u> (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)<u>:</u>** |
| 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 Debt<sup>4)</sup> | Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) | Commercial Paper | Investment Grade Short-Term Debt Instruments<sup>5</sup> |
|  | Regulated Collective Investment Schemes | Physical Commodities | Currencies |

---

<sup>3</sup> Securities rated below investment grade by S&P.

<sup>4</sup> Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required.

<sup>5</sup> 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.

**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.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u> 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.

**"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 Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

**"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, 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 followed.

**"Covered Persons"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 directors and officers of MSIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 person (such as certain consultants, leased workers or temporary workers) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 Crypto Currency
 Exchange-Traded Funds;

· 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 <u>Schedule A</u> and excluding money market funds);

· Preferred
 securities;

· Securities
 indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 <u>Schedule A</u> 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 Side 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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) and equivalent
 securities issued by non-U.S. governments, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 held in money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable
 insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currencies
 (including Spot FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Holding
 physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529
 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds

Refer to <u>Schedule A</u> 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 adviser)) 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 Public Side 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 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 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.

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE.

**"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses.

**"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.

**"Personal Securities Accounts"** are any accounts in your own name <u>and</u> 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022.

**"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.

**"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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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.

**SCHEDULE B**

**INVESTMENT MANAGEMENT**

**(Excluding Private Side)**

**<u>Registered Investment Advisers</u>**

Morgan Stanley Investment Management Inc.\*

Morgan Stanley AIP GP LP\*

Morgan Stanley Investment Management Limited (MSIM Ltd.)

Morgan Stanley Investment Management Company

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)

**<u>Registered Commodity Pool Operator/Commodity Trading Advisor</u>**

Ceres Managed Futures LLC

**<u>Investment Advisers that are not registered</u>**

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.

**<u>Broker-Dealer</u>**

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.

**<u>Transfer Agent</u>**

Morgan Stanley Services Company Inc.

**<u>Global In-house Centers (India)</u>**

Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only)

**<u>Others:</u>**

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 Invest)

## Ex-99.B(P)(42)

**Exhibit 99.B(p)(42)**

![](tm262170d1_ex99bxpx42img03.jpg)

**Code of Ethics**

**Effective March 31, 2025**

Information Classification: General 1

**Table of Contents**

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| | |
|:---|:---|
| Overview | 3.0 |
| Covered Person Classifications | 4.0 |
| Code of Ethics Rule Summary | 5.0 |
| Statement of General Fiduciary Principles | 6.0 |
| Related Policies and Procedures | 6.0 |
| General Requirements | 7.0 |
| Personal Trading Requirements – Accounts and Holdings | 8.0 |
| Reportable Accounts Guide | 10.0 |
| Personal Trading Requirements – Transactions | 12.0 |
| Exempted Transactions | 15.0 |
| Pre-Clearance | 16.0 |
| Personal Trading Requirements – Pre-Clearance | 16.0 |
| Administration and Enforcement of the Code of Ethics | 20.0 |

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**Appendices**

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| | |
|:---|:---|
| Appendix A – Terms and Definitions | 21.0 |
| Appendix B – Beneficial Ownership of Accounts and Securities | 23.0 |
| Appendix C – Guide: Requirements by Security Types | 25.0 |
| Appendix D – Country Specific Requirements | 27.0 |
| Appendix E – Contacts | 28.0 |
| Appendix F – Code of Ethics Reporting Requirements | 29.0 |
| Appendix G – Code of Ethics FAQs | 30.0 |

---

Information Classification: General 2

**The Purpose of this Code of Ethics**

State Street Global Advisors<sup>+</sup> (the "Firm") will not tolerate misuse of information made available to us for the purpose of making investment decisions or providing advice to our clients. To do so would be a breach of trust that our clients place in us and may also breach securities laws.

**What is the Code of Ethics?**

The State Street Global Advisors Code of Ethics (the "Code") is designed to promote compliance with regulations that apply to our business and to ensure Firm personnel meet expected standards of conduct. The Code is supplemental to the State Street Standard of Conduct, and Firm personnel are required to comply with both.

In certain countries outside the US, local laws, regulations or customs may impose additional requirements. **Personnel located in countries outside the US must also refer to Appendix D for information on those additional requirements.**

The Conduct Risk Management Office administers this Code in coordination with State Street Global Advisors' Chief Compliance Officer ("CCO").

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| |
|:---|
| **Questions about the Code?** |
| Contact the Conduct Risk |
| **Management Office:** |
| **ethics@statestreet.com** |

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<u>Definitions for some of the terms used in this Code of Ethics are provided in Appendix A.</u>  

**Who is subject to the Code of Ethics?**

The Code of Ethics applies to you if:

· You
 are a full-time or part-time employee at State Street Global Advisors;

· You
 are a contingent worker at State Street Global Advisors and have been notified that you are
 subject to the Code of Ethics;

· You
 are an officer of the registered investment companies managed\* by SSGA Funds Management, Inc.
 ("SSGA FM") who is not employed by the Firm, but is employed by another business
 unit with access to Firm data such as non-public information regarding any client's
 purchase or sale of securities, non-public information regarding any client's portfolio
 holdings,or non-public securities recommendations made to clients; or

· The
 Conduct Risk Management Office has designated you as a person subject to the Code of Ethics.

For the purposes of the remainder of this document, those personnel who are subject the Code of Ethics will be called "Covered Persons".

**Your family members may also be subject to the Code of Ethics.**

If you are a Covered Person, the requirements of this Code also apply to people related to you, such as spouses, domestic partners, minor children, financial dependents, including adult children and other relatives living in your household if they are financially dependent on you, as well as other persons designated as Covered Persons by the CCO or the Conduct Risk Management Office, or their designee(s).

+ For purposes of this Code of Ethics, "State Street Global Advisors" refers to all State Street Global Advisors legal entities globally.

\*This excludes registered investment companies for which SSGA FM serves as sub-adviser.

Information Classification: General 3

**Covered Person Classifications**

As a Covered Person, you are either an **Access Person**, **Investment Person**, or **Non-Access Person**. Your classification is determined by your access to information. The Conduct Risk Management Office will notify you of your classification. Your classification may change as your responsibilities and access to information change. It is your responsibility to notify the Conduct Risk Management Office if your role or level of access to information changes.

**Access Person** Access Persons are those Covered Persons who:

· as
 part of their regular functions or duties have access to non-public information about a client's
 holdings, or a client's previous securities transactions; have access to non-public
 information about Firm portfolio holdings; or manage or are managed by employees who execute
 these functions;

· are
 officers of the funds; or

· have
 been designated as Access Persons by the Firm's CCO or the Conduct Risk Management
 Office.

**Investment Person** Investment Persons are Covered Persons who are involved in or have access to the investment decision-making process, or who have access to information regarding pending securities transactions, or decisions to buy or sell securities on behalf of clients. Investment Persons include those Covered Persons who:

· as
 part of their regular functions or duties, make investment recommendations or decisions on
 behalf of client portfolios; participate in making investment recommendations
 or decisions on behalf of client portfolios; are responsible for day-to-day management of
 a client or proprietary fund portfolio; have knowledge of or access to investment decisions under
 consideration for a client or proprietary fund portfolio; execute trades on behalf of client
 or proprietary fund portfolios; have access to information regarding pending trades; analyze
 and research securities on behalf of client or proprietary fund portfolios; have access to
 information regarding pending trade orders for any client or proprietary fund portfolio;
 have access to or knowledge of changes in investment recommendations; have access to mathematical
 models used by the Firm as basis for investment strategy for client or proprietary fund portfolios;
 or manage or are managed by employees who execute those functions; or

· other
 persons designated as Investment Persons by the Firm's CCO or the Conduct Risk Management
 Office.

&nbsp;&nbsp;**Examples of Investment Persons** include, but are not limited to, portfolio managers, research analysts, IT and Operations professionals with certain systems access, and Investment Risk personnel.

&nbsp;&nbsp;**Non-Access Persons** are Covered Persons who are not categorized as Access Persons or Investment Persons.

**Unsure what classification applies to you?**

The Conduct Risk Management Office will notify you of your classification, which is based on your responsibilities and level of access to information at the Firm.<br>Dual employees may also be subject to the State Street Securities Trading policy and/or the Global Personal Investment Policy.<br>Contact the Conduct Risk Management Office at <u>ethics@StateStreet.com</u> if you have questions.<br>

Information Classification: General 4

**Code of Ethics Rule Summary**

Refer to the list below to understand which rules apply to you based on your Covered Person Classification. Read the full text of the Code of Ethics to fully understand the requirements and prohibitions, as well as any exceptions to these rules.

**All Covered Persons**

**Required**

· Ensure
 compliance with the Code on the part of your spouse, domestic partner or other Covered Persons
 [p. 3]

· Comply
 with applicable securities laws [p. 7]

· Acknowledge
 the Code of Ethics when you become a Covered Person and annually thereafter [p. 7]

· Report
 accounts and holdings when you become a Covered Person and annually thereafter [p. 8]

· Report
 or confirm transactions quarterly [p. 12]

· Maintain
 accounts at Approved Brokers if required in your region [p. 9]

· Provide
 duplicate statements and confirmations to the Conduct Risk Management Office [p. 8]

· Report
 any actual, attempted, or suspected violation of this policy as soon as you are aware of
 it [p. 7]

· Obtain
 pre-approval from the Conduct Risk Management Office before participating in investment clubs
 [p. 13]

· Contact
 the Conduct Risk Management Office for any exemption to this Code of Ethics [p. 20]

· Understand
 if and how the State Street Securities Trading Policy applies to you [p. 15]

**Prohibited**

· Do
 not misuse client or proprietary fund information, or State Street proprietary information
 for personal gain [p. 14]

· Do
 not trade excessively [p. 13]

· Do
 not sell securities short [p. 13]

· Do
 not trade options or futures on Covered Securities or engage in spread-betting [p. 13] Do
 not participate in Initial Public Offerings [p. 13]

**Access Persons**

**Required**

· Follow
 all above rules for Covered Persons

· Pre-Clear
 trades in Covered Securities [p. 16]

**Prohibited**

· Do
 not sell or dispose of positions in Covered Securities for a profit that have been held for
 less than 60 days [p. 14]

**Investment Persons**

**Required**

· Follow
 all the above rules for Covered Persons and for Access Persons

**Prohibited**

· Do
 not personally trade Covered Securities when there is an open order on any trading desk for
 a client portfolio or fund for the same or similar security (Open Order Rule) [p. 17]

· Do
 not personally trade Covered Securities within seven days (before or after) of a trade in
 the same or equivalent security in a client portfolio with which you are associated (Blackout
 Period) [p. 17]

· Research
 Analysts: Do not personally trade Covered Securities in proximity to a recommendation you
 have made or to which you have access (Research Analyst Waiting Period) [p. 18]. This Rule applies
 regardless of the direction of trade, nature of recommendation, or amount traded.

Information Classification: General 5

**Statement of General Fiduciary Principles**

State Street Global Advisors, its subsidiaries and affiliates, and the officers of the Funds owe a fiduciary duty to their advisory clients (including the Funds) and are subject to certain laws and regulations governing personal securities trading. As a Covered Person, you have an obligation to adhere to the following principles:

· At
 all times, avoid placing your personal interest ahead of the interests of the clients or
 Funds of the Firm;

· Avoid
 actual and potential conflicts of interests between personal activities and the activities
 of the Firm's clients or Funds;

· Do
 not misappropriate investment opportunities from clients or Funds;

· Do not employ or engage in any
device, scheme, artifice, act, course of business, or manipulative practice to defraud clients or Funds; and

· Do
 not make untrue or misleading statements that defraud clients or Funds.

As such, your personal financial transactions and related activities, along with those of your family members and other Covered Persons, must be conducted consistently with this Code, including the principles herein, to avoid any actual or potential conflicts of interest with the Firm's clients or funds, or abuse of your position of trust and responsibility.

When making personal investment decisions, you must ensure that you do not violate the letter or the spirit of this Code. We have developed this Code to promote the highest standards of behavior and ensure compliance with applicable laws. The Code sets forth procedures and limitations that govern the personal securities transactions of every Covered Person.

**Related Policies and Procedures**

All employees of the Firm are required to comply with the following key policies and procedures, which set forth ethical standards required of all Firm personnel. This is not an exhaustive list of State Street or State Street Global Advisors Policies or Procedures to which employees are subject.

**State Street Corporate Policies and Procedures**

· Standard
of Conduct

· Gifts
and Entertainment Policy

· Political
Contributions and Activities Policy

· Outside
Activities Policy

· Conflicts
of Interest Policy

· Anti-Corruption
and Bribery Policy

· Conduct
Standards Policy

· Inside
Information Standard **State Street Global Advisors** 

**Policies and Procedures**

· Inside
Information/Information Barriers Policy and Procedure

· Global
Conflicts of Interest Procedure

· Anti-Corruption
and Bribery Procedure

Note: Policies and related procedures or guidance may be revised from time to time. Employees will find the most up-to-date policies on the intranet.

It is not possible for this Code to address every situation involving the personal trading of Covered Persons. The Conduct Risk Management Office is charged with oversight and interpretation of the Code in a manner considered fair and equitable, in all cases placing the Firm's clients' interests first.

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| |
|:---|
| &nbsp;&nbsp;It is not enough to only comply with the technical aspects of the Code – **it is every Covered Person's responsibility to ensure their personal investments do not, in any way, compromise the Firm's fiduciary duty to any client.**<br>|
| &nbsp;&nbsp;If you are not certain whether it is appropriate to trade, then do not trade. If you are unsure whether a personal investment matter meets the required ethical standard, contact the Conduct Risk Management Office. |

---

Information Classification: General 6

**Requirements of the Code**

**General Requirements**

Applicable to All Covered Persons

**001. Comply with Applicable Securities Laws**

As a Covered Person, you must comply with securities laws and firm-wide policies and procedures, including this Code of Ethics. Securities laws include the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under these statutes, the Bank Secrecy Act and rules adopted there under by the SEC or the Department of the Treasury. Covered Persons outside the US may be subject to additional country-specific requirements and securities laws, which are included in Appendix D.

**002. Report Violations**

Covered Persons are required to promptly report any violation of the Code, whether their own or another individual's, to the Conduct Risk Management Office. Alternatively, you may contact the Senior Compliance Officer in your region, the CCO, or, to report anonymously, The Speakup Line (see Appendix E for contact information).

Nothing in the Code is intended to or should be understood to prohibit or otherwise discourage certain disclosures of confidential information protected by "whistleblower" laws to appropriate government authorities. State Street will not tolerate any discipline or other retaliation against employees who properly make such legally-protected disclosures.

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| |
|:---|
| **Keep in mind** |
| Our policies and procedures and the Code of Ethics may be more restrictive than applicable securities laws. |

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**003. Certify Receipt and Compliance with the Code**

*Initial Certification (New Covered Person)*

Within 10 calendar days of becoming subject to the Code, each new Covered Person must certify in writing that they (i) have read, understand, and will comply with the Code, (ii) will promptly report violations or possible violations, and (iii) recognize that an employee conduct issue related to the Code may be grounds for action under the *State Street Conduct Standards Policy.*

*Annual Certification (All Covered Persons)*

Each Covered Person is required to certify annually in writing that they (i) have read and understand the Code, (ii) have complied with the Code during the course of their association with the Advisor; (iii) will continue to comply with the Code in the future; (iv) will promptly report violations or possible violations, (iv) recognize that an employee conduct issue with the Code may be grounds for action under the *State Street Conduct Standards Policy*.

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| |
|:---|
| **Certification Required** |
| Covered persons are required to certify to the Code of Ethics within 10 days of becoming subject to the Code of Ethics and on an annual basis. |

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Information Classification: General 7

**Personal Trading Requirements – Accounts and Holdings**

Applicable to All Covered Persons

You must disclose all Reportable Accounts (as defined on page 10) when you become a Covered Person and continue to make accurate and timely account and holding reports. If you are an employee in the US, you must maintain your account(s) with an Approved Broker. Employees in other regions are encouraged to maintain accounts with "Preferred Brokers" where available. All Covered Persons must ensure the Conduct Risk Management Office receives timely and accurate reporting from your broker.

**004. File Initial and Annual Holding Reports**

Covered Persons must file initial and annual holdings reports ("Holdings Reports") in StarCompliance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;a) Content
 of Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The
 name of any broker, dealer or bank with whom the Covered Person maintained a Reportable Account.
 Please note that all Reportable Accounts (see page 10) must be reported in Star Compliance.

ii) The title, number of shares and principal amount of each Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;b) Timing
 of Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Initial
 Report – No later than 10 calendar days after becoming a Covered Person. The information
 must be current as of a date no more than 45 days prior to the date the Covered Person became
 an Access Person, Investment Person, or Non-Access Person.

ii) Annual Report – Annually, within 30 calendar days following calendar year end, and the information must be current as of a date no more than 45 calendar days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;c) Exceptions
 from Holdings Report Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Holdings
 in securities which are not Covered Securities are not required to be included in Holdings Reports (please see Appendix
 C).

Any Reportable Accounts opened during the Covered Person's employment or engagement with the Firm must also be immediately disclosed in StarCompliance regardless of whether there is any activity in the account. Any Reportable Accounts and holdings that become newly associated with a Covered Person through marriage, gift, inheritance, or any other life event, must be disclosed within 30 days of the event.

**005. Provide Duplicate Statements and Confirms**

Each Covered Person is responsible for ensuring the Conduct Risk Management Office receives timely reporting for their Reportable Accounts holdings, (as well as timely reporting for transactions of Covered Securities within the Reportable Account). This applies to any Reportable Accounts (including Fully Managed Accounts) active during the Covered Person's employment or engagement with the Firm. Covered Persons must ensure that on a regular basis the Conduct Risk Management Office or their designee(s) receives account statements (e.g. monthly, quarterly statements) listing all transactions for the reporting period. (See Section 007 – Filing Quarterly Transaction Reports.)

The Covered Person can accomplish this one of two ways:

&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain Reportable Accounts at
Approved Brokers (or Preferred Brokers for employees based in non-US jurisdictions, where available). Approved Brokers and Preferred
Brokers send electronic feeds to the Conduct Risk Management Office; Covered Persons are not required to provide paper-based reporting
for accounts with Approved Brokers or Preferred Brokers. However, it is the
responsibility of the Covered Person to verify the accuracy of these feeds through Quarterly Transaction Reports and Annual Holdings
Reports. Employees in the US, with limited exceptions, are required to maintain their accounts at Approved Brokers. (See Section 006-Maintain
Accounts with Approved Brokers.)

Information Classification: General 8

&nbsp;&nbsp;&nbsp;&nbsp;b. For accounts not on an electronic
feed, the Covered Person must supply the Conduct Risk Management Office with required duplicate documents.

Please see Appendix D for regional requirements.

**006. Maintain Accounts with Approved Brokers (US Employees) or Preferred Brokers (Non-US employees)**

Unless an exemption applies, Covered Persons must maintain accounts with Approved Brokers or Preferred Brokers if required in their region. Please refer to the Personal Securities Trading FAQs on the Conduct Risk Management sharepoint site for regional requirements and for a list of Approved Brokers. The Approved Brokers provide both the holdings and transaction activity in each account through an electronic feed into StarCompliance.

The categorical exemptions to the Approved Broker and Preferred Broker requirement are:

&nbsp;&nbsp;&nbsp;&nbsp;a. Accounts approved by the Conduct
Risk Management Office as Fully Managed Accounts (also known as Discretionary Accounts. See Appendix A.)

&nbsp;&nbsp;&nbsp;&nbsp;b. Accounts that are part of a former
employer's retirement plan (such as a 401(k)); or accounts that are part of a spouse's or other Covered family member's
retirement plan at their employer.

&nbsp;&nbsp;&nbsp;&nbsp;c. Employees who are not US citizens
and are working in the US on an ex-pat assignment or whose status is non-permanent resident.

&nbsp;&nbsp;&nbsp;&nbsp;d. Securities held in physical form.

&nbsp;&nbsp;&nbsp;&nbsp;e. Securities restricted from transfer.

&nbsp;&nbsp;&nbsp;&nbsp;f. Accounts held by employees, or
any Covered Persons, in countries outside the region where they are currently assigned, which are not eligible for transfer to an Approved
or Preferred Broker in that region.

To apply for an exception to maintain an account outside of an Approved Broker, contact the Conduct Risk Management Office at <u>ethics@statestreet.com</u>.

Please see Appendix D for additional regional requirements.

Information Classification: General 9

**Reportable Accounts Guide**

To determine whether an account is a Reportable Account, determine who owns or benefits from the account *and* what types of investments the account can hold. If you have a beneficial interest in an account and the account can hold Covered Securities, it is likely a Reportable Account.

**What is a Beneficially Owned Account?**

A Beneficially Owned Account is:

· An
account where the Covered Person enjoys
the benefits of ownership (even if title is held in another name); and/or

· An
 account where the Covered Person, either directly or indirectly, has investment control or the power to vote or influence the
 transaction decisions of the account.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

· Accounts
and securities held by immediate family members sharing the same household;

· Securities
 held in trust (certain restrictions may apply, see Appendix B for more details); and

· A
 right to acquire Covered Securities through the exercise or conversion of any derivative security, whether or not presently exercisable

**No Reporting Required**

· Checking
and savings accounts holding only cash

· Government-subsidized
pension saving products

· Pension
Accounts established under the Hong Kong regulation or Singapore Regulation with **no capacity** to invest in Covered Securities

· Savings
Plans within the course of company pension schemes which only allow unaffiliated open-end mutual funds

· Educational
Savings Plans which only allow unaffiliated open-end mutual funds

· Other
Registered Commingled Funds (such as IRC 529 Plans in the US)

**When in doubt, contact the Conduct Risk Management Office** e<u>thics@statestreet.com</u>

**What are Covered Securities?**

For a complete list of Covered Securities, see Appendix C. Some of the most common types are listed below.

· Stocks,
 including State Street Corp. ("STT")

· Exchange-traded
funds ("ETFs")

· Exchange-traded
notes ("ETNs")

· Open-ended
 mutual funds advised by the Firm

· Municipal
and Corporate bonds

Information Classification: General 10

![](tm262170d1_ex99bxpx42img01.jpg)

**Common Reportable Account Types**

The list of account types below is not all-inclusive. Consult the Conduct Risk Management Office if you have questions about whether an account is a Reportable Account.

· **Brokerage Account** 

All brokerage accounts are reportable, including but not limited to retirement accounts, non-retirement accounts, IRAs, RRSPs, UTMA and UGMA accounts. For further definition see Appendix A.

· **Employee Incentive Awards Deposit Account Provided by the Firm** 

Accounts that are provided to employees into which their Employee Incentive Awards are deposited are reportable.

· **Employee Stock Ownership and Purchase Plans ("ESOPs"/ "ESPPs")** 

· **Employer-sponsored Retirement Plans that invest/hold Covered Securities** 

**Practical Examples of Beneficial Ownership**

**See Appendix B for a more detailed discussion of Beneficial Ownership. For the purposes of this sidebar, "you" includes you, your spouse or domestic partner, or anyone else in your household who would be covered by the Code of Ethics, as discussed on page 3.**

**UGMA/UTMA Accounts** If you are the custodian of an UGMA/UTMA account for a minor, and one or both of you is a parent of the minor, you are a beneficial owner. If you are the beneficiary of an UGMA/UTMA and are of majority age, you are a beneficial owner.

**Education Accounts**

If you are the custodian of an Education Savings Account (ESA), or Coverdell IRA, you are a beneficial owner.

**Trusts**

If you are a trustee or the settlor of the trust who can independently revoke the trust and participate in making investment decisions for the trust, you are a beneficial owner.

If you are a beneficiary of the trust but have no investment control, the account is beneficially owned as of the date the trust is distributed, not before.

**Investment Powers over an Account** If you have any form of investment control, such as trading authorization or power of attorney, the account is beneficially owned as of the date you are able to direct or participate in the trading decisions.

Employer-sponsored retirement plans and accounts globally in which the employee/participant invests in or transacts in Covered Securities are reportable. Please see Appendix G "Code of Ethics FAQs" for further clarification on Reportable Retirement Plans.

Information Classification: General 11

**Personal Trading Requirements – Transactions**

Applicable to All Covered Persons

The Code of Ethics requires quarterly reporting of all Covered Transactions and imposes restrictions on certain types of transactions.

**007. Filing Quarterly Transaction Reports**

Each Covered Person is required to submit a quarterly transaction report for and certify to transactions during the calendar quarter in all Covered Securities. Each Covered Person shall also certify that the Reportable Accounts listed in the transaction report are the only Reportable Accounts in which Covered Securities were traded during the quarter for their direct or indirect benefit. For the purposes of this report, transactions in Covered Securities that are effected in Automatic Investment Plans or accounts approved by the Conduct Risk Management Office as Fully Managed Accounts need not be reported.

Covered Persons must file quarterly transaction reports ("Transaction Reports") in StarCompliance

&nbsp;&nbsp;&nbsp;&nbsp;a. Quarterly Transactions Report
For Transactions in Covered Securities are reported on a standardized form in StarCompliance that identifies the date, security, price,
volume, amount, and effecting broker of each Covered Security transaction.

&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Transactions Report
For Newly Established Reportable Accounts reported in StarCompliance
Holding ANY Securities (provided there were transactions during the quarter) include the broker dealer or bank with whom the reportable
account is held, the date the account was opened, and the date the report was submitted to the Conduct Risk Management Office.

&nbsp;&nbsp;&nbsp;&nbsp;c. Timing of Transactions Report:
No later than 30 calendar days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;d. Exception from Transactions Report
Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions
 effected pursuant to an Automatic Investment Plan as well as transactions in securities that are not Covered Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Transactions effected in accounts that
are not Reportable Accounts are not required to be included in the Quarterly Transaction Report (please see Appendix C), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions
 effected in a previously-approved Fully
 Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;e. Confirmation of Trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employees must confirm their transactions
in StarCompliance after execution and before or
simultaneously with their quarterly transaction certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If an electronic feed has been
set up for broker
account (e.g. Fidelity account), the trading data will flow automatically to StarCompliance overnight, however, it is still the employee's
responsibility to maintain accurate data in StarCompliance and it is best practice to check whether electronic feeds were accurate by
checking records in StarCompliance prior to completing a quarterly certification.

&nbsp;&nbsp;&nbsp;&nbsp;f. State Street Employee Incentive
Stock Awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. STT employee incentive stock awards
must be treated as Covered Securities. Employees receiving awards during a quarter should ensure any awards vested during the quarter
are appropriately reflected in their holdings, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All employees must preclear  **<u>any</u>** transactions in STT (note, STT employee incentive awards are not subject to the 60 day profit prohibition when they become vested).

Information Classification: General 12

**008. Excessive Trading**

Excessive trading may interfere with job performance or compromise the duty that the Firm owes to clients and consequently is not permitted. Levels of personal trading will be monitored by the Conduct Risk Management Office and high levels of personal trading will be reported to senior management. A pattern of excessive trading may lead to action under the *State Street Conduct Standards Policy*.

**009. Futures, Options, Contracts for Difference, and Spread Betting**

Covered Persons are prohibited from buying or selling options and futures on Covered Securities (other than employee stock options). Covered Persons are also prohibited from engaging in Contracts for Difference ("CFDs") and spread betting related to Covered Securities.

**010. Shorting of Securities**

Covered Persons are prohibited from selling securities short.

**011. Initial Public Offerings**

Covered Persons are prohibited from acquiring securities through an allocation by an underwriter of an initial public offering ("IPO"). An exception may be considered for situations where the spouse/domestic partner/partner of a Covered Person ("PACs") is eligible to acquire shares in an IPO of his/her employer with prior written disclosure to and written approval from the Conduct Risk Management Office.

**012. Private Transactions**

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in a Private Placement or any other private securities transaction. To request prior approval, Covered Persons must provide the Conduct Risk Management Office with a completed Private Placement Request form, which is available on StarCompliance.

If the request is approved, the Covered Person must confirm the transaction in StarCompliance, verify the details on the next

Quarterly Transaction Report, and report the holding on the Annual Holdings Report. If the transaction has already been loaded to the Covered Person's Transaction report, the Covered Person must confirm the transaction in the Quarterly Transaction Report.

Covered Persons may not invest in Private Transactions if the opportunity to invest could be considered a favor or gift designed to influence the Covered Person's judgment in the performance of his/her job duties, or as compensation for services rendered to the issuer, or if there are any other potential conflicts of interest with State Street business. In determining whether to grant approval for any investment for a Private Transaction, the Conduct Risk Management Office will consider, among other things, whether it would be possible (and appropriate) to reserve that investment opportunity for one or more of the Firm's clients, as well as whether the opportunity to invest has been offered to the Covered Person as a gift, or as compensation for services rendered.

See Appendix A for definitions.

**013. Investment Clubs and Investment Contests**

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in an Investment Club. If approved, the brokerage account(s) of the Investment Club are subject to the Approved Broker, pre-clearance and reporting requirements of the Code. Sharing research or other proprietary information obtained through employment with State Street with Investment Club participants is prohibited.

Covered Persons are prohibited from direct or indirect participation in an investment contest. These prohibitions extend to the direct or indirect acceptance of payment or offers of payments of compensation, gifts, prizes, or winnings as a result of participation in such activities.

Information Classification: General 13

**014. Use of the Firm's Proprietary Information**

The Firm's investment recommendations and other Proprietary Information are for the exclusive use of the Firm and may not be used to inform employees' personal investment decisions. Examples of Proprietary Information include but are not limited to:

¨ Information about Firm or issuer business strategies, technologies, or ideas;

¨ client or proprietary transactions;

¨ changes to recommended portfolio weightings, portfolio composition, or target prices for any security;

¨ voluntary actions to be taken on any corporate actions;

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| | |
|:---|:---|
| ¨ | research produced by employees of the Firm that could influence client investment decisions, such as employees' recommendations maintained in internal databases ; or ¨ any other information that may reasonably be expected could influence an investor's decision-making that has not been made public without violation of law or our policies. |

---

The definition of Proprietary Information does not include information that has been made public or comes from a service that broadly disseminates published information, such as Bloomberg. You should always assume that information is confidential, and treat it as such, unless it is clearly indicated otherwise. It is our responsibility to protect Proprietary Information and Confidential Informationagainst unintentional, malicious, or unauthorized disclosure or misuse. Any pattern of personal trading suggesting misuse of proprietary information may be investigated. Any misuse or distribution of information that is proprietary, confidential, or non-public is prohibited.

Applicable to Access Persons and Investment Persons

**015. Short-Term Trading**

All Access Persons and Investment Persons are prohibited from profiting from the purchase and sale (or sale and purchase) of the same or equivalent Covered Security within sixty (60) calendar days. Transactions that result in a profit will be considered an employee conduct issue and may result in action under *the State Street Conduct Standards Policy*. Any profit amount shall be calculated by the Conduct Risk Management Office or their designee(s), the calculation of which shall be binding. The following will not be matched with other purchases and sales for purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transactions in securities that
are not Covered Securities such as money market funds (see Appendix C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions in ETFs, except certain
actively-managed SSGA ETFs (see Appendix C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities received as a gift
or inheritance that cannot be matched to another transaction effected by a Covered Person within 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Involuntary actions such as vested
employer stock awards, dividend reinvestments, or other corporate actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cashless exercise of a Covered
Person's employer stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Transactions executed in Fully
Managed Accounts that have been approved by the Conduct Risk Management Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Transactions effected through
an Automatic Investment Plan, the details of which the Conduct Risk Management Office has been notified of in advance

Information Classification: General 14

**Exempted Transactions**

Pre-clearance is **not required** for certain common transactions.

**Automatic Investment Plans**

*Prior Notification to Conduct Risk Management Office Required* Purchases or sales that are part of an Automatic Investment Plan where the investment decisions are non-discretionary after the initial selections by the account owner (although the initial selection requires pre-clearance). These include dividend reinvestment plans, payroll and employer contributions to retirement plans, transactions in Employee Stock Ownership Programs ("ESOPs") and similar services. Initiation of an Automatic Investment Plan must be disclosed to the Conduct Risk Management Office in advance.

**Certain Exempt Covered Securities** 

Transaction(s) in Covered Securities for which the Conduct Risk Management Office has determined pre-clearance is not required (see Appendix C).

**Discretionary Accounts (Fully Managed Accounts)**

 

*Prior Approval from Ethics Office Required* Subject to prior approval of the account from the Conduct Risk Management Office, transactions made in a Discretionary Account. An account will not be deemed a Discretionary Account until the Conduct Risk Management Office has approved the account as such.

**Certain Educational Savings Plans**

Transactions in educational savings plans that only allow unaffiliated open-end mutual funds, unit-investment trusts, or other registered commingled products (such as IRC 529 Plans in the US).

**Involuntary Transactions** **Involuntary**

purchases or sales such as mandatory tenders, dividend reinvestments, broker disposition of fractional shares, debt maturities. **Voluntary** tenders, transactions executed as a result of a margin call, and other non-mandatory corporate actions are to be pre-cleared, unless the timing of the action is outside the control of the Covered Person, or the Conduct Risk Management Office has determined pre-clearance is not required for a particular voluntary transaction.

**Gifts or Inheritance**

Covered Securities received via a gift or inheritance, although such Covered Securities must be reported in StarCompliance. Note that pre-clearance is required prior to giving or donating Covered Securities.

**016. State Street Securities**

Each Covered Person must ensure that they have reported any Reportable Account holding State Street securities, and that they have reported in StarCompliance any vested State Street shares acquired through an employee incentive award. During certain trading windows, employees may be permitted to exercise Employee Incentive Awards without being subject to the Blackout and Open Order rules (page 17). **However, these transactions remain subject to the pre-clearance and reporting requirements of the Code at all times**. Employees will be notified when a trading window commences and terminates. During this period, all employees remain subject to the *State Street Global Advisors Inside Information/Information Barrier Policy and Procedure*, as well as the Personal Trading section of the State Street Standard of Conduct.

Additionally, certain employees of the Firm are subject to the State Street Securities Trading Policy ("SSTP") and will be notified of this by the Conduct Risk Management Office. Employees subject to SSTP must also comply with all notifications under that Policy.

Information Classification: General 15

**Pre-Clearance**

The Pre-Clearance requirement mitigates the risk of creating actual or perceived conflicts of interest with the trading activities made on behalf of Firm clients. **With limited exceptions, pre-clearance approval is required before you make any personal trades of Covered Securities.**

It applies to all your Reportable Accounts, including those belonging to, or in which, your spouse or other Covered family member has an economic interest or control. (See Appendix B)

It applies to transactions in most types of securities, including transactions in State Street Corp. stock (STT). (See Appendix C)

![](tm262170d1_ex99bxpx42img02.jpg)

**Personal Trading Requirements – Pre-Clearance**

Applicable to Access Persons and Investment Persons

You are required to receive pre-clearance approval before trading in any Covered Security, with limited exceptions. This applies to transactions made by your spouse, other Covered family member and/or in any other accounts in which you or they have beneficial ownership or control.

**017. Pre-Clearance**

Access Persons and Investment Persons must request and receive pre-clearance approval prior to effecting a personal transaction in all Covered Securities (see Appendix C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All pre-clearance requests must be made by submitting a Trade Request for the amount of shares to be transacted in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance is required for donations and/or gifts of securities made.

Trade requests may be approved or denied at the discretion of the Conduct Risk Management Office, In general, a transaction will be denied if the Covered Security is on any relevant Restricted List or if the Conduct Risk Management Office has reason to believe that the Covered Person has access to relevant information concerning the security or the issuer that is intended for the sole purpose of the Firm or its clients. **If the Covered Person has access to such information, it is the Covered Person's responsibility not to seek pre-clearance nor to trade in the security even if pre-clearance approval has been granted**. For Investment Persons, a transaction may also be denied if the Covered Security is actively being purchased or sold for a client account or account of a Fund, or the Covered Security has been traded within seven days in a portfolio for which they have management discretion.

Information Classification: General 16

**018. Restricted List**

To manage potential conflicts of interest, lists of issuers whose securities (including options and futures) may not be traded are integrated into the pre-clearance approval process. A security that you already own could be placed on a Restricted List at any time. If this happens, you may be unable to sell the security until it is removed from any Restricted List. Employees are not entitled to review any Restricted List.

The contents of any Restricted Lists shall be considered material non-public information and is subject to the considerations of the *Inside Information/Information Barrier Policy and Procedure*.

**019. Pre-Clearance Approval**

Pre-clearance approval granted by the Conduct Risk Management Office is valid only for the same business day the approval is granted and is ineffective on all dates where the relevant Exchange is not open for business. Make note of any expiration time and date displayed on any approved Trade Request. Because approvals are strictly time-limited, place day orders only. "Good-till-cancelled" orders are not permitted, including stop-loss, limit, and stop-limit orders other than day orders. This is a result of the pre-clearance function relying upon point-in-time data in order to have any effect.

Applicable to Investment Persons

**020. Open Order Rule**

Subject to the de minimis transaction threshold (Section 023-De Minimis Transactions), Investment Persons may not trade in a Covered Security, with the exception of ETFs, on any day that the Firm, globally, has a pending buy or sell order in the same Covered Security on any of the trading desk(s) for any client or proprietary fund portfolio until the order is executed or withdrawn (note: Executed trades are considered with regards to the Blackout Period, as outlined below).

**By seeking pre-clearance, you are attesting that you understand that the proposed trade:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is
not influenced by any non-public information that is proprietary or confidential to State Street or to our clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Does
not create any conflict with State Street's responsibilities to its clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is
lawful

If you are not certain whether it is appropriate to trade, then do not trade. Contact the Conduct Risk Management Office at <u>Ethics@StateStreet.com</u> for guidance prior to placing any order to trade.

**021. Blackout Period for Investment Persons**

Subject to the de minimis transaction threshold described below, Investment Persons may not buy or sell a Covered Security for seven calendar days before or after a transaction in the same or equivalent security for a client or proprietary fund portfolio with which they are associated. An employee is considered "associated" with a client or proprietary fund portfolio if they have ability to exercise, or direct, trades for the portfolio.

All Covered Persons are required to avoid placing their personal interest ahead of the interests of the clients of the Firm. Investment Persons associated with portfolios must be particularly careful not to engage in personal trading that calls into question whether they have placed their interests ahead of the interest of their clients. Trading in securities personally in advance of similar trades made by the respective Portfolio may lead to questions about the Covered Person's priorities. In such cases, it will be incumbent upon the Covered Person to demonstrate that the clients' priorities were not subordinated to their own priorities. Similarly, failing to trade in a security for a Portfolio because of a personal trade that has recently been made is also a subordination of client interest. Covered Persons with responsibility for portfolios finding themselves needing to violate the Blackout Period in order to avoid placing their personal interest ahead of the clients' interest must inform the Conduct Risk Management Office. Such violations are subject to action under the State Street Conduct Standards Policy.

Information Classification: General 17

**022. Waiting Period for Research Analysts**

Research Analysts with access to tools containing proprietary buy or sell recommendations, who receive internal communications regarding buy or sell recommendations, or participate in investment meetings where buy or sell recommendations are discussed, must refrain from trading in securities that are the subject of such recommendations for their personal account if it could reasonably be presumed that such information was relevant to an investment decision. Examples of recommendations that could reasonably be presumed to be relevant to investment decisions on behalf of client portfolios include but are not limited to buy or sell recommendations, internal analyst upgrades or downgrades related to an issuer, changes to recommended portfolio weightings, portfolio composition, or target prices for any security, or recommendations regarding voluntary corporate actions. Examples of information that are not presumed to be relevant to investment decisions include market analyses, economic updates, or financial updates regarding an issuer that do not also include a buy/sell recommendation or ratings analysis. Research Analysts who trade Covered Securities for their personal account should expect heightened monitoring of such trades. If there is a reason to question whether such trades were made on the basis of confidential or proprietary non-public information, it will be incumbent upon the Covered Person to demonstrate otherwise.

Please see Appendix D for additional regional requirements.

**023. De Minimis Transactions**

De Minimis transactions are subject to the pre-clearance and reporting requirements of the Code, and must follow all holding period and Restricted List requirements of this Code. However, there is a limited exclusion applied for De Minimis transactions in that they are not subject to the Open Order Rule or the Blackout Rule as described above. This exclusion exists because of the breadth and frequency with which securities are being traded across all of the portfolios of the Firm, which would effectively prohibit almost all equity trading by Investment Persons.

A "De Minimis transaction" is a personal trade that meets one of the following conditions: A single transaction in a security with a value equal to or less than US $10,000 (or the local country equivalent) or multiple transactions in a security within a five business day window following the initial trade date (i.e. initial trade date plus five subsequent business days) that have an aggregate value equal to or less than US $10,000.

<u>De Minimis Transaction Examples: (*All values are in US Dollars)*</u>

---

| | | |
|:---|:---|:---|
| **Status** | **Transaction(s)** | **Notes** |
| De minimis | Day One: Buy $10,000 of ABC, Inc. | No subsequent transactions in the following five business days |
| De minimis | Day One: Sell $4,000 of XYZ Corp.<br> Day Two: Sell $3,000 of XYZ Corp.<br> Day Four: Sell $800 of XYZ Corp. | Within five business days, less than $10,000 worth of XYZ Corp. is sold; all transactions in the aggregate are under the de minimis threshold |
| NOT de minimis | Day One: Buy $9,500 of PQR, Inc.<br> Day Three: Buy $1,000 of PQR, Inc. | Day Three transaction is not considered de minimis, as it brings the total for the five business day window after the initial trade date over $10,000 |
| NOT de minimis\* | Day One: Sell $9,000 of Acme Corp.<br> Day Six: Sell $1,500 of Acme Corp. | Day Six transaction is not considered de minimis, as it brings the total for the five business day window following the initial trade date over $10,000 |

---

\*Day One is the initial trade date and Day 6 is the fifth business day following the initial trade date.

StarCompliance will calculate whether a transaction meets the De Minimis thresholds and will take this into account when determining whether to approve or deny a personal trade.

Information Classification: General 18

**024. Additional Requirements for Fundamental Equity Investment Persons**

Investment Persons on Fundamental Equity Teams are required to obtain the respective Asset Class CIO's approval before transacting in single name equities and securities that can convert to single name equities for their personal accounts, including but not limited to transactions in stock, preferred stock, warrants, and any security convertible to an equity. This additional preapproval requirement includes the purchase of new positions and purchase of additional shares of existing positions, with the exception of dividend reinvestments and other involuntary corporate actions. With prior approval from the Conduct Risk Management Office, exceptions from the additional preapproval requirement may be allowed for Fully Managed Accounts. Prior approval can also be requested to transact in securities directly through an employer stock plan or employer stock options, or in circumstances of hardship.

Pre-approvals provided by Asset-Class CIOs will be effected after a trade pre-clearance request has been approved in StarCompliance. Upon receipt of the StarCompliance approval email, the employee shall forward the approval to the appropriate CIO and cc GA_Compliance_CIO_CodeReview. The employee shall provide the Asset Class CIO with any relevant information regarding the trade request. The CIO will review the request and "reply all" when approving or denying the request. Employees may not trade if the request has been denied by Conduct Risk Management Office via StarCompliance or by the CIO. Pre-approvals provided by Asset-Class CIOs expire at the same time and date noted on the StarCompliance pre-approval.

Information Classification: General 19

**Administration and Enforcement of the Code**

The Code of Ethics is administered by the Conduct Risk Management Office and reviewed and approved by State Street Global Advisors' Global Fiduciary and Conduct Committee. Violations of the Code are subject to consideration under the conduct standards framework and the *State Street Conduct Standards Policy.*

**025. Distribution of the Code**

Each new Covered Person will be given a copy of the Code. Each new employee's offer letter will include a statement advising the individual that he/she will be subject to the Code if he/she accepts the offer or employment. If, outside the US due to local employment practices it is necessary to modify this approach, then the offer letters will be revised in accordance with local law.

**026. Applicability of the Code of Ethics' Provisions**

The Conduct Risk Management Office has the discretion to determine that the provisions of the Code do not apply to a specific transaction or activity and may exempt any transaction from one or more trading prohibitions. The Conduct Risk Management Office will review applicable facts and circumstances of such situations, such as specific legal requirements, contractual obligations or financial hardship. Any Covered Person who would like such consideration must submit a request in writing to the Conduct Risk Management Office. Further, all granted exemptions must be in writing.

**027. Review of Reports**

The Conduct Risk Management Office shall review and monitor reports filed by Covered Persons. Covered Persons and their supervisors may or may not be notified of the Conduct Risk Management Office's review.

**028. Violations and Sanctions**

Any potential employee conduct issues related to the provisions of the Code may be investigated. If a determination is made that an employee conduct issue occurred, the issue will be addressed under the *State Street Conduct Standards Policy*. Where consistent with applicable law, and among other appropriate sanctions that should be considered, sanctions may include a requirement to disgorge an amount equivalent to profits earned or losses avoided as a result of personal trading made in egregious violation of the Code. Material violations will be reported promptly to the respective Firm Committees, boards of trustees/managers of the Reportable Funds or relevant committees of the boards and, when relevant, impacted clients. Please see Appendix D for additional regional requirements.

**029. Amendments and Committee Procedures**

The Global Fiduciary and Conduct Committee ("the Committee") will review and approve the Code, including appendices and exhibits, and any amendments thereto. The Committee may, from time to time, amend the Code and any appendices and exhibits to the Code to reflect updated business practice or changes in applicable law and regulation. In addition, the Committee, or its designee, shall submit any material amendments to this Code to the respective boards of trustees/managers of the Reportable Funds, or their designee(s), for ratification no later than six months after adoption of the material change.

**030. Recordkeeping**

The Conduct Risk Management Office shall maintain records in accordance with the requirements set forth in applicable securities laws.<sup>1</sup>

<sup>1</sup>

 In the US, recordkeeping requirements for code of ethics are set forth in Rule 17j-1 of the Investment Company Act of 1940 and Rule 204-2 of the Investment Advisers Act of 1940.

Information Classification: General 20

Appendix A

Terms and Definitions

These definitions are designed to help you, as a Covered Person, understand and apply the Code. These definitions are integral and a proper comprehension of them is necessary to comply with the Code.

Please contact the Conduct Risk Management Office (<u>ethics@statestreet.com</u>) if you have any questions.

**Covered Person** employees of the Firm, including full-time and part-time, exempt and non-exempt employees (where applicable); officers of the Funds who are not employed by the Firm; and other such persons as designated by the Conduct Risk Management Office. Covered Person also includes certain designated contingent workers engaged at the Firm, including but not limited to consultants, contractors, and temporary help, as well as an employee of another business unit with access to Firm data such as non-public information regarding any client's purchase or sale of securities, non-public information regarding any client's portfolio holdings, or non-public securities recommendations made to clients (SSGS APAC, corporate functions, etc.).

Covered Persons are subject to the provisions of this Code. The personal trading requirements of the Code also apply to related persons of Covered Persons, such as spouses, domestic partners, minor children, adult children and other relatives living in the Covered Person's household, as well as other persons designated as a Covered Person by the CCO or the Conduct Risk Management Office, or their designee(s).

**Automatic Investment Plan** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. This includes a dividend reinvestment plan and some payroll or employer contributions to retirement plans.

**Brokerage Account** means an account with a financial institution in which the account owner can hold or trade a wide variety of securities and exercises brokerage capabilities. Covered Persons should contact their financial institution(s) to verify whether or not their account(s) can hold Covered Securities.

**Covered Securities** are those securities subject to certain provisions of the Code. See Appendix C - Guide: Requirements by Security Types.

**Contract for Difference** ("CFD") a financial derivative, a contract between two parties typically described as "buyer" and "seller", stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time. If the difference is negative, then the buyer pays instead to the seller. CFD allows investors to take advantage of prices moving up (long positions) or prices moving down (short positions) on underlying financial instruments and are often used to speculate on those markets.

**Employees Incentive Awards** means Firm Performance Equity Plan ("PEP") Awards in State Street Corporation ("STT") stock, Deferred Stock Awards ("DSAs"), Restricted Stock Awards ("RSAs"), STT stock options which are granted to employees, and any other awards that are convertible into or otherwise based on STT common stock.

**Fully Managed Account (also known as Discretionary Account)** means an account Beneficially Owned by you or your Related Persons in which you or your Related Persons have ceded all direct control, influence, and approval, and have contractually assigned responsibility for the timing and nature of all trades and all day-to-day investment management decisions to an independent party. For the purpose of this Policy, the Conduct Risk Management Office is required to approve in advance account arrangements qualifying as Fully Managed Accounts.

**Private Transaction** means a securities offering that is executed outside of a recognized securities exchange. Examples of private transactions include private placements, co-operative investments in real estate, commingled investment vehicles such as hedge funds, investments in family owned or privately held businesses, private company shares, and Initial Coin or Token Offerings promoted by a Decentralized Autonomous Organization ("DAO")<sup>2</sup> where there is investment in a venture or project for expectation of profit. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

Information Classification: General 21

**Reportable Fund** means any commingled investment vehicle (except money market funds), or Exchange Traded Note ("ETN") for which the Firm act as investment advisor, sub-advisor, principal underwriter, or marketing agent.

**Selling Short** is the practice of selling a stock that is not currently owned, while simultaneously borrowing the shares from a lending party and delivering the borrowed shares to the buyer.

**State Street Global Advisors Compliance Department** means all global Firm compliance staff, including those in local offices, in charge of ensuring compliance with the laws and regulations in force worldwide and who report up to the Chief Compliance Officer of the Firm.

**Spread Betting** is any of various types of wagering, such as on sports, financial instruments or house prices for example, on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. As an example, spread betting on a stock allows the investor to speculate on the price movement of the stock.

2 A "virtual" organization embodied in computer code and executed on a distributed ledger of blockchain.

Information Classification: General 22

Appendix B

Beneficial Ownership of Accounts and Securities

**A Beneficially Owned Account is:**

· An
account where the Covered Person enjoys the
benefits of ownership (even if title is held in another name); and/or

· An
account where the Covered Person either directly or indirectly, has investment control or the power to vote or influence the transaction
decisions of the account.

The Code's provisions apply to accounts beneficially owned by the Covered Person, as well as accounts under direct or indirect influence or control of the Covered Person.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

· Accounts and securities held by
immediate family members sharing the same household;

· Securities held in trust (certain
restrictions may apply); and

· A right to acquire Covered Securities
through the exercise or conversion of any derivative security, whether or not presently exercisable.

Practical Application

**If an adult child is living with his or her parents:** If the child is living in the parents' house, but does not financially support the parent, the parents' accounts and securities are not beneficially owned by the child. If the child works for the Firm and does not financially support the parents, accounts and securities owned by the parents are not subject to the Code, with the exception of UGMA/UTMA, or similar types of accounts, which are legally owned by the child. If one or both parents work for the Firm, and the child is supported by the parent(s), the child's accounts and securities are subject to the Code because the parent(s) is a beneficial owner of the child's accounts and securities.

**Co-habitation (domestic partnership or PACS):** Domestic partnerships or PACS are generally considered to be permanent, committed arrangements. Accounts where the Covered Person is a joint owner are subject to the Code. If the Covered Person contributes to the maintenance of the household and the financial support of the partner, the partner's accounts and securities are beneficially owned by the Covered Person and are therefore subject to the Code.

**Co-habitation (roommate):** Generally, roommates are presumed to be temporary and have no beneficial interest in one another's accounts and securities.

**UGMA/UTMA and similar types of accounts:** If the Covered Person or the Covered Person's spouse or other Covered family member is the custodian for a minor child, the account is beneficially owned by the Covered Person. If someone other than the Covered Person, or the Covered Person's spouse or other Covered family member, is the custodian for the Covered Person's minor child, the account is not beneficially owned by the Covered Person. If a Covered Person is the minor/beneficiary of the account, the account is a Reportable Account.

**Transfer on Death accounts ("TOD accounts"):** TOD accounts where the Covered Person receives the interest of the account upon death of the account owner are not beneficially owned by the Covered Person until the account transfer occurs (this particular account registration is not common).

Information Classification: General 23

**Trusts**

· If
 the Covered Person is the trustee for an account where the beneficiaries are not immediate
 family members, the position should be reviewed in light of outside business activity reporting
 requirements and generally will be subject to a case-by-case review for Code applicability.

· If
 the Covered Person is a beneficiary and does not share investment control with a trustee,
 the Covered Person is not a beneficial owner until the Trust assets are distributed.

· If
 a Covered Person is a beneficiary and can make investment decisions without consultation
 with a trustee, the trust is beneficially owned by the Covered Person.

· If
 the Covered Person is a trustee and a beneficiary, the trust is beneficially owned by the
 Covered Person.

· If
 the Covered Person is a trustee, and a family member is beneficiary, then the account is
 beneficially owned by the Covered Person.

· If
 the Covered Person is a settler of a revocable trust, the trust is beneficially owned by
 the Covered Person.

· If
 the Covered Person's spouse/domestic partner is trustee and beneficiary, a case-by-case
 review will be performed to determine applicability of the Code.

**College age children:** If a Covered Person has a child in college and still claims the child as a dependent for tax purposes, the Covered Person is a beneficial owner of the child's accounts and securities.

**Powers of Attorney:** If a Covered Person has been granted durable or conditional power of attorney over an account, the Covered Person is not the beneficial owner of the account until such time as the power of attorney is exercised. If a Covered Person has been granted full power of attorney over an account, the account is a Reportable Account. Beneficial ownership runs until revocation/termination of the power of attorney.

Information Classification: General 24

Appendix C

Guide: Requirements by Security Types

*This list is not all inclusive and may be updated from time to time. Contact the Conduct Risk Management Office for additional guidance as needed.*![](tm262170d1_ex99bxpx42img05.jpg)

Information Classification: General 25

![](tm262170d1_ex99bxpx42img06.jpg)

Information Classification: General 26

Appendix D

Country Specific Requirements

All Countries

**Personal Data**

Refer to the Global Privacy and Personal Data Protection Standard (Standard) for the minimum requirements on how to handle and protect personal data in all jurisdictions in which State Street operates. Also reference the regional addenda to the Standard for any laws of a specific country that may require additional privacy or data protection measures.

Australia

**Additional Blackout Period**

From time to time the Responsible Entity ("RE") of the Australian domiciled Exchange Traded Funds (ETFs) may determine certain Covered Persons could be in possession of material, non-public information relating to one or more ETFs for which State Street Global Advisors, Australia, Limited is the investment advisor, and request a blackout period covering the securities be implemented, whether due to consideration of Australian Securities Exchange listing rules, the insider trading provisions of the Corporations Act 2001 or similar. Typically this may occur during the two weeks prior to the public announcement of income distributions for an ETF.

Upon receipt of a request from the RE, Compliance will review the request and may initiate a blackout period over the relevant ETFs on such terms as are deemed appropriate. Covered Persons to whom a blackout period applies will be advised of the commencement, duration and other specifics of any such blackout period. Any trading in contravention of the blackout period will be treated as an employee conduct issue.

Japan

**Holding Period**

Covered Persons in Japan are subject to a minimum holding period of 6 months regardless of whether a transaction would result in the Covered Person realizing a loss or profit. (Section V. B. Short - Term Trading) This requirement applies to equities, equity warrants, convertible bonds and other equity related products, and does not apply to ETFs, mutual funds, and non-convertible bonds.

Information Classification: General 27

Appendix E

Contacts

Questions or Concerns about Policies or Situations:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)*

Actual or Possible Violations of Policy:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)*

Speak Up Line

<u>https://secure.ethicspoint.com/domain/media/en/gui/55139/index.html</u>

Information Classification: General 28

Appendix F

Code of Ethics Reporting Requirements

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Report** | &nbsp;&nbsp;**Frequency** | &nbsp;&nbsp;**Requirements** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;**Initial Holdings Report** | &nbsp;&nbsp;Once; completed after becoming Covered Person | &nbsp;&nbsp;Disclose all Reportable<br> Accounts and Holdings in<br> StarCompliance (See Page 8) | &nbsp;&nbsp;Remember to set up duplicate statements and confirmations from your broker, if necessary (See 005. Duplicate Statements and Confirms on Page 8). |
| &nbsp;&nbsp;**Annual Holdings Report** | &nbsp;&nbsp;Annually in January | &nbsp;&nbsp;Ensure all holdings in Covered Securities (See Appendix C) are correctly reflected in StarCompliance. This includes updating holdings to account for involuntary transactions that have occurred, such as mergers, stock splits, and other corporate actions. | &nbsp;&nbsp;**You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| &nbsp;&nbsp;**Quarterly Transaction Report** | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Ensure all Reportable Transactions for the quarter are correctly reflected in StarCompliance.<br> Transactions in accounts previously approved by the Conduct Risk Management Office as Fully Managed Accounts or Automatic Investment Plans are not Reportable Transactions. | &nbsp;&nbsp;**You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| &nbsp;&nbsp;**Ad Hoc Holdings Report** | &nbsp;&nbsp;Ad hoc<br> *Marriage, new children, inheritance, and financial planning activities may cause accounts and holdings to be opened or associated to you.* | &nbsp;&nbsp;Disclose any newly opened or newly associated Reportable Accounts and Holdings in StarCompliance within 30 days of opening or association. | &nbsp;&nbsp;Remember to set up Duplicate Statements and Confirms (See 005. Duplicate Statements and Confirms on Page 8). |

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Information Classification: General 29

Appendix G

Code of Ethics FAQs

The Conduct Risk Management Office has additional FAQ and How-To documents related to using Star and completing required reporting (e.g., Initial and Annual Holdings Reports) available on its sharepoint site.

I work in the United States. Do I have to report my State Street 401(k)?

No, you are not required to disclose your State Street 401(k) at this time unless you have chosen to participate in the linked brokerage account option, in which case the linked brokerage account, and the holdings in the account, do need to be reported. 401(k) and other self-invested workplace pension accounts are reportable where you or your Covered Persons have investment discretion beyond that of allocating a monthly value to a specific risk profile or sector, or selecting from a limited number of pre-selected funds.

However, if you have activated the Brokerage Link feature for your 401(k), you must report that account and ensure that all transactions and holdings are reflected accurately in Quarterly Transaction Reports and Annual Holdings Reports, respectively.

**My spouse (or I) has a company- or government-sponsored retirement plan** (such as a 401(k) in the US, or a superannuation plan in Australia). How do I determine what accounts, holdings, and transactions must be disclosed and pre-cleared?

*Due to the wide variety of plans available globally, it's important to check with the Conduct Risk Management Office if you have any questions about how this applies to you.*

**Accounts**

If the account or plan currently holds Covered Securities (see Appendix C), you must disclose the account.

Retirement plans usually have a "line up" of available investments from which the account owner can choose; if there is a Covered Security in the lineup of available investments, but you do not currently invest in Covered Securities, you are not required to disclose the account. If at any point, your retirement plan invests in Covered Securities, you must disclose the account, the holdings in Covered Securities, and the Transactions in Covered Securities, as described below.

**Holdings**

You must disclose <u>any</u> holdings in Covered Securities (see Appendix C).

**Transactions**

<u>Usually</u>, transactions in a retirement plan you are actively participating in fall under the Automatic Investment Plan definition (see Appendix A) and are treated as such. However, you must pre-clear and disclose any transactions over which you exercised discretion. For example, the following types of transactions must be pre-cleared and disclosed:

· A
change in future investment allocations in Covered Securities, such as increasing your automatic payroll investment in Security XYX from
15% to 20%. Note: only the initial change must be pre-cleared and reported.

· Re-allocating
your existing holdings in Covered Securities, such as changing your portfolio from 50% Security XYZ and 50% Security ABC to 75% Security
XYZ and 25% Security ABC.

If you or your Covered Person are automatically enrolled in a plan with default investment percentages (e.g., 7% of salary) and investment options, any transactions made as a result of your automatic enrollment are not subject to disclosure or pre-clearance.

Information Classification: General 30

![](tm262170d1_ex99bxpx42img04.jpg)

**I have an account with an Approved or Preferred Broker** which feeds my transactions to Star. Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

(1) Pre-clear the trade by submitting a Trade Request in StarCompliance. Trade Requests:

&nbsp;&nbsp;&nbsp;&nbsp;· Must
be for the correct security, account, and trade direction (buy vs.
sell).

&nbsp;&nbsp;&nbsp;&nbsp;· Must
be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than you were approved for, but
you may not trade **more**.

(2) Are valid only for the day they
are approved. Wait for the result (Approved or Denied) from Star before trading. You'll typically receive the result within seconds
on screen and will receive an email with the results. Trade Request approvals are valid only for the day they are approved. Make
note of the expiration time and date for any approved Trade Request.

(3) Ensure your transactions are accurately reflected in Star.

&nbsp;&nbsp;&nbsp;&nbsp;· You
are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many people find it easier to compare
their transactions in Star with their broker's records (e.g., a statement or trade confirmations) more frequently.

&nbsp;&nbsp;&nbsp;&nbsp;· When
you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;· The
Approved Broker feeds are tools to help keep accurate records in Star; you are responsible for the accuracy of the data in your Code
of Ethics reports.

**My account is not with an Approved Broker.** Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

(1) Pre-clear the trade by submitting a Trade Request in StarCompliance. Trade Requests:

&nbsp;&nbsp;&nbsp;&nbsp;· Must
 be for the correct security, account, and trade direction (buy vs. sell).

&nbsp;&nbsp;&nbsp;&nbsp;· Must
 be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than you were approved
 for, but you may not trade **more**.

&nbsp;&nbsp;&nbsp;&nbsp;· Are
 valid only for the day they are approved.

(2) Wait for the result (Approved
or Denied) from Star before trading. You'll typically receive the result within seconds on screen and will receive an email with
the results. Trade Request approvals are valid only for the day they are approved. Make note of any
expiration time and date for any approved Trade Request.

(3) Ensure your transactions are accurately
reflected in Star.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many people find it easier to use
 the StarCompliance "Execute" function after they trade. The <u>StarCompliance User Guide</u> on the Conduct Risk Management sharepoint site provides step-by-step instructions.

&nbsp;&nbsp;&nbsp;&nbsp;· When
 you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for the quarter.

Information Classification: General 31

## Ex-99.B(Q)(5)

**Exhibit 99.B(q)(5)**

**SEI INSTITUTIONAL INTERNATIONAL TRUST**

**SEI INSTITUTIONAL MANAGED TRUST**

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustees of each of the above-referenced open-end management investment companies registered under the Investment Company Act of 1940, as amended (each a "Trust" and, together, the "Trusts"), each of which is a business trust organized under the laws of the Commonwealth of Massachusetts, hereby constitute and appoint Robert A. Nesher, Timothy D. Barto, Timothy W. Levin and John J. O'Brien, each of them singly, our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for us and in our name, place and stead, and in the capacities indicated below, to sign any and all Registration Statements and all amendments thereto relating to the offering of each Trust's shares under the provisions of the Investment Company Act of 1940 and/or the Securities Act of 1933, each such Act as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in counterparts and all such counterparts will constitute on Power of Attorney.

IN WITNESS WHEREOF, the undersigned has hereunto set their hands as of January 28, 2026.

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| | |
|:---|:---|
| /s/ Dennis J. McGonigle | /s/ Eli Powell Niepoky |
| Dennis J. McGonigle | Eli Powell Niepoky |
| *Trustee* | *Trustee* |
| /s/ Kimberly Walker |  |
| Kimberly Walker |  |
| *Trustee* |  |

---